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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION Compagnie d\u2019Entreprises CFE SA (hereinafter referred to as the \"Company\" or \"CFE\") is a public limited company incorporated under Belgian law and headquartered in Belgium. The consolidated financial statements for the year ended 31 December 2022 include the financial statements of the company, its subsidiaries and its interests in companies accounted for using equity method (the \"CFE group\"). CFE is 62.12% controlled by the Belgian investment group Ackermans & van Haaren (XBRU BE0003764785) whose ultimate controlling shareholder is Stichting Administratiekantoor \u201cHet Torentje\u201d. CFE and Ackermans & van Haaren are companies listed on Euronext Brussels. The Board of Directors authorised the publication of the CFE group's consolidated financial statements on 24 March 2023. The consolidated financial statements should be read in conjunction with the management report of the Board of Directors. MAIN TRANSACTIONS IN 2022 AND 2021 WITH AN IMPACT ON THE SCOPE OF THE CFE GROUP TRANSACTIONS IN 2022 1. Real Estate Development segmentDuring the year of 2022, the main changes in scope within the real estate development segment of the CFE group are the following : - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 100% stake in the newly created Immo Kirchberg S.\u00e0 r.l. company. This company has beenconsolidated using the global integration method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 50% stake in the newly created Emely S.\u00e0 r.l. company. This company has been integratedusing the equity method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wooden SA company. This company was integrated using the equity method ; - The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the D\u00e9veloppements d\u2019Habitations Bruxelloises SA company. Thiscompany was consolidated using the global integration method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wood Shapers SA company to the CFE Contracting SA company, a fully-owned subsidiary of the CFE group, which already held 50%. This company remains consolidated using the globalintegration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 20% of its shares in the BPI Jaracza Sp. z o.o. company to decrease its stake from 100% to 80%. Thiscompany remains consolidated using the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (47%) in the Immomax Sp. z o.o. company. This company was integrated using theequity method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the BPI Sadowa Sp. z o.o. company. This company was integrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (24,97%) in the Grand Poste SA company. This company was integrated using the equitymethod.2. Multitechnics segment During the year of 2022, the main changes in scope within the multitechnics segment of the CFE group are the following : - The VMA West NV and VMA Food & Pharma NV companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the company VMANV, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o., Power Automation Sp.komandytowa and VMA R. Robotics Sp. z o.o. companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the VMA Polska Sp. z o.o.company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,liquidated its stake (100%) in the VMA Slovakia SRO company. This company was consolidated using the global integrationmethod.3. Construction & Renovation segment During the year of 2022, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The B\u00e2timents et Ponts Construction SA (BPC SA) company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, contributed, with retroactive effect as of 1 January 2022, its \u201cConstruction\u201d segment tothe company BPC Wallonie SA, itself a fully-owned subsidiary of the CFE group. Following this demerger by absorption andwithout dissolution of the demerged company, the legal name of the company BPC Wallonie SA was changed to BPC GroupSA. Those companies remain consolidated using the global integration method ;- The Van Laere NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, sold 65% of its shares in the Hofkouter NV company to decrease its stake from 100% to 35%. This company, whichwas integrated using the equity method, is now consolidated using the global integration method. We refer to note 5 of thisreport.4. Investments & Holding segmentDuring the year of 2022, the main changes in scope within the investments & holding segment of the CFE group are the following : - The CFE Contracting SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, acquired 50% of the shares held by BPI Real Estate Belgium SA in Wood Shapers SA to increase its stake from 50% to 100%. This company remains consolidated using the global integration method. Consequently, whereas until the end of2021 Wood Shapers SA and its subsidiaries constituted a joint venture between the construction & renovation and real estatedevelopment segments, these companies are now fully part of the construction & renovation segment ;- The Contractors Overseas Ltd company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, has been absorbed by the Soci\u00e9t\u00e9 Financi\u00e8re d\u2019Entreprises SFE SA company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rent-A-Port NV group, 50% owned by CFE SA and integrated using the equity method, acquired 32.59% of the non-controlling interests of Infra Asia Investment Hong Kong Ltd increasing its stake to 94.00%. Under IFRS, the purchase of non-controlling interests does not give rise to an allocation of goodwill. The excess paid in regard to the net assets acquired istherefore directly deducted from equity. This transaction has a negative impact of \u20ac3.2 million on the CFE Group\u2019s equity aspresented in the consolidated statement of changes in equity (in the item \"change in consolidation scope and othermovements\").5. Demerger of CFE group On 29 June 2022, CFE SA was split into two separate listed companies : CFE and DEME Group \u2013 we refer to section \u201cAssets and liabilities held for sale for the period ended 31 December 2022\u201d in note 5 \u201cAcquisitions and disposals of subsidiaries\u201d. This transaction reduces the CFE group\u2019s equity by \u20ac2,036 million. TRANSACTIONS IN 2021 1. Real Estate Development segmentDuring the year of 2021, the main changes in scope within the real estate development segment of the CFE group are the following: - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o 100% of the newly created BPI Project VIII Sp. z o.o. company ;o 100% of the newly created BPI Project IX Sp. z o.o. company.The acquired entities listed above were consolidated using the global integration method ; - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o a 50% stake in the newly created The Roots Real Estate S.\u00e0 r.l. company ;o a 50% stake in the newly created The Roots Office S.\u00e0 r.l. company.The acquired entities listed above were integrated using the equity method ; - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated all its shares (100%) in the Immo Wola Sp. z o.o. company. This company was consolidatedusing the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the BPI Project V Sp. z o.o. company to decrease its stake from 100% to 50%. Thiscompany was renamed BPI-Revive Matejki Sp. z.o.o. This company, which was consolidated using the global integrationmethod, is now integrated using the equity method ;- The company names of BPI Project III Sp. z o.o., BPI Project VI Sp. z o.o. and BPI Project VII Sp. z o.o. were changed to BPIObrzezna Sp. z o.o., BPI Jaracza Sp. z o.o. and BPI Chmielna Sp. z o.o., respectively ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 100% of the shares of the Livingstone Retail S.\u00e0 r.l. company, previously held by the M1 SAcompany, a 33.33% subsidiary of the CFE group integrated using the equity method. Following this transfer, the name of thiscompany was changed to Mimosas Real Estate S.\u00e0 r.l. This company, which was integrated using the equity method, is nowconsolidated using the global integration method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 37.5% of the shares of the newly created company Tervuren Square NV. This company wasintegrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the Samaya Development SA company to decrease its stake from 100% to 50%.This company, which was consolidated using the global integration method, is now integrated using the equity method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Ernest 11 company. This company was integrated using the equity method.2. Multitechnics segment During the year of 2021, the main changes in scope within the multitechnics segment of the CFE group are the following : - The Mobix Coghe NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, was absorbed, with retroactive effect as of 1 January 2021, by the Mobix Remacom NV company, itself a fully-ownedsubsidiary of the CFE group and consolidated using the global integration method ;- The Procool SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, was absorbed, with retroactive effect as of 1 January 2021, by the VMA Druart SA company, itself a a fully-owned subsidiaryof the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,increased its stake in the VMA R. Robotics Sp z o.o. company from 51% to 100%. This company, which was integrated usingthe equity method, is now consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,acquired 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. andPower Automation Sp. komandytowa. These companies were consolidated using the global integration method. 3. Construction & Renovation segment During the year of 2021, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The CFE Bau GmbH company, a 100% subsidiary of the CFE group, was incorporated. This company has been consolidatedusing the global integration method ;- The Anmeco NV company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated using theglobal integration method ;- The CFE Senegal SASU company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated usingthe global integration method.4. Wood Shapers \u2013 joint venture between the Construction & Renovation segment and the Real Estate Development segmentDuring the year of 2021, the Wood Shapers SA company has acquired a 50% stake in the newly created Wood Gardens SA company. This company was integrated using the equity method. 5. Investments & Holding segmentDuring the year of 2021, the main changes in scope within the investments and holding segment of the CFE group are the following: - The CFE Tchad SA company, a 100% subsidiary of the CFE group, was sold. This company was consolidated using the globalintegration method ;- The Franco-Belge de Constructions Internationales SAS company, a 100% subsidiary of the CFE group, was liquidated. Thiscompany was consolidated using the global integration method.1. GENERAL POLICIESIFRS AS ENDORSED BY THE EUROPEAN UNIONThe accounting principles used for the preparation and presentation of the consolidated financial statements of CFE at 31 December 2022 comply with the IFRS standards and interpretations as endorsed in the European Union on 31 December 2022. The accounting principles used at 31 December 2022 are the same as those used for the consolidated financial statements at 31 December 2021, except for the standards and/or amendments to standards described below as endorsed in the European Union, mandatorily applicable as of 1 January 2022. STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON OR AFTER 1 JANUARY 2022 - Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use- Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2014 Cost of Fulfilling a Contract- Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework- Annual Improvements to IFRS Standards 2018\u20132020The application of these standards and interpretations had no material impact on the consolidated financial statements of CFE. STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON 1 JANUARY 2022 The Group did not apply early any of the following new standards and interpretations, application of which was not mandatory at 31 December 2022. - IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after 1 January 2023)- Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (applicablefor annual periods beginning on or after 1 January 2023)- Amendments 2020 and 2022 to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed by the EU)- Amendments to IAS 1 Presentation of Financial Statements and IFRS 2 Practice Statement : Disclosure of Accounting Policies(applicable for annual periods beginning on or after 1 January 2023)- Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Material (applicablefor annual periods beginning on or after 1 January 2023)- Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction(applicable for annual periods beginning on or after 1 January 2023)- Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after1 January 2024, but not yet endorsed in the EU)2. SIGNIFICANT ACCOUNTING POLICIESADDITIONAL INFORMATION ON THE IMPLICATIONS OF THE RUSSIA-UKRAINECONFLICT AND THE CONSEQUENCES ON THE MACROECONOMIC ENVIRONMENT FOR THE CONSOLIDATED FINANCIAL STATEMENTS CFE's operational activities are mainly located in Belgium, Luxembourg and Poland and to a lesser extent in Vietnam. As CFE is not present on the Russian or Ukrainian markets, the direct impacts of the Russian-Ukrainian conflict and the international sanctions imposed on Russia are not having a significant direct impact on the CFE group's operations and financial results. The indirect impacts of the conflict and the macroeconomic environment in which the CFE Group operates are mainly observable in terms of : - the significant increase in the costs of construction materials, subcontracting and wages (we refer to note 7 \"Remunerationsand social security payments\") allocated to the construction sites. As CFE's activities are not dependent on productionplants or other heavy industrial infrastructure, the increase in energy costs is also having a limited direct impact. On thebasis of the contractual conditions defined contract by contract, any compensation granted or, conversely, penaltiescharged for delays are also incorporated in the estimated revenue at completion in line with the valuation rules of the CFE group ;- costs of services and other goods and other operating expenses which are highly sensitive to price inflation (we refer tonote 6 \"Other operating income and expenses\") ;- occasional disruptions to supply chains for building materials ;- the cost of financing due to the increase in interest rates both in the Eurozone and in Poland (see refer to note 8 \"Financialresult\").These impacts also result in the adjustment of certain parameters underlying the valuation of defined benefit and early retirement plan liabilities in the consolidated financial position, such as the discount rate, the long-term inflation rate and the average real return on plan assets (we refer to note 23 \u201cEmployee benefits\u201d). The increase in interests rates is also reflected in the discount rate used for goodwill impairment tests (we refer to note 13 \u201cGoodwill\u201d). CHANGE IN SEGMENT INFORMATION On 29 June 2022, CFE was split into two companies: CFE and DEME Group We therefore no longer present a segment of discontinued \u201cDEME\u201d operations as these have been transferred to the DEME Group. CFE\u2019s activities are divided into four operating segments: real estate development, multitechnics, construction & renovation, and investments & holding. Consequently, the segment information presented in the consolidated financial statements of CFE until 31 December 2021 had to be adapted accordingly. The main changes compared to 2021 are: - the creation of the \u201cConstruction & Renovation\u201d and \u201cMultitechnics\" segments (presented until the end of December 2021under the Contracting segment);- the aggregation of CFE Contracting SA and the \u201cHolding\u201d branch of CFE SA under the \u201cInvestments & Holding\" segment.We refer to note 4 for the new presentation of segment information (including comparatives aligned to the new structure). ACCOUNTING POLICIES AND METHODS (A) STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union. (B) BASIS OF PRESENTATIONThe financial statements are stated in thousands of euros, rounded to the nearest thousand. Equity instruments and equity derivatives are stated at cost where they do not have a quoted market price in an active market and where other methods of reasonably estimating fair value are clearly inappropriate and/or inapplicable. Accounting policies are applied consistently. The financial statements are presented before the appropriation of parent-company income proposed to the Shareholders' General Meeting. (C) MAIN JUDGEMENTS AND ASSUMPTIONSThe preparation of financial statements according to the IFRS standards requires the use of estimates, as well as the formulation of judgments and assumptions that affect the amounts shown in those financial statements, particularly with regard to the following items: - the period over which non-current assets are depreciated or amortized ;- the measurement of provisions and post-employment obligations ;- the measurement of income or losses on construction contracts using the percentage of completion method ;- estimates used in impairment tests ;- the valuation of financial instruments at fair value ;- the assessment of control ;- the qualification of the nature of the transaction as a business combination or an acquisition of assets when a company isacquired ; and - the assumptions used to determine the financial liabilities in accordance with the IFRS 16 standard.These estimates assume the operation is a going concern and are made on the basis of the information available at the time they were established. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be different from these estimates. (D) CONSOLIDATION PRINCIPLESThe consolidated financial statements include the financial statements of the CFE group and the financial statements of its subsidiaries and the entities over which it has control. The CFE group controls an entity if : - it has power over the entity ;- it is exposed to, or entitled to, variable returns from the controlled entity ;- it has the ability to exert power over the entity in order to influence the returns obtained.If the CFE group does not have the majority of voting rights in an entity, it is presumed to have enough rights to exert power over the entity if it has the ability to manage the core businesses of the entity on its own. The CFE group takes into account all facts and circumstances when it assess whether the voting rights held are sufficient to give the power to manage the entity, including the following: - the voting rights held by the CFE group compared to the voting rights held by the other partners and how there are spreadamong them ;- the potential voting rights held by the CFE group and by other stakeholders or other parties ;- the rights arising from other agreements ;- other facts and circumstances, if any, that prove that the CFE group has the ability (or otherwise) to manage the entity\u2019score businesses when decisions have to be taken, including voting trends at previous shareholder meetings.The CFE group consolidates the subsidiary from the date on which it obtains control, and ceases to consolidate it when the group no longer controls the entity. In particular, the income and expenses of a subsidiary acquired or sold during the financial year are included in the consolidated statement of income and in other elements of the consolidated statement of comprehensive income from the date the CFE group acquires control of the subsidiary until the date on which it ceases to control it. If necessary, adjustments are made to statutory accounts of subsidiaries in order to align their accounting methods with those used by the group. All assets and liabilities, equity, revenue, expenses and cash flows related to transactions between group companies are eliminated in the consolidated financial statements. Changes to the group\u2019s interest in a subsidiary that do not result in a loss of control are recognized as equity transactions. The carrying amounts of the group\u2019s interests and non-controlling interests are adjusted to reflect changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the CFE group grants an option to sell to the non-controlling interests of a subsidiary (i.e. where the non-controlling interests have a \"put\"), the related financial liability is initially deducted from non-controlling interests in equity. Associated companies are entities in which the CFE group exercises a significant influence. Significant influence is the power to take part in financial and operating policy decisions of a company without, however, exercising control or joint control over these policies. A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity\u2019s net assets. A joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions related to core businesses require the agreement of all parties. Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. If the group\u2019s share in the losses of an associate or joint venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. Additional losses are recognized only to the extent that the CFE group has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture. A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes an associate a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill, which is included in the carrying amount of the participation. Any surplus of the group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated statement of income of the financial year in which the participation was acquired. A joint operation is a partnership in which the parties who exercise joint control over the company have rights to the assets and obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control over an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-participant, recognizes the following items in respect to its interests in the joint operation: - its assets, including its share of any assets held jointly ;- its liabilities, including its share of any liabilities incurred jointly ;- its revenue from the sale of its share of the output arising from the joint operation ;- its share of the revenue from the sale of its share of the output by the joint operation ;- its expenses, including its share of any expenses incurred jointly.(E) FOREIGN CURRENCIES(1) TRANSACTIONS IN FOREIGN CURRENCIESTransactions in currencies other than the euro are recognized at the exchange rate on the transaction date. Monetary assets and liabilities denominated in foreign currencies are converted at the closing rate. Gains and losses resulting from these transactions, as well as the conversion of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of income. Non-monetary assets and liabilities denominated in foreign currencies are converted at the foreign exchange rate on the transaction date. (2) FINANCIAL STATEMENTS OF FOREIGN ENTITIESThe assets and liabilities of the companies of the CFE group whose functional currencies are other than the euro are converted into euros at the exchange rate on the balance sheet date. The income statements of foreign entities, excluding foreign entities in hyperinflationary economies, are converted into euros at an average exchange rate for the year (approximating the foreign exchange rates prevailing at the dates of the transactions). Components of shareholders\u2019 equity are converted at historical rates. The conversion differences arising from this conversion are recognized in the other elements of the comprehensive income, and are accumulated in a separate equity reserve, i.e., \u2018exchange differences on translation\u2019. These differences are recognized in the consolidated statement of income of the financial year during which the entity is sold or liquidated. (3) EXCHANGE RATESCurrencies Closing rate 2022 Average rate 2022 Closing rate 2021 Average rate 2021 Polish Zloty 4.68 4.69 4.60 4.56 U.S. Dollar 1.07 1.05 1.13 1.18 Tunisian Dinar 3.32 3.25 3.25 3.29 Hungarian forint 400.87 391.84 369.19 358.48 Romanian Leu 4.95 4.93 4.95 4.92 British Pound 0.89 0.85 0.84 0.86 Units of foreign currency per euro (F) INTANGIBLE ASSETS(1) RESEARCH AND DEVELOPMENT COSTSExpenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding are recognized in the consolidated statement of income as an expense as incurred. Development costs, whereby research results are applied to the planning or design of new or improved processes such as IT tools, are recognised as an asset if the process is technically and commercially feasible, the company has sufficient resources to complete the development, the attributable expenditure can be reliably identified, the CFE Group intends to complete and use the related intangible asset, and the intangible asset will generate future financial benefits through internal use. Capitalized expenditures include all costs directly attributable to the asset necessary for its creation, production and preparation in view of its intended use. Other development expenditures are recognized as an expense as incurred. Development costs recognized as an asset are included in the consolidated statement of financial position at their acquisition cost less accumulated depreciation (see below) and impairment. (2) RECOGNITION AND MEASUREMENT OF LICENSESAll intangible assets are capitalized only if it is probable that future economic benefits will flow to the entity and if its cost can be measured reliably. These criteria are applicable on initial recognition and for subsequent expenditures. All intangible assets are accounted for at historical cost less accumulated depreciation and impairment losses. Historical cost includes the purchase price of licenses as well as costs incurred during the implementation period of the software. Implementation costs include the costs of suppliers or consultants working on the project as well as the direct salary costs of staff members whose main task is the implementation of the tool. (3) SUBSEQUENT EXPENDITURESSubsequent expenditures on intangible assets are recognized as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. All other expenditures are recognized when incurred. (4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years. (G) BUSINESS COMBINATIONSAcquisitions of subsidiaries and companies are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, and expenses related to the acquisition are recognized in the consolidated statement of income when incurred. When a consideration transferred by the group in the context of a business combination includes a contingent consideration agreement, this contingent consideration is measured at its fair value on the acquisition date. Changes in the fair value of a contingent consideration that relate to adjustments in the measurement period (see below) are recognized retrospectively; other changes in the fair value of the contingent consideration are recognized in the consolidated statement of income. In a business combination that takes place in stages, the group must reassess the stake it previously held in the acquired company to fair value on the date of acquisition (i.e. the date on which the group obtained control), and recognise any profit or loss in the consolidated statement of income. On the date of acquisition, identifiable assets acquired and liabilities assumed are recognized at fair value on that date with the exception of : - deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12 (Income taxes) and IAS 19 (Employee benefits) respectively ; - liabilities or equity instruments related to payment agreements based on shares in the acquired company or paymentagreements based on shares in the group formed to replace payment agreements based on shares in the acquiredcompany, which are measured in accordance with IFRS 2 (Share-based payment) on the date of acquisition ;- assets (or groups intended to be sold) classified as held-for-sale under IFRS 5 (Non-current assets held for sale anddiscontinued operations), which are measured in accordance with this standard.If the initial recognition of a business combination is unfinished at the end of the financial reporting period during which the business combination occurs, the group must present provisional amounts relating to the items for which recognition is unfinished. These provisional amounts are adjusted during the measurement period (see below), or the additional assets or liabilities are recognized to take into account new information obtained about the facts and circumstances prevailing at the acquisition date and which, if they had been known, would have had an impact on the amounts recognized at that date. Adjustments in the measurement period are a consequence of additional information about the facts and circumstances prevailing at the date of acquisition obtained during the \u201cmeasurement period\u201d (up to one year from the acquisition date). (1) POSITIVE GOODWILLGoodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the number of non-controlling interests in the acquired company and the fair value of the stake previously owned by the group in the acquired company (if any) on the net balance of the amounts of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis. Goodwill is not amortized, but is subject to impairment tests that take place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated (usually a subsidiary) could have suffered a drop in value. Goodwill is expressed in the currency of the subsidiary to which it relates. If the recoverable amount of the cash-generating unit is less than its carrying amount, the loss of value is first charged against any goodwill allocated to this unit, and then to any other assets of the unit in proportion to the carrying amount of each of the assets included in the unit. Goodwill is stated on the consolidated statement of financial position at cost less impairment. Impairment of goodwill is not reversed in future periods. When a subsidiary is divested from the group, the resulting goodwill and other comprehensive income relating to the subsidiary are taken into account in determining the net gain or loss on disposal. For companies accounted for by the equity method, the carrying amount of goodwill is included in the carrying amount of this participation. (2) BARGAIN PURCHASEIf, at the acquisition date, the net balance of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake in the acquired company previously owned by the group (if any), the surplus is recognized immediately in the consolidated statement of income as a profit on an acquisition under favorable conditions. (H) PROPERTY, PLANT AND EQUIPMENT(1) RECOGNITION AND MEASUREMENTAll property, plant and equipment are capitalized only if it is probable that future economic benefit will flow to the entity and its cost can be measured reliably. These criteria are applicable at initial recognition and in relation to subsequent expenditures. All property, plant and equipment are included in the consolidated statement of financial position at their historical acquisition cost less accumulated depreciation and impairment losses. Historical cost includes the original purchase price, borrowing costs incurred during the construction period, and related direct costs (e.g. non recoverable taxes and transport costs). The cost of assets produced by the company includes the cost of materials, direct labor costs and an appropriate proportion of overheads. (2) SUBSEQUENT EXPENDITURESSubsequent expenditures are only recorded as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. Repairs and maintenance costs, which do not increase the future economic benefits of the asset to which they relate, are recognized as costs when incurred. (3) DEPRECIATIONDepreciation is calculated from the date on which the asset is ready to be used. Depreciation is calculated according to the straight-line method, and on the basis of the estimated useful economic life of these assets, i.e.: trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovatin of buildings/new buildings : 20-33 years cranes : 8-12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years Land is not depreciated as it is deemed to have an indefinite life. Borrowing costs directly linked to the acquisition, construction or production of an asset that requires a long time of preparation are included in the cost of the asset. (I) LEASESThe CFE group acts mainly as a lessee under lease contracts. Leases are recognized in the consolidated statement of financial position as rights of use and lease obligations at the present value of the future lease payments at a pre-determined discount rate. The CFE Group uses an incremental borrowing rate that differs depending on the nature of the asset underlying the contract. In 2022, the discount rate was revised for each asset class following a significant increase in the reference interest rates (Euribor). The revised discount rate has been applied to the remaining rents in either of the following situations to revalue the rental liability: - to each lease where a substantial change in the term of the lease has occurred but has not resulted in the recognition of a separate lease ;- to new contracts booked after the date on which this rate was revised.- Accrued rights of use are depreciated on a straight-line basis over their useful life, or over the term of the lease if the lease does not provide for transfer of ownership at the end of the lease term, while the corresponding obligations are recognized as financial debts. The lease payments associated for lease contracts of up to 12 months\u2019 duration and lease contracts of low-value underlying assets are expensed over the period in which the asset is used. All minimum lease payments are recorded partly as financing cost and partly as depreciation of the outstanding obligation, which results in a constant periodic interest on the remaining balance of the obligation. Financial expenses are charged directly in the consolidated statement of income. Where a lease contract is terminated before the lease term has expired, any compensation paid to the lessor is expensed in the period in which the lease contract is terminated. (J) FINANCIAL ASSETSEach category of investments is recognized at its fair value upon the initial recognition of the asset. The measurement method will evolve according to the categories stated below : (1) INVESTMENTS IN DEBT SECURITIES AND OTHER INVESTMENTSInvestments in debt securities are presented as financial assets and are measured at their amortized cost, determined on the basis of the \u201ceffective interest rate method\u201d if the two conditions below are met: - the \u201cSolely payments of principal and interests\u201d criterion as defined by IFRS 9;- the assets are held for collection.The effective interest rate method is used to calculate the amortized cost of a financial asset or liability and to allocate financial income or financial expense during the period under review. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts over the future expected life of the financial instrument or, where appropriate, over a shorter period, in order to obtain the net book value of the financial asset or liability. Profit or loss is recognized in the consolidated statement of income. Impairment losses are recognized in the consolidated statement of income. (2) TRADE RECEIVABLESWe refer to paragraph (L) (3) FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X). (K) INVENTORIESInventories are measured at weighted average cost or at net realizable value, if the latter is lower. The cost of finished products and work in progress comprises raw materials, other production materials, direct labour, other direct costs, borrowing costs incurred where the product requires a long period of construction, and an allocation of fixed and variable production overheads based on the normal capacity of production facilities. The net realizable value is the estimated selling price in the normal course of business, less estimated completion costs and costs necessary to complete the sale. (L) TRADE RECEIVABLESCurrent trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is carried out on a case-by-case basis for project. (M) CASH AND CASH EQUIVALENTSCash and cash equivalents include cash and term deposits with an original maturity date of less than three months. (N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset. (O) PURCHASE OF TREASURY SHARESWhen CFE shares are bought back by the company or a company of the CFE group, the amount paid, including costs directly attributable to the acquisition, is recognized as a deduction from equity. The proceeds from the sale of shares are directly included in the total equity, with no impact on consolidated statement of income. if treasury shares are reissued, any difference between the carrying amount and the consideration is recognized as share premium. (P) PROVISIONSProvisions are made if the company has a legal or an implicit obligation as a result of events that have occurred in the past, if it is probable that an outflow of resources generating economic benefits will be required to settle the obligation, and if the amount of the obligation can be reliably estimated. The amount recorded as provision corresponds to the best estimate of the necessary expenditure to settle the current obligation at the balance sheet date. This estimate is obtained by using a pre-tax interest rate that reflects both the current market assessments and the specific debt risks. Provisions for restructuring are made if the company has approved a detailed and formal restructuring plan, if the restructuring has either started or has been announced publicly, and if the employees affected have been notified of the plan main features. Provisions are not set aside for costs that relate to the company's normal activities. Current provisions are provisions directly linked to each business line\u2019s own operating cycle, whatever the expected time of settlement of the obligation. Provisions for after-sales service cover the obligations of the entities of the CFE group within the framework of the statutory guarantees relating to completed projects. They are estimated statistically on the basis of expenses incurred in previous years or individually on the basis of specifically identified problems. Provisions for after-sales services are provided from the start of the work. A provision for onerous contracts is made if the expected economic benefits from a contract are lower than the unavoidable costs of meeting the contractual obligations. Unavoidable contract costs reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from the failure to fulfil it. The cost of fulfilling a contract includes the costs directly related to the contract ('full direct costs'), these being: - the incremental costs of fulfilling the contract ; and- an allocation of other costs directly related to fulfilling the contract.Provisions for litigation with regard to activities mainly relate to disputes with customers, subcontractors, co-contractors or suppliers. Other provisions for current risks mainly consist of provisions for delay penalties and other risks related to operations. Non-current provisions correspond to provisions not directly linked to the operating cycle and whose maturity generally exceeds one year. (Q) EMPLOYEE BENEFITS(1) POST-EMPLOYMENT BENEFITSPost-employment benefits include pension plans and life insurance. The company operates a number of defined-benefit and defined-contribution pension plans throughout the world. In Belgium, some pension schemes based on defined contribution plans are subject to a minimum guaranteed return by the employer and are therefore qualified as defined benefit plans. The assets of these plans are generally held by separate institutions and are generally financed through contributions from the subsidiaries concerned and from employees. These contributions are determined on the basis of recommendations from independent actuaries. Post-employment benefits are either funded or non-funded. a) Defined contributions plans Contributions to these pension plans are recognized as an expense in the consolidated statement of income when incurred. b) Defined benefits plans For these pension plans, costs are estimated separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the cost evenly over the remaining careers of employees covered by the plan, in accordance with the advice of actuaries who carry out a full assessment of these plans every year. The amounts charged to the consolidated statement of income consist of current service cost, interest cost, the expected return on plan assets and past service cost. The pension obligations recognized on the consolidated statement of financial position are measured as the present value of the estimated future cash outflows, discounted at a rate corresponding to the yield on high-quality corporate bonds with a maturity similar to that of the pension obligations, less any unrecognized past service costs and the fair value of plan assets. Actuarial gains and losses are calculated separately for each defined-benefit plan. Actuarial gains and losses comprise the effects of differences between actuarial assumptions and actual figures, and the effects of changes in actuarial assumptions. Actuarial gains and losses on commitments or assets related to post-employment benefits and resulting from adjustments based on experience and/or changes in actuarial assumptions are recognized in other elements of the consolidated statement of comprehensive income in the period in which they arise, and are the object of a separate reserve in equity. These differences and the changes in the recognized asset limit are presented in the consolidated statement of comprehensive income. Interest expenses resulting from the accretion effect relating to pension obligations and similar liabilities, and financial income resulting from the expected return on plan assets, are recognized in the consolidated statement of income under financial items. The introduction of or changes to a new post-employment benefit plan or other long-term plans may increase the present value of the obligation with respect to defined-benefit plans for services rendered in previous periods, i.e. the past service cost. The past service cost related to post-employment benefit plans is recognized in income on a straight-line basis over the average period until the related benefits are received by employees. Benefits received after the adoption of or changes to a post-employment benefit plan, and past service costs relating to other long-term benefits, are immediately taken to income. Actuarial calculations related to post-employment obligations and other long-term benefits are carried out by independent actuaries. (2) BONUSBonuses granted to company employees and senior executives are based on targets relating to key financial and non-financial indicators. The estimated amount of bonuses is recognized as an expense in the year to which they relate. (R) FINANCIAL LIABILITIES(1) LIABILITIES AT AMORTIZED COSTInterest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life of the loan, using the effective interest-rate method. See paragraph J (2) for the definition of this method. (2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X). (S) TRADE AND OTHER PAYABLESTrade and other current payables are recognized at amortized cost. (T) INCOME TAXESIncome tax for the financial year comprises current and deferred tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized directly in equity or in the other elements of the consolidated statement of comprehensive income. In this case, deferred tax is also recognized in these elements. Current tax is the expected tax payable on the taxable income for the past year, as well as any adjustment to taxes paid or payable with regard to previous years. It is calculated using the valid tax rates at the balance sheet date. Deferred tax is calculated using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The applicable tax rates at the closing date are used to calculate deferred tax assets and liabilities. Under this method, the company is required to make a provision for deferred taxes for the difference between the fair value of the net assets acquired and their tax base, in the event of a business combination. The following temporary differences are not taken into account: non-deductible goodwill, the initial recognition of assets or liabilities that do not affect accounting profit or taxable profit, and differences relating to participations in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is only recognized to the extent that it is probable that future taxable profit will be available to offset the tax advantage. A deferred tax asset is reduced to the extent that it is no longer likely that the related tax benefit will be realized. (U) REVENUE FROM CONSTRUCTION AND SERVICE CONTRACTSIf the profit and loss that result from a construction contract can be estimated reliably, contract revenue and expenses, including borrowing costs incurred if the contract exceeds the accounting period, are recognized in the consolidated statement of income over time, in proportion to the contract's percentage of completion at the closing date. The percentage of completion is calculated as the proportion between the contract costs at the closing date and the total estimated contract costs. Most of the income is gradually recognized if one of the following criteria is met: - the customer simultaneously receives and consumes the benefits generated by the service provided by the company as it is implemented;- the service provided by the company creates or enhances an asset over which the customer obtains control progressivelyas it is being created or enhanced;- the service provided by the company creates an asset without possible alternative use by the company, and the latter hasan enforceable right to payment for the service completed to date.(1) CONTRACT COSTSContract costs are recognized as an expense in the consolidated statement of income for the financial year in which the services to which they relate are provided, and the incurred costs that relate to future contract activities are capitalized if the entity is expecting to recover them. A correction will be made for the cost of equipment that has been purchased but not yet manufactured, or that is being manufactured, at the reporting date. In the event that the forecast at the completion of the construction work shows a deficit, the expected loss on completion is immediately recognized as an expense. (2) CONTRACT REVENUERevenue from a construction contract includes the revenue initially defined in the contract, as well as any modifications to the work specified in the contract, claims and performance bonuses to the extent that it is highly probable that there will be no significant reversal in the cumulative recognized revenue when the uncertainty associated with the variable components is subsequently resolved. If the outcome of a construction contract cannot be reliably estimated, contract revenue is recognized to the extent that the contract costs incurred are likely to be recovered. The transaction price is determined as the fair value of the consideration that the company is expecting to receive, and it is allocated to the performance obligation based on stand-alone selling prices. Stand-alone selling prices are estimated according to the estimated costs. A modification to the contract may lead to an increase or decrease in the transaction price. It relates to an instruction from the customer with regard to the scope of the work defined by the contract. In applying this principle, performance bonuses and claims are generally considered to be included in the transaction price only if an agreement has been made with the customer. The most common variable components, such as the price of the materials and remuneration of site personnel should only be included in the transaction price if it is highly probable that there will be no subsequent significant downward adjustment to the revenue recognized. Performance bonuses constitute a part of the contract revenue if the contract's percentage of completion indicates that the specified performance level will actually be reached or exceeded, and the amount of the performance bonus can be reliably determined. (3) CONTRACT BALANCESA contract asset is the entity's right to a consideration in exchange for the transfer of the goods or services to a customer. If the entity provides goods or services to a customer before the customer has paid for the consideration, or before the consideration is due, a contract asset is recognized for the contingent consideration acquired. A contract liability is the entity's obligation to transfer goods or services to a customer, for which the group has received a consideration prior to the transfer of goods or services to that customer. A contract liability is recognized when the consideration is received in advance, or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the entity has completed the contract. (4) COSTS TO FULFILL OR OBTAIN A CONTRACTCFE has assessed that the cost of obtaining contract (e.g. commissions paid), as well as the related costs of fulfilling that are not covered by a specific IFRS standard, which should normally be capitalized as defined in IFRS 15 if they meet certain specific criteria, have no significant impact on the recognition of revenue and margins of projects. As such, these costs of winning or implementing a contract are not recognized separately in accordance with IFRS 15, but are included in the recognition of the project and therefore recognized when they are incurred. (5) SPECIFIC CONSIDERATIONS RELATING TO REVENUE BY SEGMENTa) Revenue from construction and multitechnics contracts CFE is responsible for the overall management of a project in which various goods and services are included, such as demolition, earthworks, soil remediation, foundation work, procurement of materials, construction of the shell and facades, installation of technical facilities (electricity, HVAC, etc.), and the finishing works. The performance obligations aimed at transferring goods and services are not treated separately in the context of the contract, as the entity provides a significant service of integrating goods and services (the inputs) into the building (the combined output) for which the customer has concluded a contract. This is why the goods and services are not treated separately. The entity recognises all the goods and services under the contract as one and the same performance obligation. Revenue from construction contracts are recognized according to the percentage of completion using the cost-based method, i.e., according to the share of the contract costs incurred for its completion to date relative to the total estimated costs. To theextent that the contract explicitly identifies each unit individually, and the customer can benefit from each unit individually, theconstruction of each unit should be considered as a separate performance obligation, and revenue are recognized separately for each performance obligation.For some contracts, mainly in the multitechnics division, the installation and execution works cover a very short period of time.For such contracts, revenue is recognized at the exact moment that the work is completed.b) Real estate developments CFE is responsible for the overall management of real estate projects in which several building blocks under construction (or to be constructed) are sold to the customers. Taking into account the local regulator that governs the transfer of ownership to the end customer, the performance obligation is satisfied progressively or at a specific point in time. Revenue is recognized when the material risks and rewards of ownership have been substantially transferred to the buyer, and no uncertainty remains regarding the recovery of the amounts due, the associated costs or the possible return of goods. In so-called mixed projects, and in particular real estate developments including residential, office and/or retail units, they will be subdivided in one or more performance obligations, depending on whether the different units that are developed are separate or not within the meaning of the IFRS 15 standard. Moreover, depending on the contractual framework, the development of the project and the monitoring of its construction will be considered as either a single performance obligation or as two separate obligations. The income is recognized when each performance obligation, taken individually, is satisfied, i.e.: - if the local regulator makes the ownership of the construction gradually transferable throughout the execution of theconstruction work, and if the group is contractually restricted from redirecting the properties to other customers, and hasan enforceable right to payment for the work carried out, the revenue from the construction of these residential propertieswill therefore be gradually recognized according to the cost-based method, i.e. based on the share of contract costsincurred for its realisation to date relative to the estimated total costs, and according to the degree of ownership transferredat the closing date. This concerns projects developed in Belgium and Luxembourg ;- if the legislator provides that the transfer of risks and benefits, as well as the right to enforceable payment, is only establishedwhen the residential unit is fully built and delivered, revenue is only recognized at a specific point in time, i.e. upon the signingof the notarial deed or the transfer protocol between CFE and the end customer. This applies only to projects developed inPoland.If the development of a project and the monitoring of its construction are considered as two separate obligations, the income relating to the development of the project will generally be recognized at a specific time when it is sold, and the income relating to the monitoring of the construction will be recognized as a percentage of completion, as previously explained. (V) OTHER INCOME(1) RENTAL INCOME AND FEESRental income and costs are recognized on a straight-line basis over the term of the lease. (2) PUBLIC GRANTSAn income-related grant is initially recognized as deferred income in the consolidated statement of financial position if there is a strong assumption that the income will be received and that the company will comply with the conditions attached to it. These grants are systematically recognized as other income from operational activities in the consolidated statement of income over the same period during which these expenses are covered by the grant. Capital grants that compensate the company for the cost of an asset are systematically recognized as a deduction in the cost of these fixed assets. They are recognized at their expected value on the date of initial recognition in the consolidated statement of financial position, and as a deduction from the depreciation cost of the underlying asset over its useful life in the consolidated statement of income. (W) CHARGES(1) FINANCIAL EXPENSESFinancial expenses comprise interest payable on borrowings, foreign exchange losses, and losses on hedging instruments that are recognized in the consolidated statement of income. All interest and other costs incurred in connection with borrowings, except those that were eligible for capitalisation, are recognized in the consolidated statement of income as financial expenses. Interest costs relating to lease contracts are recognized in the consolidated statement of income using the effective interest rate method. (2) COSTS FOR RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND COSTS RELATING TO THEDEVELOPMENT OF IT SYSTEMSResearch, advertising and promotional costs are recognized in the consolidated statement of income of the financial year in which they were incurred. Development costs and development costs for IT systems are recognized as an expense when they are incurred if they do not meet the criteria for intangible assets. (X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract. (Y) ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSFixed assets and groups of assets that are disposed of are classified as held for sale if their carrying amount will be realized on disposal and not through continued use. This condition is only considered to be met if the disposal of these assets, by sale or otherwise, is highly probable and the asset or group of assets disposed of is immediately available for sale in its present condition. Management must be committed to completing the sale within one year of the classification date. Assets held for sale are valued at the lower of carrying amount and fair value less selling costs. They are presented separately with their associated liabilities in the consolidated statement of financial position. Net result for the period and cash flows from discontinued operations are presented separately in the consolidated statement of income and the consolidated cash flow statement respectively. Non-current assets classified as held for sale are no longer amortized or impaired. As at 31 December 2021, these were the DEME division\u2019s operations. On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME. The purpose of this demerger was to create two leading players in their respective business lines. The partial demerger took place on June 29, 2022. On June 30, 2022, DEME Group started its listing on Euronext Brussels as a separate entity. (Z) SEGMENT REPORTINGA segment is a distinguishable component of the CFE group that generates revenue and incurs expenses and whose operating income and losses are regularly reviewed by management in order to take decisions or determine its performance. The CFE group\u2019s continuing operations consist of four operating segments : real estate development, multitechnics, construction & renovation and investments & holding. Discontinued operations consist exclusively of the DEME group\u2019s operations. 3. CONSOLIDATION METHODSSCOPE OF CONSOLIDATIONCompanies in which the group, directly or indirectly, holds the majority of voting rights enabling control to be exercised, are fully consolidated. Companies over which the group exercises joint control with other shareholders are consolidated using the equity method. This applies in particular to Rent-A-Port, Green Offshore and certain subsidiaries of BPI. The change in the scope of consolidation of the CFE group between December 2021 and December 2022 is summarised as follows: Number of entities 2022 2021 Global integration 68 80 Equity method 90 93 Total 158 173 INTRA-GROUP OPERATIONS Reciprocal operations and transactions relating to assets and liabilities and income and expenses between integrated companies are eliminated in the consolidated financial statements. This elimination is carried out : - in full if the operation is carried out between two subsidiaries; and- up to the holding percentage of the company accounted for using the equity method for the internal result realised betweena fully consolidated company and a company accounted for using the equity method.TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES & ESTABLISHMENTS In most cases, the operating currency of companies and establishments corresponds to the currency of the country concerned. The financial statements of foreign companies whose operating currency is different from that used in preparing the group\u2019s consolidated financial statements are translated at the closing rate for the items of the consolidated statement of financial position and at the average rate for the period for the items of the consolidated statement of income. Any resulting conversion differences are recognised as exchange differences resulting from the translation in the consolidated reserves. Goodwill relating to foreign companies is considered to be part of the assets and liabilities acquired and, as such, is converted at the exchange rate applicable on the closing date. FOREIGN CURRENCY TRANSLATIONS Transactions in foreign currency are converted into euros at the exchange rate on the transaction date. Financial assets and monetary liabilities denominated in foreign currencies are converted into euros at the exchange rate applicable at the closing date of the period. The resulting exchange profits and losses are recognised in the \u2018foreign exchange income\u2019 heading, and are presented under \u2018other financial income and expenses\u2019 in the consolidated statement of income. Foreign exchange profits and losses on loans denominated in foreign currencies or on foreign exchange derivatives used to hedge participations in foreign subsidiaries are recorded under the heading \u2018exchange differences on translation\u2019 resulting from the conversion in \u2018other elements\u2019 of the consolidated statement of comprehensive income, and are the object of a separate reserve in equity. 4. SEGMENT REPORTINGOPERATING SEGMENTSSegment reporting is presented in respect of the group's operating segments. Segment results and assets and liabilities include items that can be directly attributed to a segment. The CFE group can be divided into four operating segments : Real Estate Development The real estate development segment develops real estate projects in Belgium, Luxembourg and Poland. Multitechnics The multitechnics segment includes the activities of the VMA and MOBIX divisions: - VMA specializes in developing technical building installations, their automated management (smart buildings) and long-term maintenance as well as in automating production lines in the automotive, chemical and food industries;- MOBIX is a leading player in Belgium for carrying out railway works (laying tracks, catenaries and signalling) and publiclighting.Construction & Renovation The construction & renovation segment includes all CFE subsidiaries active in Belgium, Poland, the Grand Duchy of Luxembourg and in Germany, which specialize in the construction and renovation of office buildings, residential buildings, hospitals, hotels, schools, car parks and industrial buildings. The companies Wood Shapers (construction and promotion of projects using bio-based and hybrid materials) and LTS (production and assembly plants for prefabricated wooden elements) are also part of this segment. Investments & Holding Besides the holding activities, this segment includes : - participations in Rent-A-Port, Green-Offshore and in two Design Build Finance and Maintenance contracts in Belgium ;- non-transferred construction activities, which concern only a few projects for which delivery has taken place.CONSOLIDATED STATEMENT OF INCOME Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 85,392 338,822 798,661 5,369 (61,023) 1,167,221 EBITDA 15,269 19,883 25,826 1,868 284 63,130 % Revenue 17.88% 5.87% 3.23% 5.41% Depreciation and amortisation (1,034) (8,554) (10,533) (749)0 (20,870) Income from operating activities 14,235 11,329 15,293 1,119 284 42,260 Share of profit (loss) of investments 3,322 4 (322)5,7500 8,754 accounted for using equity method Operating income (EBIT) 17,557 11,333 14,971 6,869 284 51,014 % Revenue 20.56% 3.34% 1.87% 4.37% Financial result (1,659) (813)(2,209) 1,027 0 (3,654) Income tax expenses (1,539) (3,605) (3,778) (34)(6) (8,962) Result from continuing operations - 14,395 6,915 8,984 7,862 278 38,434 share of the group % Revenue 16.86% 2.04% 1.12% 3.29% Result from discontinued operations 190,973 - share of the groupResult for the period - share of 14,395 6,915 8,984 7,862 278 229,407 the group % Revenue 16.86% 2.04% 1.12% Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 106,300 321,380 723,682 9,789 (35,805) 1,125,346 EBITDA 25,573 27,632 18,673 (3,658) 318 68,538 % Revenue 24.06% 8.60% 2.58% 6.09% Depreciation and amortisation (878)(8,917) (9,412) (1,010) 0 (20,217) Income from operating activities 24,695 18,715 9,261 (4,668) 318 48,321 Share of profit (loss) of investments 5,399 110 (5)4,1510 9,655 accounted for using equity method Operating income (EBIT) 30,094 18,825 9,256 (517) 318 57,976 % Revenue 28.31% 5.86% 1.28% 5.15% Financial result (4,134) (488)(2,406)989 0 (6,039) Income tax expenses (2,990) (5,307) (4,008) (31)(95) (12,431) Result from continuing operations - 22,970 13,030 2,842 441 223 39,506 share of the group % Revenue 21.61% 4.05% 0.39% 3.51% Result from discontinued operations 110,502 - share of the groupResult for the period - share of 22,970 13,030 2,842 441 223 150,008 the group % Revenue 21.61% 4.05% 0.39% As required by IFRS 5.34, DEME has been presented as a discontinued operation and its contribution to the consolidated statement of income of the CFE group has been recognized on a separate line (item \u201cResult from discontinued operations \u2013 share of the group\u201d). We refer to note 5 of this report. In 2022, no property development projects were subject to revenue recognized at a specific point in time (2021 : \u20ac20,450 thousand). BREAKDOWN OF REVENUE Breakdown by geographical area Year ended 31 December 2022 2021 (in \u20ac thousands) Belgium 828,635 803,152 Poland 134,889 156,295 Luxembourg 174,403 137,735 Others 29,294 28,164 Consolidated total 1,167,221 1,125,346 The breakdown of revenue by country is based on the countries in which services are provided. In 2022, no customer accounted for more than 10% of group revenue. Breakdown by business area Year ended 31 December 2022 2021 (in \u20ac thousands) Real estate development 85,392 106,300 VMA 225,819 196,375 MOBIX 113,606 125,005 Eliminations intra segment (603) 0 Multitechnics 338,822 321,380 Construction & Renovation 798,661 723,682 Investments & Holding and eliminations between segments (55,654) (26,016) Consolidated total 1,167,221 1,125,346 The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate development segment. The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is carried out at the level of eliminations between segments. As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated revenue is accounted for under work in progress and reversed at the time of sale. ORDER BOOK Year ended 31 December 2022 2021 Change (in \u20ac thousands) Real estate development 74,262 43,510 +70.7%VMA 244,881 236,359 +3.6%MOBIX 124,015 164,620 -24.7%Multitechnics 368,896 400,979 -8.0% Construction & Renovation 1,264,085 1,166,070 +8.4%Investments & Holding 7,888 10,060 -21.6% Consolidated total 1,715,131 1,620,619 +5.8% CONSOLIDATED STATEMENT OF FINANCIAL POSITION Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 22,812 911 0 0 23,723 Property, plant and equipment 2,171 43,455 30,700 1,383 0 77,709 Non-current loans to consolidated group 0 0 0 31,558 (31,558) 0 companies Other non-current financial assets 101,653 0 161 36,480 0 138,294 Investments accounted for using equity method 38,018 154 3,697 68,996 0 110,865 Other non-current assets 10,445 1,918 8,780 188,225 (187,817) 21,551 Inventories 152,438 6,096 10,732 26 (825)168,467 Cash and cash equivalents 4,266 6,639 69,630 46,614 0 127,149 Internal cash position - Cash pooling - assets 1,748 38,763 152,994 28,610 (222,115) 0 Other current assets 23,394 137,317 231,990 15,333 (17,713) 390,321 Total assets 334,133 257,154 509,595 417,225 (460,028) 1,058,079 LIABILITIES Equity 118,749 89,243 73,543 131,414 (188,423) 224,526 Non-current borrowings to consolidated group 20,000 0 11,558 0 (31,558) 0 companies Non-current financial liabilities 41,186 25,809 11,892 75,161 0 154,048 Other non-current liabilities 41,388 1,711 7,765 4,819 0 55,683 Current financial liabilities 11,167 4,942 5,357 528 0 21,994 Internal cash position - Cash pooling - liabilities 18,159 15,639 13,188 175,120 (222,106) 0 Other current liabilities 83,484 119,810 386,292 30,183 (17,941) 601,828 Total liabilities 215,384 167,911 436,052 285,811 (271,605) 833,553 Total equity and liabilities 334,133 257,154 509,595 417,225 (460,028) 1,058,079 Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated DEME between (in \u20ac thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 0 22,852 911 0 0 23,763 Property, plant and equipment 0 1,121 42,922 36,368 1,872 0 82,283 Non-current loans to consolidated 0 0 0 0 26,049 (26,049) 0 group companies Other non-current financial assets 0 68,350 0 9 10,954 0 79,313 Investments accounted for using 0 48,259 149 88 54,922 0 103,418 equity method Other non-current assets 0 9,873 2,207 9,406 1,234,516 (1,231,941) 24,061 Inventories 0 141,222 6,158 10,736 3,090 (825)160,381 Cash and cash equivalents 0 6,326 4,984 57,898 74,379 0 143,587 Internal cash position - Cash pooling - 0 49,675 49,584 104,936 26,561 (230,756) 0 assets Other current assets 0 25,199 121,654 229,236 24,369 (14,666) 385,792 Assets held for sale 4,297,401 0 0 0 0 0 4,297,401 Total assets 4,297,401 350,025 250,510 449,588 1,456,712 (1,504,237) 5,299,999 LIABILITIES Equity 1,822,195 104,362 91,742 70,834 1,103,200 (1,236,307) 1,956,026 Non-current borrowings to 0 20,000 0 6,049 0 (26,049) 0 consolidated group companies Non-current financial liabilities 0 43,954 26,375 6,731 539 0 77,599 Other non-current liabilities 0 36,426 2,234 9,211 16,720 0 64,591 Current bonds 0 29,899 0 0 0 0 29,899 Current financial liabilities 0 29,350 4,613 4,628 110,493 0 149,084 Internal cash position - Cash pooling - 0 18,845 8,100 17,440 186,369 (230,754) 0 liabilities Other current liabilities 0 67,189 117,446 334,695 39,391 (11,127) 547,594 Liabilities associated with assets held 2,475,206 0 0 0 0 0 2,475,206 for sale Total liabilities 2,475,206 245,663 158,768 378,754 353,512 (267,930) 3,343,973 Total equity and liabilities 4,297,401 350,025 250,510 449,588 1,456,712 (1,504,237) 5,299,999 CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 24,735 18,821 25,495 3,384 72,435 before changes in working capital Cash flows from (used in) operating activities 9,587 1,192 65,984 (6,869) 69,894 Cash flows from (used in) investing activities (983)(5,138)(1,289) (15,715) (23,125) Cash flows from (used in) financing activities (10,559) 5,664 (52,492) (5,183) (62,570) Net increase/(decrease) in cash position (1,955) 1,718 12,203 (27,767) (15,801) Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 34,117 27,105 20,226 (4,092) 77,356 before changes in working capital Cash flows from (used in) operating activities 28,243 17,109 (26,272) 15,010 34,090 Cash flows from (used in) investing activities (692)(9,632)(3,075) (4,411) (17,810) Cash flows from (used in) financing activities (26,879) (7,883) 19,267 5,241 (10,254) Net increase/(decrease) in cash position 672 (406)(10,080)15,840 6,026 The cash flow from (used in the context of) financing activities includes the amounts of cash pooling compared to other segments. A positive amount corresponds to a use of liquidity in the cash pooling. This item also includes cash-flows related to external financing, especially and primarily in real estate development and investments & holding segments. OTHER INFORMATION Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Depreciation and amortisation (1,034) (8,554) (10,532) (750)(20,870)Investments 2,705 8,585 16,304 397 27,991 Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Depreciation and amortisation (878)(8,917)(9,412) (1,010) (20,217) Investments 1,190 11,515 8,121 229 21,055 The investments include the acquisitions of intangible assets and property, plant and equipment. Acquisitions through business combinations are not included in these amounts. GEOGRAPHICAL INFORMATION The operations of the group in the construction & renovation and real estate development segments are mainly based in Belgium, Luxembourg and Poland. The property, plant and equipment in the construction & renovation, multitechnics and real estate development segments are mainly based in Belgium. 5. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIESACQUISITIONS AND DISPOSALS FOR THE PERIOD ENDED 31 DECEMBER 2022During the first quarter of 2022, the group Rent-A-Port NV, 50% owned by CFE SA and accounted for using equity method, acquired 32.59% of the non-controlling interests of Infra Asia Investment Hong Kong Ltd, increasing its stake to 94.00%. Under IFRS, the purchase of non-controlling interests does not give rise to an allocation of goodwill. The excess paid in regard to the net assets acquired is therefore directly deducted from equity. This transaction has a negative impact of \u20ac3.2 million on the CFE Group\u2019s equity as presented in the consolidated statement of changes in equity (in the item \"change in consolidation scope and other movements\"). On 22 December 2022, the company Van Laere NV, a fully-owned subsidiary of the CFE Group and fully consolidated, sold 65% of its shares in Hofkouter NV, itself a fully-owned subsidiary of the CFE Group and fully consolidated, to Ackermans & van Haaren NV for \u20ac8,203 thousand. The net assets sold amounted to \u20ac7,409 thousand (at 65%). The consolidated capital gain (\u20ac795 thousand) was recorded in other operating income. We refer to note 6 \"Other operating income and expenses\". As a result of this transaction, Hofkouter NV changed its consolidation method from global integration to the equity method. We refer to note 15 \u201cInvestments accounted for using equity method\u201d. The main impact of this change of method is the derecognition of the company's property, plant and equipment. We refer to note 14 \u201cProperty, plant and equipment\u201d. As far as the multitechnics, construction & renovation and investments & holding segments are concerned, apart from the transaction related to Hofkouter NV, no other acquisition or disposal within the meaning of IFRS 3 Business Combinations and having a significant impact on the CFE Group\u2019s financial statements were carried out in 2022. Acquisitions and disposals in the real estate development segment are not considered as business combinations; therefore the consideration paid is allocated to the land and buildings accounted for in inventories. The main acquisitions and disposals that have occurred in the real estate development segment are described in the introduction of this report. ASSETS AND LIABILITIES HELD FOR SALE FOR THE PERIOD ENDED 31 DECEMBER 2022 On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME Group. The purpose of this demerger was to create two leading players in their respective business lines. As a result of this announcement, the DEME activities that were to be transferred to the DEME Group in 2022 were to be accounted for as 'discontinued operations' as at 31 December 2021 in accordance with the requirements of IFRS 5. In practice, this means that the assets and liabilities associated with DEME\u2019s activities had been presented on a single line under the assets and liabilities on the consolidated statement of financial position as at 31 December 2021 as assets and liabilities held for sale in 2022. The partial demerger was reached on 29 June 2022. It led to the initial listing of DEME Group on Euronext Brussels as a separate entity on 30 June 2022. As a result of the demerger, CFE derecognised all assets and liabilities of DEME, including the restatements resulting from the recognition of DEME's identifiable assets and liabilities at their fair value. It was determined that the demerger did not fall within the scope of IFRIC 17 'Distributions of Non-cash Assets to Owners' as the controlling shareholder does not change after the transaction (the non-cash asset is ultimately controlled by the same party before and after the distribution). CFE has chosen not to account for the distribution at fair value, but to account for non-cash intra-group distributions (i.e. the demerger) by derecognising DEME's assets and liabilities at their book value against equity. Assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 4,297,401 0 Reclassified to assets held for sale for the period 683,171 4,297,401 Disposals (4,980,572) 0 Balance at the end of the period 0 4,297,401 Liabilities associated with assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 2,475,206 0 Reclassified to liabilities associated with assets held for sale for the period 469,572 2,475,206 Disposals (2,944,778) 0 Balance at the end of the period 0 2,475,206 Consolidated statement of financial position from discontinued operations The assets and liabilities of DEME presented as held for sale as at 31 December 2021 and demerged as at 29 June 2022 are detailed in the table below : (in \u20ac thousands) June 2022 December 2021 ASSETS Goodwill 153,793 153,793 Property, plant and equipment 2,594,181 2,363,428 Other non-current financial assets 26,518 33,450 Investments accounted for using equity method 170,409 141,527 Other non-current assets 269,741 249,842 Inventories 17,765 12,168 Cash and cash equivalents 675,245 528,632 Other current assets 1,072,920 782,105 Assets held for sale 0 32,456 Total assets 4,980,572 4,297,401 LIABILITIES Equity 2,035,794 1,822,195 Non-current financial liabilities 868,868 577,970 Other non-current liabilities 235,076 194,024 Current financial liabilities 380,029 343,340 Other current liabilities 1,460,805 1,359,872 Total liabilities 2,944,778 2,475,206 Total equity and liabilities 4,980,572 4,297,401 Amounts included in accumulated other comprehensive income : Reserves measured at fair value (3,663) (89,816) Deferred taxes on reserves 1,112 22,661 Exchange differences on translation (11,743) (8,881) Total of amounts included in accumulated other comprehensive income (14,294) (76,036) Consolidated statement of income from discontinued operations As required by IFRS 5.25, the results from discontinued operations up to the effective date of the partial demerger have been recognised on a separate line in the consolidated statement of income : \u201cResult from discontinued operations\u201d. In addition, from the moment that DEME's activities were presented as discontinued operations, the intangible assets and property, plant and equipment should no longer be amortised. As a result, DEME\u2019s contribution to CFE\u2019s net income excludes depreciation and amortisation charges relating to the first half of 2022. The table below presents the reconciliation between the result for the period (share of the group) realised by the activities of the DEME Group (\u20ac39.5 million as at 30 June 2022 compared to \u20ac114.6 million as at 31 December 2021) and the result from discontinued operations (share of the group) in CFE\u2019s financial statements. (in \u20ac thousands) June 2022 December 2021 Result for the period of DEME - share of the group 39,470 114,581 Restatements (*) (2,039) (4,079) Result for the period of DEME (including restatements) - share of the group 37,431 110,502 Cancellation of amortisation and depreciation on intangible assets and property, 153,542 0 plant and equipment Result from discontinued operations - share of the group 190,973 110,502 (*) Restatements to take account of the recognition at fair value of the identifiable assets and liabilities of DEME following the acquisition of an additional 50% of the DEME shares on 24 December 2013. The following table summarises the results of the discontinued operations in CFE\u2019s financial statements before the cancellation of depreciation on intangible assets and property, plant and equipment. (in \u20ac thousands) June 2022 December 2021 Revenue 1,291,688 2,510,607 Operating expenses (excluding depreciation and amortisation) (1,100,383) (2,041,299) EBITDA 191,305 469,308 Depreciation and amortisation (153,542) (330,616) Income from operating activities 37,763 138,692 Share of profit (loss) of investments accounted for using equity method 6,782 9,818 Operating income (EBIT) 44,545 148,510 Financial result 4,329 (5,412) Result before tax 48,874 143,098 Income tax expenses (9,146) (29,839) Result for the period - share of the group 37,431 110,502 Consolidated statement of cash flows from discontinued operations The DEME Group\u2019s contribution to the CFE group\u2019s cash flow during the first half of 2022 is limited to the receipt of a dividend of \u20ac40.8 million at the end of March 2022. Cash flows from operating, investing and financing activities of DEME are summarised as follows : (in \u20ac thousands) June 2022 December 2021 Cash and cash equivalents, opening balance 528,632 621,937 Cash flows from (used in) operating activities 73,663 422,447 Cash flows from (used in) investing activities (206,912) (266,412) Cash flows from (used in) financing activities 277,144 (250,827) Net increase/(decrease) in cash position 143,895 (94,792) Effects of exchange rate changes on cash and cash equivalents 2,718 1,487 Cash and cash equivalents, closing balance 675,245 528,632 6. OTHER OPERATING INCOME AND EXPENSESOther operating income, which amounted to \u20ac54,572 thousand (2021 : \u20ac50,749 thousand) as at 31 December 2022, are mainly related to : - other compensation and miscellaneous rebilling amounting to \u20ac38,725 thousand (2021 : \u20ac49,392 thousand) ;- capital gains on disposals of financial shares amounting to \u20ac13,668 thousand, of which \u20ac9,336 thousand related to thedisposal of the entire stake in Wooden SA, \u20ac795 thousand related to the disposal of 65% of the shares held in Hofkouter NVand \u20ac3,537 thousand related to the recognition of the gain on the stake in CFE Nederland that was disposed to DEME in 2015and neutralised as it was an intra-group transaction. Following the partial demerger and the removal of DEME from theconsolidation scope, this capital gain could be recognized in the financial statements of the CFE Group ;- capital gains on disposals of intangible assets and property, plant and equipment amounting to \u20ac2,179 thousand (2021 : \u20ac1,357 thousand).Other operating expenses are made up of the following elements : Year ended 31 December 2022 2021 (in \u20ac thousands) Miscellaneous services and goods (145,502) (107,892) Impairment of assets - Inventories(185) (1,072) - Trade and other operating receivables(1,314) (5,331) Net additions to provisions (excluding provisions for retirement benefit obligations) (1,686) 4,149 Other operating expenses (1,871) (1,210) Consolidated total (150,558) (111,356) Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions and miscellaneous fees. The increase is mainly due to the high inflation rate that affected the 2022 financial year. We refer to the comments on the macroeconomic environment in note 2 \"Significant accounting policies\". 7. REMUNERATIONS AND SOCIAL SECURITY PAYMENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Remuneration (139,300) (140,925) Mandatory social security contributions (42,925) (41,308) Other wage costs (15,145) (16,214) Service cost related to defined-benefit pension plans (4,006) (4,218) Consolidated total (201,376) (202,665) The average full-time equivalent number of staff in 2022 was 3,003 (2021 : 3,043), which represents 3,137 people as at 1 January 2022 (2021: 3,250) and 3,074 as at 31 December 2022 (2021 : 3,137). The impact of the slight decrease in the number of employees on wages and social security payments was offset by the revaluation of wages to take account of inflation. 8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income. 9. NON-CONTROLLING INTERESTSAs of December 31, 2022, the share of non-controlling interests in the result for the period amounted to \u20ac36 thousand (2021 : \u20ac0 thousand) and is related to the real estate development segment. 10. EARNINGS PER SHAREBasic earnings per share are the same as diluted earnings per share due to the absence of any potentially dilutive ordinary shares in circulation. It is calculated as follows : Year ended 31 December 2022 2021 Result for the period from continuing operations 38,434 39,506 - share of the group (in \u20ac thousands)Result for the period from discontinued operations 190,973 110,502 - share of the group (in \u20ac thousands)Result for the period - share of the group (in \u20ac thousands) 229,407 150,008 Comprehensive income - share of the group (in \u20ac thousands) 308,883 174,536 Number of ordinary shares at balance sheet date 25,314,482 25,314,482 Weighted average number of ordinary shares outstanding during the period 25,068,231 25,314,482 Earnings per share, based on the weighted average number of ordinary shares outstanding during the period (basic) : Earnings per share (share of the group) from continuing operations (\u20ac) 1.53 1.56 Earnings per share (share of the group) from discontinued operations (\u20ac) 7.62 4.37 Earnings per share (share of the group) (\u20ac) 9.15 5.93 Comprehensive income per share (share of the group) (\u20ac) 12.32 6.89 As of December 31, 2022, the stock option plans have no dilutive effect. 11. INCOME TAXRECOGNIZED IN COMPREHENSIVE INCOMEYear ended 31 December 2022 2021 (in \u20ac thousands) Current taxes Tax expense for the period 7,336 11,248 Additions to / (release from) provisions in previous periods 335 107 Total current tax expenses 7,671 11,355 Deferred taxes Additions to and releases from deferred taxes relating to losses from previous periods (11) 1,867 Additions to and releases from temporary differences 1,302 (791) Total deferred tax expenses/income 1,291 1,076 Income tax for the period 8,962 12,431 Tax income/expense recognized in other elements of the comprehensive income (13,959) (2,902) Total tax expense recognized in comprehensive income (4,997) 9,529 RECONCILIATION OF THE EFFECTIVE TAX RATE Year ended 31 December 2022 2021 (in \u20ac thousands) Pre-tax income for the period 47,360 51,937 of which share in the profit/(loss) from investments accounted for using equity 8,754 9,655 method Pre-tax income for the period, excluding investments accounted for using equity 38,606 42,282 method Income taxes at 25% 9,652 10,571 Tax impact of non-deductible expenses 2,682 4,027 Tax impact of non-taxable revenue (3,687) (3,061) Tax credit and impact of notional interest 0 (157) Effect of different tax rates applicable to subsidiaries operating in other jurisdictions (362) (586) Tax impact of using previously unrecognized losses (2,265) (3,048) Tax impact of adjustments to current and deferred tax relating for previous periods 335 1,134 Tax impact of deferred tax assets on unrecognized losses for the period 2,607 3,551 Tax expense 8,962 12,431 Effective tax rate for the period 23.21% 29.40% The income tax expenses amounted to \u20ac8,962 thousand as at 31 December 2022, compared to \u20ac12,431 thousand at the end of 2021. The effective tax rate amounted to 23.21% compared to 29.40% in 2021. RECOGNIZED DEFERRED TAX ASSETS AND LIABILITIES Year ended 31 December ASSETS LIABILITIES (in \u20ac thousands) 2022 2021 2022 2021 Property, plant and equipment and intangible assets 0 0 (963) (1,058)Employee benefits 1,746 2,243 0 0 Provisions 2,188 1,796 0 0 Fair value of derivative instruments 0 0 0 0 Working capital 4,429 4,420 (3,304) (1,352) Other items 113 137 (98) (98)Tax losses 40,298 66,481 0 0 Gross deferred tax assets/(liabilities) 48,774 75,079 (4,365) (2,508) Unrecognized deferred tax assets (39,963) (66,441) 0 0 Tax netting (1,688) (379)1,688 379 Net deferred tax assets/(liabilities) 7,123 8,259 (2,677) (2,129) Tax loss carried forward and other temporary differences for which no deferred tax assets are recognized amounted to \u20ac159,852 thousand as at 31 December 2022. As tax losses are mainly recognized by Belgian companies, these do not have an expiration date. The decrease in tax losses carried forward for which no deferred tax assets are recognized is mainly attributable to the partial demerger between DEME and CFE resulting in the transfer of a large part of the tax losses carried forward from CFE SA to DEME Group. The \"tax netting\" item reflects the netting of deferred tax assets and liabilities per entity. TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS ARE RECOGNIZED Deferred tax assets are not recognized in cases where it is not probable that a future taxable profit will be sufficient to enable subsidiaries to recover their tax losses. DEFERRED TAX INCOME (EXPENSE) RECOGNIZED IN COMPREHENSIVE INCOME Year ended 31 December 2022 2021 (in \u20ac thousands) Deferred taxes on the effective portion of changes in the fair value of cash flow hedge (13,658) (3,000) Deferred taxes on the revaluation of defined benefit liabilities (301) 98 Total (13,959) (2,902) As of December 31, 2022, deferred taxes recognized in other comprehensive income amounted to \u20ac(13,959) thousand and are mainly related to changes in the market values of the hedging instruments (exchange rates hedges) in the operating companies of offshore wind farms such as Rentel and SeaMade (Green Offshore). 12. INTANGIBLE ASSETS OTHER THAN GOODWILLYear ended 31 December 2022 Development Licenses Total (in \u20ac thousands) costs Acquisition costs Balance at the end of the previous period 6,575 468 7,043 Effects of changes in foreign exchange rates (16) 0 (16) Acquisitions 1,340 0 1,340 Disposals (351) 0 (351) Transfers between asset items (91) (53) (144) Balance at the end of the period 7,457 415 7,872 Depeciation and amortisation Balance at the end of the previous period (4,669) (431) (5,100) Effects of changes in foreign exchange rates 12 0 12 Depeciation and amortisation (869) 0 (869) Disposals 351 0 351 Transfers between asset items 65 16 81 Balance at the end of the period (5,110) (415) (5,525) Net carrying amount As at January 1, 2022 1,906 37 1,943 As at December 31, 2022 2,347 0 2,347 As of December 31, 2022, acquisitions of intangible assets amounted to \u20ac1,340 thousand (2021 : \u20ac2,881 thousand, of which \u20ac973 thousand for continuing operations and \u20ac1,908 thousand for discontinued operations) and primarily concern the capital expenditures in software licences. Depreciation and amortisation of intangible assets amounted to \u20ac(869) thousand as at 31 December 2022 (2021 : \u20ac(4,291) thousand, of which \u20ac(879) thousand for continuing operations and \u20ac(3,412) thousand for discontinued operations). Intangible assets meeting the definition of IAS 38 Intangible Assets are only recognized to the extent that future economic benefits are probable. Year ended 31 December 2021 Concessions, Development Total (in \u20ac thousands) patents and licenses costs Acquisition costs Balance at the end of the previous period 152,276 4,454 156,730 Effects of changes in foreign exchange rates (6) 0 (6) Changes in consolidation scope 54 0 54 Acquisitions 2,858 23 2,881 Disposals (1,772) (2) (1,774) Transfers between asset items (*) (146,835) (4,007) (150,842) Balance at the end of the period 6,575 468 7,043 Depeciation and amortisation Balance at the end of the previous period (41,059) (4,412) (45,471) Effects of changes in foreign exchange rates 4 0 4 Depeciation and amortisation (4,263) (28) (4,291) Changes in consolidation scope 0 0 0 Disposals 1,772 2 1,774 Transfers between asset items (*) 38,877 4,007 42,884 Balance at the end of the period (4,669) (431) (5,100) Net carrying amount As at January 1, 2021 111,217 42 111,259 As at December 31, 2021 1,906 37 1,943 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of intangible assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s intangible assets classified as assets held for sale at 31 December 2021 for a net book value of \u20ac110,040 thousand. We refer to note 5 of this report. 13. GOODWILLYear ended 31 December 2022 2021 (in \u20ac thousands) Acquisition costs Balance at the end of the previous period 29,785 401,731 Changes in consolidation scope 0 2,221 Transfers between asset items (*) 0 (374,149) Other changes (40) (18) Balance at the end of the period 29,745 29,785 Depreciation Balance at the end of the previous period (6,022) (229,604) Depreciation during the period 0 (311) Transfers between asset items (*) 0 223,893 Changes in consolidation scope 0 0 Balance at the end of the period (6,022) (6,022) Net carrying amount at December 31 23,723 23,763 (*) Transfers between asset items are solely related to the separate presentation in the consolidated statement of financial position of goodwill held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Therefore, the 2021 transfers represent the goodwill recognised at DEME classified as held for sale as at 31 December 2021. We refer to note 5 of this report. At year-end 2021, the effects of changes in consolidation scope related exclusively to the acquisition of 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. and Power Automation Sp. komandytowa, all of which were absorbed by VMA Polska Sp. z o.o. during the financial year 2022. In accordance with IAS 36 Impairment of assets, this goodwill was tested for impairment at 31 December 2022. The following assumptions were used in the impairment tests : Impairment Net goodwill Parameters of the model applied to cash flow Gross goodwill losses Business value projections value recognized in the period Growth rate Year ended 31 December 2022 2021 (terminal Discount rate Sensitivity rate (in \u20ac thousands) value) VMA 14,784 14,824 0.50% 9.40% 5% 18,673 0 MOBIX 8,028 8,028 0.50% 9.40% 5% 10,161 0 BPC Group 911 911 0.50% 9.40% 5% 911 0 Total 23,723 23,763 29,745 0 Cash-flows figures used in the impairment tests were taken from the budgets presented to the CFE Board of Directors. A growth rate of 0.5% was used in determining the terminal value. The discount rate used is 9.4% (compared to 8.5% as at 31 December 2021) and corresponds to the weighted average cost of capital applicable to the CFE group. As of December 31, 2022, this takes into account the increase in risk-free interest rates in the euro zone. A sensitivity analysis was carried out by varying cash flows and discount rate figures by 5%. Since the value in use of the entities is still higher than their carrying amount including goodwill, there was no indication of impairment. 14. PROPERTY, PLANT AND EQUIPMENTYear ended 31 December 2022 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 71,832 105,211 60,246 1,076 238,365 Effects of changes in foreign exchange rates(14)(23) (41) 1 (77) Changes in consolidation scope (11,090) 0 0 (158)(11,248)Acquisitions 5,782 7,654 8,530 4,685 26,651 Transfers between asset items (1,576) (1,424) 361 (7) (2,646)Disposals (217) (4,120)(10,008) 0 (14,345) Balance at the end of the period 64,717 107,298 59,088 5,597 236,700 Depeciation and amortisation Balance at the end of the previous period (24,656) (89,409) (42,017) 0 (156,082) Effects of changes in foreign exchange rates5 20 33 0 58 Changes in consolidation scope 1,016 0 0 0 1,016 Depeciation and amortisation (4,317) (6,831) (8,853) 0 (20,001) Transfers between asset items 1,367 1,388 226 0 2,981 Disposals 163 3,685 9,189 0 13,037 Balance at the end of the period (26,422) (91,147) (41,422) 0 (158,991) Net carrying amount As at January 1, 2022 47,176 15,802 18,229 1,076 82,283 As at December 31, 2022 38,295 16,151 17,666 5,597 77,709 Property, plant and equipment mainly include the net book values of the headquarters of several Belgian subsidiaries of the group, the fleet of equipments and vehicles. As of December 31, 2022, acquisitions of property, plant and equipment amounted to \u20ac26,651 thousand, the most important of which relates to the new headquarters of Van Laere NV, which is currently under construction (delivery expected in March 2023). As of December 31, 2021, acquisitions of property, plant and equipment amounted to \u20ac341,521 thousand of which \u20ac20,082 thousand for continuing operations and \u20ac321,439 thousand for discontinued operations. In 2022, effects of changes in consolidation scope mainly concern the derecognition of Hofkouter NV\u2019s properties, plants and equipments, the company that owns the current Van Laere NV headquarters and workshops. Indeed, CFE sold 65% of its stake, resulting in a change in consolidation method from global integration of Hofkouter, to the equity method. Depreciation and amortisation of property, plant and equipment amounted to \u20ac(20,001) thousand (2021 : \u20ac(346,230) thousand of which \u20ac(19,338) thousand for continuing operations and \u20ac(326,892) thousand for discontinued operations). Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 244,206 4,163,313 109,589 506,270 5,023,378 Effects of changes in foreign exchange rates 1,128 5,605 42 0 6,775 Changes in consolidation scope 0 35 121 0 156 Acquisitions 41,375 149,807 23,018 127,321 341,521 Transfers between asset items (*) (199,140) (4,071,769) (56,303) (632,167) (4,959,379) Disposals (15,737) (141,780) (16,221) (348) (174,086) Balance at the end of the period 71,832 105,211 60,246 1,076 238,365 Depeciation and amortisation Balance at the end of the previous period (88,153) (2,350,014) (70,159) 0 (2,508,326) Effects of changes in foreign exchange rates (465)(4,249)41 0 (4,673) Changes in consolidation scope 0 0 (92) 0 (92) Depeciation and amortisation (19,288) (307,238) (19,704) 0 (346,230) Transfers between asset items (*) 74,826 2,454,820 32,218 0 2,561,864 Disposals 8,424 117,272 15,679 0 141,375 Balance at the end of the period (24,656) (89,409) (42,017) 0 (156,082) Net carrying amount As at January 1, 2021 156,053 1,813,299 39,430 506,270 2,515,052 As at December 31, 2021 47,176 15,802 18,229 1,076 82,283 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Accordingly, the 2021 transfers include DEME\u2019s property, plant and equipment classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac2,363,428 thousand. We refer to note 5 of this report. The net book value of property, plant and equipment recognized as right of use amounted to \u20ac36,772 thousand as at 31 December 2022 compared to \u20ac35,272 thousand as at 31 December 2021. These assets mainly include the group\u2019s vehicle fleet, as well as the headquarters of certain subsidiaries of the multitechnics and construction & renovation segments. Changes in property, plant and equipment recognized under the right of use are presented in the table on next page. The CFE Group has a limited number of leases with renewal options and exercises significant judgement in determining whether that is reasonable certain that these extension and termination options will be exercised. As of December 31, 2022, the Group has no leases with renewal options that are reasonably certain not to be exercised or termination options that are reasonably certain to be exercised. Year ended 31 December 2022 Land and Fixtures and Furniture, fittings Total (in \u20ac thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 26,532 11,556 24,459 62,547 Effects of changes in foreign exchange rates (11) 0 (9) (20) Changes in consolidation scope 0 0 0 0 Acquisitions 3,757 4,074 5,875 13,706 Transfers between asset items (1,606) 12 477 (1,117) Disposals (209) (936) (4,678) (5,823) Balance at the end of the period 28,463 14,706 26,124 69,293 Depeciation and amortisation Balance at the end of the previous period (9,012) (6,666) (11,597) (27,275) Effects of changes in foreign exchange rates 5 0 3 8 Changes in consolidation scope 0 0 0 0 Depeciation and amortisation (3,268) (2,653) (5,975) (11,896) Transfers between asset items 1,349 (3) (4) 1,342 Disposals 156 936 4,208 5,300 Balance at the end of the period (10,770) (8,386) (13,365) (32,521) Net carrying amount As at January 1, 2022 17,520 4,890 12,862 35,272 As at December 31, 2022 17,693 6,320 12,759 36,772 Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Total (in \u20ac thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 102,430 18,975 49,289 170,694 Effects of changes in foreign exchange rates 1,121 295 98 1,514 Changes in consolidation scope 0 0 0 0 Acquisitions 27,168 4,377 18,078 49,623 Transfers between asset items (*) (91,314) (9,279) (36,936) (137,529) Disposals (12,873) (2,812) (6,070) (21,755) Balance at the end of the period 26,532 11,556 24,459 62,547 Depeciation and amortisation Balance at the end of the previous period (26,473) (11,080) (19,553) (57,106) Effects of changes in foreign exchange rates (456) (115) (48) (619) Changes in consolidation scope 0 0 0 0 Depeciation and amortisation (13,690) (4,246) (14,349) (32,285) Transfers between asset items (*) 24,376 6,006 16,809 47,191 Disposals 7,231 2,769 5,544 15,544 Balance at the end of the period (9,012) (6,666) (11,597) (27,275) Net carrying amount As at January 1, 2021 75,957 7,895 29,736 113,588 As at December 31, 2021 17,520 4,890 12,862 35,272 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Accordingly, the 2021 transfers include DEME\u2019s property, plant and equipment recognized under the right of use classified as assets held for sale as at 31 December 2021. 15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHODCHANGES OVER THE PERIODThe interests in investments accounted for using equity method are detailed as follows: Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 103,418 204,095 Transfers between asset items (*) 5,499 (139,401) Share of profit (loss) of investments accounted for using equity method 8,754 19,473 Capital increase/(decrease) 6 19,077 Dividends (13,641) (18,416) Changes in consolidation scope (8,759) 2,456 Other changes 15,588 16,134 Balance at the end of the period 110,865 103,418 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of investments accounted for using the equity method held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s investments accounted for using the equity method classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac141,527 thousand. We refer to note 5 of this report. As of December 31, 2022, these transfers relate only to amounts reclassified during the year as provisions for negative investments accounted for using equity method. All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Rent-A-Port and Green Offshore under the investments & holding segment, and in project companies held in joint control in the real estate development segment. As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore to investmentsaccounted for using equity method amounted to \u20ac43,983 thousand and \u20ac20,389 thousand, respectively. The CFE Group has nostakes accounted for using equity method that are listed on a public market.As of December 31, 2022, the CFE Group\u2019s share of profit (loss) of investments accounted for using equity method amount to \u20ac8,754 thousand (compared to \u20ac19,473 thousand in 2021, including \u20ac9,655 thousand for continuing operations and \u20ac9,818 thousand for discontinued operations) and is mainly due to the activities of the real estate development segment and the investments in port concessions through Rent-A-Port (\u20ac4,052 thousand as at 31 December 2022, as CFE\u2019s share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore (\u20ac1,849 thousand as at 31 December 2022, as CFE\u2019s share). As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore in the consolidated statement of comprehensive income pre-tax amounted to \u20ac5,234 thousand and \u20ac13,610 thousand, respectively. Dividends distributed by equity accounted investments amounted to \u20ac13,641 thousand and derives from Green Offshore and certain project companies in the real estate development segment. The changes in consolidation scope are mainly related to the disposal of the entire stake in Wooden NV and Grand Poste NV and the impact of the acquisition of non-controlling interests in Infra Asia Investment Hong Kong Ltd by Rent-A-Port, partially offset by the change in consolidation method applied to Hofkouter NV, which is now accounted for using equity method. The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating foreign currency investments. FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD The list of the most significant investments accounted for using the equity method is set out in note 34, based on their percentage of interests in the CFE group, the segment in which they operate and the geographical area of their head office. The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory accounts. Intercompany transactions are not eliminated. The reconciliation between the statutory equity and the contribution to the consolidated accounts is presented after the financial indicators. Multitechnics and December 2022 Real estate Investments & Construction & Total (in \u20ac thousands) development Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 118,645 51,634 13,507 3,377 61,968 29,837 194,120 84,848 Result for the period - 9,915 2,980 (1,005) (357)11,4115,745 20,321 8,368 share of the group Financial position Non-current assets 53,545 25,369 9,226 3,224 249,767 96,362 312,538 124,955 Current assets 478,374 212,096 12,011 3,241 177,644 83,540 668,029 298,877 Equity 45,215 18,395 11,183 3,852 138,132 72,510 194,530 94,757 Non-current liabilities 151,778 70,745 0 0 188,490 69,779 340,268 140,524 Current liabilities 334,926 148,325 10,054 2,613 100,789 37,613 445,769 188,551 Net Financial Debt 168,262 84,653 (7,087) (1,876) 192,629 66,572 353,804 149,349 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA : \u20ac77,026 thousand (100%), M1 SA : \u20ac33,097 thousand (100%), The Roots Office S\u00e0RL : \u20ac31,624 thousand (100%), BPI-Revive Matejki Sp. z o.o. : \u20ac29,007 thousand (100%), Erasmus Gardens SA : \u20ac25,308 thousand (100%), Debrouck\u00e8re Land SA : \u20ac24,001 thousand (100%), Bavi\u00e8re D\u00e9veloppement SA : \u20ac23,671 thousand (100%), MG Immo SRL : \u20ac23,034 thousand (100%), Arlon 53 SA : \u20ac21,347 thousand (100%), Goodways SA : \u20ac20,235 thousand (100%), Emely S\u00e0RL : \u20ac16,896 thousand (100%), Debrouck\u00e8re Office SA : \u20ac15,306 thousand (100%), Key West SA : \u20ac14,665 thousand (100%), Bataves 1521 SA : \u20ac12,078 thousand (100%), Victor Estate SA : \u20ac10,968 thousand (100%) and Debrouck\u00e8re Development SA : \u20ac10,523 thousand (100%). December 2022 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 58,027 29,014 0 0 3,941 823 61,968 29,837 Result for the period - 8,104 4,052 3,560 1,780 (253)(87)11,411 5,745 share of the group Financial position Non-current assets 109,730 54,865 47,275 23,638 92,762 17,859 249,767 96,362 Current assets 150,835 75,418 2,836 1,418 23,973 6,704 177,644 83,540 Equity 99,998 49,999 45,604 22,802 (7,470) (291)138,132 72,510 Non-current liabilities 104,858 52,429 4,128 2,064 79,504 15,286 188,490 69,779 Current liabilities 55,709 27,855 379 190 44,701 9,568 100,789 37,613 Net Financial Debt 97,063 48,532 2,853 1,427 92,713 16,613 192,629 66,572 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac62,764 thousand (100%), Rent-A-Port NV : \u20ac97,063 thousand (100%) and Green Offshore NV : \u20ac2,853 thousand (100%). Multitechnics and December 2021 Real estate Investments Construction & Total (in \u20ac thousands) development & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 93,956 37,095 16,886 4,900 54,388 26,093 165,230 68,088 Result for the period - 21,301 7,265 365 145 9,009 4,269 30,675 11,679 share of the group Financial position Non-current assets 116,862 51,282 69 17 237,229 89,248 354,160 140,547 Current assets 422,111 182,643 10,464 2,626 174,423 82,449 606,998 267,718 Equity 73,604 31,158 912 237 144,746 75,904 219,262 107,299 Non-current liabilities 131,490 59,965 0 0 149,493 49,079 280,983 109,044 Current liabilities 333,879 142,802 9,621 2,406 117,413 46,714 460,913 191,922 Net Financial Debt 137,145 65,250 (4,984) (1,259) 153,006 44,189 285,167 108,180 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA: \u20ac52,839 thousand (100%), Wooden SA: \u20ac44,641 thousand (100%), M1 SA: \u20ac43,883 thousand (100%), The Roots Office S\u00e0RL: \u20ac31,624 thousand (100%), Erasmus Gardens SA: \u20ac31,441 thousand (100%), BPI-Revive Matejki Sp. z o.o.: \u20ac27,993 thousand (100%), Grand Poste SA: \u20ac24,239 thousand (100%), Debrouck\u00e8re Land SA: \u20ac23,469 thousand (100%), Bavi\u00e8re Development SA: \u20ac19,883 thousand (100%), Goodways SA: \u20ac19,681 thousand (100%), MG Immo SRL: \u20ac16,726 thousand (100%), Pr\u00e9 de la Perche Construction SA: \u20ac15,853 thousand (100%), Debrouck\u00e8re Office SA: \u20ac15,387 thousand (100%), Key West SA: \u20ac13,161 thousand (100%), Arlon 53 SA: \u20ac12,924 thousand (100%) and Victor Estate SA: \u20ac10,973 thousand (100%).December 2021 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 50,527 25,264 0 0 3,861 829 54,388 26,093 Result for the period - share 3,578 1,789 4,831 2,416 600 64 9,009 4,269 of the group Financial position Non-current assets 109,667 54,834 32,059 16,030 95,503 18,384 237,229 89,248 Current assets 145,416 72,708 6,552 3,276 22,455 6,465 174,423 82,449 Equity 125,746 62,873 26,621 13,311 (7,621) (280)144,746 75,904 Non-current liabilities 54,540 27,270 11,538 5,770 83,415 16,040 149,493 49,079 Current liabilities 74,797 37,399 452 226 42,164 9,089 117,413 46,714 Net Financial Debt 44,029 22,015 8,073 4,037 100,904 18,137 153,006 44,189 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac70,619 thousand (100%), Rent-A-Port NV : \u20ac44,029 thousand (100%) and Green Offshore NV : \u20ac8,073 thousand (100%). The reconciliation between the share of the CFE group in the statutory net assets of these companies and the carrying amount of the investments accounted for using equity method is as follows : Multitechnics December 2022 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 18,395 3,852 72,510 94,757 Reconciliation items 5,596 0 (3,557) 2,039 Negative investments accounted for using equity method 14,027 0 42 14,069 CFE Group's carrying amount of the investment 38,018 3,852 68,995 110,865 Multitechnics December 2021 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 31,158 237 75,904 107,299 Reconciliation items 8,531 0 (20,982) (12,451) Negative investments accounted for using equity method 8,570 0 0 8,570 CFE Group's carrying amount of the investment 48,259 237 54,922 103,418 The reconciliation elements presented at the level of the real estate development are mainly due to the recognition of the income in accordance with the CFE group accounting policies and the intercompany eliminations. 16. OTHER NON-CURRENT FINANCIAL ASSETSAs of December 31, 2022, other non-current financial assets amounted to \u20ac138,294 thousand, an increase compared to December 2021 (\u20ac79,313 thousand). As of December 31, 2022, they only include loans granted to investments accounted for using the equity method. In 2022, the increase in the account balance of these non-current financial receivables is mainly due to : - the granting of an additional shareholder loan of \u20ac19,000 thousand to Rent-A-Port NV within the context of settling theadditional 32.6% stake in Infra Asia Investment ;- the reclassification of certain loans to Rent-A-Port as long-term loans for an amount of \u20ac9,864 thousand ;- the granting of loans to project companies in the real estate development segment, which mainly concern Seco (\u20ac11,092thousand), Brouck\u2019R (\u20ac4,057 thousand), The Roots (\u20ac3,508 thousand) and Emely (\u20ac3,159 thousand) ; offset by- the partial repayment of the loans granted to Green Offshore NV for an amount of \u20ac(3,704) thousand.In 2021, the decrease in the account balance of these non-current financial receivables was mainly due to : - transfers between assets items that were mainly related to the separate presentation in the consolidated statement offinancial position of other non-current financial assets held for sale in accordance with IFRS 5 Non-current assets held forsale and discontinued operations. As a result, these included DEME\u2019s other non-financial assets classified as assets held forsale as at 31 December 2021 for an amount of \u20ac33,450 thousand. We refer to note 5 of this report. Moreover, this decreasewas partially offset by :- the loans granted by BPI Real Estate Poland Sp. z o.o. for the Matejki urban project in Poznan, in which BPI disposed 50% of itsshares held during the year to decrease its stake from 100% to 50% and thus change its consolidation method to the equitymethod ;- the granting and repayment of loans to the project companies in the real estate development segment and to the wind farm concession companies at DEME.Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 79,313 89,196 Changes in consolidation scope 0 14,130 Increases 52,076 19,534 Decreases (5,238) (9,572) Transfers between asset items 12,404 (33,957) Impairment / reversals of impairment 0 (14) Effects of changes in foreign exchange rates (261) (4) Balance at the end of the period 138,294 79,313 17. CONSTRUCTION CONTRACTSContract assets and contract liabilities in compliance with IFRS 15 Revenue from contracts with customers relate to the work in progress of construction projects executed by the Group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and potential provisions for losses. The net amount due by or to customers is determined on a contract-by-contract basis as the difference between these items. As described in paragraphs (L) and (U) of the section relating to significant accounting policies, the costs and revenues of construction contracts are recognized in expenses and revenue respectively based on the percentage of completion of the contract activity at the closing date. The percentage of completion is calculated based on the \"cost to cost\" method. An expected loss on a construction contract is recognized as an expense immediately. We refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d. Contract assets represent the excess of costs incurred and recognized profits and losses over progress billing. They include (a) the unbilled portion of contracts in the line item \"Trade and other operating receivables\" of the consolidated statement of financial position, and (b) accrued income and deferred costs relating to work in progress included in the line item \"Other current operating assets\u201d of the consolidated statement of financial position. Contract liabilities represent the excess of progress billing over costs incurred and recognized profits and losses. They include the unbilled portion of contract costs in the line item \"Trade and other operating payables\" of the consolidated statement of financial position, deferred income and accrued costs relating to construction work in progress included in the line item \"Other current operating liabilities\" of the consolidated statement of financial position, and provisions for expected losses on construction contracts included in the line item \u2018Non-current provisions\u2019 (we refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d). Advances and payments on account are amounts received by the group before the related work is performed. We refer to note 19 \u201cChange in trade receivables and payables, and other operating receivables and payables\u201d. (in \u20ac thousands) 31 December 2021 Business related changes Other changes 31 December 2022 Advances and payments on account (6,080) (1,131) 15 (7,195) receivedContract assets 150,352 3,210 (259)153,303Contract liabilities (218,028) (39,489) (264)(257,781) Construction contracts in progress - net (67,676) (36,279) (522)(104,478)(in \u20ac thousands) 31 December 2020 Business related changes Other changes 31 December 2021 Advances and payments on account (65,034) (19,637) 78,590 (6,080) receivedContract assets 357,048 100,747 (307,443) 150,352 Contract liabilities (713,419) (76,091) 571,482 (218,028) Construction contracts in progress - net (356,371) 24,656 264,039 (67,676) \u2018Business-related changes\u2019 relate to cumulative catch up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. The increase in contract liabilities as at 31 December 2022 is primarily attributable to advances received in both real estate development and construction & renovation segments. In 2021, the other changes were mainly related to the reclassification of DEME\u2019s assets and liabilities into \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d in accordance with the requirements of IFRS 5. The remaining performance obligations, i.e. the revenue to be generated in the next few years for the projects in progress at 31 December 2022 amount to \u20ac961 million (2021 : \u20ac1,143 million), of which \u20ac471 million should be executed in 2023 (as of December 31, 2021, \u20ac398 million were to be executed in 2022). 18. INVENTORIESAs of December 31, 2022, inventories amounted to \u20ac168,467 thousand (2021 : \u20ac160,381 thousand) and are mainly derived from real estate projects developed by BPI and its fully consolidated subsidiaries. The inventories are detailed as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Raw materials and auxiliary products 9,859 9,600 Impairments on inventories of raw materials and auxiliary products (33) (29) Finished products and properties held for sale 160,113 152,102 Impairments on inventories of finished products and properties held for sale (1,472) (1,292) Inventories 168,467 160,381 The increase in finished products and properties held for sale (\u20ac8,011 thousand) is primarily attributable to the activities of the real estate development segment. 19. CHANGE IN TRADE RECEIVABLES AND PAYABLES AND OTHEROPERATING RECEIVABLES AND PAYABLESYear ended 31 December 2022 2021 (in \u20ac thousands) Trade receivables' gross carrying amount 219,365 208,496 Less : expected credit losses (19,895) (19,044) Trade receivables' net carrying amount 199,470 189,452 Other operating receivables 85,138 91,804 Consolidated total 284,608 281,256 Other current operating assets 100,714 85,555 Other current non-operating assets 4,487 2,416 Trade and other operating payables 309,204 277,009 Other current operating liabilities 180,546 141,723 Other current non-operating liabilities 63,383 78,376 Consolidated total 553,133 497,108 Net position of trade and operating receivables and payables (163,324) (127,881) We refer to note 27 \u201cFinancial risk management\u201d for an analysis of the credit and counterparty risk. Trade receivables of entities included in note 17 \u201cConstruction contracts\u201d amounted to \u20ac140,860 thousand as at 31 December 2022. Other current operating assets (\u20ac100,714 thousand as at 31 December 2022) include accrued income and deferred charges relating to the group's construction projects. Other operating receivables (\u20ac85,138 thousand as at 31 December 2022) mainly include invoices to be issued, social security and tax receivables, cash advances to temporary companies and other operating receivables. Other current non-operating liabilities (\u20ac63,383 thousand) mainly include social security and employee-related liabilities. 20. CASH AND CASH EQUIVALENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Short-term bank deposits 15,035 13,596 Cash in hand and at bank 112,114 129,991 Cash and cash equivalents 127,149 143,587 The cash position includes \u20ac44.3 million available at CFE SA. The cash-position balance is broken down into temporary companies and foreign entities not included in the cash pooling. Short-term bank deposits consist of money placed with financial institutions with an original maturity of less than three months. These deposits are subject to a floating rate interest, which is usually linked to Euribor or Eonia rates with a floor at 0%. 21. CAPITAL GRANTSThe CFE group did not receive any capital grant in 2022. 22. INFORMATION RELATED TO STOCK OPTION PLANS ON OWNSHARESSTOCK OPTION PLANS In the second half of 2022, the Board of Directors approved a stock option plan to involve the members of the Executive Committee in the long-term growth of the Group. The plan provides that each option is for one CFE share and is granted free of charge. Options have a term of seven years. Options are cancelled if the contractual relationship is terminated before the vesting date. The Remuneration Committee is responsible for monitoring the plan and designating beneficiaries. During the year, 200,000 options were granted to two beneficiaries, members of the Executive Committee, who accepted them in full. During the financial year At year-end Number of Options Options Expired Number of Strike price Year granted exercisable Exercise period granted exercised options options (in euros) options 2022 200,000 0 0 200,000 0 10.31 01/01/2026 \u2013 10/16/2029 The value of the options, calculated on the basis of their value when granted, is determined by an independent expert on the basis of the following assumptions : Value according to the Black Number of Quoted Expected & Scholes method Year granted options Dividend yield Volatility Interest rate market price duration exercised (\u20ac/share) Total value (k\u20ac) 2022 10.46 0 4.31% 33.10% 2.66% 7.0 2.406 481 There are no listed options on CFE shares. A comparison method with comparable companies has been chosen to measure the volatility of options. The comparable companies are construction companies listed in Europe. CFE's debt/equity and assets/equity ratios are equivalent to those of comparable companies. The long-term historical volatility of comparable companies is between 25.9% and 33.1%. Taking into account the size of CFE compared to the group of comparable companies, the top of the range was chosen as the best estimate for valuing CFE's stock options. The strike price is determined as the average price of the last 30 days. The total value of the options granted in 2022 amounts to \u20ac481 thousand. This amount will be recognised as an expense on a straight-line basis over the vesting period (3 years). As the plan was accepted by the beneficiaries at the end of December 2022, the impact on the 2022 results is negligible and has therefore not been taken into account in 2022. TREASURY SHARES During the financial year, CFE acquired 1,241,650 of its own shares as part of the long-term incentive plan. 849,492 treasury shares were sold to certain members of the Executive Committee. This share buy-back programme was conducted by an independent intermediary in accordance with the applicable regulations. At the end of the financial year 2022, the number of own shares held was 392,158, at an average price of \u20ac9.52 per share. During the financial year Year Balance at start of year Year-end balance Purchases Sales 2022 0 1,241,650 849,492 392,158 23. EMPLOYEE BENEFITSThe CFE group contributes to pension and early retirement plans in several of the countries in which it operates. These benefits are recognised in accordance with IAS 19 and are regarded as \"post-employment\" and \"long-term benefit plans\". As of December 31, 2022, the CFE group's net liability relating to obligations for \u2018post-employment\u2019 benefits for pensions and early-retirement amounted to \u20ac8,526 thousand (2021 : \u20ac11,916 thousand) and corresponds to the item \"Employee benefit obligations\" in the consolidated statement of financial position. This item also includes provisions for other employee benefits for an amount of \u20ac154 thousand as at 31 December 2022. MAIN CHARACTERISTICS OF THE CFE GROUP\u2019S POST-EMPLOYMENT BENEFIT PLANS Post-employment benefit plans are classified either as defined-contribution or defined-benefit plans. Defined-contribution plans Defined-contribution pension plans are those under which the company makes certain contributions to an entity or separate fund in accordance with the plan arrangements. Where contributions have been made, the company has no additional obligation. Defined-benefit plans All plans that are not defined-contribution plans are presumed to be defined-benefit plans. These plans are either funded externally through pension funds or insurance companies (\"funded plans\") or funded within the CFE group (\"unfunded plans\"). For the main plans, an actuarial valuation is carried out every year by independent actuaries. Post-employment benefit plans in which the CFE group takes part confer benefits to staff on retirement and death. All plans are funded externally through an insurance company unrelated to the CFE group. Obligations under defined-benefit plans for are exclusively in Belgium. Belgian post-employment benefit plans are invested in \"Class 21\" type plans, which implies that the insurer guarantees a minimum interest rate on the contributions paid. All plans comply with local regulations and minimum funding requirements. Most of the CFE group's post-employment benefit plans are defined-benefit. MAIN CHARACTERISTICS OF DEFINED-BENEFIT PLANS Belgian retirement plans \u00ab Class 21 \u00bb type A number of staff members are covered by a \"Class 21\" type insurance-funded defined-contribution plan. Belgian law requires the employer to guarantee for insured defined-contribution plans a minimum return of 3.25% on employer contributions and a minimum return of 3.75% on employee contributions paid prior to January 1, 2016, and a minimum return equal to a proportion (currently 85%) of the average of the last 24 months of the 10-year OLO rates. The rate is a minimum of 1.75% and a maximum of 3.75%. So far, the minimum rate of 1.75% has always applied, but this rate is subject to change in the future. As a result of the modification of this law at the end of 2015, these pension schemes have been accounted for as defined-benefit plans. Construction workers are covered by the defined-contribution pension plan funded by the \"fbz-fse Constructiv\" multi-employer pension fund. This pension plan is also governed by Belgian law, requiring a minimum return as mentioned above. Risk relating to defined-benefit plans Defined-benefit plans generally expose the employer to actuarial risks such as changes in interest rates, wages and inflation. The potential impact of these risks is illustrated by a sensitivity analysis, details of which are set out below. The risk arising from benefits being spread over time is limited, since most plans involve a lump-sum payment. However, there is an option to pay annuities. If this option is used, the payment of annuities is handled through an insurance policy that converts the lump sum into an annuity. The risk of death in service is entirely covered through insurance. The insolvency risk of insurance companies is taken into account in the calculation of the fair value of plan assets. Governance of defined-benefit plans The administration and governance of insured plans are handled by the insurance company. CFE ensures that insurance companies comply with all retirement laws. Defined-benefit plan assetsPlan assets invested with an insurance company are not subject to the fluctuations of an active market as they are \"Class 21\" insurance policies (with interest rate guarantees). These are mainly debt instruments such as government and corporate bonds and real estate. Plan assets do not include the CFE group's own financial instruments or any building used by the CFE group. The fair value of the insurance policies corresponds to the discounted value of contributions paid, taking into account the return contractually agreed with the insurance company (Belgium). INFORMATION RELATING TO DEFINED-BENEFIT AND EARLY RETIREMENT PLANSYear ended 31 December 2022 2021 (in \u20ac thousands) Provisions taken for defined-benefit and early retirement plan obligations (8,372) (11,762) Accrued rights, partly or fully funded (54,962) (69,997) Fair value of plan assets 46,590 58,235 Provisions taken for obligations in the consolidated statement of financial position (8,372) (11,762) Liabilities (8,372) (11,762) Assets 0 0 CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN OBLIGATIONSYear ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 (11,762) (73,362) Expenses recognized in profit or loss (3,870) (18,500) Expenses recognized in other elements of the comprehensive income 2,184 (276) Contributions to plan assets 4,934 18,069 Other movements 142 94 Transfers to liabilities associated with assets held for sale 0 62,213 As at December 31 (8,372) (11,762) The item \u201cTransfers to liabilities associated with assets held for sale\u201d relates exclusively to commitments provisioned at DEME which are presented under \u201cLiabilities associated with assets held for sale\u201d at the end of December 2021. EXPENSES RECOGNIZED IN INCOME IN RESPECT OF DEFINED-BENEFIT AND EARLY RETIREMENT PLANS Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses recognized in profit or loss (3,870) (4,256) Service cost (4,006) (4,218) Discounting effects (580) (281) Return on plan assets (-) 500 238 Unrecognized past service cost 216 5 As of December 31, 2021, the expenses recognized through profit and loss for DEME\u2019s defined benefit and early retirement plans amounted to \u20ac14,243 thousand. EXPENSES RECOGNIZED IN THE OTHER ELEMENTS OF THE COMPREHENSIVE INCOME IN RESPECT OF DEFINED-BENEFIT AND EARLY RETIREMENT PLANS Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses recognized in other elements of the comprehensive income 2,184 (276) Actuarial gains and losses 15,617 7,550 Return on plan assets (excluding amounts recognized in profit or loss) (13,433) (4,784) Effect of changes in foreign exchange rates 0 (3,042) CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN OBLIGATIONSYear ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 (69,997) (323,083) Service cost (4,006) (18,134) Discounting effects (580) (1,504) Contributions to plan assets (548) (794) Benefits paid to beneficiaries 3,688 19,660 Revaluation of liabilities (assets) 15,834 4,415 Actuarial gains and losses resulting from changes to demographic assumptions 0 (7,270) Actuarial gains and losses resulting from changes to financial assumptions 19,056 14,020 Actuarial gains and losses resulting from experience adjustments (3,222) (2,335) Unrecognized past service cost 0 0 Other movements 647 249,443 As at December 31 (54,962) (69,997) As of December 31, 2021, the item \u201cother movements\u201d is mainly related to obligations on discontinued operations (DEME) for an amount of \u20ac246,857 thousand. CHANGES IN DEFINED-BENEFIT AND EARLY RETIREMENT PLAN ASSETS Year ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 58,235 249,721 Return on plan assets (excluding amounts recognized in profit or loss) (13,433) (4,643) Return on plan assets 500 1,220 Contributions to plan assets 5,623 18,863 Benefits paid to beneficiaries (3,688) (19,660) Other movements (647) (187,266) As at December 31 46,590 58,235 MAIN ACTUARIAL ASSUMPTIONS AT THE END OF THE PERIOD (EXPRESSED AS WEIGHTED AVERAGES) 2022 2021 Discount rate at December 31 3.60% 0.89% Expected rate of salary increases 3.20% 3.29% Inflation rate 2.20% 1.90% Mortality tables MR-5/FR-5 MR-5/FR-5 Taking into account the current macroeconomic environment which has led to a tightening of European monetary policy and an increase in interest rates, the rates prevailing on the financial markets have led the CFE group to apply a discount rate of 3.60% (compared to 0.89% at 31 December 2021) in determining its commitments to be provisioned in the consolidated statement of financial position for defined-benefit and early retirement plans as at 31 December 2022 (maturity of 11 years). In addition, the long-term inflation rate has been revised upwards (2.20% as at 31 December 2022 compared with 1.90% as at 31 December 2021) to take account of the latest macroeconomic forecasts (Planning Bureau, ECB, etc.) at the beginning of 2023. OTHER CHARACTERISTICS OF DEFINE-BENEFIT PLANS 2022 2021 Duration (in years) 11.00 13.50 Average real return on plan assets -21.97%-2.40%Contributions expected to be made to the plans in the next financial year 4,177 4,264 (in \u20ac thousands) SENSITIVITY ANALYSIS (IMPACT ON THE AMOUNT OF OBLIGATIONS) 2022 2021 Discount rate 25bp increase -2.48%-3.02%25bp decrease 2.59% 3.15% Salary growth rate 25bp increase 1.72% 2.15% 25bp decrease -1.63%-2.03%24. PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONSAs of December 31, 2022, these provisions amounted to \u20ac60,038 thousand, which represents an increase of \u20ac7,015 thousand compared to year-end 2021 (\u20ac53,023 thousand). Provisions for negative After-sales (in \u20ac thousands) investments accounted Other risks Total service for using equity method Balance at the end of the previous period 14,470 8,571 29,982 53,023 Effects of changes in foreign exchange rates (33) 0 (109) (142) Transfers between items 0 5,499 (28) 5,471 Additions to provisions 3,051 0 6,601 9,652 Used provisions (1,884) 0 (6,082) (7,966) Balance at the end of the period 15,604 14,070 30,364 60,038 of which current: 15,604 0 26,151 41,755 non-current: 0 14,070 4,213 18,283 The provision for after-sales service increased by \u20ac1,134 thousand and amounted to \u20ac15,604 thousand as at 31 December 2022. The change in 2022 was mainly the result of additions to and/or reversals of provisions recognized in relation to 10-year warranties. When the CFE group\u2019s share in the losses from investment accounted for using equity method exceeds the carrying amount of the investment, the latter amount is reduced to zero. The losses beyond this amount are not recognized, except for the amount of the CFE group\u2019s commitments to these investments accounted for using equity method. The amount of these commitments is accounted for in the non-current provisions, as the group considers having the obligation to support those entities and their projects. Provisions for other risks increased by \u20ac382 thousand and amounted to \u20ac30,364 thousand as at 31 December 2022. Provisions for other current risks (\u20ac26,151 thousand) mainly include : - provisions for current litigation (\u20ac6,245 thousand) as well as provisions for other current liabilities (\u20ac6,873 thousand). Asregards other current liabilities, we cannot provide more information on the assumptions made, or on the time of theprobable cash outflow, given that negotiations with the customers are in still in progress ;- provisions for losses on completion (\u20ac12,933 thousand) are recognised when the expected economic benefits of certaincontracts are lower than the inevitable costs associated with meeting the obligations under these contracts. The use ofprovisions for losses on completion is linked to the execution of the associated contracts.Provisions for other non-current risks include the provisions for risks not directly related to construction site operations in progress. 25. CONTINGENT ASSETS AND LIABILITIESBased on available information at the date on which the financial statements were approved by the Board of Directors, CFE is not aware of any significant contingent assets or liabilities, with the exception of contingent assets or liabilities related to construction contracts (for example, the group's claims against customers or claims by subcontractors), which can be described as normal in the construction & renovation and multitechnics sectors and are handled by applying the percentage of completion method when the revenue is recognized. CFE also sees to it that the companies of the group take the necessary organisational measures to ensure that the current laws and regulations are observed, including the rules on compliance. 