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"s8_notes__6__5": {
"value": "Note 1: IFRS valuation rules1. Statement of complianceThe consolidated annual accounts are prepared in accordance with the International Financial Reporting Standards and IFRIC interpretations effective on December 31, 2023, as approved by the European Commission. New and amended standards and interpretations Following new standards and amendments to existing standards published by the IASB, are applied as from January 1, 2023. \u2022 Amendments to IAS 1 presentation of financial statements and IFRSpractice statement 2: disclosure of accounting policies \u2022 Amendments to IAS 8 accounting policies, changes in accountingestimates and errors: definition of accounting estimates \u2022 Amendments to IAS 12 income taxes: deferred tax related to assets andliabilities arising from a single transaction \u2022 IFRS 17