26. NET FINANCIAL DEBTBREAKDOWN OF THE NET FINANCIAL DEBT AS DEFINED BY THE GROUP2022 2021 (in \u20ac thousands) Non-current Current Total Non-current Current Total Bank loans and other financial debts 89,040 2,573 91,613 53,172 45,682 98,854 Bonds 0 0 0 0 29,899 29,899 Drawings on credit facilities 40,000 0 40,000 0 60,000 60,000 Lease debts 25,008 10,421 35,429 24,427 9,402 33,829 Total long-term financial debt 154,048 12,994 167,042 77,599 144,983 222,582 Short-term financial debts 0 9,000 9,000 0 34,000 34,000 Cash equivalents 0 (15,035) (15,035) 0 (13,596) (13,596) Cash 0 (112,114) (112,114) 0 (129,991) (129,991) Net short-term financial debt/(cash) 0 (118,149) (118,149) 0 (109,587) (109,587) Total net financial debt 154,048 (105,155) 48,893 77,599 35,396 112,995 Derivative instruments used as interest-rate (422)(206)(628)0568 568 hedges Bank loans and other financial debts (\u20ac91,613 thousand) mainly concern the medium-term bank loans of the real estate development segment and allocated to the financing of certain projects, medium term treasury notes issued by CFE SA and BPI Real Estate Belgium SA as well as the financing of the new headquarters of Van Laere NV and VMA NV. The corporate bond issued by BPI Real Estate Belgium SA on 19 December 2017 for an amount of \u20ac30 million was paid off on 19 December 2022. As of December 31, 2022, the lease debts amounted to \u20ac35,429 thousand and relate to contracts that meet the criteria of the scope of application of IFRS 16 Leases. As of December 31, 2022, short-term financial debts amounted to \u20ac9,000 thousand and relate to treasury notes issued by BPI Real Estate Belgium SA. As of December 31, 2021, the financing put in place at the level of CFE SA, i.e. the drawings on bank credit facilities and debts linked to the issue of treasury notes, had been presented as current debts, given that the partial demerger mechanically entailed the early reimbursement of these. During the second quarter of 2022, CFE set up new credit lines by integrating sustainability criteria or obtained waivers. As the majority of the maturities of the bank credit facilities and treasury notes are beyond 2023, most of the drawings on bank credit facilities and treasury note issuances are presented as non-current. DEBT MATURITY SCHEDULE Less than Between 1 Between 2 Between 3 Between 5 More than (in \u20ac thousands) Total 1 year and 2 years and 3 years and 5 years and 10 years 10 years Bank loans and other financial debts 2,573 41,411 26,134 12,334 6,250 2,911 91,613 Drawings on credit facilities 0 0 0 40,000 0 0 40,000 Lease debts 10,421 6,303 4,475 5,877 7,457 896 35,429 Total long-term financial debt 12,994 47,714 30,609 58,211 13,707 3,807 167,042 Short-term financial debts 9,000 0 0 0 0 0 9,000 Cash equivalents (15,035) 0 0 0 0 0 (15,035) Cash (112,114) 0 0 0 0 0 (112,114) Net short-term financial debt/(cash) (118,149) 0 0 0 0 0 (118,149) Total net financial debt (105,155) 47,714 30,609 58,211 13,707 3,807 48,893 CASH FLOWS RELATING TO FINANCIAL LIABILITIES Non-cash movements Total (in \u20ac thousands) Other 2021 Cash flow Transfers non-cash 2022 changes movements Non-current financial liabilities Other non-current financial debts 77,599 (5,196) 72,997 8,648 81,645 154,048 Current financial liabilities Bonds 29,899 (30,000) 0 101 101 0 Other current financial debts 149,084 (54,610) (72,997) 517 (72,480) 21,994 Total 256,582 (89,806) 0 9,266 9,266 176,042 As of December 31, 2022, the CFE Group\u2019s financial debts amounted to \u20ac176,042, a decrease of \u20ac80,540 compared to December 31, 2021. This decrease is mainly due to : - significant operating cash flows and the receipt of the DEME dividend ; partially offset by- investments made during the year.CREDIT FACILITIES AND BANK TERM LOANS As of December 31, 2022, CFE SA held confirmed long-term bank credit facilities of \u20ac170 million, of which \u20ac40 million was drawn as at 31 December 2022. For some of them, sustainability and safety criteria for which (non-)compliance has an effect on the margin applied by the bank have been included. CFE SA also has the facility of issuing treasury notes up to an amount of \u20ac50 million. This source of financing was used to an amount of \u20ac35 million as at 31 December 2022. To limit the interest rate risk, interest rate hedging contracts have been put in place for a notional amount of \u20ac40 million; the fair value of these derivatives amounts to \u20ac(628) thousand. As of December 31, 2022, the amount drawn on the credit facilities is fully covered. As of December 31, 2022, BPI Real Estate Belgium SA and its subsidiary BPI Real Estate Luxembourg SA together have confirmed long-term bank credit facilities of \u20ac60 million, which are undrawn at 31 December 2022. BPI Real Estate Belgium SA also has the facility of issuing treasury notes up to an amount of \u20ac40 million. An amount of \u20ac17.25 million was drawn from this source of funding as of December 31, 2022. FINANCIAL COVENANTS Bilateral credit facilities are subject to specific covenants that take into account factors such as financial debt and the ratio of debt to equity or non-current assets, as well as generated cash flows. The covenants applicable to the IFRS consolidated financial statements of CFE group, the statutory financial statements of CFE SA and the IFRS stand-alone financial statements of BPI Real Estate Belgium have been fully met at the end of December 2022 and are detailed below. Ratio name Formula Requirement December 2022 CFE SA, consolidated financial statements IFRS Net financial debt / (Equity - intangible assets - Solvency ratio <1.65 0.25 goodwill) Non-current financial debt / Property, plant and Long-term net financial debt <1 0.63 equipment Coverage of financial debt by cash flow Operating cash flow + net current financial debt > 0>0163.7 M\u20ac CFE SA, statutory financial statements, Belgian accounting standards Equity Equity >125 M\u20ac141.2 M\u20ac BPI Real Estate Belgium SA, consolidated financial statements IFRS \u2013 Stand Alone Minimum equity Group equity + Subordinated Debts >70 M\u20ac142 M\u20ac Solvency ratio Net financial debt / (Equity + subordinated debts) <1.65 0.59 27. FINANCIAL RISK MANAGEMENTCAPITAL MANAGEMENTAt year-end 2022, the capital structure of the CFE group is made up of a net financial debt \u20ac48,893 thousand (we refer to note 26) and of a net equity position of \u20ac224,526 thousand. Moreover, CFE SA also has confirmed bank credit facilities (we refer note26), whereas CFE SA and BPI SA have the option of issuing treasury notes. The CFE Group\u2019s equity includes share capital, sharepremium, retained earnings, treasury shares and non-controlling interests. The CFE group does not own any convertible bonds. The entire equity is used to finance the operations described in the corporate purposes of CFE and its subsidiaries.INTEREST RATE RISKThe interest rate risk management is assured within the group at the level of the operating segments. Construction and multitechnics activities are characterized by a cash surplus. Cash management is mainly centralized through the cash pooling. On the other hand, CFE SA also uses derivative instruments (IRS) to hedge the interest rate risk relating to drawings on its confirmed credit facilities. Effective average interest rate before considering derivatives products Fixed rate Floating rate Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 100.00% 1.64% 33,410 45.51% 3.92% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 0 0.00% 0.00% 40,000 54.49% 3.17% 40,000 30.39% 3.17% Total 58,203 100% 1.64% 73,410 100% 3.51% 131,613 100% 2.68% Effective average interest rate after considering derivatives products Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 59.27% 1.64% 33,410 100.00% 3.92% 0 0.00% 0.00% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 40,000 40.73% 1.96% 0 0.00% 0.00% 0 0.00% 0.00% 40,000 30.39% 1.96% Total 98,203 100% 1.77% 33,410 100% 3.92% 0 0.00% 0.00% 131,613 100% 2.31% SENSITIVITY TO THE INTEREST RATE RISK The CFE group is subject to the risk of interest rate fluctuations on its result for the period, taking into account : - cash flows relating to financial instruments at floating rate after hedging ;- financial instruments at fixed rate, recognised at fair value in the consolidated statement of financial position through profit and loss ;- derivative instruments not qualified as hedges.On the other hand, the variation in the value of derivatives qualified as cash flow hedges does not directly impact the consolidated statement of comprehensive income, and is recognized in \u2018other elements of the comprehensive income\u2019. In the event that the value of the derivatives has to be restated, the impact is recognized in the consolidated statement of income. In the analysis below, it is assumed that the figures for the financial debt and the derivative instruments as at 31 December 2022 remain constant over the year. The consequence of a variation of 50 basis points in the interest rate at the closing date would be an increase or decrease in the equity and result for the period, as indicated by the figures below. For the purposes of this analysis, it is assumed that the other parameters remain constant. (in \u20ac thousands) 12/31/2022 Result for the period Equity Impact of the Impact of the sensitivity Impact of the Impact of the sensitivity calculation calculation sensitivity calculation sensitivity calculation +50bp-50bp +50bp-50bp Non-current debts (+ portion due in the year) 835 (835) with variable rates after accounting hedge Net short-term financial debt (*) 45 (45) Derivatives not qualified as hedge Derivatives qualified as highly potential or 172 (188) certain cash flow (*) excluding cash at bank and in hand. DESCRIPTION OF CASH FLOW HEDGE OPERATIONS At the closing date, the instruments qualified as cash flow hedges relate to CFE SA and have the following characteristics: (in \u20ac thousands) 12/31/2022 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 0 0 40,000 0 40,000 628 - pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 0 0 40,000 0 40,000 628 - (in \u20ac thousands) 12/31/2021 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 50,000 0 0 0 50,000 0 (568) pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 50,000 0 0 0 50,000 0 (568) EXCHANGE RATE RISKS Nature of the risks to which the group is exposed The CFE group and its subsidiaries make use of exchange rate hedging for their construction operations in Poland and for a specific project in the United States. Distribution of the long term financial debts by currency The breakdown of outstanding long-term debts (without considering lease debts which are mainly in euros) by currency is as follows : (in \u20ac thousands) 2022 2021 Euro 131,613 188,753 U.S. dollar 0 0 Other currencies 0 0 Total long-term debts 131,613 188,753 As of December 31, 2022, the outstanding long-term financial debts (excluding lease debts) amounted to \u20ac131,613 thousand compared to \u20ac188,753 thousand as of December 31, 2021. The following table discloses the fair value and the notional amount of exchange rate instruments issued (forward sales/purchase agreements) (+ : asset / - : liability) : 12/31/2022 USD - U.S. Dollar PLN - Zlotys (in \u20ac thousands) Notional Fair value Notional Fair value Forward purchases 0 0 0 0 Forward sales 1,607 (124) 28,375 298 The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. The CFE group, is exposed to exchange rate fluctuation risk on its result for the period. The following analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2022 is constant over the year. A variation of 5% of exchange rate (appreciation of the EUR) at closing date would have as a consequence an increase or a decrease of the equity and the result for the period for the amounts disclosed here below. For the purposes of this analysis, it is assumed that the other parameters remain constant. (in \u20ac thousands) 12/31/2022 Result for the period Impact of sensitivity calculation - Impact of sensitivity calculation - depreciation of 5% of the EUR appreciation of 5% of the EUR Non-current debts (+ portion due within the year) 6,537 (5,915) with variable rates after accounting hedge Net short term financial debt (1,383) 1,251 Working capital 727 (658) RISK RELATED TO RAW MATERIALS Raw materials and consumables incorporated into the works constitute an essential element of the cost price. Although some contracts include price revision clauses or revision formulas, the risk of price fluctuation of raw materials remains significant. CREDIT AND COUNTERPARTY RISK The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products. In addition, the CFE group set up procedures in order to avoid and limit the concentration of credit risk. Financial instruments The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor\u2019s and Moody\u2019s. These limits are regularly monitored and updated. Customers With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the concentration of the counterparty risk for customers is limited due to the large number of customers. In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position towards them. The analysis of credit risk exposure at year-end 2022 and 2021 is as follows : Situation as of December 31, 2022 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 307,816 235,023 30,465 8,347 33,981 Total gross carrying amount 307,816 235,023 30,465 8,347 33,981 Expected credit losses - Trade and other (23,208) 0 (105)(423)(22,680) operating receivables Total expected credit losses (23,208) 0 (105)(423)(22,680) Total net carrying amount 284,608 235,023 30,360 7,924 11,301 Situation as of December 31, 2021 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 303,803 226,565 28,072 20,089 29,077 Total gross carrying amount 303,803 226,565 28,072 20,089 29,077 Expected credit losses - Trade and other (22,547) (117)0(4,800) (17,630) operating receivables Total expected credit losses (22,547) (117) 0 (4,800) (17,630) Total net carrying amount 281,256 226,448 28,072 15,289 11,447 The following table discloses the changes in expected credit losses on trade and other operations receivables : (in \u20ac thousands) 2022 2021 Cumulated expected credit losses - opening balance (22,547) (66,825) Change in consolidation scope 1 39,360 Expected credit losses (reversal/recognized) during the period (1,314) (8,517) Translation differences and transfers between asset items 653 13,435 Cumulated expected credit losses - closing balance (23,207) (22,547) As of December 31, 2022, expected credit losses reversed and recognised during the year amounted to \u20ac(1,314) thousand (2021: \u20ac(8,517) thousand, of which \u20ac(5,332) thousand for continuing operations and \u20ac(3,185) thousand for discontinued operations). As of December 31, 2021, the item \u2018Translation differences and transfers between asset items\u2019 mainly related to the reclassification of DEME\u2019s receivables to the item \u2018Assets held for sale\u2019 (\u20ac18,423 thousand). As of December 31, 2021, the item \u2018Changes in consolidation scope\u2019 related exclusively to the derecognition of the CFE Tchad write-downs (and associated receivables) following the sale of CFE\u2019s stake. LIQUIDITY RISK CFE SA and BPI SA have bilateral credit facilities that allow them to significantly reduce the liquidity risk. CARRYING AMOUNTS AND FAIR VALUE BY ACCOUNTING POLICY December 31, 2022 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 422 138,294 138,716 138,716 Financial loans and receivables (1) 0 0 138,294 138,294 Level 2 138,294 Derivatives 0 422 0 422 Level 2 422 Current financial assets 0 206 411,757 411,963 411,963 Trade and other operating receivables 0 0 284,608 284,608 Level 2 284,608 Derivatives 0 206 0 206 Level 2 206 Cash Equivalents (2) 0 0 15,035 15,035 Level 1 15,035 Cash at bank and in hand (2) 0 0 112,114 112,114 Level 1 112,114 Total assets 0 628 550,051 550,679 550,679 Non-current financial liabilities 0 0 154,048 154,048 154,048 Financial debts 0 0 154,048 154,048 Level 2 154,048 Current financial liabilities 0 124 331,198 331,322 331,322 Trade and other operating payables 0 0 309,204 309,204 Level 2 309,204 Financial debts 0 0 21,994 21,994 Level 2 21,994 Derivatives 0 124 0 124 Level 2 124 Total liabilities 0 124 485,246 485,370 485,370 December 31, 2021 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 0 79,313 79,313 79,313 Financial loans and receivables (1) 0 0 79,313 79,313 Level 2 79,313 Current financial assets 0 874 424,843 425,717 425,717 Trade and other operating receivables 0 0 281,256 281,256 Level 2 281,256 Derivatives 0 874 0 874 Level 2 874 Cash Equivalents (2) 0 0 13,596 13,596 Level 1 13,596 Cash at bank and in hand (2) 0 0 129,991 129,991 Level 1 129,991 Total assets 0 874 504,156 505,030 505,030 Non-current financial liabilities 0 0 77,599 77,599 77,599 Financial debts 0 0 77,599 77,599 Level 2 77,599 Current financial liabilities 0 1,442 455,992 457,434 457,434 Trade and other operating payables 0 0 277,009 277,009 Level 2 277,009 Bond 0 0 29,899 29,899 Level 1 29,899 Financial debts 0 0 149,084 149,084 Level 2 149,084 Derivatives 0 1,442 0 1,442 Level 2 1,442 Total liabilities 0 1,442 533,591 535,033 535,033 (1) Included in item \u201cOther non-current financial assets\u201d(2) Included in item \u201cCash and cash equivalents\u201d(3) FAMMFV : Financial assets mandatorily measured at fair value through profit and lossFLFVPL : Financial liabilities measured at fair value through profit and lossThe fair value of financial instruments can be classified according to three levels (1 to 3) based on the degree to which the inputs to the fair value measurements are observable : - Fair value measurements of level 1 are based on quoted prices (unadjusted) in active markets for identical assets orliabilities ;- Fair value measurements of level 2 are based on inputs, other than quoted prices included within level 1, that are observablefor the asset or liability, either directly (through prices) or indirectly (through input derived from prices) ;- Fair value measurements of level 3 are based on valuation techniques comprising inputs which are unobservable for theasset or liability.The fair value of financial instruments has been determined using the following methods : - For short-term financial instruments, such as trade receivables and payables, the fair value is considered not to besignificantly different from the carrying amount measured at amortized cost ;- For floating rate liabilities, the fair value is considered not to be significantly different from the carrying amount measuredat amortized cost ;- For derivative financial instruments (foreign currency, interest rate or forecasted cash flows), the fair value is determinedusing valuation models discounting future cash flows based on future interest rate curves, foreign currency curves or otherforward prices ;- For the other derivative instruments, the fair value is determined by discounting future estimated cash flows ;- For the quoted bonds issued by BPI, the fair value is based on the quoted price at reporting date ;- For fixed rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured at amortized cost due to the fact that fixed and variables rates are not significantly different.28. OTHER COMMITMENTS GIVENOther commitments given by the CFE group for the financial year ended 31 December 2022, other than real security interests, amounted to \u20ac389,426 thousand (2021 : \u20ac246,810 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds (a) 247,382 239,681 Bid bonds (b) 771 559 Retentions (c) 1,790 1,700 Other commitments given (d) 139,483 4,870 Total other commitments given 389,426 246,810 (a) Guarantees given in relation to the performance of works contracts. If the construction entity fails to perform, the bank (orinsurance company) undertakes to compensate the customer to the extent of the guarantee.(b) Guarantees provided as part of tenders relating to works contracts.(c) Security provided by a bank to a client to replace the use of retention money.(d) Letters of credit \u2013 completion guarantee, Breyne Act \u2013 mortgage mandates and mortgagesThe change in other commitments given is mainly related to the completion guarantees given by BPI Serenity SA and BPI Pure SA in the context of the Breyne Act, as well as mortgages granted in the context of project financing in the real estate development segment (mainly Pure and Serenity). 29. OTHER COMMITMENTS RECEIVEDOther commitments received by the CFE group for the financial year ended 31 December 2022, amounted to \u20ac54,971 thousand (2021 : \u20ac73,547 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds 50,663 69,870 Other commitments received 4,308 3,677 Total other commitments received 54,971 73,547 30. LITIGATIONCFE group is exposed to a number of claims that may be regarded as normal in the construction and multitechnics sectors. In most cases, the CFE group seeks to conclude a transaction agreement with the counterparty, which substantially reduces the number of lawsuits. CFE group tries to recover outstanding receivables from its customers. However, it is not possible to estimate these potential assets. 31. RELATED PARTIESAckermans & van Haaren (AvH) owns 15,725,684 CFE shares as at 31 December 2022, being the main shareholder of the CFE group with a stake of 62.12% (compared to 15,720,684 shares held as at 31 December 2021, or a stake of 62.10%). CFE SA entered into a service contract with Ackermans & van Haaren. The remuneration due by CFE SA under this contract amounted to \u20ac538 thousand for the financial year ended 31 December 2022 (2021 : \u20ac674 thousand). As of December 31, 2022, the CFE Group has joint control with Ackermans & van Haaren over Rent-A-Port NV, Green Offshore NV and Hofkouter NV following the sale of 65% of the CFE Group\u2019s interest to Ackermans & van Haaren in December 2022. We refer to note 5 \u201cAcquisitions and disposals of subsidiaries\u201d and 15 \u201cInvestments accounted for using equity method\u201d. From January 1 to June 29, 2022, the management of CFE was structured as follow : - DEME\u2019s activities are managed by an Executive Committee, composed of a CEO, Luc Vandenbulcke and four othermembers, Philip Hermans, Eric Tancr\u00e9, Els Verbraecken and Hugo Bouvy ;- The construction & renovation, multitechnics and Investments & Holding segments are managed by an ExecutiveCommittee composed of six members, the CEO, Trorema SRL, represented by Raymund Trost, MSQ SRL represented byFabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL, represented by Alexander Hodac, Focus2LERSRL represented by Val\u00e9rie Van Brabant and Almacon SRL, represented by Manu Coppens ;- The real estate development segment (BPI) is headed by a Managing Director, Artist Valley SA, represented by JacquesLef\u00e8vre.Since 29 June 2022, the day-to-day management of CFE has been carried out by Trorema SRL represented by Raymund Trost, CEO and Chairman of the Executive Committee. The other seven members of the Executive Committee are MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Artist Valley SA represented by Jacques Lefevre, COEDO SRL represented by Arnaud Regout, Focus2LER SRL represented by Val\u00e9rie Van Brabant and Bruno Lambrecht. Having resigned from the Executive Committee on 31 December 2022, all mandates of 8822 SRL, represented by Yves Weyts, ended on that date. The only transactions between CFE and the members of the Executive Committee are : - invoicing for their services through their management company (or their remuneration in the case of Bruno Lambrecht);- transactions under the long-term incentive plans (we refer to note 22 \"Information on stock option plans\")In the wake of the partial demerger and the establishment of the Executive Committee, the existing stock option plans at BPI Real Estate Belgium and CFE Contracting were partially settled. The amount of remuneration and other benefits granted directly or indirectly to the management of CFE, mentioned above, is as follows (amounts expressed globally and in \u20ac thousands) : Year ended 31 December 2022 2021 (in \u20ac thousands) Fixed remuneration 2,655 3,965 Short-term variable remuneration 1,440 4,973 Other benefits 60 458 Total 4,155 9,396 For 2021, the management of CFE was composed of the members of the Executive Committee of DEME and CFE Contracting and the CEO of BPI. For the first half of 2022, the management of CFE was composed of Trorema SRL represented by Raymund Trost, MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Focus2LER SRL represented by Val\u00e9rie Van Brabant, Almacon SRL represented by Manu Coppens, and Artist Valley SA represented by Jacques Lef\u00e8vre. For the second half of 2022, CFE's management was composed of the 8 members of CFE's Executive Committee constituted on June 29, 2022 as listed above. Transactions with related parties mainly concerned transactions with companies in which CFE has a significant influence or a joint control. Such transactions are carried out on a market price basis. There were no significant changes in the nature of transactions with associated parties during the financial year 2022 compared to financial year 2021. Commercial and financing transactions between the CFE group and investments accounted for using equity method are summarized as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Assets with related parties 158,335 99,922 Non-current financial assets 138,294 79,313 Trade and other operating receivables 13,725 15,154 Other current assets 6,316 5,455 Liabilities with related parties 13,690 15,085 Other non-current liabilities 13,666 15,061 Trade and other operation payables 24 24 The increase in non-current financial assets is mainly explained by the granting of an additional loan of \u20ac19 million to Rent-A-Port NV, the reclassification from short-term to long-term of certain loans previously granted to Rent-A-Port NV, and by the evolution of the loans granted to the project companies of the real estate development segment, partially offset by the repayments of the loans granted to Green Offshore NV. Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses and income with related parties 76,472 50,736 Revenue and other operating income 71,503 48,090 Purchases and other operating expenses (250) (49) Financial expenses and income 5,220 2,695 Revenue and other operating income with investments accounted for using equity method mainly increased at CLE SA (Gravity and M1 clients) and BPC Group SA (Erasmus Gardens and Tervuren Square clients). 32. AUDIT FEESThe remuneration of the auditor for the whole group, including CFE SA, for the financial year 2022 breaks down as follows : (in \u20ac thousands) Ernst & Young Amount % Audit Audit fees 759 89.5% Other attestation missions 36 4.2% Other missions outside the audit 45 5.3% Subtotal audit 840 99.1% Non-audit Tax consulting missions 8 0.9% Subtotal non-audit 8 0.9% Total audit and non-audit fees 848 100% 33. SUBSEQUENT EVENTSNo significant changes have occurred in the financial and commercial situation of the CFE group since 31 December 2022.34. COMPANIES OWNED BY THE GROUPMAIN ENTITIES ACCOUNTED FOR USING GLOBAL INTEGRATIONGROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST (%) EUROPE Belgium BPI PURE SA Brussels Real estate development 100% BPI REAL ESTATE BELGIUM SA Brussels Real estate development 100% BPI SAMAYA SA Brussels Real estate development 100% BPI SERENITY VALLEY SA Brussels Real estate development 100% BPI PARK WEST SA Brussels Real estate development 100% PROJECTONTWIKKELING VAN WELLEN NV Brussels Real estate development 100% WOLIMMO SA Brussels Real estate development 100% ZEN FACTORY SA Brussels Real estate development 100% BRANTEGEM NV Aalst Multitechnics 100% MOBIX ENGEMA SA Brussels Multitechnics 100% MOBIX ENGETEC SA Manage Multitechnics 100% MOBIX REMACOM NV Lochristi Multitechnics 100% MOBIX STEVENS NV Halen Multitechnics 100% VMA NV Sint-Martens-Latem Multitechnics 100% VMA DRUART SA Jumet Multitechnics 100% VMA BE.MAINTENANCE SA Brussels Multitechnics 100% VMA NIZET SA Louvain-la-Neuve Multitechnics 100% ARTHUR VANDENDORPE NV Zedelgem Construction & Renovation 100% BATIMENTS ET PONTS CONSTRUCTION (BPC) SA Brussels Construction & Renovation 100% BPC GROUP SA Brussels Construction & Renovation 100% BENELMAT SA Gembloux Construction & Renovation 100% DESIGN & ENGINEERING SA Brussels Construction & Renovation 100% GROEP TERRYN NV Moorslede Construction & Renovation 100% GROEP TERRYN CONSTRUCT NV Moorslede Construction & Renovation 100% KORLAM NV Moorslede Construction & Renovation 100% LAMCOL SA Marche-en-Famenne Construction & Renovation 100% MBG NV Wilrijk Construction & Renovation 100% TERRYN TIMBER PRODUCTS NV Moorslede Construction & Renovation 100% VAN LAERE NV Zwijndrecht Construction & Renovation 100% WEFIMA NV Zwijndrecht Construction & Renovation 100% WOOD SHAPERS SA Brussels Construction & Renovation 100% CFE CONTRACTING SA Brussels Investments & Holding 100% HDP CHARLEROI SA Brussels Investments & Holding 100% Grand Duchy of Luxembourg BPI REAL ESTATE LUXEMBOURG S.\u00c0 R.L. Strassen Real estate development 100% CENTRAL PARC S.\u00c0 R.L. Luxembourg Real estate development 100% HERRENBERG S.\u00c0 R.L. Strassen Real estate development 100% IMMO KIRCHBERG S.\u00c0 R.L. Strassen Real estate development 100% MIMOSAS REAL ESTATE S.\u00c0 R.L. Strassen Real estate development 100% POURPELT SA Strassen Real estate development 100% PRINCE HENRI S.\u00c0 R.L. Luxembourg Real estate development 100% COMPAGNIE LUXEMBOURGEOISE D\u2019ENTREPRISES CLE SA Strassen Construction & Renovation 100% IMMO-BECHEL CLE S.\u00c0 R.L. Strassen Construction & Renovation 100% WOOD SHAPERS LUXEMBOURG SA Strassen Construction & Renovation 100% SOCIETE FINANCIERE D\u2019ENTREPRISES SFE SA Strassen Investments & Holding 100% Poland BPI BERNADOWO SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT II SP. Z O.O. Warsaw Real estate development 100% BPI OBRZEZNA SP. Z O.O. Warsaw Real estate development 100% BPI WAGROWSKA SP. Z O.O. Warsaw Real estate development 100% BPI JARACZA SP. Z O.O. Warsaw Real estate development 80% BPI CHMIELNA SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT VIII SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT IX SP. Z O.O. Warsaw Real estate development 100% BPI VILDA PARK SP. Z O.O. Warsaw Real estate development 100% BPI BARSKA SP. Z O.O. Warsaw Real estate development 100% BPI CZYSTA SP. Z O.O. Warsaw Real estate development 100% BPI REAL ESTATE POLAND SP. Z O.O. Warsaw Real estate development 100% BPI WOLARE SP. Z O.O. Warsaw Real estate development 100% BPI WROCLAW SP. Z O.O. Warsaw Real estate development 100% VMA POLSKA SP. Z O.O. Warsaw Multitechnics 100% CFE POLSKA SP. Z O.O. Warsaw Construction & Renovation 100% Other European countries CFE BAU GMBH Berlin, Germany Construction & Renovation 100% VMA MIDLANDS LTD Yorkshire, UK Multitechnics 100% CFE CONTRACTING AND ENGINEERING SRL Bucharest, Romania Investments & Holding 100% CFE HUNGARY EPITOIPARI KFT Budapest, Hungary Investments & Holding 100% AFRICA Tunisia COMPAGNIE TUNISIENNE D'ENTREPRISES SA Tunis Construction & Renovation 100% CONSTRUCTION MANAGEMENT TUNISIE SA Tunis Investments & Holding 100% AMERICA United States VMA US INC South Carolina Multitechnics 100% MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20% ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION As shown below, the CFE group uses alternative performance measures to assess the group\u2019s financial performance. The definitions of those performance measures are presented in the \u2018Definition\u2019 section of this report. The net financial debt an EBITDA have been computed using the consolidated statement of income and the consolidated statement of financial position : Net financial debt Eliminations Multi- Construction Investments Consolidated Year ended 31 December 2022 Real Estate between technics & Renovation & Holding total (in \u20ac thousands) segments Non-current borrowings from consolidated companies of 20,000 0 11,558 0 (31,558) 0 the group (*) + Non-current financial liabilities41,186 25,809 11,892 75,161 0 154,048 + Current financial liabilities11,167 4,942 5,357 528 0 21,994 + Internal cash position - Cash pooling - liabilities (*)18,159 15,639 13,188 175,120 (222,106) 0 Financial liabilities 90,512 46,390 41,995 250,809 (253,664) 176,042 - Non-current loans to consolidated companies of the0 0 0 (31,558) 31,558 0 group (*) - Cash and cash equivalents (4,266) (6,639) (69,630) (46,614) 0 (127,149) - Internal cash position - Cash pooling - assets (*) (1,748) (38,763) (152,994) (28,610) 222,115 0 Cash and cash equivalents (6,014) (45,402) (222,624) (106,782) 253,673 (127,149) Net financial debt 84,498 988 (180,629) 144,027 9 48,893 Net financial debt Eliminations Real Multi- Construction Investments Consolidated Year ended 31 December 2021 between Estate technics & Renovation & Holding total (in \u20ac thousands) segments Non-current borrowings from consolidated companies of 20,000 0 6,049 0 (26,049) 0 the group (*) + Non-current financial liabilities43,954 26,375 6,731 539 0 77,599 + Current bonds29,899 0 0 0 0 29,899 + Current financial liabilities29,350 4,613 4,628 110,493 0 149,084 + Internal cash position - Cash pooling - liabilities (*)18,845 8,100 17,440 186,369 (230,754) 0 Financial liabilities 142,048 39,088 34,848 297,401 (256,803) 256,582 - Non-current loans to consolidated companies of the0 0 0 (26,049) 26,049 0 group (*) - Cash and cash equivalents (6,326) (4,984) (57,898) (74,379) 0 (143,587) - Internal cash position - Cash pooling - assets (*) (49,675) (49,584) (104,936) (26,561) 230,756 0 Cash and cash equivalents (56,001) (54,568) (162,834) (126,989) 256,805 (143,587) Net financial debt 86,047 (15,480) (127,986) 170,412 2 112,995 (*) These account balances relate to the cash positions with regard to group entities belonging to other group operating segments (mainly CFE SA and CFE Contracting SA). Working capital requirement 2022 2021 Year ended 31 December (in \u20ac thousands) Inventories 168,467 160,381 + Trade and other operating receivables 284,608 281,256 + Current operating assets 100,714 85,555 + Other current non-operating assets 4,487 2,416 - Trade and other operating receivables (309,204) (277,009) - Current tax liabilities (6,816) (8,300) - Other current operating liabilities (180,546) (141,723) - Other current non-operating liabilities (63,383) (78,376) Working capital requirement (1,673) 24,200 EBITDA 2022 2021 Year ended 31 December (in \u20ac thousands) Income from operating activities 42,260 48,321 Depreciation and amortisation of intangible assets and property, plant and 20,870 20,217 equipment Consolidated EBITDA 63,130 68,538 The capital employed from the real estate development segment has been computed using the consolidated statement of financial position per segment : Capital employed 2022 2021 Year ended 31 December (in \u20ac thousands) Equity - real estate development segment 118,749 104,362 Net financial debt - real estate development segment 84,498 86,047 Capital employed 203,247 190,409 STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL STATEMENTS AND THE TRUE AND FAIR NATURE OF THE PRESENTATION IN THE MANAGEMENT REPORT Article 12, paragraph 2, 3\u00b0 of the Royal Decree of 14.11.2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market) We certify, in the name and on behalf of Compagnie d\u2019Entreprises CFE SA and on that company's responsibility, that, to our knowledge, 1. the financial statements, prepared in accordance with the applicable accounting standards, give a true and fair view of theassets, financial position and results of Compagnie d\u2019Entreprises CFE SA and of the companies included in its scope ofconsolidation;2. the management report contains a true and fair presentation of the business, results and position of Compagnied\u2019Entreprises CFE SA and of the companies included in its scope of consolidation, along with a description of the main risksand uncertainties to which they are exposed.SIGNATURES Name : Fabien De Jonge Raymund Trost *Acting on behalf of a BV/SRL *Acting on behalf of a BV/SRLRole : Chief Financial Officer Chief Executive Officer and Chairman of the Executive Committee Date : 24 March 2023GENERAL INFORMATION ABOUT THE COMPANY Company name : Compagnie d\u2019Entreprises CFE Head office : Avenue Herrmann-Debroux 42, 1160 Brussels (Belgium) Telephone : + 32 2 661 12 11Legal form : Public limited company (soci\u00e9t\u00e9 anonyme (SA)) Incorporated under Belgian law Date of incorporation : 21 June 1880 Duration : Indefinite Accounting period : From 1 January to 31 December Trade Register entry : RPM Brussels 0400 464 795 \u2013 VAT 400.464.795 Place where legal documentation can be consulted : Head office CORPORATE PURPOSE (ARTICLE 2 OF THE ARTICLES OF ASSOCIATION) \u201c The purpose of the company is to study and execute any work or construction within each and every of its specialist areas, in particular electricity and the environment, in Belgium or abroad, singly or jointly with other natural or legal persons, for its own account or on behalf of third parties belonging to the public or private sector. It may also perform services related to these activities, directly or indirectly operate them or license them out or carry out any purchase, sale, rent or lease operation whatsoever in respect of such undertakings. It may directly or indirectly acquire, hold or sell equity interests in any company or undertaking existing now or in the future by way of acquisition, merger, spin-off or any other means. It may carry out any commercial, industrial, administrative or financial operations or operations involving movable or immovable property that are directly or indirectly related to its purpose, even partially, or that could facilitate or develop that purpose, either for itself or for its subsidiaries. The general meeting may change the corporate purpose subject to the conditions specified in Article five hundred and fifty-nine of the Belgian Companies Code. \u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__8": { "value": "Working capital requirement Inventories + trade and other operating receivables + other current operating/non-operating assets \u2013 trade and other operating payables \u2013 current tax liabilities \u2013 other current operating/non-operating liabilities Capital employed Equity of real estate development segment + net financial debt of real estate development segment Net financial debt (NFD) Non-current bonds + non-current financial liabilities + current bonds + current financial liabilities - cash and cash equivalents Net financial surplus Cash and cash equivalents \u2013 non-current bonds \u2013 non-current financial liabilities \u2013 current bonds \u2013 current financial liabilities Income from operating activities Revenue + other operating income + purchases + remunerations and social security payments + other operating expenses + depreciation and amortisation Operating Income (EBIT) Income from operating activities + share of profit (loss) of investments accounted for using equity method EBITDA Income from operating activities + depreciation and amortisation Return on equity (ROE) Net income, share of the group / equity, share of the group (opening) Order book Revenue to be generated by the projects for which the contract has been signed and has come into effect (after notice to proceed has been given or conditions precedent have been fulfilled) and for which project financing is in place.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": 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"scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f16530": { "value": "19691000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f16535": { "value": "1956026000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f16547": { "value": "25314482", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesIssued", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2023-01-01T00:00:00", "unit": "xbrli:shares" } }, "f16568": { "value": "9969000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f16576": { "value": "0.4", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s8_notes__6__10": { "value": "INTRODUCTION Compagnie d\u2019Entreprises CFE SA (hereinafter referred to as the \"Company\" or \"CFE\") is a public limited company incorporated under Belgian law and headquartered in Belgium. The consolidated financial statements for the year ended 31 December 2022 include the financial statements of the company, its subsidiaries and its interests in companies accounted for using equity method (the \"CFE group\"). CFE is 62.12% controlled by the Belgian investment group Ackermans & van Haaren (XBRU BE0003764785) whose ultimate controlling shareholder is Stichting Administratiekantoor \u201cHet Torentje\u201d. CFE and Ackermans & van Haaren are companies listed on Euronext Brussels. The Board of Directors authorised the publication of the CFE group's consolidated financial statements on 24 March 2023. The consolidated financial statements should be read in conjunction with the management report of the Board of Directors. MAIN TRANSACTIONS IN 2022 AND 2021 WITH AN IMPACT ON THE SCOPE OF THE CFE GROUP TRANSACTIONS IN 2022 1. Real Estate Development segmentDuring the year of 2022, the main changes in scope within the real estate development segment of the CFE group are the following : - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 100% stake in the newly created Immo Kirchberg S.\u00e0 r.l. company. This company has beenconsolidated using the global integration method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 50% stake in the newly created Emely S.\u00e0 r.l. company. This company has been integratedusing the equity method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wooden SA company. This company was integrated using the equity method ; - The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the D\u00e9veloppements d\u2019Habitations Bruxelloises SA company. Thiscompany was consolidated using the global integration method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wood Shapers SA company to the CFE Contracting SA company, a fully-owned subsidiary of the CFE group, which already held 50%. This company remains consolidated using the globalintegration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 20% of its shares in the BPI Jaracza Sp. z o.o. company to decrease its stake from 100% to 80%. Thiscompany remains consolidated using the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (47%) in the Immomax Sp. z o.o. company. This company was integrated using theequity method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the BPI Sadowa Sp. z o.o. company. This company was integrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (24,97%) in the Grand Poste SA company. This company was integrated using the equitymethod.2. Multitechnics segment During the year of 2022, the main changes in scope within the multitechnics segment of the CFE group are the following : - The VMA West NV and VMA Food & Pharma NV companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the company VMANV, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o., Power Automation Sp.komandytowa and VMA R. Robotics Sp. z o.o. companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the VMA Polska Sp. z o.o.company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,liquidated its stake (100%) in the VMA Slovakia SRO company. This company was consolidated using the global integrationmethod.3. Construction & Renovation segment During the year of 2022, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The B\u00e2timents et Ponts Construction SA (BPC SA) company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, contributed, with retroactive effect as of 1 January 2022, its \u201cConstruction\u201d segment tothe company BPC Wallonie SA, itself a fully-owned subsidiary of the CFE group. Following this demerger by absorption andwithout dissolution of the demerged company, the legal name of the company BPC Wallonie SA was changed to BPC GroupSA. Those companies remain consolidated using the global integration method ;- The Van Laere NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, sold 65% of its shares in the Hofkouter NV company to decrease its stake from 100% to 35%. This company, whichwas integrated using the equity method, is now consolidated using the global integration method. We refer to note 5 of thisreport.4. Investments & Holding segmentDuring the year of 2022, the main changes in scope within the investments & holding segment of the CFE group are the following : - The CFE Contracting SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, acquired 50% of the shares held by BPI Real Estate Belgium SA in Wood Shapers SA to increase its stake from 50% to 100%. This company remains consolidated using the global integration method. Consequently, whereas until the end of2021 Wood Shapers SA and its subsidiaries constituted a joint venture between the construction & renovation and real estatedevelopment segments, these companies are now fully part of the construction & renovation segment ;- The Contractors Overseas Ltd company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, has been absorbed by the Soci\u00e9t\u00e9 Financi\u00e8re d\u2019Entreprises SFE SA company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rent-A-Port NV group, 50% owned by CFE SA and integrated using the equity method, acquired 32.59% of the non-controlling interests of Infra Asia Investment Hong Kong Ltd increasing its stake to 94.00%. Under IFRS, the purchase of non-controlling interests does not give rise to an allocation of goodwill. The excess paid in regard to the net assets acquired istherefore directly deducted from equity. This transaction has a negative impact of \u20ac3.2 million on the CFE Group\u2019s equity aspresented in the consolidated statement of changes in equity (in the item \"change in consolidation scope and othermovements\").5. Demerger of CFE group On 29 June 2022, CFE SA was split into two separate listed companies : CFE and DEME Group \u2013 we refer to section \u201cAssets and liabilities held for sale for the period ended 31 December 2022\u201d in note 5 \u201cAcquisitions and disposals of subsidiaries\u201d. This transaction reduces the CFE group\u2019s equity by \u20ac2,036 million. TRANSACTIONS IN 2021 1. Real Estate Development segmentDuring the year of 2021, the main changes in scope within the real estate development segment of the CFE group are the following: - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o 100% of the newly created BPI Project VIII Sp. z o.o. company ;o 100% of the newly created BPI Project IX Sp. z o.o. company.The acquired entities listed above were consolidated using the global integration method ; - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o a 50% stake in the newly created The Roots Real Estate S.\u00e0 r.l. company ;o a 50% stake in the newly created The Roots Office S.\u00e0 r.l. company.The acquired entities listed above were integrated using the equity method ; - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated all its shares (100%) in the Immo Wola Sp. z o.o. company. This company was consolidatedusing the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the BPI Project V Sp. z o.o. company to decrease its stake from 100% to 50%. Thiscompany was renamed BPI-Revive Matejki Sp. z.o.o. This company, which was consolidated using the global integrationmethod, is now integrated using the equity method ;- The company names of BPI Project III Sp. z o.o., BPI Project VI Sp. z o.o. and BPI Project VII Sp. z o.o. were changed to BPIObrzezna Sp. z o.o., BPI Jaracza Sp. z o.o. and BPI Chmielna Sp. z o.o., respectively ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 100% of the shares of the Livingstone Retail S.\u00e0 r.l. company, previously held by the M1 SAcompany, a 33.33% subsidiary of the CFE group integrated using the equity method. Following this transfer, the name of thiscompany was changed to Mimosas Real Estate S.\u00e0 r.l. This company, which was integrated using the equity method, is nowconsolidated using the global integration method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 37.5% of the shares of the newly created company Tervuren Square NV. This company wasintegrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the Samaya Development SA company to decrease its stake from 100% to 50%.This company, which was consolidated using the global integration method, is now integrated using the equity method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Ernest 11 company. This company was integrated using the equity method.2. Multitechnics segment During the year of 2021, the main changes in scope within the multitechnics segment of the CFE group are the following : - The Mobix Coghe NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, was absorbed, with retroactive effect as of 1 January 2021, by the Mobix Remacom NV company, itself a fully-ownedsubsidiary of the CFE group and consolidated using the global integration method ;- The Procool SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, was absorbed, with retroactive effect as of 1 January 2021, by the VMA Druart SA company, itself a a fully-owned subsidiaryof the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,increased its stake in the VMA R. Robotics Sp z o.o. company from 51% to 100%. This company, which was integrated usingthe equity method, is now consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,acquired 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. andPower Automation Sp. komandytowa. These companies were consolidated using the global integration method. 3. Construction & Renovation segment During the year of 2021, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The CFE Bau GmbH company, a 100% subsidiary of the CFE group, was incorporated. This company has been consolidatedusing the global integration method ;- The Anmeco NV company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated using theglobal integration method ;- The CFE Senegal SASU company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated usingthe global integration method.4. Wood Shapers \u2013 joint venture between the Construction & Renovation segment and the Real Estate Development segmentDuring the year of 2021, the Wood Shapers SA company has acquired a 50% stake in the newly created Wood Gardens SA company. This company was integrated using the equity method. 5. Investments & Holding segmentDuring the year of 2021, the main changes in scope within the investments and holding segment of the CFE group are the following: - The CFE Tchad SA company, a 100% subsidiary of the CFE group, was sold. This company was consolidated using the globalintegration method ;- The Franco-Belge de Constructions Internationales SAS company, a 100% subsidiary of the CFE group, was liquidated. Thiscompany was consolidated using the global integration method.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__9": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__5": { "value": "Ackermans & van Haaren", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__6": { "value": "Stichting Administratiekantoor \u201cHet Torentje\u201d", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__11": { "value": "The Board of Directors authorised the publication of the CFE group's consolidated financial statements on 24 March 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__12": { "value": "MAIN TRANSACTIONS IN 2022 AND 2021 WITH AN IMPACT ON THE SCOPE OF THE CFE GROUP TRANSACTIONS IN 2022 1. Real Estate Development segmentDuring the year of 2022, the main changes in scope within the real estate development segment of the CFE group are the following : - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 100% stake in the newly created Immo Kirchberg S.\u00e0 r.l. company. This company has beenconsolidated using the global integration method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired a 50% stake in the newly created Emely S.\u00e0 r.l. company. This company has been integratedusing the equity method ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wooden SA company. This company was integrated using the equity method ; - The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the D\u00e9veloppements d\u2019Habitations Bruxelloises SA company. Thiscompany was consolidated using the global integration method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Wood Shapers SA company to the CFE Contracting SA company, a fully-owned subsidiary of the CFE group, which already held 50%. This company remains consolidated using the globalintegration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 20% of its shares in the BPI Jaracza Sp. z o.o. company to decrease its stake from 100% to 80%. Thiscompany remains consolidated using the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (47%) in the Immomax Sp. z o.o. company. This company was integrated using theequity method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated its stake (100%) in the BPI Sadowa Sp. z o.o. company. This company was integrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (24,97%) in the Grand Poste SA company. This company was integrated using the equitymethod.2. Multitechnics segment During the year of 2022, the main changes in scope within the multitechnics segment of the CFE group are the following : - The VMA West NV and VMA Food & Pharma NV companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the company VMANV, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o., Power Automation Sp.komandytowa and VMA R. Robotics Sp. z o.o. companies, fully-owned subsidiaries of the CFE group and consolidated using the global integration method, have been absorbed, with retroactive effect as of 1 January 2022, by the VMA Polska Sp. z o.o.company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,liquidated its stake (100%) in the VMA Slovakia SRO company. This company was consolidated using the global integrationmethod.3. Construction & Renovation segment During the year of 2022, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The B\u00e2timents et Ponts Construction SA (BPC SA) company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, contributed, with retroactive effect as of 1 January 2022, its \u201cConstruction\u201d segment tothe company BPC Wallonie SA, itself a fully-owned subsidiary of the CFE group. Following this demerger by absorption andwithout dissolution of the demerged company, the legal name of the company BPC Wallonie SA was changed to BPC GroupSA. Those companies remain consolidated using the global integration method ;- The Van Laere NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, sold 65% of its shares in the Hofkouter NV company to decrease its stake from 100% to 35%. This company, whichwas integrated using the equity method, is now consolidated using the global integration method. We refer to note 5 of thisreport.4. Investments & Holding segmentDuring the year of 2022, the main changes in scope within the investments & holding segment of the CFE group are the following : - The CFE Contracting SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, acquired 50% of the shares held by BPI Real Estate Belgium SA in Wood Shapers SA to increase its stake from 50% to 100%. This company remains consolidated using the global integration method. Consequently, whereas until the end of2021 Wood Shapers SA and its subsidiaries constituted a joint venture between the construction & renovation and real estatedevelopment segments, these companies are now fully part of the construction & renovation segment ;- The Contractors Overseas Ltd company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, has been absorbed by the Soci\u00e9t\u00e9 Financi\u00e8re d\u2019Entreprises SFE SA company, itself a fully-owned subsidiary of the CFE group and consolidated using the global integration method ;- The Rent-A-Port NV group, 50% owned by CFE SA and integrated using the equity method, acquired 32.59% of the non-controlling interests of Infra Asia Investment Hong Kong Ltd increasing its stake to 94.00%. Under IFRS, the purchase of non-controlling interests does not give rise to an allocation of goodwill. The excess paid in regard to the net assets acquired istherefore directly deducted from equity. This transaction has a negative impact of \u20ac3.2 million on the CFE Group\u2019s equity aspresented in the consolidated statement of changes in equity (in the item \"change in consolidation scope and othermovements\").5. Demerger of CFE group On 29 June 2022, CFE SA was split into two separate listed companies : CFE and DEME Group \u2013 we refer to section \u201cAssets and liabilities held for sale for the period ended 31 December 2022\u201d in note 5 \u201cAcquisitions and disposals of subsidiaries\u201d. This transaction reduces the CFE group\u2019s equity by \u20ac2,036 million. TRANSACTIONS IN 2021 1. Real Estate Development segmentDuring the year of 2021, the main changes in scope within the real estate development segment of the CFE group are the following: - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o 100% of the newly created BPI Project VIII Sp. z o.o. company ;o 100% of the newly created BPI Project IX Sp. z o.o. company.The acquired entities listed above were consolidated using the global integration method ; - The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired : o a 50% stake in the newly created The Roots Real Estate S.\u00e0 r.l. company ;o a 50% stake in the newly created The Roots Office S.\u00e0 r.l. company.The acquired entities listed above were integrated using the equity method ; - The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, liquidated all its shares (100%) in the Immo Wola Sp. z o.o. company. This company was consolidatedusing the global integration method ;- The BPI Real Estate Poland Sp. z o.o. company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the BPI Project V Sp. z o.o. company to decrease its stake from 100% to 50%. Thiscompany was renamed BPI-Revive Matejki Sp. z.o.o. This company, which was consolidated using the global integrationmethod, is now integrated using the equity method ;- The company names of BPI Project III Sp. z o.o., BPI Project VI Sp. z o.o. and BPI Project VII Sp. z o.o. were changed to BPIObrzezna Sp. z o.o., BPI Jaracza Sp. z o.o. and BPI Chmielna Sp. z o.o., respectively ;- The BPI Real Estate Luxembourg SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 100% of the shares of the Livingstone Retail S.\u00e0 r.l. company, previously held by the M1 SAcompany, a 33.33% subsidiary of the CFE group integrated using the equity method. Following this transfer, the name of thiscompany was changed to Mimosas Real Estate S.\u00e0 r.l. This company, which was integrated using the equity method, is nowconsolidated using the global integration method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, acquired 37.5% of the shares of the newly created company Tervuren Square NV. This company wasintegrated using the equity method ;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold 50% of its shares in the Samaya Development SA company to decrease its stake from 100% to 50%.This company, which was consolidated using the global integration method, is now integrated using the equity method;- The BPI Real Estate Belgium SA company, a fully-owned subsidiary of the CFE group and consolidated using the globalintegration method, sold its stake (50%) in the Ernest 11 company. This company was integrated using the equity method.2. Multitechnics segment During the year of 2021, the main changes in scope within the multitechnics segment of the CFE group are the following : - The Mobix Coghe NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integrationmethod, was absorbed, with retroactive effect as of 1 January 2021, by the Mobix Remacom NV company, itself a fully-ownedsubsidiary of the CFE group and consolidated using the global integration method ;- The Procool SA company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method, was absorbed, with retroactive effect as of 1 January 2021, by the VMA Druart SA company, itself a a fully-owned subsidiaryof the CFE group and consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,increased its stake in the VMA R. Robotics Sp z o.o. company from 51% to 100%. This company, which was integrated usingthe equity method, is now consolidated using the global integration method ;- The VMA NV company, a fully-owned subsidiary of the CFE group and consolidated using the global integration method,acquired 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. andPower Automation Sp. komandytowa. These companies were consolidated using the global integration method. 3. Construction & Renovation segment During the year of 2021, the main changes in scope within the construction & renovation segment of the CFE group are the following : - The CFE Bau GmbH company, a 100% subsidiary of the CFE group, was incorporated. This company has been consolidatedusing the global integration method ;- The Anmeco NV company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated using theglobal integration method ;- The CFE Senegal SASU company, a 100% subsidiary of the CFE group, was liquidated. This company was consolidated usingthe global integration method.4. Wood Shapers \u2013 joint venture between the Construction & Renovation segment and the Real Estate Development segmentDuring the year of 2021, the Wood Shapers SA company has acquired a 50% stake in the newly created Wood Gardens SA company. This company was integrated using the equity method. 5. Investments & Holding segmentDuring the year of 2021, the main changes in scope within the investments and holding segment of the CFE group are the following: - The CFE Tchad SA company, a 100% subsidiary of the CFE group, was sold. This company was consolidated using the globalintegration method ;- The Franco-Belge de Constructions Internationales SAS company, a 100% subsidiary of the CFE group, was liquidated. Thiscompany was consolidated using the global integration method.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__16": { "value": "1. GENERAL POLICIESIFRS AS ENDORSED BY THE EUROPEAN UNIONThe accounting principles used for the preparation and presentation of the consolidated financial statements of CFE at 31 December 2022 comply with the IFRS standards and interpretations as endorsed in the European Union on 31 December 2022. The accounting principles used at 31 December 2022 are the same as those used for the consolidated financial statements at 31 December 2021, except for the standards and/or amendments to standards described below as endorsed in the European Union, mandatorily applicable as of 1 January 2022. STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON OR AFTER 1 JANUARY 2022 - Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use- Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2014 Cost of Fulfilling a Contract- Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework- Annual Improvements to IFRS Standards 2018\u20132020The application of these standards and interpretations had no material impact on the consolidated financial statements of CFE. STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON 1 JANUARY 2022 The Group did not apply early any of the following new standards and interpretations, application of which was not mandatory at 31 December 2022. - IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after 1 January 2023)- Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (applicablefor annual periods beginning on or after 1 January 2023)- Amendments 2020 and 2022 to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed by the EU)- Amendments to IAS 1 Presentation of Financial Statements and IFRS 2 Practice Statement : Disclosure of Accounting Policies(applicable for annual periods beginning on or after 1 January 2023)- Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Material (applicablefor annual periods beginning on or after 1 January 2023)- Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction(applicable for annual periods beginning on or after 1 January 2023)- Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after1 January 2024, but not yet endorsed in the EU)2. SIGNIFICANT ACCOUNTING POLICIESADDITIONAL INFORMATION ON THE IMPLICATIONS OF THE RUSSIA-UKRAINECONFLICT AND THE CONSEQUENCES ON THE MACROECONOMIC ENVIRONMENT FOR THE CONSOLIDATED FINANCIAL STATEMENTS CFE's operational activities are mainly located in Belgium, Luxembourg and Poland and to a lesser extent in Vietnam. As CFE is not present on the Russian or Ukrainian markets, the direct impacts of the Russian-Ukrainian conflict and the international sanctions imposed on Russia are not having a significant direct impact on the CFE group's operations and financial results. The indirect impacts of the conflict and the macroeconomic environment in which the CFE Group operates are mainly observable in terms of : - the significant increase in the costs of construction materials, subcontracting and wages (we refer to note 7 \"Remunerationsand social security payments\") allocated to the construction sites. As CFE's activities are not dependent on productionplants or other heavy industrial infrastructure, the increase in energy costs is also having a limited direct impact. On thebasis of the contractual conditions defined contract by contract, any compensation granted or, conversely, penaltiescharged for delays are also incorporated in the estimated revenue at completion in line with the valuation rules of the CFE group ;- costs of services and other goods and other operating expenses which are highly sensitive to price inflation (we refer tonote 6 \"Other operating income and expenses\") ;- occasional disruptions to supply chains for building materials ;- the cost of financing due to the increase in interest rates both in the Eurozone and in Poland (see refer to note 8 \"Financialresult\").These impacts also result in the adjustment of certain parameters underlying the valuation of defined benefit and early retirement plan liabilities in the consolidated financial position, such as the discount rate, the long-term inflation rate and the average real return on plan assets (we refer to note 23 \u201cEmployee benefits\u201d). The increase in interests rates is also reflected in the discount rate used for goodwill impairment tests (we refer to note 13 \u201cGoodwill\u201d). CHANGE IN SEGMENT INFORMATION On 29 June 2022, CFE was split into two companies: CFE and DEME Group We therefore no longer present a segment of discontinued \u201cDEME\u201d operations as these have been transferred to the DEME Group. CFE\u2019s activities are divided into four operating segments: real estate development, multitechnics, construction & renovation, and investments & holding. Consequently, the segment information presented in the consolidated financial statements of CFE until 31 December 2021 had to be adapted accordingly. The main changes compared to 2021 are: - the creation of the \u201cConstruction & Renovation\u201d and \u201cMultitechnics\" segments (presented until the end of December 2021under the Contracting segment);- the aggregation of CFE Contracting SA and the \u201cHolding\u201d branch of CFE SA under the \u201cInvestments & Holding\" segment.We refer to note 4 for the new presentation of segment information (including comparatives aligned to the new structure). ACCOUNTING POLICIES AND METHODS (A) STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union. (B) BASIS OF PRESENTATIONThe financial statements are stated in thousands of euros, rounded to the nearest thousand. Equity instruments and equity derivatives are stated at cost where they do not have a quoted market price in an active market and where other methods of reasonably estimating fair value are clearly inappropriate and/or inapplicable. Accounting policies are applied consistently. The financial statements are presented before the appropriation of parent-company income proposed to the Shareholders' General Meeting. (C) MAIN JUDGEMENTS AND ASSUMPTIONSThe preparation of financial statements according to the IFRS standards requires the use of estimates, as well as the formulation of judgments and assumptions that affect the amounts shown in those financial statements, particularly with regard to the following items: - the period over which non-current assets are depreciated or amortized ;- the measurement of provisions and post-employment obligations ;- the measurement of income or losses on construction contracts using the percentage of completion method ;- estimates used in impairment tests ;- the valuation of financial instruments at fair value ;- the assessment of control ;- the qualification of the nature of the transaction as a business combination or an acquisition of assets when a company isacquired ; and - the assumptions used to determine the financial liabilities in accordance with the IFRS 16 standard.These estimates assume the operation is a going concern and are made on the basis of the information available at the time they were established. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be different from these estimates. (D) CONSOLIDATION PRINCIPLESThe consolidated financial statements include the financial statements of the CFE group and the financial statements of its subsidiaries and the entities over which it has control. The CFE group controls an entity if : - it has power over the entity ;- it is exposed to, or entitled to, variable returns from the controlled entity ;- it has the ability to exert power over the entity in order to influence the returns obtained.If the CFE group does not have the majority of voting rights in an entity, it is presumed to have enough rights to exert power over the entity if it has the ability to manage the core businesses of the entity on its own. The CFE group takes into account all facts and circumstances when it assess whether the voting rights held are sufficient to give the power to manage the entity, including the following: - the voting rights held by the CFE group compared to the voting rights held by the other partners and how there are spreadamong them ;- the potential voting rights held by the CFE group and by other stakeholders or other parties ;- the rights arising from other agreements ;- other facts and circumstances, if any, that prove that the CFE group has the ability (or otherwise) to manage the entity\u2019score businesses when decisions have to be taken, including voting trends at previous shareholder meetings.The CFE group consolidates the subsidiary from the date on which it obtains control, and ceases to consolidate it when the group no longer controls the entity. In particular, the income and expenses of a subsidiary acquired or sold during the financial year are included in the consolidated statement of income and in other elements of the consolidated statement of comprehensive income from the date the CFE group acquires control of the subsidiary until the date on which it ceases to control it. If necessary, adjustments are made to statutory accounts of subsidiaries in order to align their accounting methods with those used by the group. All assets and liabilities, equity, revenue, expenses and cash flows related to transactions between group companies are eliminated in the consolidated financial statements. Changes to the group\u2019s interest in a subsidiary that do not result in a loss of control are recognized as equity transactions. The carrying amounts of the group\u2019s interests and non-controlling interests are adjusted to reflect changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the CFE group grants an option to sell to the non-controlling interests of a subsidiary (i.e. where the non-controlling interests have a \"put\"), the related financial liability is initially deducted from non-controlling interests in equity. Associated companies are entities in which the CFE group exercises a significant influence. Significant influence is the power to take part in financial and operating policy decisions of a company without, however, exercising control or joint control over these policies. A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity\u2019s net assets. A joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions related to core businesses require the agreement of all parties. Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. If the group\u2019s share in the losses of an associate or joint venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. Additional losses are recognized only to the extent that the CFE group has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture. A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes an associate a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill, which is included in the carrying amount of the participation. Any surplus of the group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated statement of income of the financial year in which the participation was acquired. A joint operation is a partnership in which the parties who exercise joint control over the company have rights to the assets and obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control over an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-participant, recognizes the following items in respect to its interests in the joint operation: - its assets, including its share of any assets held jointly ;- its liabilities, including its share of any liabilities incurred jointly ;- its revenue from the sale of its share of the output arising from the joint operation ;- its share of the revenue from the sale of its share of the output by the joint operation ;- its expenses, including its share of any expenses incurred jointly.(E) FOREIGN CURRENCIES(1) TRANSACTIONS IN FOREIGN CURRENCIESTransactions in currencies other than the euro are recognized at the exchange rate on the transaction date. Monetary assets and liabilities denominated in foreign currencies are converted at the closing rate. Gains and losses resulting from these transactions, as well as the conversion of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of income. Non-monetary assets and liabilities denominated in foreign currencies are converted at the foreign exchange rate on the transaction date. (2) FINANCIAL STATEMENTS OF FOREIGN ENTITIESThe assets and liabilities of the companies of the CFE group whose functional currencies are other than the euro are converted into euros at the exchange rate on the balance sheet date. The income statements of foreign entities, excluding foreign entities in hyperinflationary economies, are converted into euros at an average exchange rate for the year (approximating the foreign exchange rates prevailing at the dates of the transactions). Components of shareholders\u2019 equity are converted at historical rates. The conversion differences arising from this conversion are recognized in the other elements of the comprehensive income, and are accumulated in a separate equity reserve, i.e., \u2018exchange differences on translation\u2019. These differences are recognized in the consolidated statement of income of the financial year during which the entity is sold or liquidated. (3) EXCHANGE RATESCurrencies Closing rate 2022 Average rate 2022 Closing rate 2021 Average rate 2021 Polish Zloty 4.68 4.69 4.60 4.56 U.S. Dollar 1.07 1.05 1.13 1.18 Tunisian Dinar 3.32 3.25 3.25 3.29 Hungarian forint 400.87 391.84 369.19 358.48 Romanian Leu 4.95 4.93 4.95 4.92 British Pound 0.89 0.85 0.84 0.86 Units of foreign currency per euro (F) INTANGIBLE ASSETS(1) RESEARCH AND DEVELOPMENT COSTSExpenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding are recognized in the consolidated statement of income as an expense as incurred. Development costs, whereby research results are applied to the planning or design of new or improved processes such as IT tools, are recognised as an asset if the process is technically and commercially feasible, the company has sufficient resources to complete the development, the attributable expenditure can be reliably identified, the CFE Group intends to complete and use the related intangible asset, and the intangible asset will generate future financial benefits through internal use. Capitalized expenditures include all costs directly attributable to the asset necessary for its creation, production and preparation in view of its intended use. Other development expenditures are recognized as an expense as incurred. Development costs recognized as an asset are included in the consolidated statement of financial position at their acquisition cost less accumulated depreciation (see below) and impairment. (2) RECOGNITION AND MEASUREMENT OF LICENSESAll intangible assets are capitalized only if it is probable that future economic benefits will flow to the entity and if its cost can be measured reliably. These criteria are applicable on initial recognition and for subsequent expenditures. All intangible assets are accounted for at historical cost less accumulated depreciation and impairment losses. Historical cost includes the purchase price of licenses as well as costs incurred during the implementation period of the software. Implementation costs include the costs of suppliers or consultants working on the project as well as the direct salary costs of staff members whose main task is the implementation of the tool. (3) SUBSEQUENT EXPENDITURESSubsequent expenditures on intangible assets are recognized as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. All other expenditures are recognized when incurred. (4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years. (G) BUSINESS COMBINATIONSAcquisitions of subsidiaries and companies are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, and expenses related to the acquisition are recognized in the consolidated statement of income when incurred. When a consideration transferred by the group in the context of a business combination includes a contingent consideration agreement, this contingent consideration is measured at its fair value on the acquisition date. Changes in the fair value of a contingent consideration that relate to adjustments in the measurement period (see below) are recognized retrospectively; other changes in the fair value of the contingent consideration are recognized in the consolidated statement of income. In a business combination that takes place in stages, the group must reassess the stake it previously held in the acquired company to fair value on the date of acquisition (i.e. the date on which the group obtained control), and recognise any profit or loss in the consolidated statement of income. On the date of acquisition, identifiable assets acquired and liabilities assumed are recognized at fair value on that date with the exception of : - deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12 (Income taxes) and IAS 19 (Employee benefits) respectively ; - liabilities or equity instruments related to payment agreements based on shares in the acquired company or paymentagreements based on shares in the group formed to replace payment agreements based on shares in the acquiredcompany, which are measured in accordance with IFRS 2 (Share-based payment) on the date of acquisition ;- assets (or groups intended to be sold) classified as held-for-sale under IFRS 5 (Non-current assets held for sale anddiscontinued operations), which are measured in accordance with this standard.If the initial recognition of a business combination is unfinished at the end of the financial reporting period during which the business combination occurs, the group must present provisional amounts relating to the items for which recognition is unfinished. These provisional amounts are adjusted during the measurement period (see below), or the additional assets or liabilities are recognized to take into account new information obtained about the facts and circumstances prevailing at the acquisition date and which, if they had been known, would have had an impact on the amounts recognized at that date. Adjustments in the measurement period are a consequence of additional information about the facts and circumstances prevailing at the date of acquisition obtained during the \u201cmeasurement period\u201d (up to one year from the acquisition date). (1) POSITIVE GOODWILLGoodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the number of non-controlling interests in the acquired company and the fair value of the stake previously owned by the group in the acquired company (if any) on the net balance of the amounts of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis. Goodwill is not amortized, but is subject to impairment tests that take place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated (usually a subsidiary) could have suffered a drop in value. Goodwill is expressed in the currency of the subsidiary to which it relates. If the recoverable amount of the cash-generating unit is less than its carrying amount, the loss of value is first charged against any goodwill allocated to this unit, and then to any other assets of the unit in proportion to the carrying amount of each of the assets included in the unit. Goodwill is stated on the consolidated statement of financial position at cost less impairment. Impairment of goodwill is not reversed in future periods. When a subsidiary is divested from the group, the resulting goodwill and other comprehensive income relating to the subsidiary are taken into account in determining the net gain or loss on disposal. For companies accounted for by the equity method, the carrying amount of goodwill is included in the carrying amount of this participation. (2) BARGAIN PURCHASEIf, at the acquisition date, the net balance of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake in the acquired company previously owned by the group (if any), the surplus is recognized immediately in the consolidated statement of income as a profit on an acquisition under favorable conditions. (H) PROPERTY, PLANT AND EQUIPMENT(1) RECOGNITION AND MEASUREMENTAll property, plant and equipment are capitalized only if it is probable that future economic benefit will flow to the entity and its cost can be measured reliably. These criteria are applicable at initial recognition and in relation to subsequent expenditures. All property, plant and equipment are included in the consolidated statement of financial position at their historical acquisition cost less accumulated depreciation and impairment losses. Historical cost includes the original purchase price, borrowing costs incurred during the construction period, and related direct costs (e.g. non recoverable taxes and transport costs). The cost of assets produced by the company includes the cost of materials, direct labor costs and an appropriate proportion of overheads. (2) SUBSEQUENT EXPENDITURESSubsequent expenditures are only recorded as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. Repairs and maintenance costs, which do not increase the future economic benefits of the asset to which they relate, are recognized as costs when incurred. (3) DEPRECIATIONDepreciation is calculated from the date on which the asset is ready to be used. Depreciation is calculated according to the straight-line method, and on the basis of the estimated useful economic life of these assets, i.e.: trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovatin of buildings/new buildings : 20-33 years cranes : 8-12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years Land is not depreciated as it is deemed to have an indefinite life. Borrowing costs directly linked to the acquisition, construction or production of an asset that requires a long time of preparation are included in the cost of the asset. (I) LEASESThe CFE group acts mainly as a lessee under lease contracts. Leases are recognized in the consolidated statement of financial position as rights of use and lease obligations at the present value of the future lease payments at a pre-determined discount rate. The CFE Group uses an incremental borrowing rate that differs depending on the nature of the asset underlying the contract. In 2022, the discount rate was revised for each asset class following a significant increase in the reference interest rates (Euribor). The revised discount rate has been applied to the remaining rents in either of the following situations to revalue the rental liability: - to each lease where a substantial change in the term of the lease has occurred but has not resulted in the recognition of a separate lease ;- to new contracts booked after the date on which this rate was revised.- Accrued rights of use are depreciated on a straight-line basis over their useful life, or over the term of the lease if the lease does not provide for transfer of ownership at the end of the lease term, while the corresponding obligations are recognized as financial debts. The lease payments associated for lease contracts of up to 12 months\u2019 duration and lease contracts of low-value underlying assets are expensed over the period in which the asset is used. All minimum lease payments are recorded partly as financing cost and partly as depreciation of the outstanding obligation, which results in a constant periodic interest on the remaining balance of the obligation. Financial expenses are charged directly in the consolidated statement of income. Where a lease contract is terminated before the lease term has expired, any compensation paid to the lessor is expensed in the period in which the lease contract is terminated. (J) FINANCIAL ASSETSEach category of investments is recognized at its fair value upon the initial recognition of the asset. The measurement method will evolve according to the categories stated below : (1) INVESTMENTS IN DEBT SECURITIES AND OTHER INVESTMENTSInvestments in debt securities are presented as financial assets and are measured at their amortized cost, determined on the basis of the \u201ceffective interest rate method\u201d if the two conditions below are met: - the \u201cSolely payments of principal and interests\u201d criterion as defined by IFRS 9;- the assets are held for collection.The effective interest rate method is used to calculate the amortized cost of a financial asset or liability and to allocate financial income or financial expense during the period under review. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts over the future expected life of the financial instrument or, where appropriate, over a shorter period, in order to obtain the net book value of the financial asset or liability. Profit or loss is recognized in the consolidated statement of income. Impairment losses are recognized in the consolidated statement of income. (2) TRADE RECEIVABLESWe refer to paragraph (L) (3) FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X). (K) INVENTORIESInventories are measured at weighted average cost or at net realizable value, if the latter is lower. The cost of finished products and work in progress comprises raw materials, other production materials, direct labour, other direct costs, borrowing costs incurred where the product requires a long period of construction, and an allocation of fixed and variable production overheads based on the normal capacity of production facilities. The net realizable value is the estimated selling price in the normal course of business, less estimated completion costs and costs necessary to complete the sale. (L) TRADE RECEIVABLESCurrent trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is carried out on a case-by-case basis for project. (M) CASH AND CASH EQUIVALENTSCash and cash equivalents include cash and term deposits with an original maturity date of less than three months. (N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset. (O) PURCHASE OF TREASURY SHARESWhen CFE shares are bought back by the company or a company of the CFE group, the amount paid, including costs directly attributable to the acquisition, is recognized as a deduction from equity. The proceeds from the sale of shares are directly included in the total equity, with no impact on consolidated statement of income. if treasury shares are reissued, any difference between the carrying amount and the consideration is recognized as share premium. (P) PROVISIONSProvisions are made if the company has a legal or an implicit obligation as a result of events that have occurred in the past, if it is probable that an outflow of resources generating economic benefits will be required to settle the obligation, and if the amount of the obligation can be reliably estimated. The amount recorded as provision corresponds to the best estimate of the necessary expenditure to settle the current obligation at the balance sheet date. This estimate is obtained by using a pre-tax interest rate that reflects both the current market assessments and the specific debt risks. Provisions for restructuring are made if the company has approved a detailed and formal restructuring plan, if the restructuring has either started or has been announced publicly, and if the employees affected have been notified of the plan main features. Provisions are not set aside for costs that relate to the company's normal activities. Current provisions are provisions directly linked to each business line\u2019s own operating cycle, whatever the expected time of settlement of the obligation. Provisions for after-sales service cover the obligations of the entities of the CFE group within the framework of the statutory guarantees relating to completed projects. They are estimated statistically on the basis of expenses incurred in previous years or individually on the basis of specifically identified problems. Provisions for after-sales services are provided from the start of the work. A provision for onerous contracts is made if the expected economic benefits from a contract are lower than the unavoidable costs of meeting the contractual obligations. Unavoidable contract costs reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from the failure to fulfil it. The cost of fulfilling a contract includes the costs directly related to the contract ('full direct costs'), these being: - the incremental costs of fulfilling the contract ; and- an allocation of other costs directly related to fulfilling the contract.Provisions for litigation with regard to activities mainly relate to disputes with customers, subcontractors, co-contractors or suppliers. Other provisions for current risks mainly consist of provisions for delay penalties and other risks related to operations. Non-current provisions correspond to provisions not directly linked to the operating cycle and whose maturity generally exceeds one year. (Q) EMPLOYEE BENEFITS(1) POST-EMPLOYMENT BENEFITSPost-employment benefits include pension plans and life insurance. The company operates a number of defined-benefit and defined-contribution pension plans throughout the world. In Belgium, some pension schemes based on defined contribution plans are subject to a minimum guaranteed return by the employer and are therefore qualified as defined benefit plans. The assets of these plans are generally held by separate institutions and are generally financed through contributions from the subsidiaries concerned and from employees. These contributions are determined on the basis of recommendations from independent actuaries. Post-employment benefits are either funded or non-funded. a) Defined contributions plans Contributions to these pension plans are recognized as an expense in the consolidated statement of income when incurred. b) Defined benefits plans For these pension plans, costs are estimated separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the cost evenly over the remaining careers of employees covered by the plan, in accordance with the advice of actuaries who carry out a full assessment of these plans every year. The amounts charged to the consolidated statement of income consist of current service cost, interest cost, the expected return on plan assets and past service cost. The pension obligations recognized on the consolidated statement of financial position are measured as the present value of the estimated future cash outflows, discounted at a rate corresponding to the yield on high-quality corporate bonds with a maturity similar to that of the pension obligations, less any unrecognized past service costs and the fair value of plan assets. Actuarial gains and losses are calculated separately for each defined-benefit plan. Actuarial gains and losses comprise the effects of differences between actuarial assumptions and actual figures, and the effects of changes in actuarial assumptions. Actuarial gains and losses on commitments or assets related to post-employment benefits and resulting from adjustments based on experience and/or changes in actuarial assumptions are recognized in other elements of the consolidated statement of comprehensive income in the period in which they arise, and are the object of a separate reserve in equity. These differences and the changes in the recognized asset limit are presented in the consolidated statement of comprehensive income. Interest expenses resulting from the accretion effect relating to pension obligations and similar liabilities, and financial income resulting from the expected return on plan assets, are recognized in the consolidated statement of income under financial items. The introduction of or changes to a new post-employment benefit plan or other long-term plans may increase the present value of the obligation with respect to defined-benefit plans for services rendered in previous periods, i.e. the past service cost. The past service cost related to post-employment benefit plans is recognized in income on a straight-line basis over the average period until the related benefits are received by employees. Benefits received after the adoption of or changes to a post-employment benefit plan, and past service costs relating to other long-term benefits, are immediately taken to income. Actuarial calculations related to post-employment obligations and other long-term benefits are carried out by independent actuaries. (2) BONUSBonuses granted to company employees and senior executives are based on targets relating to key financial and non-financial indicators. The estimated amount of bonuses is recognized as an expense in the year to which they relate. (R) FINANCIAL LIABILITIES(1) LIABILITIES AT AMORTIZED COSTInterest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life of the loan, using the effective interest-rate method. See paragraph J (2) for the definition of this method. (2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X). (S) TRADE AND OTHER PAYABLESTrade and other current payables are recognized at amortized cost. (T) INCOME TAXESIncome tax for the financial year comprises current and deferred tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized directly in equity or in the other elements of the consolidated statement of comprehensive income. In this case, deferred tax is also recognized in these elements. Current tax is the expected tax payable on the taxable income for the past year, as well as any adjustment to taxes paid or payable with regard to previous years. It is calculated using the valid tax rates at the balance sheet date. Deferred tax is calculated using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The applicable tax rates at the closing date are used to calculate deferred tax assets and liabilities. Under this method, the company is required to make a provision for deferred taxes for the difference between the fair value of the net assets acquired and their tax base, in the event of a business combination. The following temporary differences are not taken into account: non-deductible goodwill, the initial recognition of assets or liabilities that do not affect accounting profit or taxable profit, and differences relating to participations in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is only recognized to the extent that it is probable that future taxable profit will be available to offset the tax advantage. A deferred tax asset is reduced to the extent that it is no longer likely that the related tax benefit will be realized. (U) REVENUE FROM CONSTRUCTION AND SERVICE CONTRACTSIf the profit and loss that result from a construction contract can be estimated reliably, contract revenue and expenses, including borrowing costs incurred if the contract exceeds the accounting period, are recognized in the consolidated statement of income over time, in proportion to the contract's percentage of completion at the closing date. The percentage of completion is calculated as the proportion between the contract costs at the closing date and the total estimated contract costs. Most of the income is gradually recognized if one of the following criteria is met: - the customer simultaneously receives and consumes the benefits generated by the service provided by the company as it is implemented;- the service provided by the company creates or enhances an asset over which the customer obtains control progressivelyas it is being created or enhanced;- the service provided by the company creates an asset without possible alternative use by the company, and the latter hasan enforceable right to payment for the service completed to date.(1) CONTRACT COSTSContract costs are recognized as an expense in the consolidated statement of income for the financial year in which the services to which they relate are provided, and the incurred costs that relate to future contract activities are capitalized if the entity is expecting to recover them. A correction will be made for the cost of equipment that has been purchased but not yet manufactured, or that is being manufactured, at the reporting date. In the event that the forecast at the completion of the construction work shows a deficit, the expected loss on completion is immediately recognized as an expense. (2) CONTRACT REVENUERevenue from a construction contract includes the revenue initially defined in the contract, as well as any modifications to the work specified in the contract, claims and performance bonuses to the extent that it is highly probable that there will be no significant reversal in the cumulative recognized revenue when the uncertainty associated with the variable components is subsequently resolved. If the outcome of a construction contract cannot be reliably estimated, contract revenue is recognized to the extent that the contract costs incurred are likely to be recovered. The transaction price is determined as the fair value of the consideration that the company is expecting to receive, and it is allocated to the performance obligation based on stand-alone selling prices. Stand-alone selling prices are estimated according to the estimated costs. A modification to the contract may lead to an increase or decrease in the transaction price. It relates to an instruction from the customer with regard to the scope of the work defined by the contract. In applying this principle, performance bonuses and claims are generally considered to be included in the transaction price only if an agreement has been made with the customer. The most common variable components, such as the price of the materials and remuneration of site personnel should only be included in the transaction price if it is highly probable that there will be no subsequent significant downward adjustment to the revenue recognized. Performance bonuses constitute a part of the contract revenue if the contract's percentage of completion indicates that the specified performance level will actually be reached or exceeded, and the amount of the performance bonus can be reliably determined. (3) CONTRACT BALANCESA contract asset is the entity's right to a consideration in exchange for the transfer of the goods or services to a customer. If the entity provides goods or services to a customer before the customer has paid for the consideration, or before the consideration is due, a contract asset is recognized for the contingent consideration acquired. A contract liability is the entity's obligation to transfer goods or services to a customer, for which the group has received a consideration prior to the transfer of goods or services to that customer. A contract liability is recognized when the consideration is received in advance, or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the entity has completed the contract. (4) COSTS TO FULFILL OR OBTAIN A CONTRACTCFE has assessed that the cost of obtaining contract (e.g. commissions paid), as well as the related costs of fulfilling that are not covered by a specific IFRS standard, which should normally be capitalized as defined in IFRS 15 if they meet certain specific criteria, have no significant impact on the recognition of revenue and margins of projects. As such, these costs of winning or implementing a contract are not recognized separately in accordance with IFRS 15, but are included in the recognition of the project and therefore recognized when they are incurred. (5) SPECIFIC CONSIDERATIONS RELATING TO REVENUE BY SEGMENTa) Revenue from construction and multitechnics contracts CFE is responsible for the overall management of a project in which various goods and services are included, such as demolition, earthworks, soil remediation, foundation work, procurement of materials, construction of the shell and facades, installation of technical facilities (electricity, HVAC, etc.), and the finishing works. The performance obligations aimed at transferring goods and services are not treated separately in the context of the contract, as the entity provides a significant service of integrating goods and services (the inputs) into the building (the combined output) for which the customer has concluded a contract. This is why the goods and services are not treated separately. The entity recognises all the goods and services under the contract as one and the same performance obligation. Revenue from construction contracts are recognized according to the percentage of completion using the cost-based method, i.e., according to the share of the contract costs incurred for its completion to date relative to the total estimated costs. To theextent that the contract explicitly identifies each unit individually, and the customer can benefit from each unit individually, theconstruction of each unit should be considered as a separate performance obligation, and revenue are recognized separately for each performance obligation.For some contracts, mainly in the multitechnics division, the installation and execution works cover a very short period of time.For such contracts, revenue is recognized at the exact moment that the work is completed.b) Real estate developments CFE is responsible for the overall management of real estate projects in which several building blocks under construction (or to be constructed) are sold to the customers. Taking into account the local regulator that governs the transfer of ownership to the end customer, the performance obligation is satisfied progressively or at a specific point in time. Revenue is recognized when the material risks and rewards of ownership have been substantially transferred to the buyer, and no uncertainty remains regarding the recovery of the amounts due, the associated costs or the possible return of goods. In so-called mixed projects, and in particular real estate developments including residential, office and/or retail units, they will be subdivided in one or more performance obligations, depending on whether the different units that are developed are separate or not within the meaning of the IFRS 15 standard. Moreover, depending on the contractual framework, the development of the project and the monitoring of its construction will be considered as either a single performance obligation or as two separate obligations. The income is recognized when each performance obligation, taken individually, is satisfied, i.e.: - if the local regulator makes the ownership of the construction gradually transferable throughout the execution of theconstruction work, and if the group is contractually restricted from redirecting the properties to other customers, and hasan enforceable right to payment for the work carried out, the revenue from the construction of these residential propertieswill therefore be gradually recognized according to the cost-based method, i.e. based on the share of contract costsincurred for its realisation to date relative to the estimated total costs, and according to the degree of ownership transferredat the closing date. This concerns projects developed in Belgium and Luxembourg ;- if the legislator provides that the transfer of risks and benefits, as well as the right to enforceable payment, is only establishedwhen the residential unit is fully built and delivered, revenue is only recognized at a specific point in time, i.e. upon the signingof the notarial deed or the transfer protocol between CFE and the end customer. This applies only to projects developed inPoland.If the development of a project and the monitoring of its construction are considered as two separate obligations, the income relating to the development of the project will generally be recognized at a specific time when it is sold, and the income relating to the monitoring of the construction will be recognized as a percentage of completion, as previously explained. (V) OTHER INCOME(1) RENTAL INCOME AND FEESRental income and costs are recognized on a straight-line basis over the term of the lease. (2) PUBLIC GRANTSAn income-related grant is initially recognized as deferred income in the consolidated statement of financial position if there is a strong assumption that the income will be received and that the company will comply with the conditions attached to it. These grants are systematically recognized as other income from operational activities in the consolidated statement of income over the same period during which these expenses are covered by the grant. Capital grants that compensate the company for the cost of an asset are systematically recognized as a deduction in the cost of these fixed assets. They are recognized at their expected value on the date of initial recognition in the consolidated statement of financial position, and as a deduction from the depreciation cost of the underlying asset over its useful life in the consolidated statement of income. (W) CHARGES(1) FINANCIAL EXPENSESFinancial expenses comprise interest payable on borrowings, foreign exchange losses, and losses on hedging instruments that are recognized in the consolidated statement of income. All interest and other costs incurred in connection with borrowings, except those that were eligible for capitalisation, are recognized in the consolidated statement of income as financial expenses. Interest costs relating to lease contracts are recognized in the consolidated statement of income using the effective interest rate method. (2) COSTS FOR RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND COSTS RELATING TO THEDEVELOPMENT OF IT SYSTEMSResearch, advertising and promotional costs are recognized in the consolidated statement of income of the financial year in which they were incurred. Development costs and development costs for IT systems are recognized as an expense when they are incurred if they do not meet the criteria for intangible assets. (X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract. (Y) ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSFixed assets and groups of assets that are disposed of are classified as held for sale if their carrying amount will be realized on disposal and not through continued use. This condition is only considered to be met if the disposal of these assets, by sale or otherwise, is highly probable and the asset or group of assets disposed of is immediately available for sale in its present condition. Management must be committed to completing the sale within one year of the classification date. Assets held for sale are valued at the lower of carrying amount and fair value less selling costs. They are presented separately with their associated liabilities in the consolidated statement of financial position. Net result for the period and cash flows from discontinued operations are presented separately in the consolidated statement of income and the consolidated cash flow statement respectively. Non-current assets classified as held for sale are no longer amortized or impaired. As at 31 December 2021, these were the DEME division\u2019s operations. On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME. The purpose of this demerger was to create two leading players in their respective business lines. The partial demerger took place on June 29, 2022. On June 30, 2022, DEME Group started its listing on Euronext Brussels as a separate entity. (Z) SEGMENT REPORTINGA segment is a distinguishable component of the CFE group that generates revenue and incurs expenses and whose operating income and losses are regularly reviewed by management in order to take decisions or determine its performance. The CFE group\u2019s continuing operations consist of four operating segments : real estate development, multitechnics, construction & renovation and investments & holding. Discontinued operations consist exclusively of the DEME group\u2019s operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__13": { "value": "(A) STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__14": { "value": "(B) BASIS OF PRESENTATIONThe financial statements are stated in thousands of euros, rounded to the nearest thousand. Equity instruments and equity derivatives are stated at cost where they do not have a quoted market price in an active market and where other methods of reasonably estimating fair value are clearly inappropriate and/or inapplicable. Accounting policies are applied consistently. The financial statements are presented before the appropriation of parent-company income proposed to the Shareholders' General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__15": { "value": "(C) MAIN JUDGEMENTS AND ASSUMPTIONSThe preparation of financial statements according to the IFRS standards requires the use of estimates, as well as the formulation of judgments and assumptions that affect the amounts shown in those financial statements, particularly with regard to the following items: - the period over which non-current assets are depreciated or amortized ;- the measurement of provisions and post-employment obligations ;- the measurement of income or losses on construction contracts using the percentage of completion method ;- estimates used in impairment tests ;- the valuation of financial instruments at fair value ;- the assessment of control ;- the qualification of the nature of the transaction as a business combination or an acquisition of assets when a company isacquired ; and - the assumptions used to determine the financial liabilities in accordance with the IFRS 16 standard.These estimates assume the operation is a going concern and are made on the basis of the information available at the time they were established. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be different from these estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__17": { "value": "(D) CONSOLIDATION PRINCIPLESThe consolidated financial statements include the financial statements of the CFE group and the financial statements of its subsidiaries and the entities over which it has control. The CFE group controls an entity if : - it has power over the entity ;- it is exposed to, or entitled to, variable returns from the controlled entity ;- it has the ability to exert power over the entity in order to influence the returns obtained.If the CFE group does not have the majority of voting rights in an entity, it is presumed to have enough rights to exert power over the entity if it has the ability to manage the core businesses of the entity on its own. The CFE group takes into account all facts and circumstances when it assess whether the voting rights held are sufficient to give the power to manage the entity, including the following: - the voting rights held by the CFE group compared to the voting rights held by the other partners and how there are spreadamong them ;- the potential voting rights held by the CFE group and by other stakeholders or other parties ;- the rights arising from other agreements ;- other facts and circumstances, if any, that prove that the CFE group has the ability (or otherwise) to manage the entity\u2019score businesses when decisions have to be taken, including voting trends at previous shareholder meetings.The CFE group consolidates the subsidiary from the date on which it obtains control, and ceases to consolidate it when the group no longer controls the entity. In particular, the income and expenses of a subsidiary acquired or sold during the financial year are included in the consolidated statement of income and in other elements of the consolidated statement of comprehensive income from the date the CFE group acquires control of the subsidiary until the date on which it ceases to control it. If necessary, adjustments are made to statutory accounts of subsidiaries in order to align their accounting methods with those used by the group. All assets and liabilities, equity, revenue, expenses and cash flows related to transactions between group companies are eliminated in the consolidated financial statements. Changes to the group\u2019s interest in a subsidiary that do not result in a loss of control are recognized as equity transactions. The carrying amounts of the group\u2019s interests and non-controlling interests are adjusted to reflect changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__18-1": { "value": "Changes to the group\u2019s interest in a subsidiary that do not result in a loss of control are recognized as equity transactions. The carrying amounts of the group\u2019s interests and non-controlling interests are adjusted to reflect changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the CFE group grants an option to sell to the non-controlling interests of a subsidiary (i.e. where the non-controlling interests have a \"put\"), the related financial liability is initially deducted from non-controlling interests in equity.Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__21": { "value": "Associated companies are entities in which the CFE group exercises a significant influence. Significant influence is the power to take part in financial and operating policy decisions of a company without, however, exercising control or joint control over these policies. A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity\u2019s net assets. A joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions related to core businesses require the agreement of all parties. Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. If the group\u2019s share in the losses of an associate or joint venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. Additional losses are recognized only to the extent that the CFE group has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture. A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes an associate a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill, which is included in the carrying amount of the participation. Any surplus of the group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated statement of income of the financial year in which the participation was acquired. A joint operation is a partnership in which the parties who exercise joint control over the company have rights to the assets and obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control over an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-participant, recognizes the following items in respect to its interests in the joint operation: - its assets, including its share of any assets held jointly ;- its liabilities, including its share of any liabilities incurred jointly ;- its revenue from the sale of its share of the output arising from the joint operation ;- its share of the revenue from the sale of its share of the output by the joint operation ;- its expenses, including its share of any expenses incurred jointly.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__20": { "value": "Associated companies are entities in which the CFE group exercises a significant influence. Significant influence is the power to take part in financial and operating policy decisions of a company without, however, exercising control or joint control over these policies. A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity\u2019s net assets. A joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions related to core businesses require the agreement of all parties. Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. If the group\u2019s share in the losses of an associate or joint venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. Additional losses are recognized only to the extent that the CFE group has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture. A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes an associate a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill, which is included in the carrying amount of the participation. Any surplus of the group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated statement of income of the financial year in which the participation was acquired. A joint operation is a partnership in which the parties who exercise joint control over the company have rights to the assets and obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control over an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-participant, recognizes the following items in respect to its interests in the joint operation: - its assets, including its share of any assets held jointly ;- its liabilities, including its share of any liabilities incurred jointly ;- its revenue from the sale of its share of the output arising from the joint operation ;- its share of the revenue from the sale of its share of the output by the joint operation ;- its expenses, including its share of any expenses incurred jointly.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__19": { "value": "Associated companies are entities in which the CFE group exercises a significant influence. Significant influence is the power to take part in financial and operating policy decisions of a company without, however, exercising control or joint control over these policies. A joint venture is an arrangement whereby the parties having joint control over the entity have rights to the entity\u2019s net assets. A joint control is the sharing of the control over an entity among different parties based on legal agreements and where all decisions related to core businesses require the agreement of all parties. Assets, liabilities, revenue and expenses from associates and joint ventures are accounted for using equity method in the consolidated financial statements unless the interest in the associate is, partly or fully, classified as held-for-sale. In that case, it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate or joint venture is first recorded at cost in the consolidated financial statements and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. If the group\u2019s share in the losses of an associate or joint venture is greater than its participation, the CFE group ceases to recognize its share in the future losses. Additional losses are recognized only to the extent that the CFE group has entered into a legal or implicit obligation, or has made payments on behalf of the associate or joint venture. A participation in an associate or a joint venture is recognized under the equity method from the date when the entity becomes an associate a joint venture. When acquiring the participation in an associate or a joint venture, any surplus of the cost of the participation over the share of the net fair value of the identifiable assets and liabilities of the entity is recognized as goodwill, which is included in the carrying amount of the participation. Any surplus of the group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the participation, after revaluation, is immediately recognized in the consolidated statement of income of the financial year in which the participation was acquired. A joint operation is a partnership in which the parties who exercise joint control over the company have rights to the assets and obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control over an entity, which only exists if decisions with regard to the relevant activities require the unanimous consent of the parties sharing control. When an entity of the CFE group entity starts its activities in the context of a joint operation, the CFE group, as a co-participant, recognizes the following items in respect to its interests in the joint operation: - its assets, including its share of any assets held jointly ;- its liabilities, including its share of any liabilities incurred jointly ;- its revenue from the sale of its share of the output arising from the joint operation ;- its share of the revenue from the sale of its share of the output by the joint operation ;- its expenses, including its share of any expenses incurred jointly.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__22": { "value": "(E) FOREIGN CURRENCIES(1) TRANSACTIONS IN FOREIGN CURRENCIESTransactions in currencies other than the euro are recognized at the exchange rate on the transaction date. Monetary assets and liabilities denominated in foreign currencies are converted at the closing rate. Gains and losses resulting from these transactions, as well as the conversion of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statement of income. Non-monetary assets and liabilities denominated in foreign currencies are converted at the foreign exchange rate on the transaction date. (2) FINANCIAL STATEMENTS OF FOREIGN ENTITIESThe assets and liabilities of the companies of the CFE group whose functional currencies are other than the euro are converted into euros at the exchange rate on the balance sheet date. The income statements of foreign entities, excluding foreign entities in hyperinflationary economies, are converted into euros at an average exchange rate for the year (approximating the foreign exchange rates prevailing at the dates of the transactions). Components of shareholders\u2019 equity are converted at historical rates. The conversion differences arising from this conversion are recognized in the other elements of the comprehensive income, and are accumulated in a separate equity reserve, i.e., \u2018exchange differences on translation\u2019. These differences are recognized in the consolidated statement of income of the financial year during which the entity is sold or liquidated. (3) EXCHANGE RATESCurrencies Closing rate 2022 Average rate 2022 Closing rate 2021 Average rate 2021 Polish Zloty 4.68 4.69 4.60 4.56 U.S. Dollar 1.07 1.05 1.13 1.18 Tunisian Dinar 3.32 3.25 3.25 3.29 Hungarian forint 400.87 391.84 369.19 358.48 Romanian Leu 4.95 4.93 4.95 4.92 British Pound 0.89 0.85 0.84 0.86 Units of foreign currency per euro", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__24": { "value": "(F) INTANGIBLE ASSETS(1) RESEARCH AND DEVELOPMENT COSTSExpenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding are recognized in the consolidated statement of income as an expense as incurred. Development costs, whereby research results are applied to the planning or design of new or improved processes such as IT tools, are recognised as an asset if the process is technically and commercially feasible, the company has sufficient resources to complete the development, the attributable expenditure can be reliably identified, the CFE Group intends to complete and use the related intangible asset, and the intangible asset will generate future financial benefits through internal use. Capitalized expenditures include all costs directly attributable to the asset necessary for its creation, production and preparation in view of its intended use. Other development expenditures are recognized as an expense as incurred. Development costs recognized as an asset are included in the consolidated statement of financial position at their acquisition cost less accumulated depreciation (see below) and impairment. (2) RECOGNITION AND MEASUREMENT OF LICENSESAll intangible assets are capitalized only if it is probable that future economic benefits will flow to the entity and if its cost can be measured reliably. These criteria are applicable on initial recognition and for subsequent expenditures. All intangible assets are accounted for at historical cost less accumulated depreciation and impairment losses. Historical cost includes the purchase price of licenses as well as costs incurred during the implementation period of the software. Implementation costs include the costs of suppliers or consultants working on the project as well as the direct salary costs of staff members whose main task is the implementation of the tool. (3) SUBSEQUENT EXPENDITURESSubsequent expenditures on intangible assets are recognized as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. All other expenditures are recognized when incurred. (4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__23-1": { "value": "(F) INTANGIBLE ASSETS(1) RESEARCH AND DEVELOPMENT COSTSExpenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding are recognized in the consolidated statement of income as an expense as incurred. Development costs, whereby research results are applied to the planning or design of new or improved processes such as IT tools, are recognised as an asset if the process is technically and commercially feasible, the company has sufficient resources to complete the development, the attributable expenditure can be reliably identified, the CFE Group intends to complete and use the related intangible asset, and the intangible asset will generate future financial benefits through internal use. Capitalized expenditures include all costs directly attributable to the asset necessary for its creation, production and preparation in view of its intended use. Other development expenditures are recognized as an expense as incurred. Development costs recognized as an asset are included in the consolidated statement of financial position at their acquisition cost less accumulated depreciation (see below) and impairment. (2) RECOGNITION AND MEASUREMENT OF LICENSESAll intangible assets are capitalized only if it is probable that future economic benefits will flow to the entity and if its cost can be measured reliably. These criteria are applicable on initial recognition and for subsequent expenditures. All intangible assets are accounted for at historical cost less accumulated depreciation and impairment losses. Historical cost includes the purchase price of licenses as well as costs incurred during the implementation period of the software. Implementation costs include the costs of suppliers or consultants working on the project as well as the direct salary costs of staff members whose main task is the implementation of the tool. (3) SUBSEQUENT EXPENDITURESSubsequent expenditures on intangible assets are recognized as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. All other expenditures are recognized when incurred. (4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years.(1) POSITIVE GOODWILLGoodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the number of non-controlling interests in the acquired company and the fair value of the stake previously owned by the group in the acquired company (if any) on the net balance of the amounts of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis. Goodwill is not amortized, but is subject to impairment tests that take place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated (usually a subsidiary) could have suffered a drop in value. Goodwill is expressed in the currency of the subsidiary to which it relates. If the recoverable amount of the cash-generating unit is less than its carrying amount, the loss of value is first charged against any goodwill allocated to this unit, and then to any other assets of the unit in proportion to the carrying amount of each of the assets included in the unit. Goodwill is stated on the consolidated statement of financial position at cost less impairment. Impairment of goodwill is not reversed in future periods. When a subsidiary is divested from the group, the resulting goodwill and other comprehensive income relating to the subsidiary are taken into account in determining the net gain or loss on disposal. For companies accounted for by the equity method, the carrying amount of goodwill is included in the carrying amount of this participation. (2) BARGAIN PURCHASEIf, at the acquisition date, the net balance of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake in the acquired company previously owned by the group (if any), the surplus is recognized immediately in the consolidated statement of income as a profit on an acquisition under favorable conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__26-1": { "value": "(4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years.(3) DEPRECIATIONDepreciation is calculated from the date on which the asset is ready to be used. Depreciation is calculated according to the straight-line method, and on the basis of the estimated useful economic life of these assets, i.e.: trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovatin of buildings/new buildings : 20-33 years cranes : 8-12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years Land is not depreciated as it is deemed to have an indefinite life.(N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__25-1": { "value": "(4) DEPRECIATIONIntangible fixed assets are amortised on a straight-line basis over their estimated useful life. Across the CFE group, these are essentially made up of software licences with an estimated useful life ranging from 3 to 5 years.(3) DEPRECIATIONDepreciation is calculated from the date on which the asset is ready to be used. Depreciation is calculated according to the straight-line method, and on the basis of the estimated useful economic life of these assets, i.e.: trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovatin of buildings/new buildings : 20-33 years cranes : 8-12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years Land is not depreciated as it is deemed to have an indefinite life.(N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset.(W) CHARGES(2) COSTS FOR RESEARCH AND DEVELOPMENT, ADVERTISING AND PROMOTIONAL COSTS AND COSTS RELATING TO THEDEVELOPMENT OF IT SYSTEMSResearch, advertising and promotional costs are recognized in the consolidated statement of income of the financial year in which they were incurred. Development costs and development costs for IT systems are recognized as an expense when they are incurred if they do not meet the criteria for intangible assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__28": { "value": "(G) BUSINESS COMBINATIONSAcquisitions of subsidiaries and companies are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, and expenses related to the acquisition are recognized in the consolidated statement of income when incurred. When a consideration transferred by the group in the context of a business combination includes a contingent consideration agreement, this contingent consideration is measured at its fair value on the acquisition date. Changes in the fair value of a contingent consideration that relate to adjustments in the measurement period (see below) are recognized retrospectively; other changes in the fair value of the contingent consideration are recognized in the consolidated statement of income. In a business combination that takes place in stages, the group must reassess the stake it previously held in the acquired company to fair value on the date of acquisition (i.e. the date on which the group obtained control), and recognise any profit or loss in the consolidated statement of income. On the date of acquisition, identifiable assets acquired and liabilities assumed are recognized at fair value on that date with the exception of : - deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12 (Income taxes) and IAS 19 (Employee benefits) respectively ; - liabilities or equity instruments related to payment agreements based on shares in the acquired company or paymentagreements based on shares in the group formed to replace payment agreements based on shares in the acquiredcompany, which are measured in accordance with IFRS 2 (Share-based payment) on the date of acquisition ;- assets (or groups intended to be sold) classified as held-for-sale under IFRS 5 (Non-current assets held for sale anddiscontinued operations), which are measured in accordance with this standard.If the initial recognition of a business combination is unfinished at the end of the financial reporting period during which the business combination occurs, the group must present provisional amounts relating to the items for which recognition is unfinished. These provisional amounts are adjusted during the measurement period (see below), or the additional assets or liabilities are recognized to take into account new information obtained about the facts and circumstances prevailing at the acquisition date and which, if they had been known, would have had an impact on the amounts recognized at that date. Adjustments in the measurement period are a consequence of additional information about the facts and circumstances prevailing at the date of acquisition obtained during the \u201cmeasurement period\u201d (up to one year from the acquisition date). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__27": { "value": "(G) BUSINESS COMBINATIONSAcquisitions of subsidiaries and companies are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, and expenses related to the acquisition are recognized in the consolidated statement of income when incurred. When a consideration transferred by the group in the context of a business combination includes a contingent consideration agreement, this contingent consideration is measured at its fair value on the acquisition date. Changes in the fair value of a contingent consideration that relate to adjustments in the measurement period (see below) are recognized retrospectively; other changes in the fair value of the contingent consideration are recognized in the consolidated statement of income. In a business combination that takes place in stages, the group must reassess the stake it previously held in the acquired company to fair value on the date of acquisition (i.e. the date on which the group obtained control), and recognise any profit or loss in the consolidated statement of income. On the date of acquisition, identifiable assets acquired and liabilities assumed are recognized at fair value on that date with the exception of : - deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12 (Income taxes) and IAS 19 (Employee benefits) respectively ; - liabilities or equity instruments related to payment agreements based on shares in the acquired company or paymentagreements based on shares in the group formed to replace payment agreements based on shares in the acquiredcompany, which are measured in accordance with IFRS 2 (Share-based payment) on the date of acquisition ;- assets (or groups intended to be sold) classified as held-for-sale under IFRS 5 (Non-current assets held for sale anddiscontinued operations), which are measured in accordance with this standard.If the initial recognition of a business combination is unfinished at the end of the financial reporting period during which the business combination occurs, the group must present provisional amounts relating to the items for which recognition is unfinished. These provisional amounts are adjusted during the measurement period (see below), or the additional assets or liabilities are recognized to take into account new information obtained about the facts and circumstances prevailing at the acquisition date and which, if they had been known, would have had an impact on the amounts recognized at that date. Adjustments in the measurement period are a consequence of additional information about the facts and circumstances prevailing at the date of acquisition obtained during the \u201cmeasurement period\u201d (up to one year from the acquisition date). (1) POSITIVE GOODWILLGoodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the number of non-controlling interests in the acquired company and the fair value of the stake previously owned by the group in the acquired company (if any) on the net balance of the amounts of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis. Goodwill is not amortized, but is subject to impairment tests that take place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated (usually a subsidiary) could have suffered a drop in value. Goodwill is expressed in the currency of the subsidiary to which it relates. If the recoverable amount of the cash-generating unit is less than its carrying amount, the loss of value is first charged against any goodwill allocated to this unit, and then to any other assets of the unit in proportion to the carrying amount of each of the assets included in the unit. Goodwill is stated on the consolidated statement of financial position at cost less impairment. Impairment of goodwill is not reversed in future periods. When a subsidiary is divested from the group, the resulting goodwill and other comprehensive income relating to the subsidiary are taken into account in determining the net gain or loss on disposal. For companies accounted for by the equity method, the carrying amount of goodwill is included in the carrying amount of this participation. (2) BARGAIN PURCHASEIf, at the acquisition date, the net balance of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake in the acquired company previously owned by the group (if any), the surplus is recognized immediately in the consolidated statement of income as a profit on an acquisition under favorable conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__30": { "value": "(1) POSITIVE GOODWILLGoodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the number of non-controlling interests in the acquired company and the fair value of the stake previously owned by the group in the acquired company (if any) on the net balance of the amounts of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value or at the share of the non-controlling participation in the identifiable net assets recognized of the acquired company. The basis of measurement is selected on a transaction-by-transaction basis. Goodwill is not amortized, but is subject to impairment tests that take place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated (usually a subsidiary) could have suffered a drop in value. Goodwill is expressed in the currency of the subsidiary to which it relates. If the recoverable amount of the cash-generating unit is less than its carrying amount, the loss of value is first charged against any goodwill allocated to this unit, and then to any other assets of the unit in proportion to the carrying amount of each of the assets included in the unit. Goodwill is stated on the consolidated statement of financial position at cost less impairment. Impairment of goodwill is not reversed in future periods. When a subsidiary is divested from the group, the resulting goodwill and other comprehensive income relating to the subsidiary are taken into account in determining the net gain or loss on disposal. For companies accounted for by the equity method, the carrying amount of goodwill is included in the carrying amount of this participation. (2) BARGAIN PURCHASEIf, at the acquisition date, the net balance of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake in the acquired company previously owned by the group (if any), the surplus is recognized immediately in the consolidated statement of income as a profit on an acquisition under favorable conditions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__32": { "value": "(H) PROPERTY, PLANT AND EQUIPMENT(1) RECOGNITION AND MEASUREMENTAll property, plant and equipment are capitalized only if it is probable that future economic benefit will flow to the entity and its cost can be measured reliably. These criteria are applicable at initial recognition and in relation to subsequent expenditures. All property, plant and equipment are included in the consolidated statement of financial position at their historical acquisition cost less accumulated depreciation and impairment losses. Historical cost includes the original purchase price, borrowing costs incurred during the construction period, and related direct costs (e.g. non recoverable taxes and transport costs). The cost of assets produced by the company includes the cost of materials, direct labor costs and an appropriate proportion of overheads. (2) SUBSEQUENT EXPENDITURESSubsequent expenditures are only recorded as an asset only if it allows the asset to generate future economic benefits beyond the performance level that was defined at the outset. Repairs and maintenance costs, which do not increase the future economic benefits of the asset to which they relate, are recognized as costs when incurred. (3) DEPRECIATIONDepreciation is calculated from the date on which the asset is ready to be used. Depreciation is calculated according to the straight-line method, and on the basis of the estimated useful economic life of these assets, i.e.: trucks : 5 years other vehicles : 3 to 5 years other equipments : 5 years IT hardware : 3 years office equipment : 5 years office furniture : 10 years renovatin of buildings/new buildings : 20-33 years cranes : 8-12 years with/without residual value of 1% excavators : 7 years without residual value tracklayers : 10 years with residual value of 5% containers and site installations : 5 years various site equipments : 5 years Land is not depreciated as it is deemed to have an indefinite life. Borrowing costs directly linked to the acquisition, construction or production of an asset that requires a long time of preparation are included in the cost of the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__35": { "value": "(I) LEASESThe CFE group acts mainly as a lessee under lease contracts. Leases are recognized in the consolidated statement of financial position as rights of use and lease obligations at the present value of the future lease payments at a pre-determined discount rate. The CFE Group uses an incremental borrowing rate that differs depending on the nature of the asset underlying the contract. In 2022, the discount rate was revised for each asset class following a significant increase in the reference interest rates (Euribor). The revised discount rate has been applied to the remaining rents in either of the following situations to revalue the rental liability: - to each lease where a substantial change in the term of the lease has occurred but has not resulted in the recognition of a separate lease ;- to new contracts booked after the date on which this rate was revised.- Accrued rights of use are depreciated on a straight-line basis over their useful life, or over the term of the lease if the lease does not provide for transfer of ownership at the end of the lease term, while the corresponding obligations are recognized as financial debts. The lease payments associated for lease contracts of up to 12 months\u2019 duration and lease contracts of low-value underlying assets are expensed over the period in which the asset is used. All minimum lease payments are recorded partly as financing cost and partly as depreciation of the outstanding obligation, which results in a constant periodic interest on the remaining balance of the obligation. Financial expenses are charged directly in the consolidated statement of income. Where a lease contract is terminated before the lease term has expired, any compensation paid to the lessor is expensed in the period in which the lease contract is terminated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__37-1": { "value": "(J) FINANCIAL ASSETSEach category of investments is recognized at its fair value upon the initial recognition of the asset. The measurement method will evolve according to the categories stated below : (1) INVESTMENTS IN DEBT SECURITIES AND OTHER INVESTMENTSInvestments in debt securities are presented as financial assets and are measured at their amortized cost, determined on the basis of the \u201ceffective interest rate method\u201d if the two conditions below are met: - the \u201cSolely payments of principal and interests\u201d criterion as defined by IFRS 9;- the assets are held for collection.The effective interest rate method is used to calculate the amortized cost of a financial asset or liability and to allocate financial income or financial expense during the period under review. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts over the future expected life of the financial instrument or, where appropriate, over a shorter period, in order to obtain the net book value of the financial asset or liability. Profit or loss is recognized in the consolidated statement of income. Impairment losses are recognized in the consolidated statement of income. (2) TRADE RECEIVABLESWe refer to paragraph (L) (3) FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).(L) TRADE RECEIVABLESCurrent trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is carried out on a case-by-case basis for project.(M) CASH AND CASH EQUIVALENTSCash and cash equivalents include cash and term deposits with an original maturity date of less than three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__36-1": { "value": "(J) FINANCIAL ASSETSEach category of investments is recognized at its fair value upon the initial recognition of the asset. The measurement method will evolve according to the categories stated below : (1) INVESTMENTS IN DEBT SECURITIES AND OTHER INVESTMENTSInvestments in debt securities are presented as financial assets and are measured at their amortized cost, determined on the basis of the \u201ceffective interest rate method\u201d if the two conditions below are met: - the \u201cSolely payments of principal and interests\u201d criterion as defined by IFRS 9;- the assets are held for collection.The effective interest rate method is used to calculate the amortized cost of a financial asset or liability and to allocate financial income or financial expense during the period under review. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts over the future expected life of the financial instrument or, where appropriate, over a shorter period, in order to obtain the net book value of the financial asset or liability. Profit or loss is recognized in the consolidated statement of income. Impairment losses are recognized in the consolidated statement of income. (2) TRADE RECEIVABLESWe refer to paragraph (L) (3) FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).(L) TRADE RECEIVABLESCurrent trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is carried out on a case-by-case basis for project.(M) CASH AND CASH EQUIVALENTSCash and cash equivalents include cash and term deposits with an original maturity date of less than three months.(R) FINANCIAL LIABILITIES(1) LIABILITIES AT AMORTIZED COSTInterest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life of the loan, using the effective interest-rate method. See paragraph J (2) for the definition of this method. (2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).(S) TRADE AND OTHER PAYABLESTrade and other current payables are recognized at amortized cost.(X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__38": { "value": "(K) INVENTORIESInventories are measured at weighted average cost or at net realizable value, if the latter is lower. The cost of finished products and work in progress comprises raw materials, other production materials, direct labour, other direct costs, borrowing costs incurred where the product requires a long period of construction, and an allocation of fixed and variable production overheads based on the normal capacity of production facilities. The net realizable value is the estimated selling price in the normal course of business, less estimated completion costs and costs necessary to complete the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__40": { "value": "(L) TRADE RECEIVABLESCurrent trade receivables are measured at amortized cost, which is generally identical to their nominal value less any impairment losses. The measurement of financial assets is made on the basis of the estimated loss model, which requires taking the discounted value of the estimated losses into account if the debtor proves to be in default. The estimated losses are calculated on the basis of the weighted average of the losses to be incurred according to several occurrence scenarios. This analysis is carried out on a case-by-case basis for project.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__45": { "value": "(N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__44": { "value": "(N) IMPAIRMENT OF NON-FINANCIAL ASSETSThe carrying amounts of non-current assets (with the exception of financial assets that fall within the scope of IFRS 9, deferred taxes and non-current assets held for sale) are reviewed at each closing date to determine whether there is any indication that an asset has lost value. If any such indication exists, the asset\u2019s recoverable amount is estimated. For intangible assets with an indefinite useful life and goodwill, the recoverable amount is estimated at each closing date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of income. (1) ESTIMATES OF RECOVERABLE AMOUNTSThe recoverable amount of non-financial assets is the greater of the fair value less costs for selling the asset and its value in use. Value in use is the present value of estimated future cash flows.In order to determine the value in use, estimated future cash flows are discounted using a pre-tax interest rate that reflects both current market interest rates and risks specific to the asset. For assets that do not generate cash flows themselves, the recoverable amount is determined for the cash-generating unit to which the assets belong. (2) REVERSAL OF IMPAIRMENTWith the exception of goodwill for which impairment losses are never reversed, impairments on non-financial assets are only reversed if there has been a change in the estimates used to determine the recoverable amount. An asset impairment can only be reversed to the extent that the asset\u2019s carrying amount, which has increased after the reversal of an impairment loss, does not exceed the net carrying amount of the amortization that would have been determined, if no amortization would have been recognized for this asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__48": { "value": "(O) PURCHASE OF TREASURY SHARESWhen CFE shares are bought back by the company or a company of the CFE group, the amount paid, including costs directly attributable to the acquisition, is recognized as a deduction from equity. The proceeds from the sale of shares are directly included in the total equity, with no impact on consolidated statement of income. if treasury shares are reissued, any difference between the carrying amount and the consideration is recognized as share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__49": { "value": "(P) PROVISIONSProvisions are made if the company has a legal or an implicit obligation as a result of events that have occurred in the past, if it is probable that an outflow of resources generating economic benefits will be required to settle the obligation, and if the amount of the obligation can be reliably estimated. The amount recorded as provision corresponds to the best estimate of the necessary expenditure to settle the current obligation at the balance sheet date. This estimate is obtained by using a pre-tax interest rate that reflects both the current market assessments and the specific debt risks. Provisions for restructuring are made if the company has approved a detailed and formal restructuring plan, if the restructuring has either started or has been announced publicly, and if the employees affected have been notified of the plan main features. Provisions are not set aside for costs that relate to the company's normal activities. Current provisions are provisions directly linked to each business line\u2019s own operating cycle, whatever the expected time of settlement of the obligation. Provisions for after-sales service cover the obligations of the entities of the CFE group within the framework of the statutory guarantees relating to completed projects. They are estimated statistically on the basis of expenses incurred in previous years or individually on the basis of specifically identified problems. Provisions for after-sales services are provided from the start of the work. A provision for onerous contracts is made if the expected economic benefits from a contract are lower than the unavoidable costs of meeting the contractual obligations. Unavoidable contract costs reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from the failure to fulfil it. The cost of fulfilling a contract includes the costs directly related to the contract ('full direct costs'), these being: - the incremental costs of fulfilling the contract ; and- an allocation of other costs directly related to fulfilling the contract.Provisions for litigation with regard to activities mainly relate to disputes with customers, subcontractors, co-contractors or suppliers. Other provisions for current risks mainly consist of provisions for delay penalties and other risks related to operations. Non-current provisions correspond to provisions not directly linked to the operating cycle and whose maturity generally exceeds one year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__50": { "value": "(Q) EMPLOYEE BENEFITS(1) POST-EMPLOYMENT BENEFITSPost-employment benefits include pension plans and life insurance. The company operates a number of defined-benefit and defined-contribution pension plans throughout the world. In Belgium, some pension schemes based on defined contribution plans are subject to a minimum guaranteed return by the employer and are therefore qualified as defined benefit plans. The assets of these plans are generally held by separate institutions and are generally financed through contributions from the subsidiaries concerned and from employees. These contributions are determined on the basis of recommendations from independent actuaries. Post-employment benefits are either funded or non-funded. a) Defined contributions plans Contributions to these pension plans are recognized as an expense in the consolidated statement of income when incurred. b) Defined benefits plans For these pension plans, costs are estimated separately for each plan using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately. Under this method, the cost of providing pensions is charged to the consolidated statement of income so as to spread the cost evenly over the remaining careers of employees covered by the plan, in accordance with the advice of actuaries who carry out a full assessment of these plans every year. The amounts charged to the consolidated statement of income consist of current service cost, interest cost, the expected return on plan assets and past service cost. The pension obligations recognized on the consolidated statement of financial position are measured as the present value of the estimated future cash outflows, discounted at a rate corresponding to the yield on high-quality corporate bonds with a maturity similar to that of the pension obligations, less any unrecognized past service costs and the fair value of plan assets. Actuarial gains and losses are calculated separately for each defined-benefit plan. Actuarial gains and losses comprise the effects of differences between actuarial assumptions and actual figures, and the effects of changes in actuarial assumptions. Actuarial gains and losses on commitments or assets related to post-employment benefits and resulting from adjustments based on experience and/or changes in actuarial assumptions are recognized in other elements of the consolidated statement of comprehensive income in the period in which they arise, and are the object of a separate reserve in equity. These differences and the changes in the recognized asset limit are presented in the consolidated statement of comprehensive income. Interest expenses resulting from the accretion effect relating to pension obligations and similar liabilities, and financial income resulting from the expected return on plan assets, are recognized in the consolidated statement of income under financial items. The introduction of or changes to a new post-employment benefit plan or other long-term plans may increase the present value of the obligation with respect to defined-benefit plans for services rendered in previous periods, i.e. the past service cost. The past service cost related to post-employment benefit plans is recognized in income on a straight-line basis over the average period until the related benefits are received by employees. Benefits received after the adoption of or changes to a post-employment benefit plan, and past service costs relating to other long-term benefits, are immediately taken to income. Actuarial calculations related to post-employment obligations and other long-term benefits are carried out by independent actuaries. (2) BONUSBonuses granted to company employees and senior executives are based on targets relating to key financial and non-financial indicators. The estimated amount of bonuses is recognized as an expense in the year to which they relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__52-1": { "value": "(R) FINANCIAL LIABILITIES(1) LIABILITIES AT AMORTIZED COSTInterest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life of the loan, using the effective interest-rate method. See paragraph J (2) for the definition of this method. (2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).(S) TRADE AND OTHER PAYABLESTrade and other current payables are recognized at amortized cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__51": { "value": "(R) FINANCIAL LIABILITIES(1) LIABILITIES AT AMORTIZED COSTInterest-bearing borrowings are recognized at their fair amount less attributable transaction costs. Any difference between this net amount (after transaction costs) and repayment value is recognized in the consolidated statement of income over the life of the loan, using the effective interest-rate method. See paragraph J (2) for the definition of this method. (2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__54": { "value": "(2) FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT AND LOSSDerivative instruments are recognized at fair value through the consolidated statement of income, unless there is documentation of hedge accounting (we refer to paragraph X).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__57": { "value": "(S) TRADE AND OTHER PAYABLESTrade and other current payables are recognized at amortized cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__58": { "value": "(T) INCOME TAXESIncome tax for the financial year comprises current and deferred tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized directly in equity or in the other elements of the consolidated statement of comprehensive income. In this case, deferred tax is also recognized in these elements. Current tax is the expected tax payable on the taxable income for the past year, as well as any adjustment to taxes paid or payable with regard to previous years. It is calculated using the valid tax rates at the balance sheet date. Deferred tax is calculated using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The applicable tax rates at the closing date are used to calculate deferred tax assets and liabilities. Under this method, the company is required to make a provision for deferred taxes for the difference between the fair value of the net assets acquired and their tax base, in the event of a business combination. The following temporary differences are not taken into account: non-deductible goodwill, the initial recognition of assets or liabilities that do not affect accounting profit or taxable profit, and differences relating to participations in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is only recognized to the extent that it is probable that future taxable profit will be available to offset the tax advantage. A deferred tax asset is reduced to the extent that it is no longer likely that the related tax benefit will be realized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__59": { "value": "Deferred tax is calculated using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The applicable tax rates at the closing date are used to calculate deferred tax assets and liabilities. Under this method, the company is required to make a provision for deferred taxes for the difference between the fair value of the net assets acquired and their tax base, in the event of a business combination. The following temporary differences are not taken into account: non-deductible goodwill, the initial recognition of assets or liabilities that do not affect accounting profit or taxable profit, and differences relating to participations in subsidiaries to the extent that they will probably not reverse in the foreseeable future. A deferred tax asset is only recognized to the extent that it is probable that future taxable profit will be available to offset the tax advantage. A deferred tax asset is reduced to the extent that it is no longer likely that the related tax benefit will be realized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__60": { "value": "(U) REVENUE FROM CONSTRUCTION AND SERVICE CONTRACTSIf the profit and loss that result from a construction contract can be estimated reliably, contract revenue and expenses, including borrowing costs incurred if the contract exceeds the accounting period, are recognized in the consolidated statement of income over time, in proportion to the contract's percentage of completion at the closing date. The percentage of completion is calculated as the proportion between the contract costs at the closing date and the total estimated contract costs. Most of the income is gradually recognized if one of the following criteria is met: - the customer simultaneously receives and consumes the benefits generated by the service provided by the company as it is implemented;- the service provided by the company creates or enhances an asset over which the customer obtains control progressivelyas it is being created or enhanced;- the service provided by the company creates an asset without possible alternative use by the company, and the latter hasan enforceable right to payment for the service completed to date.(1) CONTRACT COSTSContract costs are recognized as an expense in the consolidated statement of income for the financial year in which the services to which they relate are provided, and the incurred costs that relate to future contract activities are capitalized if the entity is expecting to recover them. A correction will be made for the cost of equipment that has been purchased but not yet manufactured, or that is being manufactured, at the reporting date. In the event that the forecast at the completion of the construction work shows a deficit, the expected loss on completion is immediately recognized as an expense. (2) CONTRACT REVENUERevenue from a construction contract includes the revenue initially defined in the contract, as well as any modifications to the work specified in the contract, claims and performance bonuses to the extent that it is highly probable that there will be no significant reversal in the cumulative recognized revenue when the uncertainty associated with the variable components is subsequently resolved. If the outcome of a construction contract cannot be reliably estimated, contract revenue is recognized to the extent that the contract costs incurred are likely to be recovered. The transaction price is determined as the fair value of the consideration that the company is expecting to receive, and it is allocated to the performance obligation based on stand-alone selling prices. Stand-alone selling prices are estimated according to the estimated costs. A modification to the contract may lead to an increase or decrease in the transaction price. It relates to an instruction from the customer with regard to the scope of the work defined by the contract. In applying this principle, performance bonuses and claims are generally considered to be included in the transaction price only if an agreement has been made with the customer. The most common variable components, such as the price of the materials and remuneration of site personnel should only be included in the transaction price if it is highly probable that there will be no subsequent significant downward adjustment to the revenue recognized. Performance bonuses constitute a part of the contract revenue if the contract's percentage of completion indicates that the specified performance level will actually be reached or exceeded, and the amount of the performance bonus can be reliably determined. (3) CONTRACT BALANCESA contract asset is the entity's right to a consideration in exchange for the transfer of the goods or services to a customer. If the entity provides goods or services to a customer before the customer has paid for the consideration, or before the consideration is due, a contract asset is recognized for the contingent consideration acquired. A contract liability is the entity's obligation to transfer goods or services to a customer, for which the group has received a consideration prior to the transfer of goods or services to that customer. A contract liability is recognized when the consideration is received in advance, or when the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the entity has completed the contract. (4) COSTS TO FULFILL OR OBTAIN A CONTRACTCFE has assessed that the cost of obtaining contract (e.g. commissions paid), as well as the related costs of fulfilling that are not covered by a specific IFRS standard, which should normally be capitalized as defined in IFRS 15 if they meet certain specific criteria, have no significant impact on the recognition of revenue and margins of projects. As such, these costs of winning or implementing a contract are not recognized separately in accordance with IFRS 15, but are included in the recognition of the project and therefore recognized when they are incurred. (5) SPECIFIC CONSIDERATIONS RELATING TO REVENUE BY SEGMENTa) Revenue from construction and multitechnics contracts CFE is responsible for the overall management of a project in which various goods and services are included, such as demolition, earthworks, soil remediation, foundation work, procurement of materials, construction of the shell and facades, installation of technical facilities (electricity, HVAC, etc.), and the finishing works. The performance obligations aimed at transferring goods and services are not treated separately in the context of the contract, as the entity provides a significant service of integrating goods and services (the inputs) into the building (the combined output) for which the customer has concluded a contract. This is why the goods and services are not treated separately. The entity recognises all the goods and services under the contract as one and the same performance obligation. Revenue from construction contracts are recognized according to the percentage of completion using the cost-based method, i.e., according to the share of the contract costs incurred for its completion to date relative to the total estimated costs. To theextent that the contract explicitly identifies each unit individually, and the customer can benefit from each unit individually, theconstruction of each unit should be considered as a separate performance obligation, and revenue are recognized separately for each performance obligation.For some contracts, mainly in the multitechnics division, the installation and execution works cover a very short period of time.For such contracts, revenue is recognized at the exact moment that the work is completed.b) Real estate developments CFE is responsible for the overall management of real estate projects in which several building blocks under construction (or to be constructed) are sold to the customers. Taking into account the local regulator that governs the transfer of ownership to the end customer, the performance obligation is satisfied progressively or at a specific point in time. Revenue is recognized when the material risks and rewards of ownership have been substantially transferred to the buyer, and no uncertainty remains regarding the recovery of the amounts due, the associated costs or the possible return of goods. In so-called mixed projects, and in particular real estate developments including residential, office and/or retail units, they will be subdivided in one or more performance obligations, depending on whether the different units that are developed are separate or not within the meaning of the IFRS 15 standard. Moreover, depending on the contractual framework, the development of the project and the monitoring of its construction will be considered as either a single performance obligation or as two separate obligations. The income is recognized when each performance obligation, taken individually, is satisfied, i.e.: - if the local regulator makes the ownership of the construction gradually transferable throughout the execution of theconstruction work, and if the group is contractually restricted from redirecting the properties to other customers, and hasan enforceable right to payment for the work carried out, the revenue from the construction of these residential propertieswill therefore be gradually recognized according to the cost-based method, i.e. based on the share of contract costsincurred for its realisation to date relative to the estimated total costs, and according to the degree of ownership transferredat the closing date. This concerns projects developed in Belgium and Luxembourg ;- if the legislator provides that the transfer of risks and benefits, as well as the right to enforceable payment, is only establishedwhen the residential unit is fully built and delivered, revenue is only recognized at a specific point in time, i.e. upon the signingof the notarial deed or the transfer protocol between CFE and the end customer. This applies only to projects developed inPoland.If the development of a project and the monitoring of its construction are considered as two separate obligations, the income relating to the development of the project will generally be recognized at a specific time when it is sold, and the income relating to the monitoring of the construction will be recognized as a percentage of completion, as previously explained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__61": { "value": "(V) OTHER INCOME(1) RENTAL INCOME AND FEESRental income and costs are recognized on a straight-line basis over the term of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__62": { "value": "(2) PUBLIC GRANTSAn income-related grant is initially recognized as deferred income in the consolidated statement of financial position if there is a strong assumption that the income will be received and that the company will comply with the conditions attached to it. These grants are systematically recognized as other income from operational activities in the consolidated statement of income over the same period during which these expenses are covered by the grant. Capital grants that compensate the company for the cost of an asset are systematically recognized as a deduction in the cost of these fixed assets. They are recognized at their expected value on the date of initial recognition in the consolidated statement of financial position, and as a deduction from the depreciation cost of the underlying asset over its useful life in the consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__65": { "value": "(1) FINANCIAL EXPENSESFinancial expenses comprise interest payable on borrowings, foreign exchange losses, and losses on hedging instruments that are recognized in the consolidated statement of income. All interest and other costs incurred in connection with borrowings, except those that were eligible for capitalisation, are recognized in the consolidated statement of income as financial expenses. Interest costs relating to lease contracts are recognized in the consolidated statement of income using the effective interest rate method. (2)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__64": { "value": "(1) FINANCIAL EXPENSESFinancial expenses comprise interest payable on borrowings, foreign exchange losses, and losses on hedging instruments that are recognized in the consolidated statement of income. All interest and other costs incurred in connection with borrowings, except those that were eligible for capitalisation, are recognized in the consolidated statement of income as financial expenses. Interest costs relating to lease contracts are recognized in the consolidated statement of income using the effective interest rate method. (2)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__70": { "value": "(X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__69": { "value": "(X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__68": { "value": "(X) HEDGE ACCOUNTINGThe company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. The company\u2019s policy prohibits the use of such instruments for speculation purposes. The company does not hold or issue financial instruments for trading purposes. Derivatives that do not qualify as hedging instruments under the IFRS 9 standard, however, are presented as instruments held for trading. Derivative financial instruments are initially measured at their fair value. Subsequent to initial recognition, derivative financial instruments are measured at their fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest rate swaps is the estimated value that the company would receive or pay when exercising the swap at the closing date, taking current interest rate curves and the solvency of the counterparty of the swap into account. The fair value of a forward exchange contract is the quoted value on the stock exchange on closing date, i.e. the present value of the quoted forward price. Hedge accounting is applicable if the conditions of the IFRS 9 standard are met : - the hedging relationship must be clearly designated and documented on the date the hedging instrument is put in place ;- the economic link between the hedged item and the hedging instrument must be documented, as well as the potentialsources of inefficiency ;- the retrospective ineffectiveness must be measured at each closing ;- the hedging relationship consists only of eligible hedging instruments and eligible hedged items ;- the hedge ratio of the hedging relationship is consistent with that resulting from the quantity of the hedged item that isactually hedged by the entity, and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of the hedged item.Changes in the fair value from one period to another are recognized differently depending on the accounting qualification of the instrument. (1) CASH-FLOW HEDGESWhere a derivative financial instrument hedges variations in the cash flow of a recognized liability, a firm commitment or an expected transaction of the company, the effective part of any profit or loss resulting from the derivative financial instrument is recognized directly in other elements of the consolidated statement of comprehensive income and is the object of a reserve that is separate from equity. If the firm commitment or the expected future transaction leads to the recognition of a non-financial asset or liability, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and are included in the initial assessment of the value of the asset or liability. Otherwise, the cumulative profits or losses are extracted from the \u2018equity\u2019 heading and recognized in the consolidated statement of income at the same time as the hedged transaction. The non-effective portion of the profit or loss on the financial instrument is recognized in the consolidated statement of income. Profits or losses arising from the temporary value of the financial derivative instrument are recognized in the consolidated statement of income. If a hedging instrument or a hedging relationship has expired, but the hedged transaction has yet to take place, the cumulative unrealized profit or loss at that time remains under the \u2018equity\u2019 heading and is recognized according to the principle explained above at the time the transaction takes place. If the hedged transaction is not expected to take place, the cumulative unrealised profit or loss recognized under \u2018equity\u2019 is immediately recognized in the consolidated statement of income. (2) FAIR VALUE HEDGESFor any derivative financial instrument hedging variations in the fair value of a recognized receivable or debt, any profit or lossresulting from the remeasurement of the hedging instrument is recognized in the consolidated statement of income. The valueof the hedged item is also measured at the fair value attributable to the hedged risk. The related loss or profit is recognized in theconsolidated statement of income. The fair value of the hedged items, in respect of the hedged risk, is their carrying amount on the closing date converted into euros at the exchange rate in effect on the closing date. (3) HEDGE OF AN INVESTMENT IN A FOREIGN COUNTRYIf a foreign currency debt hedges a net investment in a foreign entity, conversion differences arising from the conversion of the debt into euros are recognized directly as \u201cexchange differences on translation\u201d under the other elements of the consolidated statement of comprehensive income. If a derivative financial instrument hedges a net investment relating to foreign operations, the effective portion of the profit or loss on the hedging instrument is recognized directly in \u201cexchange differences on translation\u201d under the other elements of the comprehensive income statement, and the ineffective portion is recognized in the consolidated statement of income. (4) INSTRUMENTS RELATED TO CONSTRUCTION CONTRACTSIf a derivative financial instrument hedges exposure to variations in the cash flow of a recognized obligation, a firm commitment or a planned transaction of the company in the context of a construction contract (mainly forward purchases of raw materials, or forward purchases or sales of foreign currencies), this instrument will not be the object of cash flow hedging documentation as described in point (1) above. Any profit or loss resulting from the derivative financial instrument is recognized in the consolidated statement of income as a financial income or financial expense. Any profit or loss realized on the derivative financial instrument is considered to be a cost under the construction contract (see section (U) above). This element is, however, not considered for determining the percentage of completion of the construction contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__72": { "value": "(Y) ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSFixed assets and groups of assets that are disposed of are classified as held for sale if their carrying amount will be realized on disposal and not through continued use. This condition is only considered to be met if the disposal of these assets, by sale or otherwise, is highly probable and the asset or group of assets disposed of is immediately available for sale in its present condition. Management must be committed to completing the sale within one year of the classification date. Assets held for sale are valued at the lower of carrying amount and fair value less selling costs. They are presented separately with their associated liabilities in the consolidated statement of financial position. Net result for the period and cash flows from discontinued operations are presented separately in the consolidated statement of income and the consolidated cash flow statement respectively. Non-current assets classified as held for sale are no longer amortized or impaired. As at 31 December 2021, these were the DEME division\u2019s operations. On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME. The purpose of this demerger was to create two leading players in their respective business lines. The partial demerger took place on June 29, 2022. On June 30, 2022, DEME Group started its listing on Euronext Brussels as a separate entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__71": { "value": "(Y) ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSFixed assets and groups of assets that are disposed of are classified as held for sale if their carrying amount will be realized on disposal and not through continued use. This condition is only considered to be met if the disposal of these assets, by sale or otherwise, is highly probable and the asset or group of assets disposed of is immediately available for sale in its present condition. Management must be committed to completing the sale within one year of the classification date. Assets held for sale are valued at the lower of carrying amount and fair value less selling costs. They are presented separately with their associated liabilities in the consolidated statement of financial position. Net result for the period and cash flows from discontinued operations are presented separately in the consolidated statement of income and the consolidated cash flow statement respectively. Non-current assets classified as held for sale are no longer amortized or impaired. As at 31 December 2021, these were the DEME division\u2019s operations. On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME. The purpose of this demerger was to create two leading players in their respective business lines. The partial demerger took place on June 29, 2022. On June 30, 2022, DEME Group started its listing on Euronext Brussels as a separate entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__73": { "value": "(Z) SEGMENT REPORTINGA segment is a distinguishable component of the CFE group that generates revenue and incurs expenses and whose operating income and losses are regularly reviewed by management in order to take decisions or determine its performance. The CFE group\u2019s continuing operations consist of four operating segments : real estate development, multitechnics, construction & renovation and investments & holding. Discontinued operations consist exclusively of the DEME group\u2019s operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__74": { "value": "3. CONSOLIDATION METHODSSCOPE OF CONSOLIDATIONCompanies in which the group, directly or indirectly, holds the majority of voting rights enabling control to be exercised, are fully consolidated. Companies over which the group exercises joint control with other shareholders are consolidated using the equity method. This applies in particular to Rent-A-Port, Green Offshore and certain subsidiaries of BPI. The change in the scope of consolidation of the CFE group between December 2021 and December 2022 is summarised as follows: Number of entities 2022 2021 Global integration 68 80 Equity method 90 93 Total 158 173 INTRA-GROUP OPERATIONS Reciprocal operations and transactions relating to assets and liabilities and income and expenses between integrated companies are eliminated in the consolidated financial statements. This elimination is carried out : - in full if the operation is carried out between two subsidiaries; and- up to the holding percentage of the company accounted for using the equity method for the internal result realised betweena fully consolidated company and a company accounted for using the equity method.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__76": { "value": "TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES & ESTABLISHMENTS In most cases, the operating currency of companies and establishments corresponds to the currency of the country concerned. The financial statements of foreign companies whose operating currency is different from that used in preparing the group\u2019s consolidated financial statements are translated at the closing rate for the items of the consolidated statement of financial position and at the average rate for the period for the items of the consolidated statement of income. Any resulting conversion differences are recognised as exchange differences resulting from the translation in the consolidated reserves. Goodwill relating to foreign companies is considered to be part of the assets and liabilities acquired and, as such, is converted at the exchange rate applicable on the closing date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__75": { "value": "TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES & ESTABLISHMENTS In most cases, the operating currency of companies and establishments corresponds to the currency of the country concerned. The financial statements of foreign companies whose operating currency is different from that used in preparing the group\u2019s consolidated financial statements are translated at the closing rate for the items of the consolidated statement of financial position and at the average rate for the period for the items of the consolidated statement of income. Any resulting conversion differences are recognised as exchange differences resulting from the translation in the consolidated reserves. Goodwill relating to foreign companies is considered to be part of the assets and liabilities acquired and, as such, is converted at the exchange rate applicable on the closing date. FOREIGN CURRENCY TRANSLATIONS Transactions in foreign currency are converted into euros at the exchange rate on the transaction date. Financial assets and monetary liabilities denominated in foreign currencies are converted into euros at the exchange rate applicable at the closing date of the period. The resulting exchange profits and losses are recognised in the \u2018foreign exchange income\u2019 heading, and are presented under \u2018other financial income and expenses\u2019 in the consolidated statement of income. Foreign exchange profits and losses on loans denominated in foreign currencies or on foreign exchange derivatives used to hedge participations in foreign subsidiaries are recorded under the heading \u2018exchange differences on translation\u2019 resulting from the conversion in \u2018other elements\u2019 of the consolidated statement of comprehensive income, and are the object of a separate reserve in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__77": { "value": "4. SEGMENT REPORTINGOPERATING SEGMENTSSegment reporting is presented in respect of the group's operating segments. Segment results and assets and liabilities include items that can be directly attributed to a segment. The CFE group can be divided into four operating segments : Real Estate Development The real estate development segment develops real estate projects in Belgium, Luxembourg and Poland. Multitechnics The multitechnics segment includes the activities of the VMA and MOBIX divisions: - VMA specializes in developing technical building installations, their automated management (smart buildings) and long-term maintenance as well as in automating production lines in the automotive, chemical and food industries;- MOBIX is a leading player in Belgium for carrying out railway works (laying tracks, catenaries and signalling) and publiclighting.Construction & Renovation The construction & renovation segment includes all CFE subsidiaries active in Belgium, Poland, the Grand Duchy of Luxembourg and in Germany, which specialize in the construction and renovation of office buildings, residential buildings, hospitals, hotels, schools, car parks and industrial buildings. The companies Wood Shapers (construction and promotion of projects using bio-based and hybrid materials) and LTS (production and assembly plants for prefabricated wooden elements) are also part of this segment. Investments & Holding Besides the holding activities, this segment includes : - participations in Rent-A-Port, Green-Offshore and in two Design Build Finance and Maintenance contracts in Belgium ;- non-transferred construction activities, which concern only a few projects for which delivery has taken place.CONSOLIDATED STATEMENT OF INCOME Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 85,392 338,822 798,661 5,369 (61,023) 1,167,221 EBITDA 15,269 19,883 25,826 1,868 284 63,130 % Revenue 17.88% 5.87% 3.23% 5.41% Depreciation and amortisation (1,034) (8,554) (10,533) (749)0 (20,870) Income from operating activities 14,235 11,329 15,293 1,119 284 42,260 Share of profit (loss) of investments 3,322 4 (322)5,7500 8,754 accounted for using equity method Operating income (EBIT) 17,557 11,333 14,971 6,869 284 51,014 % Revenue 20.56% 3.34% 1.87% 4.37% Financial result (1,659) (813)(2,209) 1,027 0 (3,654) Income tax expenses (1,539) (3,605) (3,778) (34)(6) (8,962) Result from continuing operations - 14,395 6,915 8,984 7,862 278 38,434 share of the group % Revenue 16.86% 2.04% 1.12% 3.29% Result from discontinued operations 190,973 - share of the groupResult for the period - share of 14,395 6,915 8,984 7,862 278 229,407 the group % Revenue 16.86% 2.04% 1.12% Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 106,300 321,380 723,682 9,789 (35,805) 1,125,346 EBITDA 25,573 27,632 18,673 (3,658) 318 68,538 % Revenue 24.06% 8.60% 2.58% 6.09% Depreciation and amortisation (878)(8,917) (9,412) (1,010) 0 (20,217) Income from operating activities 24,695 18,715 9,261 (4,668) 318 48,321 Share of profit (loss) of investments 5,399 110 (5)4,1510 9,655 accounted for using equity method Operating income (EBIT) 30,094 18,825 9,256 (517) 318 57,976 % Revenue 28.31% 5.86% 1.28% 5.15% Financial result (4,134) (488)(2,406)989 0 (6,039) Income tax expenses (2,990) (5,307) (4,008) (31)(95) (12,431) Result from continuing operations - 22,970 13,030 2,842 441 223 39,506 share of the group % Revenue 21.61% 4.05% 0.39% 3.51% Result from discontinued operations 110,502 - share of the groupResult for the period - share of 22,970 13,030 2,842 441 223 150,008 the group % Revenue 21.61% 4.05% 0.39% As required by IFRS 5.34, DEME has been presented as a discontinued operation and its contribution to the consolidated statement of income of the CFE group has been recognized on a separate line (item \u201cResult from discontinued operations \u2013 share of the group\u201d). We refer to note 5 of this report. In 2022, no property development projects were subject to revenue recognized at a specific point in time (2021 : \u20ac20,450 thousand). BREAKDOWN OF REVENUE Breakdown by geographical area Year ended 31 December 2022 2021 (in \u20ac thousands) Belgium 828,635 803,152 Poland 134,889 156,295 Luxembourg 174,403 137,735 Others 29,294 28,164 Consolidated total 1,167,221 1,125,346 The breakdown of revenue by country is based on the countries in which services are provided. In 2022, no customer accounted for more than 10% of group revenue. Breakdown by business area Year ended 31 December 2022 2021 (in \u20ac thousands) Real estate development 85,392 106,300 VMA 225,819 196,375 MOBIX 113,606 125,005 Eliminations intra segment (603) 0 Multitechnics 338,822 321,380 Construction & Renovation 798,661 723,682 Investments & Holding and eliminations between segments (55,654) (26,016) Consolidated total 1,167,221 1,125,346 The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate development segment. The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is carried out at the level of eliminations between segments. As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated revenue is accounted for under work in progress and reversed at the time of sale. ORDER BOOK Year ended 31 December 2022 2021 Change (in \u20ac thousands) Real estate development 74,262 43,510 +70.7%VMA 244,881 236,359 +3.6%MOBIX 124,015 164,620 -24.7%Multitechnics 368,896 400,979 -8.0% Construction & Renovation 1,264,085 1,166,070 +8.4%Investments & Holding 7,888 10,060 -21.6% Consolidated total 1,715,131 1,620,619 +5.8% CONSOLIDATED STATEMENT OF FINANCIAL POSITION Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 22,812 911 0 0 23,723 Property, plant and equipment 2,171 43,455 30,700 1,383 0 77,709 Non-current loans to consolidated group 0 0 0 31,558 (31,558) 0 companies Other non-current financial assets 101,653 0 161 36,480 0 138,294 Investments accounted for using equity method 38,018 154 3,697 68,996 0 110,865 Other non-current assets 10,445 1,918 8,780 188,225 (187,817) 21,551 Inventories 152,438 6,096 10,732 26 (825)168,467 Cash and cash equivalents 4,266 6,639 69,630 46,614 0 127,149 Internal cash position - Cash pooling - assets 1,748 38,763 152,994 28,610 (222,115) 0 Other current assets 23,394 137,317 231,990 15,333 (17,713) 390,321 Total assets 334,133 257,154 509,595 417,225 (460,028) 1,058,079 LIABILITIES Equity 118,749 89,243 73,543 131,414 (188,423) 224,526 Non-current borrowings to consolidated group 20,000 0 11,558 0 (31,558) 0 companies Non-current financial liabilities 41,186 25,809 11,892 75,161 0 154,048 Other non-current liabilities 41,388 1,711 7,765 4,819 0 55,683 Current financial liabilities 11,167 4,942 5,357 528 0 21,994 Internal cash position - Cash pooling - liabilities 18,159 15,639 13,188 175,120 (222,106) 0 Other current liabilities 83,484 119,810 386,292 30,183 (17,941) 601,828 Total liabilities 215,384 167,911 436,052 285,811 (271,605) 833,553 Total equity and liabilities 334,133 257,154 509,595 417,225 (460,028) 1,058,079 Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated DEME between (in \u20ac thousands) development technics & Renovation & Holding total segments ASSETS Goodwill 0 0 22,852 911 0 0 23,763 Property, plant and equipment 0 1,121 42,922 36,368 1,872 0 82,283 Non-current loans to consolidated 0 0 0 0 26,049 (26,049) 0 group companies Other non-current financial assets 0 68,350 0 9 10,954 0 79,313 Investments accounted for using 0 48,259 149 88 54,922 0 103,418 equity method Other non-current assets 0 9,873 2,207 9,406 1,234,516 (1,231,941) 24,061 Inventories 0 141,222 6,158 10,736 3,090 (825)160,381 Cash and cash equivalents 0 6,326 4,984 57,898 74,379 0 143,587 Internal cash position - Cash pooling - 0 49,675 49,584 104,936 26,561 (230,756) 0 assets Other current assets 0 25,199 121,654 229,236 24,369 (14,666) 385,792 Assets held for sale 4,297,401 0 0 0 0 0 4,297,401 Total assets 4,297,401 350,025 250,510 449,588 1,456,712 (1,504,237) 5,299,999 LIABILITIES Equity 1,822,195 104,362 91,742 70,834 1,103,200 (1,236,307) 1,956,026 Non-current borrowings to 0 20,000 0 6,049 0 (26,049) 0 consolidated group companies Non-current financial liabilities 0 43,954 26,375 6,731 539 0 77,599 Other non-current liabilities 0 36,426 2,234 9,211 16,720 0 64,591 Current bonds 0 29,899 0 0 0 0 29,899 Current financial liabilities 0 29,350 4,613 4,628 110,493 0 149,084 Internal cash position - Cash pooling - 0 18,845 8,100 17,440 186,369 (230,754) 0 liabilities Other current liabilities 0 67,189 117,446 334,695 39,391 (11,127) 547,594 Liabilities associated with assets held 2,475,206 0 0 0 0 0 2,475,206 for sale Total liabilities 2,475,206 245,663 158,768 378,754 353,512 (267,930) 3,343,973 Total equity and liabilities 4,297,401 350,025 250,510 449,588 1,456,712 (1,504,237) 5,299,999 CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 24,735 18,821 25,495 3,384 72,435 before changes in working capital Cash flows from (used in) operating activities 9,587 1,192 65,984 (6,869) 69,894 Cash flows from (used in) investing activities (983)(5,138)(1,289) (15,715) (23,125) Cash flows from (used in) financing activities (10,559) 5,664 (52,492) (5,183) (62,570) Net increase/(decrease) in cash position (1,955) 1,718 12,203 (27,767) (15,801) Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 34,117 27,105 20,226 (4,092) 77,356 before changes in working capital Cash flows from (used in) operating activities 28,243 17,109 (26,272) 15,010 34,090 Cash flows from (used in) investing activities (692)(9,632)(3,075) (4,411) (17,810) Cash flows from (used in) financing activities (26,879) (7,883) 19,267 5,241 (10,254) Net increase/(decrease) in cash position 672 (406)(10,080)15,840 6,026 The cash flow from (used in the context of) financing activities includes the amounts of cash pooling compared to other segments. A positive amount corresponds to a use of liquidity in the cash pooling. This item also includes cash-flows related to external financing, especially and primarily in real estate development and investments & holding segments. OTHER INFORMATION Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Depreciation and amortisation (1,034) (8,554) (10,532) (750)(20,870)Investments 2,705 8,585 16,304 397 27,991 Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Depreciation and amortisation (878)(8,917)(9,412) (1,010) (20,217) Investments 1,190 11,515 8,121 229 21,055 The investments include the acquisitions of intangible assets and property, plant and equipment. Acquisitions through business combinations are not included in these amounts. GEOGRAPHICAL INFORMATION The operations of the group in the construction & renovation and real estate development segments are mainly based in Belgium, Luxembourg and Poland. The property, plant and equipment in the construction & renovation, multitechnics and real estate development segments are mainly based in Belgium.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__78": { "value": "OPERATING SEGMENTSSegment reporting is presented in respect of the group's operating segments. Segment results and assets and liabilities include items that can be directly attributed to a segment. The CFE group can be divided into four operating segments : Real Estate Development The real estate development segment develops real estate projects in Belgium, Luxembourg and Poland. Multitechnics The multitechnics segment includes the activities of the VMA and MOBIX divisions: - VMA specializes in developing technical building installations, their automated management (smart buildings) and long-term maintenance as well as in automating production lines in the automotive, chemical and food industries;- MOBIX is a leading player in Belgium for carrying out railway works (laying tracks, catenaries and signalling) and publiclighting.Construction & Renovation The construction & renovation segment includes all CFE subsidiaries active in Belgium, Poland, the Grand Duchy of Luxembourg and in Germany, which specialize in the construction and renovation of office buildings, residential buildings, hospitals, hotels, schools, car parks and industrial buildings. The companies Wood Shapers (construction and promotion of projects using bio-based and hybrid materials) and LTS (production and assembly plants for prefabricated wooden elements) are also part of this segment. Investments & Holding Besides the holding activities, this segment includes : - participations in Rent-A-Port, Green-Offshore and in two Design Build Finance and Maintenance contracts in Belgium ;- non-transferred construction activities, which concern only a few projects for which delivery has taken place.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__170": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__81-1": { "value": "CONSOLIDATED STATEMENT OF INCOME Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 85,392 338,822 798,661 5,369 (61,023) 1,167,221 EBITDA 15,269 19,883 25,826 1,868 284 63,130 % Revenue 17.88% 5.87% 3.23% 5.41% Depreciation and amortisation (1,034) (8,554) (10,533) (749)0 (20,870) Income from operating activities 14,235 11,329 15,293 1,119 284 42,260 Share of profit (loss) of investments 3,322 4 (322)5,7500 8,754 accounted for using equity method Operating income (EBIT) 17,557 11,333 14,971 6,869 284 51,014 % Revenue 20.56% 3.34% 1.87% 4.37% Financial result (1,659) (813)(2,209) 1,027 0 (3,654) Income tax expenses (1,539) (3,605) (3,778) (34)(6) (8,962) Result from continuing operations - 14,395 6,915 8,984 7,862 278 38,434 share of the group % Revenue 16.86% 2.04% 1.12% 3.29% Result from discontinued operations 190,973 - share of the groupResult for the period - share of 14,395 6,915 8,984 7,862 278 229,407 the group % Revenue 16.86% 2.04% 1.12% Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 106,300 321,380 723,682 9,789 (35,805) 1,125,346 EBITDA 25,573 27,632 18,673 (3,658) 318 68,538 % Revenue 24.06% 8.60% 2.58% 6.09% Depreciation and amortisation (878)(8,917) (9,412) (1,010) 0 (20,217) Income from operating activities 24,695 18,715 9,261 (4,668) 318 48,321 Share of profit (loss) of investments 5,399 110 (5)4,1510 9,655 accounted for using equity method Operating income (EBIT) 30,094 18,825 9,256 (517) 318 57,976 % Revenue 28.31% 5.86% 1.28% 5.15% Financial result (4,134) (488)(2,406)989 0 (6,039) Income tax expenses (2,990) (5,307) (4,008) (31)(95) (12,431) Result from continuing operations - 22,970 13,030 2,842 441 223 39,506 share of the group % Revenue 21.61% 4.05% 0.39% 3.51% Result from discontinued operations 110,502 - share of the groupResult for the period - share of 22,970 13,030 2,842 441 223 150,008 the group % Revenue 21.61% 4.05% 0.39% As required by IFRS 5.34, DEME has been presented as a discontinued operation and its contribution to the consolidated statement of income of the CFE group has been recognized on a separate line (item \u201cResult from discontinued operations \u2013 share of the group\u201d). We refer to note 5 of this report. In 2022, no property development projects were subject to revenue recognized at a specific point in time (2021 : \u20ac20,450 thousand). BREAKDOWN OF REVENUE Breakdown by geographical area Year ended 31 December 2022 2021 (in \u20ac thousands) Belgium 828,635 803,152 Poland 134,889 156,295 Luxembourg 174,403 137,735 Others 29,294 28,164 Consolidated total 1,167,221 1,125,346 The breakdown of revenue by country is based on the countries in which services are provided. In 2022, no customer accounted for more than 10% of group revenue. Breakdown by business area Year ended 31 December 2022 2021 (in \u20ac thousands) Real estate development 85,392 106,300 VMA 225,819 196,375 MOBIX 113,606 125,005 Eliminations intra segment (603) 0 Multitechnics 338,822 321,380 Construction & Renovation 798,661 723,682 Investments & Holding and eliminations between segments (55,654) (26,016) Consolidated total 1,167,221 1,125,346 The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate development segment. The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is carried out at the level of eliminations between segments. As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated revenue is accounted for under work in progress and reversed at the time of sale. ORDER BOOK Year ended 31 December 2022 2021 Change (in \u20ac thousands) Real estate development 74,262 43,510 +70.7%VMA 244,881 236,359 +3.6%MOBIX 124,015 164,620 -24.7%Multitechnics 368,896 400,979 -8.0% Construction & Renovation 1,264,085 1,166,070 +8.4%Investments & Holding 7,888 10,060 -21.6% Consolidated total 1,715,131 1,620,619 +5.8%6. OTHER OPERATING INCOME AND EXPENSESOther operating income, which amounted to \u20ac54,572 thousand (2021 : \u20ac50,749 thousand) as at 31 December 2022, are mainly related to : - other compensation and miscellaneous rebilling amounting to \u20ac38,725 thousand (2021 : \u20ac49,392 thousand) ;- capital gains on disposals of financial shares amounting to \u20ac13,668 thousand, of which \u20ac9,336 thousand related to thedisposal of the entire stake in Wooden SA, \u20ac795 thousand related to the disposal of 65% of the shares held in Hofkouter NVand \u20ac3,537 thousand related to the recognition of the gain on the stake in CFE Nederland that was disposed to DEME in 2015and neutralised as it was an intra-group transaction. Following the partial demerger and the removal of DEME from theconsolidation scope, this capital gain could be recognized in the financial statements of the CFE Group ;- capital gains on disposals of intangible assets and property, plant and equipment amounting to \u20ac2,179 thousand (2021 : \u20ac1,357 thousand).Other operating expenses are made up of the following elements : Year ended 31 December 2022 2021 (in \u20ac thousands) Miscellaneous services and goods (145,502) (107,892) Impairment of assets - Inventories(185) (1,072) - Trade and other operating receivables(1,314) (5,331) Net additions to provisions (excluding provisions for retirement benefit obligations) (1,686) 4,149 Other operating expenses (1,871) (1,210) Consolidated total (150,558) (111,356) Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions and miscellaneous fees. The increase is mainly due to the high inflation rate that affected the 2022 financial year. We refer to the comments on the macroeconomic environment in note 2 \"Significant accounting policies\".7. REMUNERATIONS AND SOCIAL SECURITY PAYMENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Remuneration (139,300) (140,925) Mandatory social security contributions (42,925) (41,308) Other wage costs (15,145) (16,214) Service cost related to defined-benefit pension plans (4,006) (4,218) Consolidated total (201,376) (202,665) The average full-time equivalent number of staff in 2022 was 3,003 (2021 : 3,043), which represents 3,137 people as at 1 January 2022 (2021: 3,250) and 3,074 as at 31 December 2022 (2021 : 3,137). The impact of the slight decrease in the number of employees on wages and social security payments was offset by the revaluation of wages to take account of inflation.8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.Depreciation and amortisation of intangible assets amounted to \u20ac(869) thousand as at 31 December 2022 (2021 : \u20ac(4,291) thousand, of which \u20ac(879) thousand for continuing operations and \u20ac(3,412) thousand for discontinued operations). Depreciation and amortisation of property, plant and equipment amounted to \u20ac(20,001) thousand (2021 : \u20ac(346,230) thousand of which \u20ac(19,338) thousand for continuing operations and \u20ac(326,892) thousand for discontinued operations). Year ended 31 December 2022 Development Licenses Total (in \u20ac thousands) costs Acquisition costs Balance at the end of the previous period 6,575 468 7,043 Effects of changes in foreign exchange rates (16) 0 (16) Acquisitions 1,340 0 1,340 Disposals (351) 0 (351) Transfers between asset items (91) (53) (144) Balance at the end of the period 7,457 415 7,872 Depeciation and amortisation Balance at the end of the previous period (4,669) (431) (5,100) Effects of changes in foreign exchange rates 12 0 12 Depeciation and amortisation (869) 0 (869) Disposals 351 0 351 Transfers between asset items 65 16 81 Balance at the end of the period (5,110) (415) (5,525) Net carrying amount As at January 1, 2022 1,906 37 1,943 As at December 31, 2022 2,347 0 2,347Year ended 31 December 2022 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 71,832 105,211 60,246 1,076 238,365 Effects of changes in foreign exchange rates(14)(23) (41) 1 (77) Changes in consolidation scope (11,090) 0 0 (158)(11,248)Acquisitions 5,782 7,654 8,530 4,685 26,651 Transfers between asset items (1,576) (1,424) 361 (7) (2,646)Disposals (217) (4,120)(10,008) 0 (14,345) Balance at the end of the period 64,717 107,298 59,088 5,597 236,700 Depeciation and amortisation Balance at the end of the previous period (24,656) (89,409) (42,017) 0 (156,082) Effects of changes in foreign exchange rates5 20 33 0 58 Changes in consolidation scope 1,016 0 0 0 1,016 Depeciation and amortisation (4,317) (6,831) (8,853) 0 (20,001) Transfers between asset items 1,367 1,388 226 0 2,981 Disposals 163 3,685 9,189 0 13,037 Balance at the end of the period (26,422) (91,147) (41,422) 0 (158,991) Net carrying amount As at January 1, 2022 47,176 15,802 18,229 1,076 82,283 As at December 31, 2022 38,295 16,151 17,666 5,597 77,709Year ended 31 December 2021 Concessions, Development Total (in \u20ac thousands) patents and licenses costs Acquisition costs Balance at the end of the previous period 152,276 4,454 156,730 Effects of changes in foreign exchange rates (6) 0 (6) Changes in consolidation scope 54 0 54 Acquisitions 2,858 23 2,881 Disposals (1,772) (2) (1,774) Transfers between asset items (*) (146,835) (4,007) (150,842) Balance at the end of the period 6,575 468 7,043 Depeciation and amortisation Balance at the end of the previous period (41,059) (4,412) (45,471) Effects of changes in foreign exchange rates 4 0 4 Depeciation and amortisation (4,263) (28) (4,291) Changes in consolidation scope 0 0 0 Disposals 1,772 2 1,774 Transfers between asset items (*) 38,877 4,007 42,884 Balance at the end of the period (4,669) (431) (5,100) Net carrying amount As at January 1, 2021 111,217 42 111,259 As at December 31, 2021 1,906 37 1,943Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 244,206 4,163,313 109,589 506,270 5,023,378 Effects of changes in foreign exchange rates 1,128 5,605 42 0 6,775 Changes in consolidation scope 0 35 121 0 156 Acquisitions 41,375 149,807 23,018 127,321 341,521 Transfers between asset items (*) (199,140) (4,071,769) (56,303) (632,167) (4,959,379) Disposals (15,737) (141,780) (16,221) (348) (174,086) Balance at the end of the period 71,832 105,211 60,246 1,076 238,365 Depeciation and amortisation Balance at the end of the previous period (88,153) (2,350,014) (70,159) 0 (2,508,326) Effects of changes in foreign exchange rates (465)(4,249)41 0 (4,673) Changes in consolidation scope 0 0 (92) 0 (92) Depeciation and amortisation (19,288) (307,238) (19,704) 0 (346,230) Transfers between asset items (*) 74,826 2,454,820 32,218 0 2,561,864 Disposals 8,424 117,272 15,679 0 141,375 Balance at the end of the period (24,656) (89,409) (42,017) 0 (156,082) Net carrying amount As at January 1, 2021 156,053 1,813,299 39,430 506,270 2,515,052 As at December 31, 2021 47,176 15,802 18,229 1,076 82,283", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__80-1": { "value": "CONSOLIDATED STATEMENT OF INCOME Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 85,392 338,822 798,661 5,369 (61,023) 1,167,221 EBITDA 15,269 19,883 25,826 1,868 284 63,130 % Revenue 17.88% 5.87% 3.23% 5.41% Depreciation and amortisation (1,034) (8,554) (10,533) (749)0 (20,870) Income from operating activities 14,235 11,329 15,293 1,119 284 42,260 Share of profit (loss) of investments 3,322 4 (322)5,7500 8,754 accounted for using equity method Operating income (EBIT) 17,557 11,333 14,971 6,869 284 51,014 % Revenue 20.56% 3.34% 1.87% 4.37% Financial result (1,659) (813)(2,209) 1,027 0 (3,654) Income tax expenses (1,539) (3,605) (3,778) (34)(6) (8,962) Result from continuing operations - 14,395 6,915 8,984 7,862 278 38,434 share of the group % Revenue 16.86% 2.04% 1.12% 3.29% Result from discontinued operations 190,973 - share of the groupResult for the period - share of 14,395 6,915 8,984 7,862 278 229,407 the group % Revenue 16.86% 2.04% 1.12% Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 106,300 321,380 723,682 9,789 (35,805) 1,125,346 EBITDA 25,573 27,632 18,673 (3,658) 318 68,538 % Revenue 24.06% 8.60% 2.58% 6.09% Depreciation and amortisation (878)(8,917) (9,412) (1,010) 0 (20,217) Income from operating activities 24,695 18,715 9,261 (4,668) 318 48,321 Share of profit (loss) of investments 5,399 110 (5)4,1510 9,655 accounted for using equity method Operating income (EBIT) 30,094 18,825 9,256 (517) 318 57,976 % Revenue 28.31% 5.86% 1.28% 5.15% Financial result (4,134) (488)(2,406)989 0 (6,039) Income tax expenses (2,990) (5,307) (4,008) (31)(95) (12,431) Result from continuing operations - 22,970 13,030 2,842 441 223 39,506 share of the group % Revenue 21.61% 4.05% 0.39% 3.51% Result from discontinued operations 110,502 - share of the groupResult for the period - share of 22,970 13,030 2,842 441 223 150,008 the group % Revenue 21.61% 4.05% 0.39% As required by IFRS 5.34, DEME has been presented as a discontinued operation and its contribution to the consolidated statement of income of the CFE group has been recognized on a separate line (item \u201cResult from discontinued operations \u2013 share of the group\u201d). We refer to note 5 of this report. In 2022, no property development projects were subject to revenue recognized at a specific point in time (2021 : \u20ac20,450 thousand). BREAKDOWN OF REVENUE Breakdown by geographical area Year ended 31 December 2022 2021 (in \u20ac thousands) Belgium 828,635 803,152 Poland 134,889 156,295 Luxembourg 174,403 137,735 Others 29,294 28,164 Consolidated total 1,167,221 1,125,346 The breakdown of revenue by country is based on the countries in which services are provided. In 2022, no customer accounted for more than 10% of group revenue. Breakdown by business area Year ended 31 December 2022 2021 (in \u20ac thousands) Real estate development 85,392 106,300 VMA 225,819 196,375 MOBIX 113,606 125,005 Eliminations intra segment (603) 0 Multitechnics 338,822 321,380 Construction & Renovation 798,661 723,682 Investments & Holding and eliminations between segments (55,654) (26,016) Consolidated total 1,167,221 1,125,346 The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate development segment. The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is carried out at the level of eliminations between segments. As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated revenue is accounted for under work in progress and reversed at the time of sale. ORDER BOOK Year ended 31 December 2022 2021 Change (in \u20ac thousands) Real estate development 74,262 43,510 +70.7%VMA 244,881 236,359 +3.6%MOBIX 124,015 164,620 -24.7%Multitechnics 368,896 400,979 -8.0% Construction & Renovation 1,264,085 1,166,070 +8.4%Investments & Holding 7,888 10,060 -21.6% Consolidated total 1,715,131 1,620,619 +5.8%17. CONSTRUCTION CONTRACTSContract assets and contract liabilities in compliance with IFRS 15 Revenue from contracts with customers relate to the work in progress of construction projects executed by the Group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and potential provisions for losses. The net amount due by or to customers is determined on a contract-by-contract basis as the difference between these items. As described in paragraphs (L) and (U) of the section relating to significant accounting policies, the costs and revenues of construction contracts are recognized in expenses and revenue respectively based on the percentage of completion of the contract activity at the closing date. The percentage of completion is calculated based on the \"cost to cost\" method. An expected loss on a construction contract is recognized as an expense immediately. We refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d. Contract assets represent the excess of costs incurred and recognized profits and losses over progress billing. They include (a) the unbilled portion of contracts in the line item \"Trade and other operating receivables\" of the consolidated statement of financial position, and (b) accrued income and deferred costs relating to work in progress included in the line item \"Other current operating assets\u201d of the consolidated statement of financial position. Contract liabilities represent the excess of progress billing over costs incurred and recognized profits and losses. They include the unbilled portion of contract costs in the line item \"Trade and other operating payables\" of the consolidated statement of financial position, deferred income and accrued costs relating to construction work in progress included in the line item \"Other current operating liabilities\" of the consolidated statement of financial position, and provisions for expected losses on construction contracts included in the line item \u2018Non-current provisions\u2019 (we refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d). Advances and payments on account are amounts received by the group before the related work is performed. We refer to note 19 \u201cChange in trade receivables and payables, and other operating receivables and payables\u201d. (in \u20ac thousands) 31 December 2021 Business related changes Other changes 31 December 2022 Advances and payments on account (6,080) (1,131) 15 (7,195) receivedContract assets 150,352 3,210 (259)153,303Contract liabilities (218,028) (39,489) (264)(257,781) Construction contracts in progress - net (67,676) (36,279) (522)(104,478)(in \u20ac thousands) 31 December 2020 Business related changes Other changes 31 December 2021 Advances and payments on account (65,034) (19,637) 78,590 (6,080) receivedContract assets 357,048 100,747 (307,443) 150,352 Contract liabilities (713,419) (76,091) 571,482 (218,028) Construction contracts in progress - net (356,371) 24,656 264,039 (67,676) \u2018Business-related changes\u2019 relate to cumulative catch up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. The increase in contract liabilities as at 31 December 2022 is primarily attributable to advances received in both real estate development and construction & renovation segments. In 2021, the other changes were mainly related to the reclassification of DEME\u2019s assets and liabilities into \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d in accordance with the requirements of IFRS 5. The remaining performance obligations, i.e. the revenue to be generated in the next few years for the projects in progress at 31 December 2022 amount to \u20ac961 million (2021 : \u20ac1,143 million), of which \u20ac471 million should be executed in 2023 (as of December 31, 2021, \u20ac398 million were to be executed in 2022). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__79-1": { "value": "CONSOLIDATED STATEMENT OF INCOME Eliminations Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 85,392 338,822 798,661 5,369 (61,023) 1,167,221 EBITDA 15,269 19,883 25,826 1,868 284 63,130 % Revenue 17.88% 5.87% 3.23% 5.41% Depreciation and amortisation (1,034) (8,554) (10,533) (749)0 (20,870) Income from operating activities 14,235 11,329 15,293 1,119 284 42,260 Share of profit (loss) of investments 3,322 4 (322)5,7500 8,754 accounted for using equity method Operating income (EBIT) 17,557 11,333 14,971 6,869 284 51,014 % Revenue 20.56% 3.34% 1.87% 4.37% Financial result (1,659) (813)(2,209) 1,027 0 (3,654) Income tax expenses (1,539) (3,605) (3,778) (34)(6) (8,962) Result from continuing operations - 14,395 6,915 8,984 7,862 278 38,434 share of the group % Revenue 16.86% 2.04% 1.12% 3.29% Result from discontinued operations 190,973 - share of the groupResult for the period - share of 14,395 6,915 8,984 7,862 278 229,407 the group % Revenue 16.86% 2.04% 1.12% Eliminations Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated between (in \u20ac thousands) development technics & Renovation & Holding total segments Revenue 106,300 321,380 723,682 9,789 (35,805) 1,125,346 EBITDA 25,573 27,632 18,673 (3,658) 318 68,538 % Revenue 24.06% 8.60% 2.58% 6.09% Depreciation and amortisation (878)(8,917) (9,412) (1,010) 0 (20,217) Income from operating activities 24,695 18,715 9,261 (4,668) 318 48,321 Share of profit (loss) of investments 5,399 110 (5)4,1510 9,655 accounted for using equity method Operating income (EBIT) 30,094 18,825 9,256 (517) 318 57,976 % Revenue 28.31% 5.86% 1.28% 5.15% Financial result (4,134) (488)(2,406)989 0 (6,039) Income tax expenses (2,990) (5,307) (4,008) (31)(95) (12,431) Result from continuing operations - 22,970 13,030 2,842 441 223 39,506 share of the group % Revenue 21.61% 4.05% 0.39% 3.51% Result from discontinued operations 110,502 - share of the groupResult for the period - share of 22,970 13,030 2,842 441 223 150,008 the group % Revenue 21.61% 4.05% 0.39% As required by IFRS 5.34, DEME has been presented as a discontinued operation and its contribution to the consolidated statement of income of the CFE group has been recognized on a separate line (item \u201cResult from discontinued operations \u2013 share of the group\u201d). We refer to note 5 of this report. In 2022, no property development projects were subject to revenue recognized at a specific point in time (2021 : \u20ac20,450 thousand). BREAKDOWN OF REVENUE Breakdown by geographical area Year ended 31 December 2022 2021 (in \u20ac thousands) Belgium 828,635 803,152 Poland 134,889 156,295 Luxembourg 174,403 137,735 Others 29,294 28,164 Consolidated total 1,167,221 1,125,346 The breakdown of revenue by country is based on the countries in which services are provided. In 2022, no customer accounted for more than 10% of group revenue. Breakdown by business area Year ended 31 December 2022 2021 (in \u20ac thousands) Real estate development 85,392 106,300 VMA 225,819 196,375 MOBIX 113,606 125,005 Eliminations intra segment (603) 0 Multitechnics 338,822 321,380 Construction & Renovation 798,661 723,682 Investments & Holding and eliminations between segments (55,654) (26,016) Consolidated total 1,167,221 1,125,346 The CFE group's revenue from construction & renovation segment includes revenue generated for the benefit of the real estate development segment. The elimination of the revenue common to the construction & renovation segment and the real estate development segment, is carried out at the level of eliminations between segments. As the construction and the sales of the real estate development segment do not take place simultaneously, internally generated revenue is accounted for under work in progress and reversed at the time of sale. ORDER BOOK Year ended 31 December 2022 2021 Change (in \u20ac thousands) Real estate development 74,262 43,510 +70.7%VMA 244,881 236,359 +3.6%MOBIX 124,015 164,620 -24.7%Multitechnics 368,896 400,979 -8.0% Construction & Renovation 1,264,085 1,166,070 +8.4%Investments & Holding 7,888 10,060 -21.6% Consolidated total 1,715,131 1,620,619 +5.8%17. CONSTRUCTION CONTRACTSContract assets and contract liabilities in compliance with IFRS 15 Revenue from contracts with customers relate to the work in progress of construction projects executed by the Group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and potential provisions for losses. The net amount due by or to customers is determined on a contract-by-contract basis as the difference between these items. As described in paragraphs (L) and (U) of the section relating to significant accounting policies, the costs and revenues of construction contracts are recognized in expenses and revenue respectively based on the percentage of completion of the contract activity at the closing date. The percentage of completion is calculated based on the \"cost to cost\" method. An expected loss on a construction contract is recognized as an expense immediately. We refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d. Contract assets represent the excess of costs incurred and recognized profits and losses over progress billing. They include (a) the unbilled portion of contracts in the line item \"Trade and other operating receivables\" of the consolidated statement of financial position, and (b) accrued income and deferred costs relating to work in progress included in the line item \"Other current operating assets\u201d of the consolidated statement of financial position. Contract liabilities represent the excess of progress billing over costs incurred and recognized profits and losses. They include the unbilled portion of contract costs in the line item \"Trade and other operating payables\" of the consolidated statement of financial position, deferred income and accrued costs relating to construction work in progress included in the line item \"Other current operating liabilities\" of the consolidated statement of financial position, and provisions for expected losses on construction contracts included in the line item \u2018Non-current provisions\u2019 (we refer in this respect to note 24 \u201cProvisions other than those relating to non-current employee benefit obligations\u201d). Advances and payments on account are amounts received by the group before the related work is performed. We refer to note 19 \u201cChange in trade receivables and payables, and other operating receivables and payables\u201d. (in \u20ac thousands) 31 December 2021 Business related changes Other changes 31 December 2022 Advances and payments on account (6,080) (1,131) 15 (7,195) receivedContract assets 150,352 3,210 (259)153,303Contract liabilities (218,028) (39,489) (264)(257,781) Construction contracts in progress - net (67,676) (36,279) (522)(104,478)(in \u20ac thousands) 31 December 2020 Business related changes Other changes 31 December 2021 Advances and payments on account (65,034) (19,637) 78,590 (6,080) receivedContract assets 357,048 100,747 (307,443) 150,352 Contract liabilities (713,419) (76,091) 571,482 (218,028) Construction contracts in progress - net (356,371) 24,656 264,039 (67,676) \u2018Business-related changes\u2019 relate to cumulative catch up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. The increase in contract liabilities as at 31 December 2022 is primarily attributable to advances received in both real estate development and construction & renovation segments. In 2021, the other changes were mainly related to the reclassification of DEME\u2019s assets and liabilities into \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d in accordance with the requirements of IFRS 5. The remaining performance obligations, i.e. the revenue to be generated in the next few years for the projects in progress at 31 December 2022 amount to \u20ac961 million (2021 : \u20ac1,143 million), of which \u20ac471 million should be executed in 2023 (as of December 31, 2021, \u20ac398 million were to be executed in 2022). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__97": { "value": "CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2022 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 24,735 18,821 25,495 3,384 72,435 before changes in working capital Cash flows from (used in) operating activities 9,587 1,192 65,984 (6,869) 69,894 Cash flows from (used in) investing activities (983)(5,138)(1,289) (15,715) (23,125) Cash flows from (used in) financing activities (10,559) 5,664 (52,492) (5,183) (62,570) Net increase/(decrease) in cash position (1,955) 1,718 12,203 (27,767) (15,801) Year ended 31 December 2021 Real estate Multi- Construction Investments Consolidated (in \u20ac thousands) development technics & Renovation & Holding total Cash flows from (used in) operating activities 34,117 27,105 20,226 (4,092) 77,356 before changes in working capital Cash flows from (used in) operating activities 28,243 17,109 (26,272) 15,010 34,090 Cash flows from (used in) investing activities (692)(9,632)(3,075) (4,411) (17,810) Cash flows from (used in) financing activities (26,879) (7,883) 19,267 5,241 (10,254) Net increase/(decrease) in cash position 672 (406)(10,080)15,840 6,026 The cash flow from (used in the context of) financing activities includes the amounts of cash pooling compared to other segments. A positive amount corresponds to a use of liquidity in the cash pooling. This item also includes cash-flows related to external financing, especially and primarily in real estate development and investments & holding segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__98": { "value": "5. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIESACQUISITIONS AND DISPOSALS FOR THE PERIOD ENDED 31 DECEMBER 2022During the first quarter of 2022, the group Rent-A-Port NV, 50% owned by CFE SA and accounted for using equity method, acquired 32.59% of the non-controlling interests of Infra Asia Investment Hong Kong Ltd, increasing its stake to 94.00%. Under IFRS, the purchase of non-controlling interests does not give rise to an allocation of goodwill. The excess paid in regard to the net assets acquired is therefore directly deducted from equity. This transaction has a negative impact of \u20ac3.2 million on the CFE Group\u2019s equity as presented in the consolidated statement of changes in equity (in the item \"change in consolidation scope and other movements\"). On 22 December 2022, the company Van Laere NV, a fully-owned subsidiary of the CFE Group and fully consolidated, sold 65% of its shares in Hofkouter NV, itself a fully-owned subsidiary of the CFE Group and fully consolidated, to Ackermans & van Haaren NV for \u20ac8,203 thousand. The net assets sold amounted to \u20ac7,409 thousand (at 65%). The consolidated capital gain (\u20ac795 thousand) was recorded in other operating income. We refer to note 6 \"Other operating income and expenses\". As a result of this transaction, Hofkouter NV changed its consolidation method from global integration to the equity method. We refer to note 15 \u201cInvestments accounted for using equity method\u201d. The main impact of this change of method is the derecognition of the company's property, plant and equipment. We refer to note 14 \u201cProperty, plant and equipment\u201d. As far as the multitechnics, construction & renovation and investments & holding segments are concerned, apart from the transaction related to Hofkouter NV, no other acquisition or disposal within the meaning of IFRS 3 Business Combinations and having a significant impact on the CFE Group\u2019s financial statements were carried out in 2022. Acquisitions and disposals in the real estate development segment are not considered as business combinations; therefore the consideration paid is allocated to the land and buildings accounted for in inventories. The main acquisitions and disposals that have occurred in the real estate development segment are described in the introduction of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__100": { "value": "ASSETS AND LIABILITIES HELD FOR SALE FOR THE PERIOD ENDED 31 DECEMBER 2022 On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME Group. The purpose of this demerger was to create two leading players in their respective business lines. As a result of this announcement, the DEME activities that were to be transferred to the DEME Group in 2022 were to be accounted for as 'discontinued operations' as at 31 December 2021 in accordance with the requirements of IFRS 5. In practice, this means that the assets and liabilities associated with DEME\u2019s activities had been presented on a single line under the assets and liabilities on the consolidated statement of financial position as at 31 December 2021 as assets and liabilities held for sale in 2022. The partial demerger was reached on 29 June 2022. It led to the initial listing of DEME Group on Euronext Brussels as a separate entity on 30 June 2022. As a result of the demerger, CFE derecognised all assets and liabilities of DEME, including the restatements resulting from the recognition of DEME's identifiable assets and liabilities at their fair value. It was determined that the demerger did not fall within the scope of IFRIC 17 'Distributions of Non-cash Assets to Owners' as the controlling shareholder does not change after the transaction (the non-cash asset is ultimately controlled by the same party before and after the distribution). CFE has chosen not to account for the distribution at fair value, but to account for non-cash intra-group distributions (i.e. the demerger) by derecognising DEME's assets and liabilities at their book value against equity. Assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 4,297,401 0 Reclassified to assets held for sale for the period 683,171 4,297,401 Disposals (4,980,572) 0 Balance at the end of the period 0 4,297,401 Liabilities associated with assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 2,475,206 0 Reclassified to liabilities associated with assets held for sale for the period 469,572 2,475,206 Disposals (2,944,778) 0 Balance at the end of the period 0 2,475,206 Consolidated statement of financial position from discontinued operations The assets and liabilities of DEME presented as held for sale as at 31 December 2021 and demerged as at 29 June 2022 are detailed in the table below : (in \u20ac thousands) June 2022 December 2021 ASSETS Goodwill 153,793 153,793 Property, plant and equipment 2,594,181 2,363,428 Other non-current financial assets 26,518 33,450 Investments accounted for using equity method 170,409 141,527 Other non-current assets 269,741 249,842 Inventories 17,765 12,168 Cash and cash equivalents 675,245 528,632 Other current assets 1,072,920 782,105 Assets held for sale 0 32,456 Total assets 4,980,572 4,297,401 LIABILITIES Equity 2,035,794 1,822,195 Non-current financial liabilities 868,868 577,970 Other non-current liabilities 235,076 194,024 Current financial liabilities 380,029 343,340 Other current liabilities 1,460,805 1,359,872 Total liabilities 2,944,778 2,475,206 Total equity and liabilities 4,980,572 4,297,401 Amounts included in accumulated other comprehensive income : Reserves measured at fair value (3,663) (89,816) Deferred taxes on reserves 1,112 22,661 Exchange differences on translation (11,743) (8,881) Total of amounts included in accumulated other comprehensive income (14,294) (76,036) Consolidated statement of income from discontinued operations As required by IFRS 5.25, the results from discontinued operations up to the effective date of the partial demerger have been recognised on a separate line in the consolidated statement of income : \u201cResult from discontinued operations\u201d. In addition, from the moment that DEME's activities were presented as discontinued operations, the intangible assets and property, plant and equipment should no longer be amortised. As a result, DEME\u2019s contribution to CFE\u2019s net income excludes depreciation and amortisation charges relating to the first half of 2022. The table below presents the reconciliation between the result for the period (share of the group) realised by the activities of the DEME Group (\u20ac39.5 million as at 30 June 2022 compared to \u20ac114.6 million as at 31 December 2021) and the result from discontinued operations (share of the group) in CFE\u2019s financial statements. (in \u20ac thousands) June 2022 December 2021 Result for the period of DEME - share of the group 39,470 114,581 Restatements (*) (2,039) (4,079) Result for the period of DEME (including restatements) - share of the group 37,431 110,502 Cancellation of amortisation and depreciation on intangible assets and property, 153,542 0 plant and equipment Result from discontinued operations - share of the group 190,973 110,502 (*) Restatements to take account of the recognition at fair value of the identifiable assets and liabilities of DEME following the acquisition of an additional 50% of the DEME shares on 24 December 2013. The following table summarises the results of the discontinued operations in CFE\u2019s financial statements before the cancellation of depreciation on intangible assets and property, plant and equipment. (in \u20ac thousands) June 2022 December 2021 Revenue 1,291,688 2,510,607 Operating expenses (excluding depreciation and amortisation) (1,100,383) (2,041,299) EBITDA 191,305 469,308 Depreciation and amortisation (153,542) (330,616) Income from operating activities 37,763 138,692 Share of profit (loss) of investments accounted for using equity method 6,782 9,818 Operating income (EBIT) 44,545 148,510 Financial result 4,329 (5,412) Result before tax 48,874 143,098 Income tax expenses (9,146) (29,839) Result for the period - share of the group 37,431 110,502 Consolidated statement of cash flows from discontinued operations The DEME Group\u2019s contribution to the CFE group\u2019s cash flow during the first half of 2022 is limited to the receipt of a dividend of \u20ac40.8 million at the end of March 2022. Cash flows from operating, investing and financing activities of DEME are summarised as follows : (in \u20ac thousands) June 2022 December 2021 Cash and cash equivalents, opening balance 528,632 621,937 Cash flows from (used in) operating activities 73,663 422,447 Cash flows from (used in) investing activities (206,912) (266,412) Cash flows from (used in) financing activities 277,144 (250,827) Net increase/(decrease) in cash position 143,895 (94,792) Effects of exchange rate changes on cash and cash equivalents 2,718 1,487 Cash and cash equivalents, closing balance 675,245 528,632", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__99": { "value": "ASSETS AND LIABILITIES HELD FOR SALE FOR THE PERIOD ENDED 31 DECEMBER 2022 On 2 December 2021, the Board of Directors announced its intention to split the group into two separate listed companies: CFE and DEME Group. The purpose of this demerger was to create two leading players in their respective business lines. As a result of this announcement, the DEME activities that were to be transferred to the DEME Group in 2022 were to be accounted for as 'discontinued operations' as at 31 December 2021 in accordance with the requirements of IFRS 5. In practice, this means that the assets and liabilities associated with DEME\u2019s activities had been presented on a single line under the assets and liabilities on the consolidated statement of financial position as at 31 December 2021 as assets and liabilities held for sale in 2022. The partial demerger was reached on 29 June 2022. It led to the initial listing of DEME Group on Euronext Brussels as a separate entity on 30 June 2022. As a result of the demerger, CFE derecognised all assets and liabilities of DEME, including the restatements resulting from the recognition of DEME's identifiable assets and liabilities at their fair value. It was determined that the demerger did not fall within the scope of IFRIC 17 'Distributions of Non-cash Assets to Owners' as the controlling shareholder does not change after the transaction (the non-cash asset is ultimately controlled by the same party before and after the distribution). CFE has chosen not to account for the distribution at fair value, but to account for non-cash intra-group distributions (i.e. the demerger) by derecognising DEME's assets and liabilities at their book value against equity. Assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 4,297,401 0 Reclassified to assets held for sale for the period 683,171 4,297,401 Disposals (4,980,572) 0 Balance at the end of the period 0 4,297,401 Liabilities associated with assets held for sale Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 2,475,206 0 Reclassified to liabilities associated with assets held for sale for the period 469,572 2,475,206 Disposals (2,944,778) 0 Balance at the end of the period 0 2,475,206 Consolidated statement of financial position from discontinued operations The assets and liabilities of DEME presented as held for sale as at 31 December 2021 and demerged as at 29 June 2022 are detailed in the table below : (in \u20ac thousands) June 2022 December 2021 ASSETS Goodwill 153,793 153,793 Property, plant and equipment 2,594,181 2,363,428 Other non-current financial assets 26,518 33,450 Investments accounted for using equity method 170,409 141,527 Other non-current assets 269,741 249,842 Inventories 17,765 12,168 Cash and cash equivalents 675,245 528,632 Other current assets 1,072,920 782,105 Assets held for sale 0 32,456 Total assets 4,980,572 4,297,401 LIABILITIES Equity 2,035,794 1,822,195 Non-current financial liabilities 868,868 577,970 Other non-current liabilities 235,076 194,024 Current financial liabilities 380,029 343,340 Other current liabilities 1,460,805 1,359,872 Total liabilities 2,944,778 2,475,206 Total equity and liabilities 4,980,572 4,297,401 Amounts included in accumulated other comprehensive income : Reserves measured at fair value (3,663) (89,816) Deferred taxes on reserves 1,112 22,661 Exchange differences on translation (11,743) (8,881) Total of amounts included in accumulated other comprehensive income (14,294) (76,036) Consolidated statement of income from discontinued operations As required by IFRS 5.25, the results from discontinued operations up to the effective date of the partial demerger have been recognised on a separate line in the consolidated statement of income : \u201cResult from discontinued operations\u201d. In addition, from the moment that DEME's activities were presented as discontinued operations, the intangible assets and property, plant and equipment should no longer be amortised. As a result, DEME\u2019s contribution to CFE\u2019s net income excludes depreciation and amortisation charges relating to the first half of 2022. The table below presents the reconciliation between the result for the period (share of the group) realised by the activities of the DEME Group (\u20ac39.5 million as at 30 June 2022 compared to \u20ac114.6 million as at 31 December 2021) and the result from discontinued operations (share of the group) in CFE\u2019s financial statements. (in \u20ac thousands) June 2022 December 2021 Result for the period of DEME - share of the group 39,470 114,581 Restatements (*) (2,039) (4,079) Result for the period of DEME (including restatements) - share of the group 37,431 110,502 Cancellation of amortisation and depreciation on intangible assets and property, 153,542 0 plant and equipment Result from discontinued operations - share of the group 190,973 110,502 (*) Restatements to take account of the recognition at fair value of the identifiable assets and liabilities of DEME following the acquisition of an additional 50% of the DEME shares on 24 December 2013. The following table summarises the results of the discontinued operations in CFE\u2019s financial statements before the cancellation of depreciation on intangible assets and property, plant and equipment. (in \u20ac thousands) June 2022 December 2021 Revenue 1,291,688 2,510,607 Operating expenses (excluding depreciation and amortisation) (1,100,383) (2,041,299) EBITDA 191,305 469,308 Depreciation and amortisation (153,542) (330,616) Income from operating activities 37,763 138,692 Share of profit (loss) of investments accounted for using equity method 6,782 9,818 Operating income (EBIT) 44,545 148,510 Financial result 4,329 (5,412) Result before tax 48,874 143,098 Income tax expenses (9,146) (29,839) Result for the period - share of the group 37,431 110,502 Consolidated statement of cash flows from discontinued operations The DEME Group\u2019s contribution to the CFE group\u2019s cash flow during the first half of 2022 is limited to the receipt of a dividend of \u20ac40.8 million at the end of March 2022. Cash flows from operating, investing and financing activities of DEME are summarised as follows : (in \u20ac thousands) June 2022 December 2021 Cash and cash equivalents, opening balance 528,632 621,937 Cash flows from (used in) operating activities 73,663 422,447 Cash flows from (used in) investing activities (206,912) (266,412) Cash flows from (used in) financing activities 277,144 (250,827) Net increase/(decrease) in cash position 143,895 (94,792) Effects of exchange rate changes on cash and cash equivalents 2,718 1,487 Cash and cash equivalents, closing balance 675,245 528,632", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__103": { "value": "6. OTHER OPERATING INCOME AND EXPENSESOther operating income, which amounted to \u20ac54,572 thousand (2021 : \u20ac50,749 thousand) as at 31 December 2022, are mainly related to : - other compensation and miscellaneous rebilling amounting to \u20ac38,725 thousand (2021 : \u20ac49,392 thousand) ;- capital gains on disposals of financial shares amounting to \u20ac13,668 thousand, of which \u20ac9,336 thousand related to thedisposal of the entire stake in Wooden SA, \u20ac795 thousand related to the disposal of 65% of the shares held in Hofkouter NVand \u20ac3,537 thousand related to the recognition of the gain on the stake in CFE Nederland that was disposed to DEME in 2015and neutralised as it was an intra-group transaction. Following the partial demerger and the removal of DEME from theconsolidation scope, this capital gain could be recognized in the financial statements of the CFE Group ;- capital gains on disposals of intangible assets and property, plant and equipment amounting to \u20ac2,179 thousand (2021 : \u20ac1,357 thousand).Other operating expenses are made up of the following elements : Year ended 31 December 2022 2021 (in \u20ac thousands) Miscellaneous services and goods (145,502) (107,892) Impairment of assets - Inventories(185) (1,072) - Trade and other operating receivables(1,314) (5,331) Net additions to provisions (excluding provisions for retirement benefit obligations) (1,686) 4,149 Other operating expenses (1,871) (1,210) Consolidated total (150,558) (111,356) Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions and miscellaneous fees. The increase is mainly due to the high inflation rate that affected the 2022 financial year. We refer to the comments on the macroeconomic environment in note 2 \"Significant accounting policies\".", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__102": { "value": "6. OTHER OPERATING INCOME AND EXPENSESOther operating income, which amounted to \u20ac54,572 thousand (2021 : \u20ac50,749 thousand) as at 31 December 2022, are mainly related to : - other compensation and miscellaneous rebilling amounting to \u20ac38,725 thousand (2021 : \u20ac49,392 thousand) ;- capital gains on disposals of financial shares amounting to \u20ac13,668 thousand, of which \u20ac9,336 thousand related to thedisposal of the entire stake in Wooden SA, \u20ac795 thousand related to the disposal of 65% of the shares held in Hofkouter NVand \u20ac3,537 thousand related to the recognition of the gain on the stake in CFE Nederland that was disposed to DEME in 2015and neutralised as it was an intra-group transaction. Following the partial demerger and the removal of DEME from theconsolidation scope, this capital gain could be recognized in the financial statements of the CFE Group ;- capital gains on disposals of intangible assets and property, plant and equipment amounting to \u20ac2,179 thousand (2021 : \u20ac1,357 thousand).Other operating expenses are made up of the following elements : Year ended 31 December 2022 2021 (in \u20ac thousands) Miscellaneous services and goods (145,502) (107,892) Impairment of assets - Inventories(185) (1,072) - Trade and other operating receivables(1,314) (5,331) Net additions to provisions (excluding provisions for retirement benefit obligations) (1,686) 4,149 Other operating expenses (1,871) (1,210) Consolidated total (150,558) (111,356) Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions and miscellaneous fees. The increase is mainly due to the high inflation rate that affected the 2022 financial year. We refer to the comments on the macroeconomic environment in note 2 \"Significant accounting policies\".", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__101": { "value": "6. OTHER OPERATING INCOME AND EXPENSESOther operating income, which amounted to \u20ac54,572 thousand (2021 : \u20ac50,749 thousand) as at 31 December 2022, are mainly related to : - other compensation and miscellaneous rebilling amounting to \u20ac38,725 thousand (2021 : \u20ac49,392 thousand) ;- capital gains on disposals of financial shares amounting to \u20ac13,668 thousand, of which \u20ac9,336 thousand related to thedisposal of the entire stake in Wooden SA, \u20ac795 thousand related to the disposal of 65% of the shares held in Hofkouter NVand \u20ac3,537 thousand related to the recognition of the gain on the stake in CFE Nederland that was disposed to DEME in 2015and neutralised as it was an intra-group transaction. Following the partial demerger and the removal of DEME from theconsolidation scope, this capital gain could be recognized in the financial statements of the CFE Group ;- capital gains on disposals of intangible assets and property, plant and equipment amounting to \u20ac2,179 thousand (2021 : \u20ac1,357 thousand).Other operating expenses are made up of the following elements : Year ended 31 December 2022 2021 (in \u20ac thousands) Miscellaneous services and goods (145,502) (107,892) Impairment of assets - Inventories(185) (1,072) - Trade and other operating receivables(1,314) (5,331) Net additions to provisions (excluding provisions for retirement benefit obligations) (1,686) 4,149 Other operating expenses (1,871) (1,210) Consolidated total (150,558) (111,356) Miscellaneous services and goods and other operating expenses mainly include overheads, various taxes, sales commissions and miscellaneous fees. The increase is mainly due to the high inflation rate that affected the 2022 financial year. We refer to the comments on the macroeconomic environment in note 2 \"Significant accounting policies\".", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__104-1": { "value": "7. REMUNERATIONS AND SOCIAL SECURITY PAYMENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Remuneration (139,300) (140,925) Mandatory social security contributions (42,925) (41,308) Other wage costs (15,145) (16,214) Service cost related to defined-benefit pension plans (4,006) (4,218) Consolidated total (201,376) (202,665) The average full-time equivalent number of staff in 2022 was 3,003 (2021 : 3,043), which represents 3,137 people as at 1 January 2022 (2021: 3,250) and 3,074 as at 31 December 2022 (2021 : 3,137). The impact of the slight decrease in the number of employees on wages and social security payments was offset by the revaluation of wages to take account of inflation.23. EMPLOYEE BENEFITSThe CFE group contributes to pension and early retirement plans in several of the countries in which it operates. These benefits are recognised in accordance with IAS 19 and are regarded as \"post-employment\" and \"long-term benefit plans\". As of December 31, 2022, the CFE group's net liability relating to obligations for \u2018post-employment\u2019 benefits for pensions and early-retirement amounted to \u20ac8,526 thousand (2021 : \u20ac11,916 thousand) and corresponds to the item \"Employee benefit obligations\" in the consolidated statement of financial position. This item also includes provisions for other employee benefits for an amount of \u20ac154 thousand as at 31 December 2022. MAIN CHARACTERISTICS OF THE CFE GROUP\u2019S POST-EMPLOYMENT BENEFIT PLANS Post-employment benefit plans are classified either as defined-contribution or defined-benefit plans. Defined-contribution plans Defined-contribution pension plans are those under which the company makes certain contributions to an entity or separate fund in accordance with the plan arrangements. Where contributions have been made, the company has no additional obligation. Defined-benefit plans All plans that are not defined-contribution plans are presumed to be defined-benefit plans. These plans are either funded externally through pension funds or insurance companies (\"funded plans\") or funded within the CFE group (\"unfunded plans\"). For the main plans, an actuarial valuation is carried out every year by independent actuaries. Post-employment benefit plans in which the CFE group takes part confer benefits to staff on retirement and death. All plans are funded externally through an insurance company unrelated to the CFE group. Obligations under defined-benefit plans for are exclusively in Belgium. Belgian post-employment benefit plans are invested in \"Class 21\" type plans, which implies that the insurer guarantees a minimum interest rate on the contributions paid. All plans comply with local regulations and minimum funding requirements. Most of the CFE group's post-employment benefit plans are defined-benefit. MAIN CHARACTERISTICS OF DEFINED-BENEFIT PLANS Belgian retirement plans \u00ab Class 21 \u00bb type A number of staff members are covered by a \"Class 21\" type insurance-funded defined-contribution plan. Belgian law requires the employer to guarantee for insured defined-contribution plans a minimum return of 3.25% on employer contributions and a minimum return of 3.75% on employee contributions paid prior to January 1, 2016, and a minimum return equal to a proportion (currently 85%) of the average of the last 24 months of the 10-year OLO rates. The rate is a minimum of 1.75% and a maximum of 3.75%. So far, the minimum rate of 1.75% has always applied, but this rate is subject to change in the future. As a result of the modification of this law at the end of 2015, these pension schemes have been accounted for as defined-benefit plans. Construction workers are covered by the defined-contribution pension plan funded by the \"fbz-fse Constructiv\" multi-employer pension fund. This pension plan is also governed by Belgian law, requiring a minimum return as mentioned above. Risk relating to defined-benefit plans Defined-benefit plans generally expose the employer to actuarial risks such as changes in interest rates, wages and inflation. The potential impact of these risks is illustrated by a sensitivity analysis, details of which are set out below. The risk arising from benefits being spread over time is limited, since most plans involve a lump-sum payment. However, there is an option to pay annuities. If this option is used, the payment of annuities is handled through an insurance policy that converts the lump sum into an annuity. The risk of death in service is entirely covered through insurance. The insolvency risk of insurance companies is taken into account in the calculation of the fair value of plan assets. Governance of defined-benefit plans The administration and governance of insured plans are handled by the insurance company. CFE ensures that insurance companies comply with all retirement laws. Defined-benefit plan assetsPlan assets invested with an insurance company are not subject to the fluctuations of an active market as they are \"Class 21\" insurance policies (with interest rate guarantees). These are mainly debt instruments such as government and corporate bonds and real estate. Plan assets do not include the CFE group's own financial instruments or any building used by the CFE group. The fair value of the insurance policies corresponds to the discounted value of contributions paid, taking into account the return contractually agreed with the insurance company (Belgium). INFORMATION RELATING TO DEFINED-BENEFIT AND EARLY RETIREMENT PLANSYear ended 31 December 2022 2021 (in \u20ac thousands) Provisions taken for defined-benefit and early retirement plan obligations (8,372) (11,762) Accrued rights, partly or fully funded (54,962) (69,997) Fair value of plan assets 46,590 58,235 Provisions taken for obligations in the consolidated statement of financial position (8,372) (11,762) Liabilities (8,372) (11,762) Assets 0 0 CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN OBLIGATIONSYear ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 (11,762) (73,362) Expenses recognized in profit or loss (3,870) (18,500) Expenses recognized in other elements of the comprehensive income 2,184 (276) Contributions to plan assets 4,934 18,069 Other movements 142 94 Transfers to liabilities associated with assets held for sale 0 62,213 As at December 31 (8,372) (11,762) The item \u201cTransfers to liabilities associated with assets held for sale\u201d relates exclusively to commitments provisioned at DEME which are presented under \u201cLiabilities associated with assets held for sale\u201d at the end of December 2021. EXPENSES RECOGNIZED IN INCOME IN RESPECT OF DEFINED-BENEFIT AND EARLY RETIREMENT PLANS Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses recognized in profit or loss (3,870) (4,256) Service cost (4,006) (4,218) Discounting effects (580) (281) Return on plan assets (-) 500 238 Unrecognized past service cost 216 5 As of December 31, 2021, the expenses recognized through profit and loss for DEME\u2019s defined benefit and early retirement plans amounted to \u20ac14,243 thousand. EXPENSES RECOGNIZED IN THE OTHER ELEMENTS OF THE COMPREHENSIVE INCOME IN RESPECT OF DEFINED-BENEFIT AND EARLY RETIREMENT PLANS Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses recognized in other elements of the comprehensive income 2,184 (276) Actuarial gains and losses 15,617 7,550 Return on plan assets (excluding amounts recognized in profit or loss) (13,433) (4,784) Effect of changes in foreign exchange rates 0 (3,042) CHANGES IN PROVISIONS TAKEN FOR DEFINED-BENEFIT AND EARLY RETIREMENT PLAN OBLIGATIONSYear ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 (69,997) (323,083) Service cost (4,006) (18,134) Discounting effects (580) (1,504) Contributions to plan assets (548) (794) Benefits paid to beneficiaries 3,688 19,660 Revaluation of liabilities (assets) 15,834 4,415 Actuarial gains and losses resulting from changes to demographic assumptions 0 (7,270) Actuarial gains and losses resulting from changes to financial assumptions 19,056 14,020 Actuarial gains and losses resulting from experience adjustments (3,222) (2,335) Unrecognized past service cost 0 0 Other movements 647 249,443 As at December 31 (54,962) (69,997) As of December 31, 2021, the item \u201cother movements\u201d is mainly related to obligations on discontinued operations (DEME) for an amount of \u20ac246,857 thousand. CHANGES IN DEFINED-BENEFIT AND EARLY RETIREMENT PLAN ASSETS Year ended 31 December 2022 2021 (in \u20ac thousands) As at January 1 58,235 249,721 Return on plan assets (excluding amounts recognized in profit or loss) (13,433) (4,643) Return on plan assets 500 1,220 Contributions to plan assets 5,623 18,863 Benefits paid to beneficiaries (3,688) (19,660) Other movements (647) (187,266) As at December 31 46,590 58,235 MAIN ACTUARIAL ASSUMPTIONS AT THE END OF THE PERIOD (EXPRESSED AS WEIGHTED AVERAGES) 2022 2021 Discount rate at December 31 3.60% 0.89% Expected rate of salary increases 3.20% 3.29% Inflation rate 2.20% 1.90% Mortality tables MR-5/FR-5 MR-5/FR-5 Taking into account the current macroeconomic environment which has led to a tightening of European monetary policy and an increase in interest rates, the rates prevailing on the financial markets have led the CFE group to apply a discount rate of 3.60% (compared to 0.89% at 31 December 2021) in determining its commitments to be provisioned in the consolidated statement of financial position for defined-benefit and early retirement plans as at 31 December 2022 (maturity of 11 years). In addition, the long-term inflation rate has been revised upwards (2.20% as at 31 December 2022 compared with 1.90% as at 31 December 2021) to take account of the latest macroeconomic forecasts (Planning Bureau, ECB, etc.) at the beginning of 2023. OTHER CHARACTERISTICS OF DEFINE-BENEFIT PLANS 2022 2021 Duration (in years) 11.00 13.50 Average real return on plan assets -21.97%-2.40%Contributions expected to be made to the plans in the next financial year 4,177 4,264 (in \u20ac thousands) SENSITIVITY ANALYSIS (IMPACT ON THE AMOUNT OF OBLIGATIONS) 2022 2021 Discount rate 25bp increase -2.48%-3.02%25bp decrease 2.59% 3.15% Salary growth rate 25bp increase 1.72% 2.15% 25bp decrease -1.63%-2.03%", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__110": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__109": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__108": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__107": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__106": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__105": { "value": "8. FINANCIAL RESULTYear ended 31 December 2022 2021 (in \u20ac thousands) Cost of financial debt 73 (3,448) Loans and receivables - Interest income 6,154 3,317 Liabilities at amortised cost - Interest expenses (6,081) (6,765) Other financial expenses and income (3,727) (2,591) Realized / unrealized translation gains/(losses) (1,764) (549) Defined benefit plan financial cost 136 (38) Impairment of financial assets 0 (14) Other (2,099) (1,990) Financial result (3,654) (6,039) The change in the line items \u2018Realized/unrealized translation gains/(losses)\u2019 and \u2018Other\u2019 as at 31 December 2022 is mainly explained by the devaluation of the zloty against the euro. CFE has significantly increased its shareholder loans to its subsidiaries held in joint control (in particular, an additional \u20ac19 million paid to Rent-A-Port). These loans generate significant additional financial income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__111": { "value": "9. NON-CONTROLLING INTERESTSAs of December 31, 2022, the share of non-controlling interests in the result for the period amounted to \u20ac36 thousand (2021 : \u20ac0 thousand) and is related to the real estate development segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__112": { "value": "10. EARNINGS PER SHAREBasic earnings per share are the same as diluted earnings per share due to the absence of any potentially dilutive ordinary shares in circulation. It is calculated as follows : Year ended 31 December 2022 2021 Result for the period from continuing operations 38,434 39,506 - share of the group (in \u20ac thousands)Result for the period from discontinued operations 190,973 110,502 - share of the group (in \u20ac thousands)Result for the period - share of the group (in \u20ac thousands) 229,407 150,008 Comprehensive income - share of the group (in \u20ac thousands) 308,883 174,536 Number of ordinary shares at balance sheet date 25,314,482 25,314,482 Weighted average number of ordinary shares outstanding during the period 25,068,231 25,314,482 Earnings per share, based on the weighted average number of ordinary shares outstanding during the period (basic) : Earnings per share (share of the group) from continuing operations (\u20ac) 1.53 1.56 Earnings per share (share of the group) from discontinued operations (\u20ac) 7.62 4.37 Earnings per share (share of the group) (\u20ac) 9.15 5.93 Comprehensive income per share (share of the group) (\u20ac) 12.32 6.89 As of December 31, 2022, the stock option plans have no dilutive effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__113": { "value": "11. INCOME TAXRECOGNIZED IN COMPREHENSIVE INCOMEYear ended 31 December 2022 2021 (in \u20ac thousands) Current taxes Tax expense for the period 7,336 11,248 Additions to / (release from) provisions in previous periods 335 107 Total current tax expenses 7,671 11,355 Deferred taxes Additions to and releases from deferred taxes relating to losses from previous periods (11) 1,867 Additions to and releases from temporary differences 1,302 (791) Total deferred tax expenses/income 1,291 1,076 Income tax for the period 8,962 12,431 Tax income/expense recognized in other elements of the comprehensive income (13,959) (2,902) Total tax expense recognized in comprehensive income (4,997) 9,529 RECONCILIATION OF THE EFFECTIVE TAX RATE Year ended 31 December 2022 2021 (in \u20ac thousands) Pre-tax income for the period 47,360 51,937 of which share in the profit/(loss) from investments accounted for using equity 8,754 9,655 method Pre-tax income for the period, excluding investments accounted for using equity 38,606 42,282 method Income taxes at 25% 9,652 10,571 Tax impact of non-deductible expenses 2,682 4,027 Tax impact of non-taxable revenue (3,687) (3,061) Tax credit and impact of notional interest 0 (157) Effect of different tax rates applicable to subsidiaries operating in other jurisdictions (362) (586) Tax impact of using previously unrecognized losses (2,265) (3,048) Tax impact of adjustments to current and deferred tax relating for previous periods 335 1,134 Tax impact of deferred tax assets on unrecognized losses for the period 2,607 3,551 Tax expense 8,962 12,431 Effective tax rate for the period 23.21% 29.40% The income tax expenses amounted to \u20ac8,962 thousand as at 31 December 2022, compared to \u20ac12,431 thousand at the end of 2021. The effective tax rate amounted to 23.21% compared to 29.40% in 2021. RECOGNIZED DEFERRED TAX ASSETS AND LIABILITIES Year ended 31 December ASSETS LIABILITIES (in \u20ac thousands) 2022 2021 2022 2021 Property, plant and equipment and intangible assets 0 0 (963) (1,058)Employee benefits 1,746 2,243 0 0 Provisions 2,188 1,796 0 0 Fair value of derivative instruments 0 0 0 0 Working capital 4,429 4,420 (3,304) (1,352) Other items 113 137 (98) (98)Tax losses 40,298 66,481 0 0 Gross deferred tax assets/(liabilities) 48,774 75,079 (4,365) (2,508) Unrecognized deferred tax assets (39,963) (66,441) 0 0 Tax netting (1,688) (379)1,688 379 Net deferred tax assets/(liabilities) 7,123 8,259 (2,677) (2,129) Tax loss carried forward and other temporary differences for which no deferred tax assets are recognized amounted to \u20ac159,852 thousand as at 31 December 2022. As tax losses are mainly recognized by Belgian companies, these do not have an expiration date. The decrease in tax losses carried forward for which no deferred tax assets are recognized is mainly attributable to the partial demerger between DEME and CFE resulting in the transfer of a large part of the tax losses carried forward from CFE SA to DEME Group. The \"tax netting\" item reflects the netting of deferred tax assets and liabilities per entity. TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS ARE RECOGNIZED Deferred tax assets are not recognized in cases where it is not probable that a future taxable profit will be sufficient to enable subsidiaries to recover their tax losses. DEFERRED TAX INCOME (EXPENSE) RECOGNIZED IN COMPREHENSIVE INCOME Year ended 31 December 2022 2021 (in \u20ac thousands) Deferred taxes on the effective portion of changes in the fair value of cash flow hedge (13,658) (3,000) Deferred taxes on the revaluation of defined benefit liabilities (301) 98 Total (13,959) (2,902) As of December 31, 2022, deferred taxes recognized in other comprehensive income amounted to \u20ac(13,959) thousand and are mainly related to changes in the market values of the hedging instruments (exchange rates hedges) in the operating companies of offshore wind farms such as Rentel and SeaMade (Green Offshore).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__114": { "value": "RECOGNIZED DEFERRED TAX ASSETS AND LIABILITIES Year ended 31 December ASSETS LIABILITIES (in \u20ac thousands) 2022 2021 2022 2021 Property, plant and equipment and intangible assets 0 0 (963) (1,058)Employee benefits 1,746 2,243 0 0 Provisions 2,188 1,796 0 0 Fair value of derivative instruments 0 0 0 0 Working capital 4,429 4,420 (3,304) (1,352) Other items 113 137 (98) (98)Tax losses 40,298 66,481 0 0 Gross deferred tax assets/(liabilities) 48,774 75,079 (4,365) (2,508) Unrecognized deferred tax assets (39,963) (66,441) 0 0 Tax netting (1,688) (379)1,688 379 Net deferred tax assets/(liabilities) 7,123 8,259 (2,677) (2,129) Tax loss carried forward and other temporary differences for which no deferred tax assets are recognized amounted to \u20ac159,852 thousand as at 31 December 2022. As tax losses are mainly recognized by Belgian companies, these do not have an expiration date. The decrease in tax losses carried forward for which no deferred tax assets are recognized is mainly attributable to the partial demerger between DEME and CFE resulting in the transfer of a large part of the tax losses carried forward from CFE SA to DEME Group. The \"tax netting\" item reflects the netting of deferred tax assets and liabilities per entity. TAX LOSSES FOR WHICH NO DEFERRED TAX ASSETS ARE RECOGNIZED Deferred tax assets are not recognized in cases where it is not probable that a future taxable profit will be sufficient to enable subsidiaries to recover their tax losses. DEFERRED TAX INCOME (EXPENSE) RECOGNIZED IN COMPREHENSIVE INCOME Year ended 31 December 2022 2021 (in \u20ac thousands) Deferred taxes on the effective portion of changes in the fair value of cash flow hedge (13,658) (3,000) Deferred taxes on the revaluation of defined benefit liabilities (301) 98 Total (13,959) (2,902) As of December 31, 2022, deferred taxes recognized in other comprehensive income amounted to \u20ac(13,959) thousand and are mainly related to changes in the market values of the hedging instruments (exchange rates hedges) in the operating companies of offshore wind farms such as Rentel and SeaMade (Green Offshore).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__117": { "value": "12. INTANGIBLE ASSETS OTHER THAN GOODWILLYear ended 31 December 2022 Development Licenses Total (in \u20ac thousands) costs Acquisition costs Balance at the end of the previous period 6,575 468 7,043 Effects of changes in foreign exchange rates (16) 0 (16) Acquisitions 1,340 0 1,340 Disposals (351) 0 (351) Transfers between asset items (91) (53) (144) Balance at the end of the period 7,457 415 7,872 Depeciation and amortisation Balance at the end of the previous period (4,669) (431) (5,100) Effects of changes in foreign exchange rates 12 0 12 Depeciation and amortisation (869) 0 (869) Disposals 351 0 351 Transfers between asset items 65 16 81 Balance at the end of the period (5,110) (415) (5,525) Net carrying amount As at January 1, 2022 1,906 37 1,943 As at December 31, 2022 2,347 0 2,347 As of December 31, 2022, acquisitions of intangible assets amounted to \u20ac1,340 thousand (2021 : \u20ac2,881 thousand, of which \u20ac973 thousand for continuing operations and \u20ac1,908 thousand for discontinued operations) and primarily concern the capital expenditures in software licences. Depreciation and amortisation of intangible assets amounted to \u20ac(869) thousand as at 31 December 2022 (2021 : \u20ac(4,291) thousand, of which \u20ac(879) thousand for continuing operations and \u20ac(3,412) thousand for discontinued operations). Intangible assets meeting the definition of IAS 38 Intangible Assets are only recognized to the extent that future economic benefits are probable. Year ended 31 December 2021 Concessions, Development Total (in \u20ac thousands) patents and licenses costs Acquisition costs Balance at the end of the previous period 152,276 4,454 156,730 Effects of changes in foreign exchange rates (6) 0 (6) Changes in consolidation scope 54 0 54 Acquisitions 2,858 23 2,881 Disposals (1,772) (2) (1,774) Transfers between asset items (*) (146,835) (4,007) (150,842) Balance at the end of the period 6,575 468 7,043 Depeciation and amortisation Balance at the end of the previous period (41,059) (4,412) (45,471) Effects of changes in foreign exchange rates 4 0 4 Depeciation and amortisation (4,263) (28) (4,291) Changes in consolidation scope 0 0 0 Disposals 1,772 2 1,774 Transfers between asset items (*) 38,877 4,007 42,884 Balance at the end of the period (4,669) (431) (5,100) Net carrying amount As at January 1, 2021 111,217 42 111,259 As at December 31, 2021 1,906 37 1,943 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of intangible assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s intangible assets classified as assets held for sale at 31 December 2021 for a net book value of \u20ac110,040 thousand. We refer to note 5 of this report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__115-1": { "value": "12. INTANGIBLE ASSETS OTHER THAN GOODWILLYear ended 31 December 2022 Development Licenses Total (in \u20ac thousands) costs Acquisition costs Balance at the end of the previous period 6,575 468 7,043 Effects of changes in foreign exchange rates (16) 0 (16) Acquisitions 1,340 0 1,340 Disposals (351) 0 (351) Transfers between asset items (91) (53) (144) Balance at the end of the period 7,457 415 7,872 Depeciation and amortisation Balance at the end of the previous period (4,669) (431) (5,100) Effects of changes in foreign exchange rates 12 0 12 Depeciation and amortisation (869) 0 (869) Disposals 351 0 351 Transfers between asset items 65 16 81 Balance at the end of the period (5,110) (415) (5,525) Net carrying amount As at January 1, 2022 1,906 37 1,943 As at December 31, 2022 2,347 0 2,347 As of December 31, 2022, acquisitions of intangible assets amounted to \u20ac1,340 thousand (2021 : \u20ac2,881 thousand, of which \u20ac973 thousand for continuing operations and \u20ac1,908 thousand for discontinued operations) and primarily concern the capital expenditures in software licences. Depreciation and amortisation of intangible assets amounted to \u20ac(869) thousand as at 31 December 2022 (2021 : \u20ac(4,291) thousand, of which \u20ac(879) thousand for continuing operations and \u20ac(3,412) thousand for discontinued operations). Intangible assets meeting the definition of IAS 38 Intangible Assets are only recognized to the extent that future economic benefits are probable. Year ended 31 December 2021 Concessions, Development Total (in \u20ac thousands) patents and licenses costs Acquisition costs Balance at the end of the previous period 152,276 4,454 156,730 Effects of changes in foreign exchange rates (6) 0 (6) Changes in consolidation scope 54 0 54 Acquisitions 2,858 23 2,881 Disposals (1,772) (2) (1,774) Transfers between asset items (*) (146,835) (4,007) (150,842) Balance at the end of the period 6,575 468 7,043 Depeciation and amortisation Balance at the end of the previous period (41,059) (4,412) (45,471) Effects of changes in foreign exchange rates 4 0 4 Depeciation and amortisation (4,263) (28) (4,291) Changes in consolidation scope 0 0 0 Disposals 1,772 2 1,774 Transfers between asset items (*) 38,877 4,007 42,884 Balance at the end of the period (4,669) (431) (5,100) Net carrying amount As at January 1, 2021 111,217 42 111,259 As at December 31, 2021 1,906 37 1,943 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of intangible assets held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s intangible assets classified as assets held for sale at 31 December 2021 for a net book value of \u20ac110,040 thousand. We refer to note 5 of this report. 13. GOODWILLYear ended 31 December 2022 2021 (in \u20ac thousands) Acquisition costs Balance at the end of the previous period 29,785 401,731 Changes in consolidation scope 0 2,221 Transfers between asset items (*) 0 (374,149) Other changes (40) (18) Balance at the end of the period 29,745 29,785 Depreciation Balance at the end of the previous period (6,022) (229,604) Depreciation during the period 0 (311) Transfers between asset items (*) 0 223,893 Changes in consolidation scope 0 0 Balance at the end of the period (6,022) (6,022) Net carrying amount at December 31 23,723 23,763 (*) Transfers between asset items are solely related to the separate presentation in the consolidated statement of financial position of goodwill held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Therefore, the 2021 transfers represent the goodwill recognised at DEME classified as held for sale as at 31 December 2021. We refer to note 5 of this report. At year-end 2021, the effects of changes in consolidation scope related exclusively to the acquisition of 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. and Power Automation Sp. komandytowa, all of which were absorbed by VMA Polska Sp. z o.o. during the financial year 2022. In accordance with IAS 36 Impairment of assets, this goodwill was tested for impairment at 31 December 2022. The following assumptions were used in the impairment tests : Impairment Net goodwill Parameters of the model applied to cash flow Gross goodwill losses Business value projections value recognized in the period Growth rate Year ended 31 December 2022 2021 (terminal Discount rate Sensitivity rate (in \u20ac thousands) value) VMA 14,784 14,824 0.50% 9.40% 5% 18,673 0 MOBIX 8,028 8,028 0.50% 9.40% 5% 10,161 0 BPC Group 911 911 0.50% 9.40% 5% 911 0 Total 23,723 23,763 29,745 0 Cash-flows figures used in the impairment tests were taken from the budgets presented to the CFE Board of Directors. A growth rate of 0.5% was used in determining the terminal value. The discount rate used is 9.4% (compared to 8.5% as at 31 December 2021) and corresponds to the weighted average cost of capital applicable to the CFE group. As of December 31, 2022, this takes into account the increase in risk-free interest rates in the euro zone. A sensitivity analysis was carried out by varying cash flows and discount rate figures by 5%. Since the value in use of the entities is still higher than their carrying amount including goodwill, there was no indication of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__91-1": { "value": "Depreciation and amortisation of intangible assets amounted to \u20ac(869) thousand as at 31 December 2022 (2021 : \u20ac(4,291) thousand, of which \u20ac(879) thousand for continuing operations and \u20ac(3,412) thousand for discontinued operations). Depreciation and amortisation of property, plant and equipment amounted to \u20ac(20,001) thousand (2021 : \u20ac(346,230) thousand of which \u20ac(19,338) thousand for continuing operations and \u20ac(326,892) thousand for discontinued operations). Year ended 31 December 2022 Development Licenses Total (in \u20ac thousands) costs Acquisition costs Balance at the end of the previous period 6,575 468 7,043 Effects of changes in foreign exchange rates (16) 0 (16) Acquisitions 1,340 0 1,340 Disposals (351) 0 (351) Transfers between asset items (91) (53) (144) Balance at the end of the period 7,457 415 7,872 Depeciation and amortisation Balance at the end of the previous period (4,669) (431) (5,100) Effects of changes in foreign exchange rates 12 0 12 Depeciation and amortisation (869) 0 (869) Disposals 351 0 351 Transfers between asset items 65 16 81 Balance at the end of the period (5,110) (415) (5,525) Net carrying amount As at January 1, 2022 1,906 37 1,943 As at December 31, 2022 2,347 0 2,347Year ended 31 December 2022 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 71,832 105,211 60,246 1,076 238,365 Effects of changes in foreign exchange rates(14)(23) (41) 1 (77) Changes in consolidation scope (11,090) 0 0 (158)(11,248)Acquisitions 5,782 7,654 8,530 4,685 26,651 Transfers between asset items (1,576) (1,424) 361 (7) (2,646)Disposals (217) (4,120)(10,008) 0 (14,345) Balance at the end of the period 64,717 107,298 59,088 5,597 236,700 Depeciation and amortisation Balance at the end of the previous period (24,656) (89,409) (42,017) 0 (156,082) Effects of changes in foreign exchange rates5 20 33 0 58 Changes in consolidation scope 1,016 0 0 0 1,016 Depeciation and amortisation (4,317) (6,831) (8,853) 0 (20,001) Transfers between asset items 1,367 1,388 226 0 2,981 Disposals 163 3,685 9,189 0 13,037 Balance at the end of the period (26,422) (91,147) (41,422) 0 (158,991) Net carrying amount As at January 1, 2022 47,176 15,802 18,229 1,076 82,283 As at December 31, 2022 38,295 16,151 17,666 5,597 77,709Year ended 31 December 2021 Concessions, Development Total (in \u20ac thousands) patents and licenses costs Acquisition costs Balance at the end of the previous period 152,276 4,454 156,730 Effects of changes in foreign exchange rates (6) 0 (6) Changes in consolidation scope 54 0 54 Acquisitions 2,858 23 2,881 Disposals (1,772) (2) (1,774) Transfers between asset items (*) (146,835) (4,007) (150,842) Balance at the end of the period 6,575 468 7,043 Depeciation and amortisation Balance at the end of the previous period (41,059) (4,412) (45,471) Effects of changes in foreign exchange rates 4 0 4 Depeciation and amortisation (4,263) (28) (4,291) Changes in consolidation scope 0 0 0 Disposals 1,772 2 1,774 Transfers between asset items (*) 38,877 4,007 42,884 Balance at the end of the period (4,669) (431) (5,100) Net carrying amount As at January 1, 2021 111,217 42 111,259 As at December 31, 2021 1,906 37 1,943Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 244,206 4,163,313 109,589 506,270 5,023,378 Effects of changes in foreign exchange rates 1,128 5,605 42 0 6,775 Changes in consolidation scope 0 35 121 0 156 Acquisitions 41,375 149,807 23,018 127,321 341,521 Transfers between asset items (*) (199,140) (4,071,769) (56,303) (632,167) (4,959,379) Disposals (15,737) (141,780) (16,221) (348) (174,086) Balance at the end of the period 71,832 105,211 60,246 1,076 238,365 Depeciation and amortisation Balance at the end of the previous period (88,153) (2,350,014) (70,159) 0 (2,508,326) Effects of changes in foreign exchange rates (465)(4,249)41 0 (4,673) Changes in consolidation scope 0 0 (92) 0 (92) Depeciation and amortisation (19,288) (307,238) (19,704) 0 (346,230) Transfers between asset items (*) 74,826 2,454,820 32,218 0 2,561,864 Disposals 8,424 117,272 15,679 0 141,375 Balance at the end of the period (24,656) (89,409) (42,017) 0 (156,082) Net carrying amount As at January 1, 2021 156,053 1,813,299 39,430 506,270 2,515,052 As at December 31, 2021 47,176 15,802 18,229 1,076 82,283", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__118": { "value": "13. GOODWILLYear ended 31 December 2022 2021 (in \u20ac thousands) Acquisition costs Balance at the end of the previous period 29,785 401,731 Changes in consolidation scope 0 2,221 Transfers between asset items (*) 0 (374,149) Other changes (40) (18) Balance at the end of the period 29,745 29,785 Depreciation Balance at the end of the previous period (6,022) (229,604) Depreciation during the period 0 (311) Transfers between asset items (*) 0 223,893 Changes in consolidation scope 0 0 Balance at the end of the period (6,022) (6,022) Net carrying amount at December 31 23,723 23,763 (*) Transfers between asset items are solely related to the separate presentation in the consolidated statement of financial position of goodwill held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Therefore, the 2021 transfers represent the goodwill recognised at DEME classified as held for sale as at 31 December 2021. We refer to note 5 of this report. At year-end 2021, the effects of changes in consolidation scope related exclusively to the acquisition of 100% of the shares of Rolling Robotics Sp. z o.o., Rolling Robotics Sp. komandytowa, Power Automation Sp. z o.o. and Power Automation Sp. komandytowa, all of which were absorbed by VMA Polska Sp. z o.o. during the financial year 2022. In accordance with IAS 36 Impairment of assets, this goodwill was tested for impairment at 31 December 2022. The following assumptions were used in the impairment tests : Impairment Net goodwill Parameters of the model applied to cash flow Gross goodwill losses Business value projections value recognized in the period Growth rate Year ended 31 December 2022 2021 (terminal Discount rate Sensitivity rate (in \u20ac thousands) value) VMA 14,784 14,824 0.50% 9.40% 5% 18,673 0 MOBIX 8,028 8,028 0.50% 9.40% 5% 10,161 0 BPC Group 911 911 0.50% 9.40% 5% 911 0 Total 23,723 23,763 29,745 0 Cash-flows figures used in the impairment tests were taken from the budgets presented to the CFE Board of Directors. A growth rate of 0.5% was used in determining the terminal value. The discount rate used is 9.4% (compared to 8.5% as at 31 December 2021) and corresponds to the weighted average cost of capital applicable to the CFE group. As of December 31, 2022, this takes into account the increase in risk-free interest rates in the euro zone. A sensitivity analysis was carried out by varying cash flows and discount rate figures by 5%. Since the value in use of the entities is still higher than their carrying amount including goodwill, there was no indication of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__119": { "value": "14. PROPERTY, PLANT AND EQUIPMENTYear ended 31 December 2022 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 71,832 105,211 60,246 1,076 238,365 Effects of changes in foreign exchange rates(14)(23) (41) 1 (77) Changes in consolidation scope (11,090) 0 0 (158)(11,248)Acquisitions 5,782 7,654 8,530 4,685 26,651 Transfers between asset items (1,576) (1,424) 361 (7) (2,646)Disposals (217) (4,120)(10,008) 0 (14,345) Balance at the end of the period 64,717 107,298 59,088 5,597 236,700 Depeciation and amortisation Balance at the end of the previous period (24,656) (89,409) (42,017) 0 (156,082) Effects of changes in foreign exchange rates5 20 33 0 58 Changes in consolidation scope 1,016 0 0 0 1,016 Depeciation and amortisation (4,317) (6,831) (8,853) 0 (20,001) Transfers between asset items 1,367 1,388 226 0 2,981 Disposals 163 3,685 9,189 0 13,037 Balance at the end of the period (26,422) (91,147) (41,422) 0 (158,991) Net carrying amount As at January 1, 2022 47,176 15,802 18,229 1,076 82,283 As at December 31, 2022 38,295 16,151 17,666 5,597 77,709 Property, plant and equipment mainly include the net book values of the headquarters of several Belgian subsidiaries of the group, the fleet of equipments and vehicles. As of December 31, 2022, acquisitions of property, plant and equipment amounted to \u20ac26,651 thousand, the most important of which relates to the new headquarters of Van Laere NV, which is currently under construction (delivery expected in March 2023). As of December 31, 2021, acquisitions of property, plant and equipment amounted to \u20ac341,521 thousand of which \u20ac20,082 thousand for continuing operations and \u20ac321,439 thousand for discontinued operations. In 2022, effects of changes in consolidation scope mainly concern the derecognition of Hofkouter NV\u2019s properties, plants and equipments, the company that owns the current Van Laere NV headquarters and workshops. Indeed, CFE sold 65% of its stake, resulting in a change in consolidation method from global integration of Hofkouter, to the equity method. Depreciation and amortisation of property, plant and equipment amounted to \u20ac(20,001) thousand (2021 : \u20ac(346,230) thousand of which \u20ac(19,338) thousand for continuing operations and \u20ac(326,892) thousand for discontinued operations). Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Under Total (in \u20ac thousands) buildings equipment and vehicles construction Acquisition costs Balance at the end of the previous period 244,206 4,163,313 109,589 506,270 5,023,378 Effects of changes in foreign exchange rates 1,128 5,605 42 0 6,775 Changes in consolidation scope 0 35 121 0 156 Acquisitions 41,375 149,807 23,018 127,321 341,521 Transfers between asset items (*) (199,140) (4,071,769) (56,303) (632,167) (4,959,379) Disposals (15,737) (141,780) (16,221) (348) (174,086) Balance at the end of the period 71,832 105,211 60,246 1,076 238,365 Depeciation and amortisation Balance at the end of the previous period (88,153) (2,350,014) (70,159) 0 (2,508,326) Effects of changes in foreign exchange rates (465)(4,249)41 0 (4,673) Changes in consolidation scope 0 0 (92) 0 (92) Depeciation and amortisation (19,288) (307,238) (19,704) 0 (346,230) Transfers between asset items (*) 74,826 2,454,820 32,218 0 2,561,864 Disposals 8,424 117,272 15,679 0 141,375 Balance at the end of the period (24,656) (89,409) (42,017) 0 (156,082) Net carrying amount As at January 1, 2021 156,053 1,813,299 39,430 506,270 2,515,052 As at December 31, 2021 47,176 15,802 18,229 1,076 82,283 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Accordingly, the 2021 transfers include DEME\u2019s property, plant and equipment classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac2,363,428 thousand. We refer to note 5 of this report. The net book value of property, plant and equipment recognized as right of use amounted to \u20ac36,772 thousand as at 31 December 2022 compared to \u20ac35,272 thousand as at 31 December 2021. These assets mainly include the group\u2019s vehicle fleet, as well as the headquarters of certain subsidiaries of the multitechnics and construction & renovation segments. Changes in property, plant and equipment recognized under the right of use are presented in the table on next page. The CFE Group has a limited number of leases with renewal options and exercises significant judgement in determining whether that is reasonable certain that these extension and termination options will be exercised. As of December 31, 2022, the Group has no leases with renewal options that are reasonably certain not to be exercised or termination options that are reasonably certain to be exercised. Year ended 31 December 2022 Land and Fixtures and Furniture, fittings Total (in \u20ac thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 26,532 11,556 24,459 62,547 Effects of changes in foreign exchange rates (11) 0 (9) (20) Changes in consolidation scope 0 0 0 0 Acquisitions 3,757 4,074 5,875 13,706 Transfers between asset items (1,606) 12 477 (1,117) Disposals (209) (936) (4,678) (5,823) Balance at the end of the period 28,463 14,706 26,124 69,293 Depeciation and amortisation Balance at the end of the previous period (9,012) (6,666) (11,597) (27,275) Effects of changes in foreign exchange rates 5 0 3 8 Changes in consolidation scope 0 0 0 0 Depeciation and amortisation (3,268) (2,653) (5,975) (11,896) Transfers between asset items 1,349 (3) (4) 1,342 Disposals 156 936 4,208 5,300 Balance at the end of the period (10,770) (8,386) (13,365) (32,521) Net carrying amount As at January 1, 2022 17,520 4,890 12,862 35,272 As at December 31, 2022 17,693 6,320 12,759 36,772 Year ended 31 December 2021 Land and Fixtures and Furniture, fittings Total (in \u20ac thousands) buildings equipment and vehicles Acquisition costs Balance at the end of the previous period 102,430 18,975 49,289 170,694 Effects of changes in foreign exchange rates 1,121 295 98 1,514 Changes in consolidation scope 0 0 0 0 Acquisitions 27,168 4,377 18,078 49,623 Transfers between asset items (*) (91,314) (9,279) (36,936) (137,529) Disposals (12,873) (2,812) (6,070) (21,755) Balance at the end of the period 26,532 11,556 24,459 62,547 Depeciation and amortisation Balance at the end of the previous period (26,473) (11,080) (19,553) (57,106) Effects of changes in foreign exchange rates (456) (115) (48) (619) Changes in consolidation scope 0 0 0 0 Depeciation and amortisation (13,690) (4,246) (14,349) (32,285) Transfers between asset items (*) 24,376 6,006 16,809 47,191 Disposals 7,231 2,769 5,544 15,544 Balance at the end of the period (9,012) (6,666) (11,597) (27,275) Net carrying amount As at January 1, 2021 75,957 7,895 29,736 113,588 As at December 31, 2021 17,520 4,890 12,862 35,272 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of property, plant and equipment held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. Accordingly, the 2021 transfers include DEME\u2019s property, plant and equipment recognized under the right of use classified as assets held for sale as at 31 December 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__123-1": { "value": "15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHODCHANGES OVER THE PERIODThe interests in investments accounted for using equity method are detailed as follows: Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 103,418 204,095 Transfers between asset items (*) 5,499 (139,401) Share of profit (loss) of investments accounted for using equity method 8,754 19,473 Capital increase/(decrease) 6 19,077 Dividends (13,641) (18,416) Changes in consolidation scope (8,759) 2,456 Other changes 15,588 16,134 Balance at the end of the period 110,865 103,418 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of investments accounted for using the equity method held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s investments accounted for using the equity method classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac141,527 thousand. We refer to note 5 of this report. As of December 31, 2022, these transfers relate only to amounts reclassified during the year as provisions for negative investments accounted for using equity method. All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Rent-A-Port and Green Offshore under the investments & holding segment, and in project companies held in joint control in the real estate development segment. As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore to investmentsaccounted for using equity method amounted to \u20ac43,983 thousand and \u20ac20,389 thousand, respectively. The CFE Group has nostakes accounted for using equity method that are listed on a public market.As of December 31, 2022, the CFE Group\u2019s share of profit (loss) of investments accounted for using equity method amount to \u20ac8,754 thousand (compared to \u20ac19,473 thousand in 2021, including \u20ac9,655 thousand for continuing operations and \u20ac9,818 thousand for discontinued operations) and is mainly due to the activities of the real estate development segment and the investments in port concessions through Rent-A-Port (\u20ac4,052 thousand as at 31 December 2022, as CFE\u2019s share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore (\u20ac1,849 thousand as at 31 December 2022, as CFE\u2019s share). As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore in the consolidated statement of comprehensive income pre-tax amounted to \u20ac5,234 thousand and \u20ac13,610 thousand, respectively. Dividends distributed by equity accounted investments amounted to \u20ac13,641 thousand and derives from Green Offshore and certain project companies in the real estate development segment. The changes in consolidation scope are mainly related to the disposal of the entire stake in Wooden NV and Grand Poste NV and the impact of the acquisition of non-controlling interests in Infra Asia Investment Hong Kong Ltd by Rent-A-Port, partially offset by the change in consolidation method applied to Hofkouter NV, which is now accounted for using equity method. The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating foreign currency investments. FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD The list of the most significant investments accounted for using the equity method is set out in note 34, based on their percentage of interests in the CFE group, the segment in which they operate and the geographical area of their head office. The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory accounts. Intercompany transactions are not eliminated. The reconciliation between the statutory equity and the contribution to the consolidated accounts is presented after the financial indicators. Multitechnics and December 2022 Real estate Investments & Construction & Total (in \u20ac thousands) development Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 118,645 51,634 13,507 3,377 61,968 29,837 194,120 84,848 Result for the period - 9,915 2,980 (1,005) (357)11,4115,745 20,321 8,368 share of the group Financial position Non-current assets 53,545 25,369 9,226 3,224 249,767 96,362 312,538 124,955 Current assets 478,374 212,096 12,011 3,241 177,644 83,540 668,029 298,877 Equity 45,215 18,395 11,183 3,852 138,132 72,510 194,530 94,757 Non-current liabilities 151,778 70,745 0 0 188,490 69,779 340,268 140,524 Current liabilities 334,926 148,325 10,054 2,613 100,789 37,613 445,769 188,551 Net Financial Debt 168,262 84,653 (7,087) (1,876) 192,629 66,572 353,804 149,349 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA : \u20ac77,026 thousand (100%), M1 SA : \u20ac33,097 thousand (100%), The Roots Office S\u00e0RL : \u20ac31,624 thousand (100%), BPI-Revive Matejki Sp. z o.o. : \u20ac29,007 thousand (100%), Erasmus Gardens SA : \u20ac25,308 thousand (100%), Debrouck\u00e8re Land SA : \u20ac24,001 thousand (100%), Bavi\u00e8re D\u00e9veloppement SA : \u20ac23,671 thousand (100%), MG Immo SRL : \u20ac23,034 thousand (100%), Arlon 53 SA : \u20ac21,347 thousand (100%), Goodways SA : \u20ac20,235 thousand (100%), Emely S\u00e0RL : \u20ac16,896 thousand (100%), Debrouck\u00e8re Office SA : \u20ac15,306 thousand (100%), Key West SA : \u20ac14,665 thousand (100%), Bataves 1521 SA : \u20ac12,078 thousand (100%), Victor Estate SA : \u20ac10,968 thousand (100%) and Debrouck\u00e8re Development SA : \u20ac10,523 thousand (100%). December 2022 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 58,027 29,014 0 0 3,941 823 61,968 29,837 Result for the period - 8,104 4,052 3,560 1,780 (253)(87)11,411 5,745 share of the group Financial position Non-current assets 109,730 54,865 47,275 23,638 92,762 17,859 249,767 96,362 Current assets 150,835 75,418 2,836 1,418 23,973 6,704 177,644 83,540 Equity 99,998 49,999 45,604 22,802 (7,470) (291)138,132 72,510 Non-current liabilities 104,858 52,429 4,128 2,064 79,504 15,286 188,490 69,779 Current liabilities 55,709 27,855 379 190 44,701 9,568 100,789 37,613 Net Financial Debt 97,063 48,532 2,853 1,427 92,713 16,613 192,629 66,572 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac62,764 thousand (100%), Rent-A-Port NV : \u20ac97,063 thousand (100%) and Green Offshore NV : \u20ac2,853 thousand (100%). Multitechnics and December 2021 Real estate Investments Construction & Total (in \u20ac thousands) development & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 93,956 37,095 16,886 4,900 54,388 26,093 165,230 68,088 Result for the period - 21,301 7,265 365 145 9,009 4,269 30,675 11,679 share of the group Financial position Non-current assets 116,862 51,282 69 17 237,229 89,248 354,160 140,547 Current assets 422,111 182,643 10,464 2,626 174,423 82,449 606,998 267,718 Equity 73,604 31,158 912 237 144,746 75,904 219,262 107,299 Non-current liabilities 131,490 59,965 0 0 149,493 49,079 280,983 109,044 Current liabilities 333,879 142,802 9,621 2,406 117,413 46,714 460,913 191,922 Net Financial Debt 137,145 65,250 (4,984) (1,259) 153,006 44,189 285,167 108,180 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA: \u20ac52,839 thousand (100%), Wooden SA: \u20ac44,641 thousand (100%), M1 SA: \u20ac43,883 thousand (100%), The Roots Office S\u00e0RL: \u20ac31,624 thousand (100%), Erasmus Gardens SA: \u20ac31,441 thousand (100%), BPI-Revive Matejki Sp. z o.o.: \u20ac27,993 thousand (100%), Grand Poste SA: \u20ac24,239 thousand (100%), Debrouck\u00e8re Land SA: \u20ac23,469 thousand (100%), Bavi\u00e8re Development SA: \u20ac19,883 thousand (100%), Goodways SA: \u20ac19,681 thousand (100%), MG Immo SRL: \u20ac16,726 thousand (100%), Pr\u00e9 de la Perche Construction SA: \u20ac15,853 thousand (100%), Debrouck\u00e8re Office SA: \u20ac15,387 thousand (100%), Key West SA: \u20ac13,161 thousand (100%), Arlon 53 SA: \u20ac12,924 thousand (100%) and Victor Estate SA: \u20ac10,973 thousand (100%).December 2021 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 50,527 25,264 0 0 3,861 829 54,388 26,093 Result for the period - share 3,578 1,789 4,831 2,416 600 64 9,009 4,269 of the group Financial position Non-current assets 109,667 54,834 32,059 16,030 95,503 18,384 237,229 89,248 Current assets 145,416 72,708 6,552 3,276 22,455 6,465 174,423 82,449 Equity 125,746 62,873 26,621 13,311 (7,621) (280)144,746 75,904 Non-current liabilities 54,540 27,270 11,538 5,770 83,415 16,040 149,493 49,079 Current liabilities 74,797 37,399 452 226 42,164 9,089 117,413 46,714 Net Financial Debt 44,029 22,015 8,073 4,037 100,904 18,137 153,006 44,189 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac70,619 thousand (100%), Rent-A-Port NV : \u20ac44,029 thousand (100%) and Green Offshore NV : \u20ac8,073 thousand (100%). The reconciliation between the share of the CFE group in the statutory net assets of these companies and the carrying amount of the investments accounted for using equity method is as follows : Multitechnics December 2022 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 18,395 3,852 72,510 94,757 Reconciliation items 5,596 0 (3,557) 2,039 Negative investments accounted for using equity method 14,027 0 42 14,069 CFE Group's carrying amount of the investment 38,018 3,852 68,995 110,865 Multitechnics December 2021 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 31,158 237 75,904 107,299 Reconciliation items 8,531 0 (20,982) (12,451) Negative investments accounted for using equity method 8,570 0 0 8,570 CFE Group's carrying amount of the investment 48,259 237 54,922 103,418 The reconciliation elements presented at the level of the real estate development are mainly due to the recognition of the income in accordance with the CFE group accounting policies and the intercompany eliminations.34. COMPANIES OWNED BY THE GROUPMAIN ENTITIES ACCOUNTED FOR USING GLOBAL INTEGRATIONGROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST (%) EUROPE Belgium BPI PURE SA Brussels Real estate development 100% BPI REAL ESTATE BELGIUM SA Brussels Real estate development 100% BPI SAMAYA SA Brussels Real estate development 100% BPI SERENITY VALLEY SA Brussels Real estate development 100% BPI PARK WEST SA Brussels Real estate development 100% PROJECTONTWIKKELING VAN WELLEN NV Brussels Real estate development 100% WOLIMMO SA Brussels Real estate development 100% ZEN FACTORY SA Brussels Real estate development 100% BRANTEGEM NV Aalst Multitechnics 100% MOBIX ENGEMA SA Brussels Multitechnics 100% MOBIX ENGETEC SA Manage Multitechnics 100% MOBIX REMACOM NV Lochristi Multitechnics 100% MOBIX STEVENS NV Halen Multitechnics 100% VMA NV Sint-Martens-Latem Multitechnics 100% VMA DRUART SA Jumet Multitechnics 100% VMA BE.MAINTENANCE SA Brussels Multitechnics 100% VMA NIZET SA Louvain-la-Neuve Multitechnics 100% ARTHUR VANDENDORPE NV Zedelgem Construction & Renovation 100% BATIMENTS ET PONTS CONSTRUCTION (BPC) SA Brussels Construction & Renovation 100% BPC GROUP SA Brussels Construction & Renovation 100% BENELMAT SA Gembloux Construction & Renovation 100% DESIGN & ENGINEERING SA Brussels Construction & Renovation 100% GROEP TERRYN NV Moorslede Construction & Renovation 100% GROEP TERRYN CONSTRUCT NV Moorslede Construction & Renovation 100% KORLAM NV Moorslede Construction & Renovation 100% LAMCOL SA Marche-en-Famenne Construction & Renovation 100% MBG NV Wilrijk Construction & Renovation 100% TERRYN TIMBER PRODUCTS NV Moorslede Construction & Renovation 100% VAN LAERE NV Zwijndrecht Construction & Renovation 100% WEFIMA NV Zwijndrecht Construction & Renovation 100% WOOD SHAPERS SA Brussels Construction & Renovation 100% CFE CONTRACTING SA Brussels Investments & Holding 100% HDP CHARLEROI SA Brussels Investments & Holding 100% Grand Duchy of Luxembourg BPI REAL ESTATE LUXEMBOURG S.\u00c0 R.L. Strassen Real estate development 100% CENTRAL PARC S.\u00c0 R.L. Luxembourg Real estate development 100% HERRENBERG S.\u00c0 R.L. Strassen Real estate development 100% IMMO KIRCHBERG S.\u00c0 R.L. Strassen Real estate development 100% MIMOSAS REAL ESTATE S.\u00c0 R.L. Strassen Real estate development 100% POURPELT SA Strassen Real estate development 100% PRINCE HENRI S.\u00c0 R.L. Luxembourg Real estate development 100% COMPAGNIE LUXEMBOURGEOISE D\u2019ENTREPRISES CLE SA Strassen Construction & Renovation 100% IMMO-BECHEL CLE S.\u00c0 R.L. Strassen Construction & Renovation 100% WOOD SHAPERS LUXEMBOURG SA Strassen Construction & Renovation 100% SOCIETE FINANCIERE D\u2019ENTREPRISES SFE SA Strassen Investments & Holding 100% Poland BPI BERNADOWO SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT II SP. Z O.O. Warsaw Real estate development 100% BPI OBRZEZNA SP. Z O.O. Warsaw Real estate development 100% BPI WAGROWSKA SP. Z O.O. Warsaw Real estate development 100% BPI JARACZA SP. Z O.O. Warsaw Real estate development 80% BPI CHMIELNA SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT VIII SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT IX SP. Z O.O. Warsaw Real estate development 100% BPI VILDA PARK SP. Z O.O. Warsaw Real estate development 100% BPI BARSKA SP. Z O.O. Warsaw Real estate development 100% BPI CZYSTA SP. Z O.O. Warsaw Real estate development 100% BPI REAL ESTATE POLAND SP. Z O.O. Warsaw Real estate development 100% BPI WOLARE SP. Z O.O. Warsaw Real estate development 100% BPI WROCLAW SP. Z O.O. Warsaw Real estate development 100% VMA POLSKA SP. Z O.O. Warsaw Multitechnics 100% CFE POLSKA SP. Z O.O. Warsaw Construction & Renovation 100% Other European countries CFE BAU GMBH Berlin, Germany Construction & Renovation 100% VMA MIDLANDS LTD Yorkshire, UK Multitechnics 100% CFE CONTRACTING AND ENGINEERING SRL Bucharest, Romania Investments & Holding 100% CFE HUNGARY EPITOIPARI KFT Budapest, Hungary Investments & Holding 100% AFRICA Tunisia COMPAGNIE TUNISIENNE D'ENTREPRISES SA Tunis Construction & Renovation 100% CONSTRUCTION MANAGEMENT TUNISIE SA Tunis Investments & Holding 100% AMERICA United States VMA US INC South Carolina Multitechnics 100% MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__122-1": { "value": "15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHODCHANGES OVER THE PERIODThe interests in investments accounted for using equity method are detailed as follows: Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 103,418 204,095 Transfers between asset items (*) 5,499 (139,401) Share of profit (loss) of investments accounted for using equity method 8,754 19,473 Capital increase/(decrease) 6 19,077 Dividends (13,641) (18,416) Changes in consolidation scope (8,759) 2,456 Other changes 15,588 16,134 Balance at the end of the period 110,865 103,418 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of investments accounted for using the equity method held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s investments accounted for using the equity method classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac141,527 thousand. We refer to note 5 of this report. As of December 31, 2022, these transfers relate only to amounts reclassified during the year as provisions for negative investments accounted for using equity method. All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Rent-A-Port and Green Offshore under the investments & holding segment, and in project companies held in joint control in the real estate development segment. As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore to investmentsaccounted for using equity method amounted to \u20ac43,983 thousand and \u20ac20,389 thousand, respectively. The CFE Group has nostakes accounted for using equity method that are listed on a public market.As of December 31, 2022, the CFE Group\u2019s share of profit (loss) of investments accounted for using equity method amount to \u20ac8,754 thousand (compared to \u20ac19,473 thousand in 2021, including \u20ac9,655 thousand for continuing operations and \u20ac9,818 thousand for discontinued operations) and is mainly due to the activities of the real estate development segment and the investments in port concessions through Rent-A-Port (\u20ac4,052 thousand as at 31 December 2022, as CFE\u2019s share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore (\u20ac1,849 thousand as at 31 December 2022, as CFE\u2019s share). As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore in the consolidated statement of comprehensive income pre-tax amounted to \u20ac5,234 thousand and \u20ac13,610 thousand, respectively. Dividends distributed by equity accounted investments amounted to \u20ac13,641 thousand and derives from Green Offshore and certain project companies in the real estate development segment. The changes in consolidation scope are mainly related to the disposal of the entire stake in Wooden NV and Grand Poste NV and the impact of the acquisition of non-controlling interests in Infra Asia Investment Hong Kong Ltd by Rent-A-Port, partially offset by the change in consolidation method applied to Hofkouter NV, which is now accounted for using equity method. The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating foreign currency investments. FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD The list of the most significant investments accounted for using the equity method is set out in note 34, based on their percentage of interests in the CFE group, the segment in which they operate and the geographical area of their head office. The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory accounts. Intercompany transactions are not eliminated. The reconciliation between the statutory equity and the contribution to the consolidated accounts is presented after the financial indicators. Multitechnics and December 2022 Real estate Investments & Construction & Total (in \u20ac thousands) development Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 118,645 51,634 13,507 3,377 61,968 29,837 194,120 84,848 Result for the period - 9,915 2,980 (1,005) (357)11,4115,745 20,321 8,368 share of the group Financial position Non-current assets 53,545 25,369 9,226 3,224 249,767 96,362 312,538 124,955 Current assets 478,374 212,096 12,011 3,241 177,644 83,540 668,029 298,877 Equity 45,215 18,395 11,183 3,852 138,132 72,510 194,530 94,757 Non-current liabilities 151,778 70,745 0 0 188,490 69,779 340,268 140,524 Current liabilities 334,926 148,325 10,054 2,613 100,789 37,613 445,769 188,551 Net Financial Debt 168,262 84,653 (7,087) (1,876) 192,629 66,572 353,804 149,349 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA : \u20ac77,026 thousand (100%), M1 SA : \u20ac33,097 thousand (100%), The Roots Office S\u00e0RL : \u20ac31,624 thousand (100%), BPI-Revive Matejki Sp. z o.o. : \u20ac29,007 thousand (100%), Erasmus Gardens SA : \u20ac25,308 thousand (100%), Debrouck\u00e8re Land SA : \u20ac24,001 thousand (100%), Bavi\u00e8re D\u00e9veloppement SA : \u20ac23,671 thousand (100%), MG Immo SRL : \u20ac23,034 thousand (100%), Arlon 53 SA : \u20ac21,347 thousand (100%), Goodways SA : \u20ac20,235 thousand (100%), Emely S\u00e0RL : \u20ac16,896 thousand (100%), Debrouck\u00e8re Office SA : \u20ac15,306 thousand (100%), Key West SA : \u20ac14,665 thousand (100%), Bataves 1521 SA : \u20ac12,078 thousand (100%), Victor Estate SA : \u20ac10,968 thousand (100%) and Debrouck\u00e8re Development SA : \u20ac10,523 thousand (100%). December 2022 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 58,027 29,014 0 0 3,941 823 61,968 29,837 Result for the period - 8,104 4,052 3,560 1,780 (253)(87)11,411 5,745 share of the group Financial position Non-current assets 109,730 54,865 47,275 23,638 92,762 17,859 249,767 96,362 Current assets 150,835 75,418 2,836 1,418 23,973 6,704 177,644 83,540 Equity 99,998 49,999 45,604 22,802 (7,470) (291)138,132 72,510 Non-current liabilities 104,858 52,429 4,128 2,064 79,504 15,286 188,490 69,779 Current liabilities 55,709 27,855 379 190 44,701 9,568 100,789 37,613 Net Financial Debt 97,063 48,532 2,853 1,427 92,713 16,613 192,629 66,572 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac62,764 thousand (100%), Rent-A-Port NV : \u20ac97,063 thousand (100%) and Green Offshore NV : \u20ac2,853 thousand (100%). Multitechnics and December 2021 Real estate Investments Construction & Total (in \u20ac thousands) development & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 93,956 37,095 16,886 4,900 54,388 26,093 165,230 68,088 Result for the period - 21,301 7,265 365 145 9,009 4,269 30,675 11,679 share of the group Financial position Non-current assets 116,862 51,282 69 17 237,229 89,248 354,160 140,547 Current assets 422,111 182,643 10,464 2,626 174,423 82,449 606,998 267,718 Equity 73,604 31,158 912 237 144,746 75,904 219,262 107,299 Non-current liabilities 131,490 59,965 0 0 149,493 49,079 280,983 109,044 Current liabilities 333,879 142,802 9,621 2,406 117,413 46,714 460,913 191,922 Net Financial Debt 137,145 65,250 (4,984) (1,259) 153,006 44,189 285,167 108,180 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA: \u20ac52,839 thousand (100%), Wooden SA: \u20ac44,641 thousand (100%), M1 SA: \u20ac43,883 thousand (100%), The Roots Office S\u00e0RL: \u20ac31,624 thousand (100%), Erasmus Gardens SA: \u20ac31,441 thousand (100%), BPI-Revive Matejki Sp. z o.o.: \u20ac27,993 thousand (100%), Grand Poste SA: \u20ac24,239 thousand (100%), Debrouck\u00e8re Land SA: \u20ac23,469 thousand (100%), Bavi\u00e8re Development SA: \u20ac19,883 thousand (100%), Goodways SA: \u20ac19,681 thousand (100%), MG Immo SRL: \u20ac16,726 thousand (100%), Pr\u00e9 de la Perche Construction SA: \u20ac15,853 thousand (100%), Debrouck\u00e8re Office SA: \u20ac15,387 thousand (100%), Key West SA: \u20ac13,161 thousand (100%), Arlon 53 SA: \u20ac12,924 thousand (100%) and Victor Estate SA: \u20ac10,973 thousand (100%).December 2021 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 50,527 25,264 0 0 3,861 829 54,388 26,093 Result for the period - share 3,578 1,789 4,831 2,416 600 64 9,009 4,269 of the group Financial position Non-current assets 109,667 54,834 32,059 16,030 95,503 18,384 237,229 89,248 Current assets 145,416 72,708 6,552 3,276 22,455 6,465 174,423 82,449 Equity 125,746 62,873 26,621 13,311 (7,621) (280)144,746 75,904 Non-current liabilities 54,540 27,270 11,538 5,770 83,415 16,040 149,493 49,079 Current liabilities 74,797 37,399 452 226 42,164 9,089 117,413 46,714 Net Financial Debt 44,029 22,015 8,073 4,037 100,904 18,137 153,006 44,189 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac70,619 thousand (100%), Rent-A-Port NV : \u20ac44,029 thousand (100%) and Green Offshore NV : \u20ac8,073 thousand (100%). The reconciliation between the share of the CFE group in the statutory net assets of these companies and the carrying amount of the investments accounted for using equity method is as follows : Multitechnics December 2022 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 18,395 3,852 72,510 94,757 Reconciliation items 5,596 0 (3,557) 2,039 Negative investments accounted for using equity method 14,027 0 42 14,069 CFE Group's carrying amount of the investment 38,018 3,852 68,995 110,865 Multitechnics December 2021 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 31,158 237 75,904 107,299 Reconciliation items 8,531 0 (20,982) (12,451) Negative investments accounted for using equity method 8,570 0 0 8,570 CFE Group's carrying amount of the investment 48,259 237 54,922 103,418 The reconciliation elements presented at the level of the real estate development are mainly due to the recognition of the income in accordance with the CFE group accounting policies and the intercompany eliminations.MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__121-1": { "value": "15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHODCHANGES OVER THE PERIODThe interests in investments accounted for using equity method are detailed as follows: Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 103,418 204,095 Transfers between asset items (*) 5,499 (139,401) Share of profit (loss) of investments accounted for using equity method 8,754 19,473 Capital increase/(decrease) 6 19,077 Dividends (13,641) (18,416) Changes in consolidation scope (8,759) 2,456 Other changes 15,588 16,134 Balance at the end of the period 110,865 103,418 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of investments accounted for using the equity method held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s investments accounted for using the equity method classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac141,527 thousand. We refer to note 5 of this report. As of December 31, 2022, these transfers relate only to amounts reclassified during the year as provisions for negative investments accounted for using equity method. All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Rent-A-Port and Green Offshore under the investments & holding segment, and in project companies held in joint control in the real estate development segment. As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore to investmentsaccounted for using equity method amounted to \u20ac43,983 thousand and \u20ac20,389 thousand, respectively. The CFE Group has nostakes accounted for using equity method that are listed on a public market.As of December 31, 2022, the CFE Group\u2019s share of profit (loss) of investments accounted for using equity method amount to \u20ac8,754 thousand (compared to \u20ac19,473 thousand in 2021, including \u20ac9,655 thousand for continuing operations and \u20ac9,818 thousand for discontinued operations) and is mainly due to the activities of the real estate development segment and the investments in port concessions through Rent-A-Port (\u20ac4,052 thousand as at 31 December 2022, as CFE\u2019s share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore (\u20ac1,849 thousand as at 31 December 2022, as CFE\u2019s share). As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore in the consolidated statement of comprehensive income pre-tax amounted to \u20ac5,234 thousand and \u20ac13,610 thousand, respectively. Dividends distributed by equity accounted investments amounted to \u20ac13,641 thousand and derives from Green Offshore and certain project companies in the real estate development segment. The changes in consolidation scope are mainly related to the disposal of the entire stake in Wooden NV and Grand Poste NV and the impact of the acquisition of non-controlling interests in Infra Asia Investment Hong Kong Ltd by Rent-A-Port, partially offset by the change in consolidation method applied to Hofkouter NV, which is now accounted for using equity method. The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating foreign currency investments. FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD The list of the most significant investments accounted for using the equity method is set out in note 34, based on their percentage of interests in the CFE group, the segment in which they operate and the geographical area of their head office. The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory accounts. Intercompany transactions are not eliminated. The reconciliation between the statutory equity and the contribution to the consolidated accounts is presented after the financial indicators. Multitechnics and December 2022 Real estate Investments & Construction & Total (in \u20ac thousands) development Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 118,645 51,634 13,507 3,377 61,968 29,837 194,120 84,848 Result for the period - 9,915 2,980 (1,005) (357)11,4115,745 20,321 8,368 share of the group Financial position Non-current assets 53,545 25,369 9,226 3,224 249,767 96,362 312,538 124,955 Current assets 478,374 212,096 12,011 3,241 177,644 83,540 668,029 298,877 Equity 45,215 18,395 11,183 3,852 138,132 72,510 194,530 94,757 Non-current liabilities 151,778 70,745 0 0 188,490 69,779 340,268 140,524 Current liabilities 334,926 148,325 10,054 2,613 100,789 37,613 445,769 188,551 Net Financial Debt 168,262 84,653 (7,087) (1,876) 192,629 66,572 353,804 149,349 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA : \u20ac77,026 thousand (100%), M1 SA : \u20ac33,097 thousand (100%), The Roots Office S\u00e0RL : \u20ac31,624 thousand (100%), BPI-Revive Matejki Sp. z o.o. : \u20ac29,007 thousand (100%), Erasmus Gardens SA : \u20ac25,308 thousand (100%), Debrouck\u00e8re Land SA : \u20ac24,001 thousand (100%), Bavi\u00e8re D\u00e9veloppement SA : \u20ac23,671 thousand (100%), MG Immo SRL : \u20ac23,034 thousand (100%), Arlon 53 SA : \u20ac21,347 thousand (100%), Goodways SA : \u20ac20,235 thousand (100%), Emely S\u00e0RL : \u20ac16,896 thousand (100%), Debrouck\u00e8re Office SA : \u20ac15,306 thousand (100%), Key West SA : \u20ac14,665 thousand (100%), Bataves 1521 SA : \u20ac12,078 thousand (100%), Victor Estate SA : \u20ac10,968 thousand (100%) and Debrouck\u00e8re Development SA : \u20ac10,523 thousand (100%). December 2022 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 58,027 29,014 0 0 3,941 823 61,968 29,837 Result for the period - 8,104 4,052 3,560 1,780 (253)(87)11,411 5,745 share of the group Financial position Non-current assets 109,730 54,865 47,275 23,638 92,762 17,859 249,767 96,362 Current assets 150,835 75,418 2,836 1,418 23,973 6,704 177,644 83,540 Equity 99,998 49,999 45,604 22,802 (7,470) (291)138,132 72,510 Non-current liabilities 104,858 52,429 4,128 2,064 79,504 15,286 188,490 69,779 Current liabilities 55,709 27,855 379 190 44,701 9,568 100,789 37,613 Net Financial Debt 97,063 48,532 2,853 1,427 92,713 16,613 192,629 66,572 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac62,764 thousand (100%), Rent-A-Port NV : \u20ac97,063 thousand (100%) and Green Offshore NV : \u20ac2,853 thousand (100%). Multitechnics and December 2021 Real estate Investments Construction & Total (in \u20ac thousands) development & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 93,956 37,095 16,886 4,900 54,388 26,093 165,230 68,088 Result for the period - 21,301 7,265 365 145 9,009 4,269 30,675 11,679 share of the group Financial position Non-current assets 116,862 51,282 69 17 237,229 89,248 354,160 140,547 Current assets 422,111 182,643 10,464 2,626 174,423 82,449 606,998 267,718 Equity 73,604 31,158 912 237 144,746 75,904 219,262 107,299 Non-current liabilities 131,490 59,965 0 0 149,493 49,079 280,983 109,044 Current liabilities 333,879 142,802 9,621 2,406 117,413 46,714 460,913 191,922 Net Financial Debt 137,145 65,250 (4,984) (1,259) 153,006 44,189 285,167 108,180 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA: \u20ac52,839 thousand (100%), Wooden SA: \u20ac44,641 thousand (100%), M1 SA: \u20ac43,883 thousand (100%), The Roots Office S\u00e0RL: \u20ac31,624 thousand (100%), Erasmus Gardens SA: \u20ac31,441 thousand (100%), BPI-Revive Matejki Sp. z o.o.: \u20ac27,993 thousand (100%), Grand Poste SA: \u20ac24,239 thousand (100%), Debrouck\u00e8re Land SA: \u20ac23,469 thousand (100%), Bavi\u00e8re Development SA: \u20ac19,883 thousand (100%), Goodways SA: \u20ac19,681 thousand (100%), MG Immo SRL: \u20ac16,726 thousand (100%), Pr\u00e9 de la Perche Construction SA: \u20ac15,853 thousand (100%), Debrouck\u00e8re Office SA: \u20ac15,387 thousand (100%), Key West SA: \u20ac13,161 thousand (100%), Arlon 53 SA: \u20ac12,924 thousand (100%) and Victor Estate SA: \u20ac10,973 thousand (100%).December 2021 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 50,527 25,264 0 0 3,861 829 54,388 26,093 Result for the period - share 3,578 1,789 4,831 2,416 600 64 9,009 4,269 of the group Financial position Non-current assets 109,667 54,834 32,059 16,030 95,503 18,384 237,229 89,248 Current assets 145,416 72,708 6,552 3,276 22,455 6,465 174,423 82,449 Equity 125,746 62,873 26,621 13,311 (7,621) (280)144,746 75,904 Non-current liabilities 54,540 27,270 11,538 5,770 83,415 16,040 149,493 49,079 Current liabilities 74,797 37,399 452 226 42,164 9,089 117,413 46,714 Net Financial Debt 44,029 22,015 8,073 4,037 100,904 18,137 153,006 44,189 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac70,619 thousand (100%), Rent-A-Port NV : \u20ac44,029 thousand (100%) and Green Offshore NV : \u20ac8,073 thousand (100%). The reconciliation between the share of the CFE group in the statutory net assets of these companies and the carrying amount of the investments accounted for using equity method is as follows : Multitechnics December 2022 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 18,395 3,852 72,510 94,757 Reconciliation items 5,596 0 (3,557) 2,039 Negative investments accounted for using equity method 14,027 0 42 14,069 CFE Group's carrying amount of the investment 38,018 3,852 68,995 110,865 Multitechnics December 2021 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 31,158 237 75,904 107,299 Reconciliation items 8,531 0 (20,982) (12,451) Negative investments accounted for using equity method 8,570 0 0 8,570 CFE Group's carrying amount of the investment 48,259 237 54,922 103,418 The reconciliation elements presented at the level of the real estate development are mainly due to the recognition of the income in accordance with the CFE group accounting policies and the intercompany eliminations.MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__120-1": { "value": "15. INVESTMENTS ACCOUNTED FOR USING EQUITY METHODCHANGES OVER THE PERIODThe interests in investments accounted for using equity method are detailed as follows: Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 103,418 204,095 Transfers between asset items (*) 5,499 (139,401) Share of profit (loss) of investments accounted for using equity method 8,754 19,473 Capital increase/(decrease) 6 19,077 Dividends (13,641) (18,416) Changes in consolidation scope (8,759) 2,456 Other changes 15,588 16,134 Balance at the end of the period 110,865 103,418 (*) Transfers between asset items are mainly related to the separate presentation in the consolidated statement of financial position of investments accounted for using the equity method held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. As a result, the 2021 transfers include DEME\u2019s investments accounted for using the equity method classified as assets held for sale as at 31 December 2021 for a net book value of \u20ac141,527 thousand. We refer to note 5 of this report. As of December 31, 2022, these transfers relate only to amounts reclassified during the year as provisions for negative investments accounted for using equity method. All entities in which the CFE Group has a significant influence are accounted for using equity method, mainly the stakes in Rent-A-Port and Green Offshore under the investments & holding segment, and in project companies held in joint control in the real estate development segment. As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore to investmentsaccounted for using equity method amounted to \u20ac43,983 thousand and \u20ac20,389 thousand, respectively. The CFE Group has nostakes accounted for using equity method that are listed on a public market.As of December 31, 2022, the CFE Group\u2019s share of profit (loss) of investments accounted for using equity method amount to \u20ac8,754 thousand (compared to \u20ac19,473 thousand in 2021, including \u20ac9,655 thousand for continuing operations and \u20ac9,818 thousand for discontinued operations) and is mainly due to the activities of the real estate development segment and the investments in port concessions through Rent-A-Port (\u20ac4,052 thousand as at 31 December 2022, as CFE\u2019s share) as well as in the concessionary companies of offshore wind farms such as Rentel and SeaMade through Green Offshore (\u20ac1,849 thousand as at 31 December 2022, as CFE\u2019s share). As of December 31, 2022, the contributions of Rent-A-Port and Green Offshore in the consolidated statement of comprehensive income pre-tax amounted to \u20ac5,234 thousand and \u20ac13,610 thousand, respectively. Dividends distributed by equity accounted investments amounted to \u20ac13,641 thousand and derives from Green Offshore and certain project companies in the real estate development segment. The changes in consolidation scope are mainly related to the disposal of the entire stake in Wooden NV and Grand Poste NV and the impact of the acquisition of non-controlling interests in Infra Asia Investment Hong Kong Ltd by Rent-A-Port, partially offset by the change in consolidation method applied to Hofkouter NV, which is now accounted for using equity method. The other changes are mainly due to the change in the market value of the interest rate hedging instruments in the Rentel and SeaMade offshore wind farm concession companies as well as the change in the exchange rate differences when integrating foreign currency investments. FINANCIAL INFORMATION RELATING TO INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD The list of the most significant investments accounted for using the equity method is set out in note 34, based on their percentage of interests in the CFE group, the segment in which they operate and the geographical area of their head office. The condensed financial statements by segment presented below are based on the accounts prepared on the basis of the IFRS accounting methods for investments accounted for using the equity method, or, failing this, on the basis of their statutory accounts. Intercompany transactions are not eliminated. The reconciliation between the statutory equity and the contribution to the consolidated accounts is presented after the financial indicators. Multitechnics and December 2022 Real estate Investments & Construction & Total (in \u20ac thousands) development Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 118,645 51,634 13,507 3,377 61,968 29,837 194,120 84,848 Result for the period - 9,915 2,980 (1,005) (357)11,4115,745 20,321 8,368 share of the group Financial position Non-current assets 53,545 25,369 9,226 3,224 249,767 96,362 312,538 124,955 Current assets 478,374 212,096 12,011 3,241 177,644 83,540 668,029 298,877 Equity 45,215 18,395 11,183 3,852 138,132 72,510 194,530 94,757 Non-current liabilities 151,778 70,745 0 0 188,490 69,779 340,268 140,524 Current liabilities 334,926 148,325 10,054 2,613 100,789 37,613 445,769 188,551 Net Financial Debt 168,262 84,653 (7,087) (1,876) 192,629 66,572 353,804 149,349 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA : \u20ac77,026 thousand (100%), M1 SA : \u20ac33,097 thousand (100%), The Roots Office S\u00e0RL : \u20ac31,624 thousand (100%), BPI-Revive Matejki Sp. z o.o. : \u20ac29,007 thousand (100%), Erasmus Gardens SA : \u20ac25,308 thousand (100%), Debrouck\u00e8re Land SA : \u20ac24,001 thousand (100%), Bavi\u00e8re D\u00e9veloppement SA : \u20ac23,671 thousand (100%), MG Immo SRL : \u20ac23,034 thousand (100%), Arlon 53 SA : \u20ac21,347 thousand (100%), Goodways SA : \u20ac20,235 thousand (100%), Emely S\u00e0RL : \u20ac16,896 thousand (100%), Debrouck\u00e8re Office SA : \u20ac15,306 thousand (100%), Key West SA : \u20ac14,665 thousand (100%), Bataves 1521 SA : \u20ac12,078 thousand (100%), Victor Estate SA : \u20ac10,968 thousand (100%) and Debrouck\u00e8re Development SA : \u20ac10,523 thousand (100%). December 2022 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 58,027 29,014 0 0 3,941 823 61,968 29,837 Result for the period - 8,104 4,052 3,560 1,780 (253)(87)11,411 5,745 share of the group Financial position Non-current assets 109,730 54,865 47,275 23,638 92,762 17,859 249,767 96,362 Current assets 150,835 75,418 2,836 1,418 23,973 6,704 177,644 83,540 Equity 99,998 49,999 45,604 22,802 (7,470) (291)138,132 72,510 Non-current liabilities 104,858 52,429 4,128 2,064 79,504 15,286 188,490 69,779 Current liabilities 55,709 27,855 379 190 44,701 9,568 100,789 37,613 Net Financial Debt 97,063 48,532 2,853 1,427 92,713 16,613 192,629 66,572 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac62,764 thousand (100%), Rent-A-Port NV : \u20ac97,063 thousand (100%) and Green Offshore NV : \u20ac2,853 thousand (100%). Multitechnics and December 2021 Real estate Investments Construction & Total (in \u20ac thousands) development & Holding Renovation 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 93,956 37,095 16,886 4,900 54,388 26,093 165,230 68,088 Result for the period - 21,301 7,265 365 145 9,009 4,269 30,675 11,679 share of the group Financial position Non-current assets 116,862 51,282 69 17 237,229 89,248 354,160 140,547 Current assets 422,111 182,643 10,464 2,626 174,423 82,449 606,998 267,718 Equity 73,604 31,158 912 237 144,746 75,904 219,262 107,299 Non-current liabilities 131,490 59,965 0 0 149,493 49,079 280,983 109,044 Current liabilities 333,879 142,802 9,621 2,406 117,413 46,714 460,913 191,922 Net Financial Debt 137,145 65,250 (4,984) (1,259) 153,006 44,189 285,167 108,180 In the real estate development, multitechnics and construction & renovation segments, non-current assets and current assets mainly relate to Gravity SA: \u20ac52,839 thousand (100%), Wooden SA: \u20ac44,641 thousand (100%), M1 SA: \u20ac43,883 thousand (100%), The Roots Office S\u00e0RL: \u20ac31,624 thousand (100%), Erasmus Gardens SA: \u20ac31,441 thousand (100%), BPI-Revive Matejki Sp. z o.o.: \u20ac27,993 thousand (100%), Grand Poste SA: \u20ac24,239 thousand (100%), Debrouck\u00e8re Land SA: \u20ac23,469 thousand (100%), Bavi\u00e8re Development SA: \u20ac19,883 thousand (100%), Goodways SA: \u20ac19,681 thousand (100%), MG Immo SRL: \u20ac16,726 thousand (100%), Pr\u00e9 de la Perche Construction SA: \u20ac15,853 thousand (100%), Debrouck\u00e8re Office SA: \u20ac15,387 thousand (100%), Key West SA: \u20ac13,161 thousand (100%), Arlon 53 SA: \u20ac12,924 thousand (100%) and Victor Estate SA: \u20ac10,973 thousand (100%).December 2021 Total Investments & Rent-A-Port Green Offshore Others (in \u20ac thousands) Holding 100% % Share 100% % Share 100% % Share 100% % Share Income Statement Revenue 50,527 25,264 0 0 3,861 829 54,388 26,093 Result for the period - share 3,578 1,789 4,831 2,416 600 64 9,009 4,269 of the group Financial position Non-current assets 109,667 54,834 32,059 16,030 95,503 18,384 237,229 89,248 Current assets 145,416 72,708 6,552 3,276 22,455 6,465 174,423 82,449 Equity 125,746 62,873 26,621 13,311 (7,621) (280)144,746 75,904 Non-current liabilities 54,540 27,270 11,538 5,770 83,415 16,040 149,493 49,079 Current liabilities 74,797 37,399 452 226 42,164 9,089 117,413 46,714 Net Financial Debt 44,029 22,015 8,073 4,037 100,904 18,137 153,006 44,189 In the investments & holding segment, the net financial debt mainly relates to the concession companies PPP Schulen in Eupen (included in \u2018Others\u2019 in the table above) : \u20ac70,619 thousand (100%), Rent-A-Port NV : \u20ac44,029 thousand (100%) and Green Offshore NV : \u20ac8,073 thousand (100%). The reconciliation between the share of the CFE group in the statutory net assets of these companies and the carrying amount of the investments accounted for using equity method is as follows : Multitechnics December 2022 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 18,395 3,852 72,510 94,757 Reconciliation items 5,596 0 (3,557) 2,039 Negative investments accounted for using equity method 14,027 0 42 14,069 CFE Group's carrying amount of the investment 38,018 3,852 68,995 110,865 Multitechnics December 2021 Real estate Investments and Construction Total (in \u20ac thousands, CFE's % share) development & Holding & Renovation Net assets of partners before reconciliation items 31,158 237 75,904 107,299 Reconciliation items 8,531 0 (20,982) (12,451) Negative investments accounted for using equity method 8,570 0 0 8,570 CFE Group's carrying amount of the investment 48,259 237 54,922 103,418 The reconciliation elements presented at the level of the real estate development are mainly due to the recognition of the income in accordance with the CFE group accounting policies and the intercompany eliminations.MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__124": { "value": "16. OTHER NON-CURRENT FINANCIAL ASSETSAs of December 31, 2022, other non-current financial assets amounted to \u20ac138,294 thousand, an increase compared to December 2021 (\u20ac79,313 thousand). As of December 31, 2022, they only include loans granted to investments accounted for using the equity method. In 2022, the increase in the account balance of these non-current financial receivables is mainly due to : - the granting of an additional shareholder loan of \u20ac19,000 thousand to Rent-A-Port NV within the context of settling theadditional 32.6% stake in Infra Asia Investment ;- the reclassification of certain loans to Rent-A-Port as long-term loans for an amount of \u20ac9,864 thousand ;- the granting of loans to project companies in the real estate development segment, which mainly concern Seco (\u20ac11,092thousand), Brouck\u2019R (\u20ac4,057 thousand), The Roots (\u20ac3,508 thousand) and Emely (\u20ac3,159 thousand) ; offset by- the partial repayment of the loans granted to Green Offshore NV for an amount of \u20ac(3,704) thousand.In 2021, the decrease in the account balance of these non-current financial receivables was mainly due to : - transfers between assets items that were mainly related to the separate presentation in the consolidated statement offinancial position of other non-current financial assets held for sale in accordance with IFRS 5 Non-current assets held forsale and discontinued operations. As a result, these included DEME\u2019s other non-financial assets classified as assets held forsale as at 31 December 2021 for an amount of \u20ac33,450 thousand. We refer to note 5 of this report. Moreover, this decreasewas partially offset by :- the loans granted by BPI Real Estate Poland Sp. z o.o. for the Matejki urban project in Poznan, in which BPI disposed 50% of itsshares held during the year to decrease its stake from 100% to 50% and thus change its consolidation method to the equitymethod ;- the granting and repayment of loans to the project companies in the real estate development segment and to the wind farm concession companies at DEME.Year ended 31 December 2022 2021 (in \u20ac thousands) Balance at the end of the previous period 79,313 89,196 Changes in consolidation scope 0 14,130 Increases 52,076 19,534 Decreases (5,238) (9,572) Transfers between asset items 12,404 (33,957) Impairment / reversals of impairment 0 (14) Effects of changes in foreign exchange rates (261) (4) Balance at the end of the period 138,294 79,313", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__127": { "value": "18. INVENTORIESAs of December 31, 2022, inventories amounted to \u20ac168,467 thousand (2021 : \u20ac160,381 thousand) and are mainly derived from real estate projects developed by BPI and its fully consolidated subsidiaries. The inventories are detailed as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Raw materials and auxiliary products 9,859 9,600 Impairments on inventories of raw materials and auxiliary products (33) (29) Finished products and properties held for sale 160,113 152,102 Impairments on inventories of finished products and properties held for sale (1,472) (1,292) Inventories 168,467 160,381 The increase in finished products and properties held for sale (\u20ac8,011 thousand) is primarily attributable to the activities of the real estate development segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__130-1": { "value": "19. CHANGE IN TRADE RECEIVABLES AND PAYABLES AND OTHEROPERATING RECEIVABLES AND PAYABLESYear ended 31 December 2022 2021 (in \u20ac thousands) Trade receivables' gross carrying amount 219,365 208,496 Less : expected credit losses (19,895) (19,044) Trade receivables' net carrying amount 199,470 189,452 Other operating receivables 85,138 91,804 Consolidated total 284,608 281,256 Other current operating assets 100,714 85,555 Other current non-operating assets 4,487 2,416 Trade and other operating payables 309,204 277,009 Other current operating liabilities 180,546 141,723 Other current non-operating liabilities 63,383 78,376 Consolidated total 553,133 497,108 Net position of trade and operating receivables and payables (163,324) (127,881) We refer to note 27 \u201cFinancial risk management\u201d for an analysis of the credit and counterparty risk. Trade receivables of entities included in note 17 \u201cConstruction contracts\u201d amounted to \u20ac140,860 thousand as at 31 December 2022. Other current operating assets (\u20ac100,714 thousand as at 31 December 2022) include accrued income and deferred charges relating to the group's construction projects. Other operating receivables (\u20ac85,138 thousand as at 31 December 2022) mainly include invoices to be issued, social security and tax receivables, cash advances to temporary companies and other operating receivables. Other current non-operating liabilities (\u20ac63,383 thousand) mainly include social security and employee-related liabilities. CREDIT AND COUNTERPARTY RISK The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products. In addition, the CFE group set up procedures in order to avoid and limit the concentration of credit risk. Financial instruments The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor\u2019s and Moody\u2019s. These limits are regularly monitored and updated. Customers With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the concentration of the counterparty risk for customers is limited due to the large number of customers. In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position towards them. The analysis of credit risk exposure at year-end 2022 and 2021 is as follows : Situation as of December 31, 2022 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 307,816 235,023 30,465 8,347 33,981 Total gross carrying amount 307,816 235,023 30,465 8,347 33,981 Expected credit losses - Trade and other (23,208) 0 (105)(423)(22,680) operating receivables Total expected credit losses (23,208) 0 (105)(423)(22,680) Total net carrying amount 284,608 235,023 30,360 7,924 11,301 Situation as of December 31, 2021 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 303,803 226,565 28,072 20,089 29,077 Total gross carrying amount 303,803 226,565 28,072 20,089 29,077 Expected credit losses - Trade and other (22,547) (117)0(4,800) (17,630) operating receivables Total expected credit losses (22,547) (117) 0 (4,800) (17,630) Total net carrying amount 281,256 226,448 28,072 15,289 11,447 The following table discloses the changes in expected credit losses on trade and other operations receivables : (in \u20ac thousands) 2022 2021 Cumulated expected credit losses - opening balance (22,547) (66,825) Change in consolidation scope 1 39,360 Expected credit losses (reversal/recognized) during the period (1,314) (8,517) Translation differences and transfers between asset items 653 13,435 Cumulated expected credit losses - closing balance (23,207) (22,547) As of December 31, 2022, expected credit losses reversed and recognised during the year amounted to \u20ac(1,314) thousand (2021: \u20ac(8,517) thousand, of which \u20ac(5,332) thousand for continuing operations and \u20ac(3,185) thousand for discontinued operations). As of December 31, 2021, the item \u2018Translation differences and transfers between asset items\u2019 mainly related to the reclassification of DEME\u2019s receivables to the item \u2018Assets held for sale\u2019 (\u20ac18,423 thousand). As of December 31, 2021, the item \u2018Changes in consolidation scope\u2019 related exclusively to the derecognition of the CFE Tchad write-downs (and associated receivables) following the sale of CFE\u2019s stake.CARRYING AMOUNTS AND FAIR VALUE BY ACCOUNTING POLICY December 31, 2022 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 422 138,294 138,716 138,716 Financial loans and receivables (1) 0 0 138,294 138,294 Level 2 138,294 Derivatives 0 422 0 422 Level 2 422 Current financial assets 0 206 411,757 411,963 411,963 Trade and other operating receivables 0 0 284,608 284,608 Level 2 284,608 Derivatives 0 206 0 206 Level 2 206 Cash Equivalents (2) 0 0 15,035 15,035 Level 1 15,035 Cash at bank and in hand (2) 0 0 112,114 112,114 Level 1 112,114 Total assets 0 628 550,051 550,679 550,679 Non-current financial liabilities 0 0 154,048 154,048 154,048 Financial debts 0 0 154,048 154,048 Level 2 154,048 Current financial liabilities 0 124 331,198 331,322 331,322 Trade and other operating payables 0 0 309,204 309,204 Level 2 309,204 Financial debts 0 0 21,994 21,994 Level 2 21,994 Derivatives 0 124 0 124 Level 2 124 Total liabilities 0 124 485,246 485,370 485,370 December 31, 2021 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 0 79,313 79,313 79,313 Financial loans and receivables (1) 0 0 79,313 79,313 Level 2 79,313 Current financial assets 0 874 424,843 425,717 425,717 Trade and other operating receivables 0 0 281,256 281,256 Level 2 281,256 Derivatives 0 874 0 874 Level 2 874 Cash Equivalents (2) 0 0 13,596 13,596 Level 1 13,596 Cash at bank and in hand (2) 0 0 129,991 129,991 Level 1 129,991 Total assets 0 874 504,156 505,030 505,030 Non-current financial liabilities 0 0 77,599 77,599 77,599 Financial debts 0 0 77,599 77,599 Level 2 77,599 Current financial liabilities 0 1,442 455,992 457,434 457,434 Trade and other operating payables 0 0 277,009 277,009 Level 2 277,009 Bond 0 0 29,899 29,899 Level 1 29,899 Financial debts 0 0 149,084 149,084 Level 2 149,084 Derivatives 0 1,442 0 1,442 Level 2 1,442 Total liabilities 0 1,442 533,591 535,033 535,033 (1) Included in item \u201cOther non-current financial assets\u201d(2) Included in item \u201cCash and cash equivalents\u201d(3) FAMMFV : Financial assets mandatorily measured at fair value through profit and lossFLFVPL : Financial liabilities measured at fair value through profit and lossThe fair value of financial instruments can be classified according to three levels (1 to 3) based on the degree to which the inputs to the fair value measurements are observable : - Fair value measurements of level 1 are based on quoted prices (unadjusted) in active markets for identical assets orliabilities ;- Fair value measurements of level 2 are based on inputs, other than quoted prices included within level 1, that are observablefor the asset or liability, either directly (through prices) or indirectly (through input derived from prices) ;- Fair value measurements of level 3 are based on valuation techniques comprising inputs which are unobservable for theasset or liability.The fair value of financial instruments has been determined using the following methods : - For short-term financial instruments, such as trade receivables and payables, the fair value is considered not to besignificantly different from the carrying amount measured at amortized cost ;- For floating rate liabilities, the fair value is considered not to be significantly different from the carrying amount measuredat amortized cost ;- For derivative financial instruments (foreign currency, interest rate or forecasted cash flows), the fair value is determinedusing valuation models discounting future cash flows based on future interest rate curves, foreign currency curves or otherforward prices ;- For the other derivative instruments, the fair value is determined by discounting future estimated cash flows ;- For the quoted bonds issued by BPI, the fair value is based on the quoted price at reporting date ;- For fixed rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured at amortized cost due to the fact that fixed and variables rates are not significantly different.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__129": { "value": "19. CHANGE IN TRADE RECEIVABLES AND PAYABLES AND OTHEROPERATING RECEIVABLES AND PAYABLESYear ended 31 December 2022 2021 (in \u20ac thousands) Trade receivables' gross carrying amount 219,365 208,496 Less : expected credit losses (19,895) (19,044) Trade receivables' net carrying amount 199,470 189,452 Other operating receivables 85,138 91,804 Consolidated total 284,608 281,256 Other current operating assets 100,714 85,555 Other current non-operating assets 4,487 2,416 Trade and other operating payables 309,204 277,009 Other current operating liabilities 180,546 141,723 Other current non-operating liabilities 63,383 78,376 Consolidated total 553,133 497,108 Net position of trade and operating receivables and payables (163,324) (127,881) We refer to note 27 \u201cFinancial risk management\u201d for an analysis of the credit and counterparty risk. Trade receivables of entities included in note 17 \u201cConstruction contracts\u201d amounted to \u20ac140,860 thousand as at 31 December 2022. Other current operating assets (\u20ac100,714 thousand as at 31 December 2022) include accrued income and deferred charges relating to the group's construction projects. Other operating receivables (\u20ac85,138 thousand as at 31 December 2022) mainly include invoices to be issued, social security and tax receivables, cash advances to temporary companies and other operating receivables. Other current non-operating liabilities (\u20ac63,383 thousand) mainly include social security and employee-related liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__128-1": { "value": "19. CHANGE IN TRADE RECEIVABLES AND PAYABLES AND OTHEROPERATING RECEIVABLES AND PAYABLESYear ended 31 December 2022 2021 (in \u20ac thousands) Trade receivables' gross carrying amount 219,365 208,496 Less : expected credit losses (19,895) (19,044) Trade receivables' net carrying amount 199,470 189,452 Other operating receivables 85,138 91,804 Consolidated total 284,608 281,256 Other current operating assets 100,714 85,555 Other current non-operating assets 4,487 2,416 Trade and other operating payables 309,204 277,009 Other current operating liabilities 180,546 141,723 Other current non-operating liabilities 63,383 78,376 Consolidated total 553,133 497,108 Net position of trade and operating receivables and payables (163,324) (127,881) We refer to note 27 \u201cFinancial risk management\u201d for an analysis of the credit and counterparty risk. Trade receivables of entities included in note 17 \u201cConstruction contracts\u201d amounted to \u20ac140,860 thousand as at 31 December 2022. Other current operating assets (\u20ac100,714 thousand as at 31 December 2022) include accrued income and deferred charges relating to the group's construction projects. Other operating receivables (\u20ac85,138 thousand as at 31 December 2022) mainly include invoices to be issued, social security and tax receivables, cash advances to temporary companies and other operating receivables. Other current non-operating liabilities (\u20ac63,383 thousand) mainly include social security and employee-related liabilities. 20. CASH AND CASH EQUIVALENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Short-term bank deposits 15,035 13,596 Cash in hand and at bank 112,114 129,991 Cash and cash equivalents 127,149 143,587 The cash position includes \u20ac44.3 million available at CFE SA. The cash-position balance is broken down into temporary companies and foreign entities not included in the cash pooling. Short-term bank deposits consist of money placed with financial institutions with an original maturity of less than three months. These deposits are subject to a floating rate interest, which is usually linked to Euribor or Eonia rates with a floor at 0%.26. NET FINANCIAL DEBTBREAKDOWN OF THE NET FINANCIAL DEBT AS DEFINED BY THE GROUP2022 2021 (in \u20ac thousands) Non-current Current Total Non-current Current Total Bank loans and other financial debts 89,040 2,573 91,613 53,172 45,682 98,854 Bonds 0 0 0 0 29,899 29,899 Drawings on credit facilities 40,000 0 40,000 0 60,000 60,000 Lease debts 25,008 10,421 35,429 24,427 9,402 33,829 Total long-term financial debt 154,048 12,994 167,042 77,599 144,983 222,582 Short-term financial debts 0 9,000 9,000 0 34,000 34,000 Cash equivalents 0 (15,035) (15,035) 0 (13,596) (13,596) Cash 0 (112,114) (112,114) 0 (129,991) (129,991) Net short-term financial debt/(cash) 0 (118,149) (118,149) 0 (109,587) (109,587) Total net financial debt 154,048 (105,155) 48,893 77,599 35,396 112,995 Derivative instruments used as interest-rate (422)(206)(628)0568 568 hedges Bank loans and other financial debts (\u20ac91,613 thousand) mainly concern the medium-term bank loans of the real estate development segment and allocated to the financing of certain projects, medium term treasury notes issued by CFE SA and BPI Real Estate Belgium SA as well as the financing of the new headquarters of Van Laere NV and VMA NV. The corporate bond issued by BPI Real Estate Belgium SA on 19 December 2017 for an amount of \u20ac30 million was paid off on 19 December 2022. As of December 31, 2022, the lease debts amounted to \u20ac35,429 thousand and relate to contracts that meet the criteria of the scope of application of IFRS 16 Leases. As of December 31, 2022, short-term financial debts amounted to \u20ac9,000 thousand and relate to treasury notes issued by BPI Real Estate Belgium SA. As of December 31, 2021, the financing put in place at the level of CFE SA, i.e. the drawings on bank credit facilities and debts linked to the issue of treasury notes, had been presented as current debts, given that the partial demerger mechanically entailed the early reimbursement of these. During the second quarter of 2022, CFE set up new credit lines by integrating sustainability criteria or obtained waivers. As the majority of the maturities of the bank credit facilities and treasury notes are beyond 2023, most of the drawings on bank credit facilities and treasury note issuances are presented as non-current. DEBT MATURITY SCHEDULE Less than Between 1 Between 2 Between 3 Between 5 More than (in \u20ac thousands) Total 1 year and 2 years and 3 years and 5 years and 10 years 10 years Bank loans and other financial debts 2,573 41,411 26,134 12,334 6,250 2,911 91,613 Drawings on credit facilities 0 0 0 40,000 0 0 40,000 Lease debts 10,421 6,303 4,475 5,877 7,457 896 35,429 Total long-term financial debt 12,994 47,714 30,609 58,211 13,707 3,807 167,042 Short-term financial debts 9,000 0 0 0 0 0 9,000 Cash equivalents (15,035) 0 0 0 0 0 (15,035) Cash (112,114) 0 0 0 0 0 (112,114) Net short-term financial debt/(cash) (118,149) 0 0 0 0 0 (118,149) Total net financial debt (105,155) 47,714 30,609 58,211 13,707 3,807 48,893 CASH FLOWS RELATING TO FINANCIAL LIABILITIES Non-cash movements Total (in \u20ac thousands) Other 2021 Cash flow Transfers non-cash 2022 changes movements Non-current financial liabilities Other non-current financial debts 77,599 (5,196) 72,997 8,648 81,645 154,048 Current financial liabilities Bonds 29,899 (30,000) 0 101 101 0 Other current financial debts 149,084 (54,610) (72,997) 517 (72,480) 21,994 Total 256,582 (89,806) 0 9,266 9,266 176,042 As of December 31, 2022, the CFE Group\u2019s financial debts amounted to \u20ac176,042, a decrease of \u20ac80,540 compared to December 31, 2021. This decrease is mainly due to : - significant operating cash flows and the receipt of the DEME dividend ; partially offset by- investments made during the year.CREDIT FACILITIES AND BANK TERM LOANS As of December 31, 2022, CFE SA held confirmed long-term bank credit facilities of \u20ac170 million, of which \u20ac40 million was drawn as at 31 December 2022. For some of them, sustainability and safety criteria for which (non-)compliance has an effect on the margin applied by the bank have been included. CFE SA also has the facility of issuing treasury notes up to an amount of \u20ac50 million. This source of financing was used to an amount of \u20ac35 million as at 31 December 2022. To limit the interest rate risk, interest rate hedging contracts have been put in place for a notional amount of \u20ac40 million; the fair value of these derivatives amounts to \u20ac(628) thousand. As of December 31, 2022, the amount drawn on the credit facilities is fully covered. As of December 31, 2022, BPI Real Estate Belgium SA and its subsidiary BPI Real Estate Luxembourg SA together have confirmed long-term bank credit facilities of \u20ac60 million, which are undrawn at 31 December 2022. BPI Real Estate Belgium SA also has the facility of issuing treasury notes up to an amount of \u20ac40 million. An amount of \u20ac17.25 million was drawn from this source of funding as of December 31, 2022. FINANCIAL COVENANTS Bilateral credit facilities are subject to specific covenants that take into account factors such as financial debt and the ratio of debt to equity or non-current assets, as well as generated cash flows. The covenants applicable to the IFRS consolidated financial statements of CFE group, the statutory financial statements of CFE SA and the IFRS stand-alone financial statements of BPI Real Estate Belgium have been fully met at the end of December 2022 and are detailed below. Ratio name Formula Requirement December 2022 CFE SA, consolidated financial statements IFRS Net financial debt / (Equity - intangible assets - Solvency ratio <1.65 0.25 goodwill) Non-current financial debt / Property, plant and Long-term net financial debt <1 0.63 equipment Coverage of financial debt by cash flow Operating cash flow + net current financial debt > 0>0163.7 M\u20ac CFE SA, statutory financial statements, Belgian accounting standards Equity Equity >125 M\u20ac141.2 M\u20ac BPI Real Estate Belgium SA, consolidated financial statements IFRS \u2013 Stand Alone Minimum equity Group equity + Subordinated Debts >70 M\u20ac142 M\u20ac Solvency ratio Net financial debt / (Equity + subordinated debts) <1.65 0.59", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__133": { "value": "20. CASH AND CASH EQUIVALENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Short-term bank deposits 15,035 13,596 Cash in hand and at bank 112,114 129,991 Cash and cash equivalents 127,149 143,587 The cash position includes \u20ac44.3 million available at CFE SA. The cash-position balance is broken down into temporary companies and foreign entities not included in the cash pooling. Short-term bank deposits consist of money placed with financial institutions with an original maturity of less than three months. These deposits are subject to a floating rate interest, which is usually linked to Euribor or Eonia rates with a floor at 0%.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__132": { "value": "20. CASH AND CASH EQUIVALENTSYear ended 31 December 2022 2021 (in \u20ac thousands) Short-term bank deposits 15,035 13,596 Cash in hand and at bank 112,114 129,991 Cash and cash equivalents 127,149 143,587 The cash position includes \u20ac44.3 million available at CFE SA. The cash-position balance is broken down into temporary companies and foreign entities not included in the cash pooling. Short-term bank deposits consist of money placed with financial institutions with an original maturity of less than three months. These deposits are subject to a floating rate interest, which is usually linked to Euribor or Eonia rates with a floor at 0%.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__134": { "value": "21. CAPITAL GRANTSThe CFE group did not receive any capital grant in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__135": { "value": "22. INFORMATION RELATED TO STOCK OPTION PLANS ON OWNSHARESSTOCK OPTION PLANS In the second half of 2022, the Board of Directors approved a stock option plan to involve the members of the Executive Committee in the long-term growth of the Group. The plan provides that each option is for one CFE share and is granted free of charge. Options have a term of seven years. Options are cancelled if the contractual relationship is terminated before the vesting date. The Remuneration Committee is responsible for monitoring the plan and designating beneficiaries. During the year, 200,000 options were granted to two beneficiaries, members of the Executive Committee, who accepted them in full. During the financial year At year-end Number of Options Options Expired Number of Strike price Year granted exercisable Exercise period granted exercised options options (in euros) options 2022 200,000 0 0 200,000 0 10.31 01/01/2026 \u2013 10/16/2029 The value of the options, calculated on the basis of their value when granted, is determined by an independent expert on the basis of the following assumptions : Value according to the Black Number of Quoted Expected & Scholes method Year granted options Dividend yield Volatility Interest rate market price duration exercised (\u20ac/share) Total value (k\u20ac) 2022 10.46 0 4.31% 33.10% 2.66% 7.0 2.406 481 There are no listed options on CFE shares. A comparison method with comparable companies has been chosen to measure the volatility of options. The comparable companies are construction companies listed in Europe. CFE's debt/equity and assets/equity ratios are equivalent to those of comparable companies. The long-term historical volatility of comparable companies is between 25.9% and 33.1%. Taking into account the size of CFE compared to the group of comparable companies, the top of the range was chosen as the best estimate for valuing CFE's stock options. The strike price is determined as the average price of the last 30 days. The total value of the options granted in 2022 amounts to \u20ac481 thousand. This amount will be recognised as an expense on a straight-line basis over the vesting period (3 years). As the plan was accepted by the beneficiaries at the end of December 2022, the impact on the 2022 results is negligible and has therefore not been taken into account in 2022. TREASURY SHARES During the financial year, CFE acquired 1,241,650 of its own shares as part of the long-term incentive plan. 849,492 treasury shares were sold to certain members of the Executive Committee. This share buy-back programme was conducted by an independent intermediary in accordance with the applicable regulations. At the end of the financial year 2022, the number of own shares held was 392,158, at an average price of \u20ac9.52 per share. During the financial year Year Balance at start of year Year-end balance Purchases Sales 2022 0 1,241,650 849,492 392,158", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__136": { "value": "22. INFORMATION RELATED TO STOCK OPTION PLANS ON OWNSHARESSTOCK OPTION PLANS In the second half of 2022, the Board of Directors approved a stock option plan to involve the members of the Executive Committee in the long-term growth of the Group. The plan provides that each option is for one CFE share and is granted free of charge. Options have a term of seven years. Options are cancelled if the contractual relationship is terminated before the vesting date. The Remuneration Committee is responsible for monitoring the plan and designating beneficiaries. During the year, 200,000 options were granted to two beneficiaries, members of the Executive Committee, who accepted them in full. During the financial year At year-end Number of Options Options Expired Number of Strike price Year granted exercisable Exercise period granted exercised options options (in euros) options 2022 200,000 0 0 200,000 0 10.31 01/01/2026 \u2013 10/16/2029 The value of the options, calculated on the basis of their value when granted, is determined by an independent expert on the basis of the following assumptions : Value according to the Black Number of Quoted Expected & Scholes method Year granted options Dividend yield Volatility Interest rate market price duration exercised (\u20ac/share) Total value (k\u20ac) 2022 10.46 0 4.31% 33.10% 2.66% 7.0 2.406 481 There are no listed options on CFE shares. A comparison method with comparable companies has been chosen to measure the volatility of options. The comparable companies are construction companies listed in Europe. CFE's debt/equity and assets/equity ratios are equivalent to those of comparable companies. The long-term historical volatility of comparable companies is between 25.9% and 33.1%. Taking into account the size of CFE compared to the group of comparable companies, the top of the range was chosen as the best estimate for valuing CFE's stock options. The strike price is determined as the average price of the last 30 days. The total value of the options granted in 2022 amounts to \u20ac481 thousand. This amount will be recognised as an expense on a straight-line basis over the vesting period (3 years). As the plan was accepted by the beneficiaries at the end of December 2022, the impact on the 2022 results is negligible and has therefore not been taken into account in 2022. TREASURY SHARES During the financial year, CFE acquired 1,241,650 of its own shares as part of the long-term incentive plan. 849,492 treasury shares were sold to certain members of the Executive Committee. This share buy-back programme was conducted by an independent intermediary in accordance with the applicable regulations. At the end of the financial year 2022, the number of own shares held was 392,158, at an average price of \u20ac9.52 per share. During the financial year Year Balance at start of year Year-end balance Purchases Sales 2022 0 1,241,650 849,492 392,158", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__138": { "value": "24. PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONSAs of December 31, 2022, these provisions amounted to \u20ac60,038 thousand, which represents an increase of \u20ac7,015 thousand compared to year-end 2021 (\u20ac53,023 thousand). Provisions for negative After-sales (in \u20ac thousands) investments accounted Other risks Total service for using equity method Balance at the end of the previous period 14,470 8,571 29,982 53,023 Effects of changes in foreign exchange rates (33) 0 (109) (142) Transfers between items 0 5,499 (28) 5,471 Additions to provisions 3,051 0 6,601 9,652 Used provisions (1,884) 0 (6,082) (7,966) Balance at the end of the period 15,604 14,070 30,364 60,038 of which current: 15,604 0 26,151 41,755 non-current: 0 14,070 4,213 18,283 The provision for after-sales service increased by \u20ac1,134 thousand and amounted to \u20ac15,604 thousand as at 31 December 2022. The change in 2022 was mainly the result of additions to and/or reversals of provisions recognized in relation to 10-year warranties. When the CFE group\u2019s share in the losses from investment accounted for using equity method exceeds the carrying amount of the investment, the latter amount is reduced to zero. The losses beyond this amount are not recognized, except for the amount of the CFE group\u2019s commitments to these investments accounted for using equity method. The amount of these commitments is accounted for in the non-current provisions, as the group considers having the obligation to support those entities and their projects. Provisions for other risks increased by \u20ac382 thousand and amounted to \u20ac30,364 thousand as at 31 December 2022. Provisions for other current risks (\u20ac26,151 thousand) mainly include : - provisions for current litigation (\u20ac6,245 thousand) as well as provisions for other current liabilities (\u20ac6,873 thousand). Asregards other current liabilities, we cannot provide more information on the assumptions made, or on the time of theprobable cash outflow, given that negotiations with the customers are in still in progress ;- provisions for losses on completion (\u20ac12,933 thousand) are recognised when the expected economic benefits of certaincontracts are lower than the inevitable costs associated with meeting the obligations under these contracts. The use ofprovisions for losses on completion is linked to the execution of the associated contracts.Provisions for other non-current risks include the provisions for risks not directly related to construction site operations in progress.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__154-1": { "value": "25. CONTINGENT ASSETS AND LIABILITIESBased on available information at the date on which the financial statements were approved by the Board of Directors, CFE is not aware of any significant contingent assets or liabilities, with the exception of contingent assets or liabilities related to construction contracts (for example, the group's claims against customers or claims by subcontractors), which can be described as normal in the construction & renovation and multitechnics sectors and are handled by applying the percentage of completion method when the revenue is recognized. CFE also sees to it that the companies of the group take the necessary organisational measures to ensure that the current laws and regulations are observed, including the rules on compliance.30. LITIGATIONCFE group is exposed to a number of claims that may be regarded as normal in the construction and multitechnics sectors. In most cases, the CFE group seeks to conclude a transaction agreement with the counterparty, which substantially reduces the number of lawsuits. CFE group tries to recover outstanding receivables from its customers. However, it is not possible to estimate these potential assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__150-1": { "value": "25. CONTINGENT ASSETS AND LIABILITIESBased on available information at the date on which the financial statements were approved by the Board of Directors, CFE is not aware of any significant contingent assets or liabilities, with the exception of contingent assets or liabilities related to construction contracts (for example, the group's claims against customers or claims by subcontractors), which can be described as normal in the construction & renovation and multitechnics sectors and are handled by applying the percentage of completion method when the revenue is recognized. CFE also sees to it that the companies of the group take the necessary organisational measures to ensure that the current laws and regulations are observed, including the rules on compliance.28. OTHER COMMITMENTS GIVENOther commitments given by the CFE group for the financial year ended 31 December 2022, other than real security interests, amounted to \u20ac389,426 thousand (2021 : \u20ac246,810 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds (a) 247,382 239,681 Bid bonds (b) 771 559 Retentions (c) 1,790 1,700 Other commitments given (d) 139,483 4,870 Total other commitments given 389,426 246,810 (a) Guarantees given in relation to the performance of works contracts. If the construction entity fails to perform, the bank (orinsurance company) undertakes to compensate the customer to the extent of the guarantee.(b) Guarantees provided as part of tenders relating to works contracts.(c) Security provided by a bank to a client to replace the use of retention money.(d) Letters of credit \u2013 completion guarantee, Breyne Act \u2013 mortgage mandates and mortgagesThe change in other commitments given is mainly related to the completion guarantees given by BPI Serenity SA and BPI Pure SA in the context of the Breyne Act, as well as mortgages granted in the context of project financing in the real estate development segment (mainly Pure and Serenity).29. OTHER COMMITMENTS RECEIVEDOther commitments received by the CFE group for the financial year ended 31 December 2022, amounted to \u20ac54,971 thousand (2021 : \u20ac73,547 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds 50,663 69,870 Other commitments received 4,308 3,677 Total other commitments received 54,971 73,54730. LITIGATIONCFE group is exposed to a number of claims that may be regarded as normal in the construction and multitechnics sectors. In most cases, the CFE group seeks to conclude a transaction agreement with the counterparty, which substantially reduces the number of lawsuits. CFE group tries to recover outstanding receivables from its customers. However, it is not possible to estimate these potential assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__141": { "value": "26. NET FINANCIAL DEBTBREAKDOWN OF THE NET FINANCIAL DEBT AS DEFINED BY THE GROUP2022 2021 (in \u20ac thousands) Non-current Current Total Non-current Current Total Bank loans and other financial debts 89,040 2,573 91,613 53,172 45,682 98,854 Bonds 0 0 0 0 29,899 29,899 Drawings on credit facilities 40,000 0 40,000 0 60,000 60,000 Lease debts 25,008 10,421 35,429 24,427 9,402 33,829 Total long-term financial debt 154,048 12,994 167,042 77,599 144,983 222,582 Short-term financial debts 0 9,000 9,000 0 34,000 34,000 Cash equivalents 0 (15,035) (15,035) 0 (13,596) (13,596) Cash 0 (112,114) (112,114) 0 (129,991) (129,991) Net short-term financial debt/(cash) 0 (118,149) (118,149) 0 (109,587) (109,587) Total net financial debt 154,048 (105,155) 48,893 77,599 35,396 112,995 Derivative instruments used as interest-rate (422)(206)(628)0568 568 hedges Bank loans and other financial debts (\u20ac91,613 thousand) mainly concern the medium-term bank loans of the real estate development segment and allocated to the financing of certain projects, medium term treasury notes issued by CFE SA and BPI Real Estate Belgium SA as well as the financing of the new headquarters of Van Laere NV and VMA NV. The corporate bond issued by BPI Real Estate Belgium SA on 19 December 2017 for an amount of \u20ac30 million was paid off on 19 December 2022. As of December 31, 2022, the lease debts amounted to \u20ac35,429 thousand and relate to contracts that meet the criteria of the scope of application of IFRS 16 Leases. As of December 31, 2022, short-term financial debts amounted to \u20ac9,000 thousand and relate to treasury notes issued by BPI Real Estate Belgium SA. As of December 31, 2021, the financing put in place at the level of CFE SA, i.e. the drawings on bank credit facilities and debts linked to the issue of treasury notes, had been presented as current debts, given that the partial demerger mechanically entailed the early reimbursement of these. During the second quarter of 2022, CFE set up new credit lines by integrating sustainability criteria or obtained waivers. As the majority of the maturities of the bank credit facilities and treasury notes are beyond 2023, most of the drawings on bank credit facilities and treasury note issuances are presented as non-current. DEBT MATURITY SCHEDULE Less than Between 1 Between 2 Between 3 Between 5 More than (in \u20ac thousands) Total 1 year and 2 years and 3 years and 5 years and 10 years 10 years Bank loans and other financial debts 2,573 41,411 26,134 12,334 6,250 2,911 91,613 Drawings on credit facilities 0 0 0 40,000 0 0 40,000 Lease debts 10,421 6,303 4,475 5,877 7,457 896 35,429 Total long-term financial debt 12,994 47,714 30,609 58,211 13,707 3,807 167,042 Short-term financial debts 9,000 0 0 0 0 0 9,000 Cash equivalents (15,035) 0 0 0 0 0 (15,035) Cash (112,114) 0 0 0 0 0 (112,114) Net short-term financial debt/(cash) (118,149) 0 0 0 0 0 (118,149) Total net financial debt (105,155) 47,714 30,609 58,211 13,707 3,807 48,893 CASH FLOWS RELATING TO FINANCIAL LIABILITIES Non-cash movements Total (in \u20ac thousands) Other 2021 Cash flow Transfers non-cash 2022 changes movements Non-current financial liabilities Other non-current financial debts 77,599 (5,196) 72,997 8,648 81,645 154,048 Current financial liabilities Bonds 29,899 (30,000) 0 101 101 0 Other current financial debts 149,084 (54,610) (72,997) 517 (72,480) 21,994 Total 256,582 (89,806) 0 9,266 9,266 176,042 As of December 31, 2022, the CFE Group\u2019s financial debts amounted to \u20ac176,042, a decrease of \u20ac80,540 compared to December 31, 2021. This decrease is mainly due to : - significant operating cash flows and the receipt of the DEME dividend ; partially offset by- investments made during the year.CREDIT FACILITIES AND BANK TERM LOANS As of December 31, 2022, CFE SA held confirmed long-term bank credit facilities of \u20ac170 million, of which \u20ac40 million was drawn as at 31 December 2022. For some of them, sustainability and safety criteria for which (non-)compliance has an effect on the margin applied by the bank have been included. CFE SA also has the facility of issuing treasury notes up to an amount of \u20ac50 million. This source of financing was used to an amount of \u20ac35 million as at 31 December 2022. To limit the interest rate risk, interest rate hedging contracts have been put in place for a notional amount of \u20ac40 million; the fair value of these derivatives amounts to \u20ac(628) thousand. As of December 31, 2022, the amount drawn on the credit facilities is fully covered. As of December 31, 2022, BPI Real Estate Belgium SA and its subsidiary BPI Real Estate Luxembourg SA together have confirmed long-term bank credit facilities of \u20ac60 million, which are undrawn at 31 December 2022. BPI Real Estate Belgium SA also has the facility of issuing treasury notes up to an amount of \u20ac40 million. An amount of \u20ac17.25 million was drawn from this source of funding as of December 31, 2022. FINANCIAL COVENANTS Bilateral credit facilities are subject to specific covenants that take into account factors such as financial debt and the ratio of debt to equity or non-current assets, as well as generated cash flows. The covenants applicable to the IFRS consolidated financial statements of CFE group, the statutory financial statements of CFE SA and the IFRS stand-alone financial statements of BPI Real Estate Belgium have been fully met at the end of December 2022 and are detailed below. Ratio name Formula Requirement December 2022 CFE SA, consolidated financial statements IFRS Net financial debt / (Equity - intangible assets - Solvency ratio <1.65 0.25 goodwill) Non-current financial debt / Property, plant and Long-term net financial debt <1 0.63 equipment Coverage of financial debt by cash flow Operating cash flow + net current financial debt > 0>0163.7 M\u20ac CFE SA, statutory financial statements, Belgian accounting standards Equity Equity >125 M\u20ac141.2 M\u20ac BPI Real Estate Belgium SA, consolidated financial statements IFRS \u2013 Stand Alone Minimum equity Group equity + Subordinated Debts >70 M\u20ac142 M\u20ac Solvency ratio Net financial debt / (Equity + subordinated debts) <1.65 0.59", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__140": { "value": "26. NET FINANCIAL DEBTBREAKDOWN OF THE NET FINANCIAL DEBT AS DEFINED BY THE GROUP2022 2021 (in \u20ac thousands) Non-current Current Total Non-current Current Total Bank loans and other financial debts 89,040 2,573 91,613 53,172 45,682 98,854 Bonds 0 0 0 0 29,899 29,899 Drawings on credit facilities 40,000 0 40,000 0 60,000 60,000 Lease debts 25,008 10,421 35,429 24,427 9,402 33,829 Total long-term financial debt 154,048 12,994 167,042 77,599 144,983 222,582 Short-term financial debts 0 9,000 9,000 0 34,000 34,000 Cash equivalents 0 (15,035) (15,035) 0 (13,596) (13,596) Cash 0 (112,114) (112,114) 0 (129,991) (129,991) Net short-term financial debt/(cash) 0 (118,149) (118,149) 0 (109,587) (109,587) Total net financial debt 154,048 (105,155) 48,893 77,599 35,396 112,995 Derivative instruments used as interest-rate (422)(206)(628)0568 568 hedges Bank loans and other financial debts (\u20ac91,613 thousand) mainly concern the medium-term bank loans of the real estate development segment and allocated to the financing of certain projects, medium term treasury notes issued by CFE SA and BPI Real Estate Belgium SA as well as the financing of the new headquarters of Van Laere NV and VMA NV. The corporate bond issued by BPI Real Estate Belgium SA on 19 December 2017 for an amount of \u20ac30 million was paid off on 19 December 2022. As of December 31, 2022, the lease debts amounted to \u20ac35,429 thousand and relate to contracts that meet the criteria of the scope of application of IFRS 16 Leases. As of December 31, 2022, short-term financial debts amounted to \u20ac9,000 thousand and relate to treasury notes issued by BPI Real Estate Belgium SA. As of December 31, 2021, the financing put in place at the level of CFE SA, i.e. the drawings on bank credit facilities and debts linked to the issue of treasury notes, had been presented as current debts, given that the partial demerger mechanically entailed the early reimbursement of these. During the second quarter of 2022, CFE set up new credit lines by integrating sustainability criteria or obtained waivers. As the majority of the maturities of the bank credit facilities and treasury notes are beyond 2023, most of the drawings on bank credit facilities and treasury note issuances are presented as non-current. DEBT MATURITY SCHEDULE Less than Between 1 Between 2 Between 3 Between 5 More than (in \u20ac thousands) Total 1 year and 2 years and 3 years and 5 years and 10 years 10 years Bank loans and other financial debts 2,573 41,411 26,134 12,334 6,250 2,911 91,613 Drawings on credit facilities 0 0 0 40,000 0 0 40,000 Lease debts 10,421 6,303 4,475 5,877 7,457 896 35,429 Total long-term financial debt 12,994 47,714 30,609 58,211 13,707 3,807 167,042 Short-term financial debts 9,000 0 0 0 0 0 9,000 Cash equivalents (15,035) 0 0 0 0 0 (15,035) Cash (112,114) 0 0 0 0 0 (112,114) Net short-term financial debt/(cash) (118,149) 0 0 0 0 0 (118,149) Total net financial debt (105,155) 47,714 30,609 58,211 13,707 3,807 48,893 CASH FLOWS RELATING TO FINANCIAL LIABILITIES Non-cash movements Total (in \u20ac thousands) Other 2021 Cash flow Transfers non-cash 2022 changes movements Non-current financial liabilities Other non-current financial debts 77,599 (5,196) 72,997 8,648 81,645 154,048 Current financial liabilities Bonds 29,899 (30,000) 0 101 101 0 Other current financial debts 149,084 (54,610) (72,997) 517 (72,480) 21,994 Total 256,582 (89,806) 0 9,266 9,266 176,042 As of December 31, 2022, the CFE Group\u2019s financial debts amounted to \u20ac176,042, a decrease of \u20ac80,540 compared to December 31, 2021. This decrease is mainly due to : - significant operating cash flows and the receipt of the DEME dividend ; partially offset by- investments made during the year.CREDIT FACILITIES AND BANK TERM LOANS As of December 31, 2022, CFE SA held confirmed long-term bank credit facilities of \u20ac170 million, of which \u20ac40 million was drawn as at 31 December 2022. For some of them, sustainability and safety criteria for which (non-)compliance has an effect on the margin applied by the bank have been included. CFE SA also has the facility of issuing treasury notes up to an amount of \u20ac50 million. This source of financing was used to an amount of \u20ac35 million as at 31 December 2022. To limit the interest rate risk, interest rate hedging contracts have been put in place for a notional amount of \u20ac40 million; the fair value of these derivatives amounts to \u20ac(628) thousand. As of December 31, 2022, the amount drawn on the credit facilities is fully covered. As of December 31, 2022, BPI Real Estate Belgium SA and its subsidiary BPI Real Estate Luxembourg SA together have confirmed long-term bank credit facilities of \u20ac60 million, which are undrawn at 31 December 2022. BPI Real Estate Belgium SA also has the facility of issuing treasury notes up to an amount of \u20ac40 million. An amount of \u20ac17.25 million was drawn from this source of funding as of December 31, 2022. FINANCIAL COVENANTS Bilateral credit facilities are subject to specific covenants that take into account factors such as financial debt and the ratio of debt to equity or non-current assets, as well as generated cash flows. The covenants applicable to the IFRS consolidated financial statements of CFE group, the statutory financial statements of CFE SA and the IFRS stand-alone financial statements of BPI Real Estate Belgium have been fully met at the end of December 2022 and are detailed below. Ratio name Formula Requirement December 2022 CFE SA, consolidated financial statements IFRS Net financial debt / (Equity - intangible assets - Solvency ratio <1.65 0.25 goodwill) Non-current financial debt / Property, plant and Long-term net financial debt <1 0.63 equipment Coverage of financial debt by cash flow Operating cash flow + net current financial debt > 0>0163.7 M\u20ac CFE SA, statutory financial statements, Belgian accounting standards Equity Equity >125 M\u20ac141.2 M\u20ac BPI Real Estate Belgium SA, consolidated financial statements IFRS \u2013 Stand Alone Minimum equity Group equity + Subordinated Debts >70 M\u20ac142 M\u20ac Solvency ratio Net financial debt / (Equity + subordinated debts) <1.65 0.59", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__142": { "value": "27. FINANCIAL RISK MANAGEMENTCAPITAL MANAGEMENTAt year-end 2022, the capital structure of the CFE group is made up of a net financial debt \u20ac48,893 thousand (we refer to note 26) and of a net equity position of \u20ac224,526 thousand. Moreover, CFE SA also has confirmed bank credit facilities (we refer note26), whereas CFE SA and BPI SA have the option of issuing treasury notes. The CFE Group\u2019s equity includes share capital, sharepremium, retained earnings, treasury shares and non-controlling interests. The CFE group does not own any convertible bonds. The entire equity is used to finance the operations described in the corporate purposes of CFE and its subsidiaries.INTEREST RATE RISKThe interest rate risk management is assured within the group at the level of the operating segments. Construction and multitechnics activities are characterized by a cash surplus. Cash management is mainly centralized through the cash pooling. On the other hand, CFE SA also uses derivative instruments (IRS) to hedge the interest rate risk relating to drawings on its confirmed credit facilities. Effective average interest rate before considering derivatives products Fixed rate Floating rate Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 100.00% 1.64% 33,410 45.51% 3.92% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 0 0.00% 0.00% 40,000 54.49% 3.17% 40,000 30.39% 3.17% Total 58,203 100% 1.64% 73,410 100% 3.51% 131,613 100% 2.68% Effective average interest rate after considering derivatives products Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 59.27% 1.64% 33,410 100.00% 3.92% 0 0.00% 0.00% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 40,000 40.73% 1.96% 0 0.00% 0.00% 0 0.00% 0.00% 40,000 30.39% 1.96% Total 98,203 100% 1.77% 33,410 100% 3.92% 0 0.00% 0.00% 131,613 100% 2.31% SENSITIVITY TO THE INTEREST RATE RISK The CFE group is subject to the risk of interest rate fluctuations on its result for the period, taking into account : - cash flows relating to financial instruments at floating rate after hedging ;- financial instruments at fixed rate, recognised at fair value in the consolidated statement of financial position through profit and loss ;- derivative instruments not qualified as hedges.On the other hand, the variation in the value of derivatives qualified as cash flow hedges does not directly impact the consolidated statement of comprehensive income, and is recognized in \u2018other elements of the comprehensive income\u2019. In the event that the value of the derivatives has to be restated, the impact is recognized in the consolidated statement of income. In the analysis below, it is assumed that the figures for the financial debt and the derivative instruments as at 31 December 2022 remain constant over the year. The consequence of a variation of 50 basis points in the interest rate at the closing date would be an increase or decrease in the equity and result for the period, as indicated by the figures below. For the purposes of this analysis, it is assumed that the other parameters remain constant. (in \u20ac thousands) 12/31/2022 Result for the period Equity Impact of the Impact of the sensitivity Impact of the Impact of the sensitivity calculation calculation sensitivity calculation sensitivity calculation +50bp-50bp +50bp-50bp Non-current debts (+ portion due in the year) 835 (835) with variable rates after accounting hedge Net short-term financial debt (*) 45 (45) Derivatives not qualified as hedge Derivatives qualified as highly potential or 172 (188) certain cash flow (*) excluding cash at bank and in hand. DESCRIPTION OF CASH FLOW HEDGE OPERATIONS At the closing date, the instruments qualified as cash flow hedges relate to CFE SA and have the following characteristics: (in \u20ac thousands) 12/31/2022 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 0 0 40,000 0 40,000 628 - pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 0 0 40,000 0 40,000 628 - (in \u20ac thousands) 12/31/2021 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 50,000 0 0 0 50,000 0 (568) pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 50,000 0 0 0 50,000 0 (568) EXCHANGE RATE RISKS Nature of the risks to which the group is exposed The CFE group and its subsidiaries make use of exchange rate hedging for their construction operations in Poland and for a specific project in the United States. Distribution of the long term financial debts by currency The breakdown of outstanding long-term debts (without considering lease debts which are mainly in euros) by currency is as follows : (in \u20ac thousands) 2022 2021 Euro 131,613 188,753 U.S. dollar 0 0 Other currencies 0 0 Total long-term debts 131,613 188,753 As of December 31, 2022, the outstanding long-term financial debts (excluding lease debts) amounted to \u20ac131,613 thousand compared to \u20ac188,753 thousand as of December 31, 2021. The following table discloses the fair value and the notional amount of exchange rate instruments issued (forward sales/purchase agreements) (+ : asset / - : liability) : 12/31/2022 USD - U.S. Dollar PLN - Zlotys (in \u20ac thousands) Notional Fair value Notional Fair value Forward purchases 0 0 0 0 Forward sales 1,607 (124) 28,375 298 The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. The CFE group, is exposed to exchange rate fluctuation risk on its result for the period. The following analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2022 is constant over the year. A variation of 5% of exchange rate (appreciation of the EUR) at closing date would have as a consequence an increase or a decrease of the equity and the result for the period for the amounts disclosed here below. For the purposes of this analysis, it is assumed that the other parameters remain constant. (in \u20ac thousands) 12/31/2022 Result for the period Impact of sensitivity calculation - Impact of sensitivity calculation - depreciation of 5% of the EUR appreciation of 5% of the EUR Non-current debts (+ portion due within the year) 6,537 (5,915) with variable rates after accounting hedge Net short term financial debt (1,383) 1,251 Working capital 727 (658) RISK RELATED TO RAW MATERIALS Raw materials and consumables incorporated into the works constitute an essential element of the cost price. Although some contracts include price revision clauses or revision formulas, the risk of price fluctuation of raw materials remains significant. CREDIT AND COUNTERPARTY RISK The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products. In addition, the CFE group set up procedures in order to avoid and limit the concentration of credit risk. Financial instruments The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor\u2019s and Moody\u2019s. These limits are regularly monitored and updated. Customers With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the concentration of the counterparty risk for customers is limited due to the large number of customers. In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position towards them. The analysis of credit risk exposure at year-end 2022 and 2021 is as follows : Situation as of December 31, 2022 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 307,816 235,023 30,465 8,347 33,981 Total gross carrying amount 307,816 235,023 30,465 8,347 33,981 Expected credit losses - Trade and other (23,208) 0 (105)(423)(22,680) operating receivables Total expected credit losses (23,208) 0 (105)(423)(22,680) Total net carrying amount 284,608 235,023 30,360 7,924 11,301 Situation as of December 31, 2021 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 303,803 226,565 28,072 20,089 29,077 Total gross carrying amount 303,803 226,565 28,072 20,089 29,077 Expected credit losses - Trade and other (22,547) (117)0(4,800) (17,630) operating receivables Total expected credit losses (22,547) (117) 0 (4,800) (17,630) Total net carrying amount 281,256 226,448 28,072 15,289 11,447 The following table discloses the changes in expected credit losses on trade and other operations receivables : (in \u20ac thousands) 2022 2021 Cumulated expected credit losses - opening balance (22,547) (66,825) Change in consolidation scope 1 39,360 Expected credit losses (reversal/recognized) during the period (1,314) (8,517) Translation differences and transfers between asset items 653 13,435 Cumulated expected credit losses - closing balance (23,207) (22,547) As of December 31, 2022, expected credit losses reversed and recognised during the year amounted to \u20ac(1,314) thousand (2021: \u20ac(8,517) thousand, of which \u20ac(5,332) thousand for continuing operations and \u20ac(3,185) thousand for discontinued operations). As of December 31, 2021, the item \u2018Translation differences and transfers between asset items\u2019 mainly related to the reclassification of DEME\u2019s receivables to the item \u2018Assets held for sale\u2019 (\u20ac18,423 thousand). As of December 31, 2021, the item \u2018Changes in consolidation scope\u2019 related exclusively to the derecognition of the CFE Tchad write-downs (and associated receivables) following the sale of CFE\u2019s stake. LIQUIDITY RISK CFE SA and BPI SA have bilateral credit facilities that allow them to significantly reduce the liquidity risk. CARRYING AMOUNTS AND FAIR VALUE BY ACCOUNTING POLICY December 31, 2022 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 422 138,294 138,716 138,716 Financial loans and receivables (1) 0 0 138,294 138,294 Level 2 138,294 Derivatives 0 422 0 422 Level 2 422 Current financial assets 0 206 411,757 411,963 411,963 Trade and other operating receivables 0 0 284,608 284,608 Level 2 284,608 Derivatives 0 206 0 206 Level 2 206 Cash Equivalents (2) 0 0 15,035 15,035 Level 1 15,035 Cash at bank and in hand (2) 0 0 112,114 112,114 Level 1 112,114 Total assets 0 628 550,051 550,679 550,679 Non-current financial liabilities 0 0 154,048 154,048 154,048 Financial debts 0 0 154,048 154,048 Level 2 154,048 Current financial liabilities 0 124 331,198 331,322 331,322 Trade and other operating payables 0 0 309,204 309,204 Level 2 309,204 Financial debts 0 0 21,994 21,994 Level 2 21,994 Derivatives 0 124 0 124 Level 2 124 Total liabilities 0 124 485,246 485,370 485,370 December 31, 2021 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 0 79,313 79,313 79,313 Financial loans and receivables (1) 0 0 79,313 79,313 Level 2 79,313 Current financial assets 0 874 424,843 425,717 425,717 Trade and other operating receivables 0 0 281,256 281,256 Level 2 281,256 Derivatives 0 874 0 874 Level 2 874 Cash Equivalents (2) 0 0 13,596 13,596 Level 1 13,596 Cash at bank and in hand (2) 0 0 129,991 129,991 Level 1 129,991 Total assets 0 874 504,156 505,030 505,030 Non-current financial liabilities 0 0 77,599 77,599 77,599 Financial debts 0 0 77,599 77,599 Level 2 77,599 Current financial liabilities 0 1,442 455,992 457,434 457,434 Trade and other operating payables 0 0 277,009 277,009 Level 2 277,009 Bond 0 0 29,899 29,899 Level 1 29,899 Financial debts 0 0 149,084 149,084 Level 2 149,084 Derivatives 0 1,442 0 1,442 Level 2 1,442 Total liabilities 0 1,442 533,591 535,033 535,033 (1) Included in item \u201cOther non-current financial assets\u201d(2) Included in item \u201cCash and cash equivalents\u201d(3) FAMMFV : Financial assets mandatorily measured at fair value through profit and lossFLFVPL : Financial liabilities measured at fair value through profit and lossThe fair value of financial instruments can be classified according to three levels (1 to 3) based on the degree to which the inputs to the fair value measurements are observable : - Fair value measurements of level 1 are based on quoted prices (unadjusted) in active markets for identical assets orliabilities ;- Fair value measurements of level 2 are based on inputs, other than quoted prices included within level 1, that are observablefor the asset or liability, either directly (through prices) or indirectly (through input derived from prices) ;- Fair value measurements of level 3 are based on valuation techniques comprising inputs which are unobservable for theasset or liability.The fair value of financial instruments has been determined using the following methods : - For short-term financial instruments, such as trade receivables and payables, the fair value is considered not to besignificantly different from the carrying amount measured at amortized cost ;- For floating rate liabilities, the fair value is considered not to be significantly different from the carrying amount measuredat amortized cost ;- For derivative financial instruments (foreign currency, interest rate or forecasted cash flows), the fair value is determinedusing valuation models discounting future cash flows based on future interest rate curves, foreign currency curves or otherforward prices ;- For the other derivative instruments, the fair value is determined by discounting future estimated cash flows ;- For the quoted bonds issued by BPI, the fair value is based on the quoted price at reporting date ;- For fixed rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured at amortized cost due to the fact that fixed and variables rates are not significantly different.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__143": { "value": "INTEREST RATE RISKThe interest rate risk management is assured within the group at the level of the operating segments. Construction and multitechnics activities are characterized by a cash surplus. Cash management is mainly centralized through the cash pooling. On the other hand, CFE SA also uses derivative instruments (IRS) to hedge the interest rate risk relating to drawings on its confirmed credit facilities. Effective average interest rate before considering derivatives products Fixed rate Floating rate Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 100.00% 1.64% 33,410 45.51% 3.92% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 0 0.00% 0.00% 40,000 54.49% 3.17% 40,000 30.39% 3.17% Total 58,203 100% 1.64% 73,410 100% 3.51% 131,613 100% 2.68% Effective average interest rate after considering derivatives products Fixed rate Floating rate Floating rate capped + inflation Total Type of debts Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Bank loans and other 58,203 59.27% 1.64% 33,410 100.00% 3.92% 0 0.00% 0.00% 91,613 69.61% 2.47% financial debts Drawings on credit facilities 40,000 40.73% 1.96% 0 0.00% 0.00% 0 0.00% 0.00% 40,000 30.39% 1.96% Total 98,203 100% 1.77% 33,410 100% 3.92% 0 0.00% 0.00% 131,613 100% 2.31%", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__144": { "value": "DESCRIPTION OF CASH FLOW HEDGE OPERATIONS At the closing date, the instruments qualified as cash flow hedges relate to CFE SA and have the following characteristics: (in \u20ac thousands) 12/31/2022 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 0 0 40,000 0 40,000 628 - pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 0 0 40,000 0 40,000 628 - (in \u20ac thousands) 12/31/2021 Between 1 Between 2 Fair value Fair value < 1 year > 5 yearsNotional and 2 years and 5 years asset liability Swap of interest rate receive floating rate and pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - highly probable projected 0 cash flow hedges Swap of interest rate receive floating rate and 50,000 0 0 0 50,000 0 (568) pay fixed rate Interest rate options (cap, collar) Interest rate derivatives - certain cashflow hedge 50,000 0 0 0 50,000 0 (568)", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__146": { "value": "CREDIT AND COUNTERPARTY RISK The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products. In addition, the CFE group set up procedures in order to avoid and limit the concentration of credit risk. Financial instruments The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor\u2019s and Moody\u2019s. These limits are regularly monitored and updated. Customers With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the concentration of the counterparty risk for customers is limited due to the large number of customers. In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position towards them. The analysis of credit risk exposure at year-end 2022 and 2021 is as follows : Situation as of December 31, 2022 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 307,816 235,023 30,465 8,347 33,981 Total gross carrying amount 307,816 235,023 30,465 8,347 33,981 Expected credit losses - Trade and other (23,208) 0 (105)(423)(22,680) operating receivables Total expected credit losses (23,208) 0 (105)(423)(22,680) Total net carrying amount 284,608 235,023 30,360 7,924 11,301 Situation as of December 31, 2021 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 303,803 226,565 28,072 20,089 29,077 Total gross carrying amount 303,803 226,565 28,072 20,089 29,077 Expected credit losses - Trade and other (22,547) (117)0(4,800) (17,630) operating receivables Total expected credit losses (22,547) (117) 0 (4,800) (17,630) Total net carrying amount 281,256 226,448 28,072 15,289 11,447 The following table discloses the changes in expected credit losses on trade and other operations receivables : (in \u20ac thousands) 2022 2021 Cumulated expected credit losses - opening balance (22,547) (66,825) Change in consolidation scope 1 39,360 Expected credit losses (reversal/recognized) during the period (1,314) (8,517) Translation differences and transfers between asset items 653 13,435 Cumulated expected credit losses - closing balance (23,207) (22,547) As of December 31, 2022, expected credit losses reversed and recognised during the year amounted to \u20ac(1,314) thousand (2021: \u20ac(8,517) thousand, of which \u20ac(5,332) thousand for continuing operations and \u20ac(3,185) thousand for discontinued operations). As of December 31, 2021, the item \u2018Translation differences and transfers between asset items\u2019 mainly related to the reclassification of DEME\u2019s receivables to the item \u2018Assets held for sale\u2019 (\u20ac18,423 thousand). As of December 31, 2021, the item \u2018Changes in consolidation scope\u2019 related exclusively to the derecognition of the CFE Tchad write-downs (and associated receivables) following the sale of CFE\u2019s stake.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__145": { "value": "CREDIT AND COUNTERPARTY RISK The CFE group is exposed to credit risk in the event of insolvency of its clients. It is exposed to the counterparty risk in the context of cash deposits, subscription of negotiable debt securities, financial receivables and derivative products. In addition, the CFE group set up procedures in order to avoid and limit the concentration of credit risk. Financial instruments The CFE group has defined a system of investment limits to manage the counterparty risk. This system determines maximum amounts eligible for investment by counterparty defined according to their credit ratings published by Standard & Poor\u2019s and Moody\u2019s. These limits are regularly monitored and updated. Customers With regard to the risk on trade receivables, the group has set up procedures to limit this risk. It should be noted that a significant part of the consolidated revenue is realized with public or semi-public customers. In addition, the CFE group considers that the concentration of the counterparty risk for customers is limited due to the large number of customers. In order to reduce the current risk, the CFE group regularly monitors its outstanding trade receivables and adapts its position towards them. The analysis of credit risk exposure at year-end 2022 and 2021 is as follows : Situation as of December 31, 2022 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 307,816 235,023 30,465 8,347 33,981 Total gross carrying amount 307,816 235,023 30,465 8,347 33,981 Expected credit losses - Trade and other (23,208) 0 (105)(423)(22,680) operating receivables Total expected credit losses (23,208) 0 (105)(423)(22,680) Total net carrying amount 284,608 235,023 30,360 7,924 11,301 Situation as of December 31, 2021 Closing Not due < 3 months < 1 year > 1 year(in \u20ac thousands) Trade and other operating receivables 303,803 226,565 28,072 20,089 29,077 Total gross carrying amount 303,803 226,565 28,072 20,089 29,077 Expected credit losses - Trade and other (22,547) (117)0(4,800) (17,630) operating receivables Total expected credit losses (22,547) (117) 0 (4,800) (17,630) Total net carrying amount 281,256 226,448 28,072 15,289 11,447 The following table discloses the changes in expected credit losses on trade and other operations receivables : (in \u20ac thousands) 2022 2021 Cumulated expected credit losses - opening balance (22,547) (66,825) Change in consolidation scope 1 39,360 Expected credit losses (reversal/recognized) during the period (1,314) (8,517) Translation differences and transfers between asset items 653 13,435 Cumulated expected credit losses - closing balance (23,207) (22,547) As of December 31, 2022, expected credit losses reversed and recognised during the year amounted to \u20ac(1,314) thousand (2021: \u20ac(8,517) thousand, of which \u20ac(5,332) thousand for continuing operations and \u20ac(3,185) thousand for discontinued operations). As of December 31, 2021, the item \u2018Translation differences and transfers between asset items\u2019 mainly related to the reclassification of DEME\u2019s receivables to the item \u2018Assets held for sale\u2019 (\u20ac18,423 thousand). As of December 31, 2021, the item \u2018Changes in consolidation scope\u2019 related exclusively to the derecognition of the CFE Tchad write-downs (and associated receivables) following the sale of CFE\u2019s stake.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__149": { "value": "CARRYING AMOUNTS AND FAIR VALUE BY ACCOUNTING POLICY December 31, 2022 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 422 138,294 138,716 138,716 Financial loans and receivables (1) 0 0 138,294 138,294 Level 2 138,294 Derivatives 0 422 0 422 Level 2 422 Current financial assets 0 206 411,757 411,963 411,963 Trade and other operating receivables 0 0 284,608 284,608 Level 2 284,608 Derivatives 0 206 0 206 Level 2 206 Cash Equivalents (2) 0 0 15,035 15,035 Level 1 15,035 Cash at bank and in hand (2) 0 0 112,114 112,114 Level 1 112,114 Total assets 0 628 550,051 550,679 550,679 Non-current financial liabilities 0 0 154,048 154,048 154,048 Financial debts 0 0 154,048 154,048 Level 2 154,048 Current financial liabilities 0 124 331,198 331,322 331,322 Trade and other operating payables 0 0 309,204 309,204 Level 2 309,204 Financial debts 0 0 21,994 21,994 Level 2 21,994 Derivatives 0 124 0 124 Level 2 124 Total liabilities 0 124 485,246 485,370 485,370 December 31, 2021 FAMMFVV / FAMMFVV / (in \u20ac thousands) FLFVPL (3) - FLFVPL (3) - Assets/ Total of net Fair value Derivatives not Derivatives liabilities Fair value of carrying measurement designated as designated as measured at the class amount by level hedging hedging amortised cost instruments instruments Non-current financial assets 0 0 79,313 79,313 79,313 Financial loans and receivables (1) 0 0 79,313 79,313 Level 2 79,313 Current financial assets 0 874 424,843 425,717 425,717 Trade and other operating receivables 0 0 281,256 281,256 Level 2 281,256 Derivatives 0 874 0 874 Level 2 874 Cash Equivalents (2) 0 0 13,596 13,596 Level 1 13,596 Cash at bank and in hand (2) 0 0 129,991 129,991 Level 1 129,991 Total assets 0 874 504,156 505,030 505,030 Non-current financial liabilities 0 0 77,599 77,599 77,599 Financial debts 0 0 77,599 77,599 Level 2 77,599 Current financial liabilities 0 1,442 455,992 457,434 457,434 Trade and other operating payables 0 0 277,009 277,009 Level 2 277,009 Bond 0 0 29,899 29,899 Level 1 29,899 Financial debts 0 0 149,084 149,084 Level 2 149,084 Derivatives 0 1,442 0 1,442 Level 2 1,442 Total liabilities 0 1,442 533,591 535,033 535,033 (1) Included in item \u201cOther non-current financial assets\u201d(2) Included in item \u201cCash and cash equivalents\u201d(3) FAMMFV : Financial assets mandatorily measured at fair value through profit and lossFLFVPL : Financial liabilities measured at fair value through profit and lossThe fair value of financial instruments can be classified according to three levels (1 to 3) based on the degree to which the inputs to the fair value measurements are observable : - Fair value measurements of level 1 are based on quoted prices (unadjusted) in active markets for identical assets orliabilities ;- Fair value measurements of level 2 are based on inputs, other than quoted prices included within level 1, that are observablefor the asset or liability, either directly (through prices) or indirectly (through input derived from prices) ;- Fair value measurements of level 3 are based on valuation techniques comprising inputs which are unobservable for theasset or liability.The fair value of financial instruments has been determined using the following methods : - For short-term financial instruments, such as trade receivables and payables, the fair value is considered not to besignificantly different from the carrying amount measured at amortized cost ;- For floating rate liabilities, the fair value is considered not to be significantly different from the carrying amount measuredat amortized cost ;- For derivative financial instruments (foreign currency, interest rate or forecasted cash flows), the fair value is determinedusing valuation models discounting future cash flows based on future interest rate curves, foreign currency curves or otherforward prices ;- For the other derivative instruments, the fair value is determined by discounting future estimated cash flows ;- For the quoted bonds issued by BPI, the fair value is based on the quoted price at reporting date ;- For fixed rate liabilities, the fair value is considered not to be significantly different from the carrying amount measured at amortized cost due to the fact that fixed and variables rates are not significantly different.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__155-1": { "value": "28. OTHER COMMITMENTS GIVENOther commitments given by the CFE group for the financial year ended 31 December 2022, other than real security interests, amounted to \u20ac389,426 thousand (2021 : \u20ac246,810 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds (a) 247,382 239,681 Bid bonds (b) 771 559 Retentions (c) 1,790 1,700 Other commitments given (d) 139,483 4,870 Total other commitments given 389,426 246,810 (a) Guarantees given in relation to the performance of works contracts. If the construction entity fails to perform, the bank (orinsurance company) undertakes to compensate the customer to the extent of the guarantee.(b) Guarantees provided as part of tenders relating to works contracts.(c) Security provided by a bank to a client to replace the use of retention money.(d) Letters of credit \u2013 completion guarantee, Breyne Act \u2013 mortgage mandates and mortgagesThe change in other commitments given is mainly related to the completion guarantees given by BPI Serenity SA and BPI Pure SA in the context of the Breyne Act, as well as mortgages granted in the context of project financing in the real estate development segment (mainly Pure and Serenity).29. OTHER COMMITMENTS RECEIVEDOther commitments received by the CFE group for the financial year ended 31 December 2022, amounted to \u20ac54,971 thousand (2021 : \u20ac73,547 thousand) and break down as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Performance guarantees and performance bonds 50,663 69,870 Other commitments received 4,308 3,677 Total other commitments received 54,971 73,547", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__158": { "value": "31. RELATED PARTIESAckermans & van Haaren (AvH) owns 15,725,684 CFE shares as at 31 December 2022, being the main shareholder of the CFE group with a stake of 62.12% (compared to 15,720,684 shares held as at 31 December 2021, or a stake of 62.10%). CFE SA entered into a service contract with Ackermans & van Haaren. The remuneration due by CFE SA under this contract amounted to \u20ac538 thousand for the financial year ended 31 December 2022 (2021 : \u20ac674 thousand). As of December 31, 2022, the CFE Group has joint control with Ackermans & van Haaren over Rent-A-Port NV, Green Offshore NV and Hofkouter NV following the sale of 65% of the CFE Group\u2019s interest to Ackermans & van Haaren in December 2022. We refer to note 5 \u201cAcquisitions and disposals of subsidiaries\u201d and 15 \u201cInvestments accounted for using equity method\u201d. From January 1 to June 29, 2022, the management of CFE was structured as follow : - DEME\u2019s activities are managed by an Executive Committee, composed of a CEO, Luc Vandenbulcke and four othermembers, Philip Hermans, Eric Tancr\u00e9, Els Verbraecken and Hugo Bouvy ;- The construction & renovation, multitechnics and Investments & Holding segments are managed by an ExecutiveCommittee composed of six members, the CEO, Trorema SRL, represented by Raymund Trost, MSQ SRL represented byFabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL, represented by Alexander Hodac, Focus2LERSRL represented by Val\u00e9rie Van Brabant and Almacon SRL, represented by Manu Coppens ;- The real estate development segment (BPI) is headed by a Managing Director, Artist Valley SA, represented by JacquesLef\u00e8vre.Since 29 June 2022, the day-to-day management of CFE has been carried out by Trorema SRL represented by Raymund Trost, CEO and Chairman of the Executive Committee. The other seven members of the Executive Committee are MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Artist Valley SA represented by Jacques Lefevre, COEDO SRL represented by Arnaud Regout, Focus2LER SRL represented by Val\u00e9rie Van Brabant and Bruno Lambrecht. Having resigned from the Executive Committee on 31 December 2022, all mandates of 8822 SRL, represented by Yves Weyts, ended on that date. The only transactions between CFE and the members of the Executive Committee are : - invoicing for their services through their management company (or their remuneration in the case of Bruno Lambrecht);- transactions under the long-term incentive plans (we refer to note 22 \"Information on stock option plans\")In the wake of the partial demerger and the establishment of the Executive Committee, the existing stock option plans at BPI Real Estate Belgium and CFE Contracting were partially settled. The amount of remuneration and other benefits granted directly or indirectly to the management of CFE, mentioned above, is as follows (amounts expressed globally and in \u20ac thousands) : Year ended 31 December 2022 2021 (in \u20ac thousands) Fixed remuneration 2,655 3,965 Short-term variable remuneration 1,440 4,973 Other benefits 60 458 Total 4,155 9,396 For 2021, the management of CFE was composed of the members of the Executive Committee of DEME and CFE Contracting and the CEO of BPI. For the first half of 2022, the management of CFE was composed of Trorema SRL represented by Raymund Trost, MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Focus2LER SRL represented by Val\u00e9rie Van Brabant, Almacon SRL represented by Manu Coppens, and Artist Valley SA represented by Jacques Lef\u00e8vre. For the second half of 2022, CFE's management was composed of the 8 members of CFE's Executive Committee constituted on June 29, 2022 as listed above. Transactions with related parties mainly concerned transactions with companies in which CFE has a significant influence or a joint control. Such transactions are carried out on a market price basis. There were no significant changes in the nature of transactions with associated parties during the financial year 2022 compared to financial year 2021. Commercial and financing transactions between the CFE group and investments accounted for using equity method are summarized as follows : Year ended 31 December 2022 2021 (in \u20ac thousands) Assets with related parties 158,335 99,922 Non-current financial assets 138,294 79,313 Trade and other operating receivables 13,725 15,154 Other current assets 6,316 5,455 Liabilities with related parties 13,690 15,085 Other non-current liabilities 13,666 15,061 Trade and other operation payables 24 24 The increase in non-current financial assets is mainly explained by the granting of an additional loan of \u20ac19 million to Rent-A-Port NV, the reclassification from short-term to long-term of certain loans previously granted to Rent-A-Port NV, and by the evolution of the loans granted to the project companies of the real estate development segment, partially offset by the repayments of the loans granted to Green Offshore NV. Year ended 31 December 2022 2021 (in \u20ac thousands) Expenses and income with related parties 76,472 50,736 Revenue and other operating income 71,503 48,090 Purchases and other operating expenses (250) (49) Financial expenses and income 5,220 2,695 Revenue and other operating income with investments accounted for using equity method mainly increased at CLE SA (Gravity and M1 clients) and BPC Group SA (Erasmus Gardens and Tervuren Square clients).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__159": { "value": "Since 29 June 2022, the day-to-day management of CFE has been carried out by Trorema SRL represented by Raymund Trost, CEO and Chairman of the Executive Committee. The other seven members of the Executive Committee are MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Artist Valley SA represented by Jacques Lefevre, COEDO SRL represented by Arnaud Regout, Focus2LER SRL represented by Val\u00e9rie Van Brabant and Bruno Lambrecht. Having resigned from the Executive Committee on 31 December 2022, all mandates of 8822 SRL, represented by Yves Weyts, ended on that date. The only transactions between CFE and the members of the Executive Committee are : - invoicing for their services through their management company (or their remuneration in the case of Bruno Lambrecht);- transactions under the long-term incentive plans (we refer to note 22 \"Information on stock option plans\")In the wake of the partial demerger and the establishment of the Executive Committee, the existing stock option plans at BPI Real Estate Belgium and CFE Contracting were partially settled. The amount of remuneration and other benefits granted directly or indirectly to the management of CFE, mentioned above, is as follows (amounts expressed globally and in \u20ac thousands) : Year ended 31 December 2022 2021 (in \u20ac thousands) Fixed remuneration 2,655 3,965 Short-term variable remuneration 1,440 4,973 Other benefits 60 458 Total 4,155 9,396 For 2021, the management of CFE was composed of the members of the Executive Committee of DEME and CFE Contracting and the CEO of BPI. For the first half of 2022, the management of CFE was composed of Trorema SRL represented by Raymund Trost, MSQ SRL represented by Fabien De Jonge, 8822 SRL represented by Yves Weyts, AHO Consulting SRL represented by Alexander Hodac, Focus2LER SRL represented by Val\u00e9rie Van Brabant, Almacon SRL represented by Manu Coppens, and Artist Valley SA represented by Jacques Lef\u00e8vre. For the second half of 2022, CFE's management was composed of the 8 members of CFE's Executive Committee constituted on June 29, 2022 as listed above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__160": { "value": "32. AUDIT FEESThe remuneration of the auditor for the whole group, including CFE SA, for the financial year 2022 breaks down as follows : (in \u20ac thousands) Ernst & Young Amount % Audit Audit fees 759 89.5% Other attestation missions 36 4.2% Other missions outside the audit 45 5.3% Subtotal audit 840 99.1% Non-audit Tax consulting missions 8 0.9% Subtotal non-audit 8 0.9% Total audit and non-audit fees 848 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__161": { "value": "33. SUBSEQUENT EVENTSNo significant changes have occurred in the financial and commercial situation of the CFE group since 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__163": { "value": "34. COMPANIES OWNED BY THE GROUPMAIN ENTITIES ACCOUNTED FOR USING GLOBAL INTEGRATIONGROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST (%) EUROPE Belgium BPI PURE SA Brussels Real estate development 100% BPI REAL ESTATE BELGIUM SA Brussels Real estate development 100% BPI SAMAYA SA Brussels Real estate development 100% BPI SERENITY VALLEY SA Brussels Real estate development 100% BPI PARK WEST SA Brussels Real estate development 100% PROJECTONTWIKKELING VAN WELLEN NV Brussels Real estate development 100% WOLIMMO SA Brussels Real estate development 100% ZEN FACTORY SA Brussels Real estate development 100% BRANTEGEM NV Aalst Multitechnics 100% MOBIX ENGEMA SA Brussels Multitechnics 100% MOBIX ENGETEC SA Manage Multitechnics 100% MOBIX REMACOM NV Lochristi Multitechnics 100% MOBIX STEVENS NV Halen Multitechnics 100% VMA NV Sint-Martens-Latem Multitechnics 100% VMA DRUART SA Jumet Multitechnics 100% VMA BE.MAINTENANCE SA Brussels Multitechnics 100% VMA NIZET SA Louvain-la-Neuve Multitechnics 100% ARTHUR VANDENDORPE NV Zedelgem Construction & Renovation 100% BATIMENTS ET PONTS CONSTRUCTION (BPC) SA Brussels Construction & Renovation 100% BPC GROUP SA Brussels Construction & Renovation 100% BENELMAT SA Gembloux Construction & Renovation 100% DESIGN & ENGINEERING SA Brussels Construction & Renovation 100% GROEP TERRYN NV Moorslede Construction & Renovation 100% GROEP TERRYN CONSTRUCT NV Moorslede Construction & Renovation 100% KORLAM NV Moorslede Construction & Renovation 100% LAMCOL SA Marche-en-Famenne Construction & Renovation 100% MBG NV Wilrijk Construction & Renovation 100% TERRYN TIMBER PRODUCTS NV Moorslede Construction & Renovation 100% VAN LAERE NV Zwijndrecht Construction & Renovation 100% WEFIMA NV Zwijndrecht Construction & Renovation 100% WOOD SHAPERS SA Brussels Construction & Renovation 100% CFE CONTRACTING SA Brussels Investments & Holding 100% HDP CHARLEROI SA Brussels Investments & Holding 100% Grand Duchy of Luxembourg BPI REAL ESTATE LUXEMBOURG S.\u00c0 R.L. Strassen Real estate development 100% CENTRAL PARC S.\u00c0 R.L. Luxembourg Real estate development 100% HERRENBERG S.\u00c0 R.L. Strassen Real estate development 100% IMMO KIRCHBERG S.\u00c0 R.L. Strassen Real estate development 100% MIMOSAS REAL ESTATE S.\u00c0 R.L. Strassen Real estate development 100% POURPELT SA Strassen Real estate development 100% PRINCE HENRI S.\u00c0 R.L. Luxembourg Real estate development 100% COMPAGNIE LUXEMBOURGEOISE D\u2019ENTREPRISES CLE SA Strassen Construction & Renovation 100% IMMO-BECHEL CLE S.\u00c0 R.L. Strassen Construction & Renovation 100% WOOD SHAPERS LUXEMBOURG SA Strassen Construction & Renovation 100% SOCIETE FINANCIERE D\u2019ENTREPRISES SFE SA Strassen Investments & Holding 100% Poland BPI BERNADOWO SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT II SP. Z O.O. Warsaw Real estate development 100% BPI OBRZEZNA SP. Z O.O. Warsaw Real estate development 100% BPI WAGROWSKA SP. Z O.O. Warsaw Real estate development 100% BPI JARACZA SP. Z O.O. Warsaw Real estate development 80% BPI CHMIELNA SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT VIII SP. Z O.O. Warsaw Real estate development 100% BPI PROJECT IX SP. Z O.O. Warsaw Real estate development 100% BPI VILDA PARK SP. Z O.O. Warsaw Real estate development 100% BPI BARSKA SP. Z O.O. Warsaw Real estate development 100% BPI CZYSTA SP. Z O.O. Warsaw Real estate development 100% BPI REAL ESTATE POLAND SP. Z O.O. Warsaw Real estate development 100% BPI WOLARE SP. Z O.O. Warsaw Real estate development 100% BPI WROCLAW SP. Z O.O. Warsaw Real estate development 100% VMA POLSKA SP. Z O.O. Warsaw Multitechnics 100% CFE POLSKA SP. Z O.O. Warsaw Construction & Renovation 100% Other European countries CFE BAU GMBH Berlin, Germany Construction & Renovation 100% VMA MIDLANDS LTD Yorkshire, UK Multitechnics 100% CFE CONTRACTING AND ENGINEERING SRL Bucharest, Romania Investments & Holding 100% CFE HUNGARY EPITOIPARI KFT Budapest, Hungary Investments & Holding 100% AFRICA Tunisia COMPAGNIE TUNISIENNE D'ENTREPRISES SA Tunis Construction & Renovation 100% CONSTRUCTION MANAGEMENT TUNISIE SA Tunis Investments & Holding 100% AMERICA United States VMA US INC South Carolina Multitechnics 100% MAIN ENTITIES ACCOUNTED FOR USING EQUITY METHOD GROUP NAME HEAD OFFICE OPERATING SEGMENT INTEREST % EUROPE Belgium ARLON 53 SA Brussels Real estate development 50% BARBARAHOF NV Leuven Real estate development 40% BAVIERE DEVELOPPEMENT SA Li\u00e8ge Real estate development 30% BATAVES 1521 SA Brussels Real estate development 50% DEBROUCKERE DEVELOPMENT SA Brussels Real estate development 50% DEBROUCKERE LAND SA Brussels Real estate development 50% DEBROUCKERE LEISURE SA Brussels Real estate development 50% DEBROUCKERE OFFICE SA Brussels Real estate development 50% ERASMUS GARDENS SA Brussels Real estate development 50% ESPACE ROLIN SA Brussels Real estate development 33.33% EUROPEA HOUSING SA Brussels Real estate development 33% FONCIERE DE BAVIERE SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE A SA Li\u00e8ge Real estate development 30% FONCIERE DE BAVIERE C SA Li\u00e8ge Real estate development 30% GOODWAYS SA Antwerp Real estate development 50% IMMOANGE SA Brussels Real estate development 50% IMMO PA 33 1 SA Brussels Real estate development 50% IMMO PA 44 1 SA Brussels Real estate development 50% IMMO PA 44 2 SA Brussels Real estate development 50% JOMA 2060 NV Brussels Real estate development 70% KEYWEST DEVELOPMENT SA Brussels Real estate development 50% LA RESERVE PROMOTION NV Gent Real estate development 33% LES JARDINS DE OISQUERCQ SA Brussels Real estate development 50% LES 2 PRINCES DEVELOPMENT SA Brussels Real estate development 50% LIFE SHAPERS NV Brussels Real estate development 70% LRP DEVELOPMENT BVBA Gent Real estate development 33% MG IMMO SRL Brussels Real estate development 50% PRE DE LA PERCHE CONSTRUCTION SA Brussels Real estate development 50% PROMOTION LEOPOLD SA Brussels Real estate development 30.44% SAMAYA DEVELOPMENT SA Brussels Real estate development 50% TERVUREN SQUARE SA Brussels Real estate development 37.5% TULIP ANTWERP NV Brussels Real estate development 70% VICTOR BARA SA Brussels Real estate development 50% VICTOR SPAAK SA Brussels Real estate development 50% VICTOR ESTATE SA Brussels Real estate development 50% VICTOR PROPERTIES SA Brussels Real estate development 50% VAN MAERLANT RESIDENTIAL SA Brussels Real estate development 40% LUWA MAINTENANCE SA Wierde Multitechnics 25% HOFKOUTER NV Zwijndrecht Construction & Renovation 35% LIGHTHOUSE PARKING NV Gent Construction & Renovation 33.33% WOOD GARDENS SA Brussels Construction & Renovation 50% BPG CONGRES SA Brussels Investments & Holding 49% BPG HOTEL SA Brussels Investments & Holding 49% LUWA SA Wierde Investments & Holding 12% PPP BETRIEB SCHULEN EUPEN SA Eupen Investments & Holding 25% PPP SCHULEN EUPEN SA Eupen Investments & Holding 19% GREEN OFFSHORE NV and its subsidiaries Antwerp Investments & Holding 50% RENT-A-PORT NV and its subsidiaries Antwerp Investments & Holding 50% Grand Duchy of Luxembourg BAYSIDE FINANCE SRL Luxembourg Real estate development 40% BEDFORD FINANCE SRL Luxembourg Real estate development 40% CHATEAU DE BEGGEN S.\u00c0 R.L. Luxembourg Real estate development 50% EMELY S.\u00c0 R.L. Strassen Real estate development 50% GRAVITY SA Luxembourg Real estate development 50% IMMO MARIAL S.\u00c0 R.L. Strassen Real estate development 50% M1 SA Luxembourg Real estate development 33.33% M7 S.\u00c0 R.L. Strassen Real estate development 33.33% THE ROOTS REAL ESTATE S.\u00c0 R.L. Luxembourg Real estate development 50% THE ROOTS OFFICE S.\u00c0 R.L. Luxembourg Real estate development 50% Poland BPI-REVIVE MATEJKI SP. Z O.O. Warsaw Real estate development 50% AFRICA Tunisia BIZERTE CAP 3000 SA and its subsidiary Tunis Investments & Holding 20%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__167": { "value": "Compagnie d\u2019Entreprises CFE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__168": { "value": "Avenue Herrmann-Debroux 42, 1160 Brussels", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__169": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__171": { "value": "Public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493003N7PPOYDZI1G90", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }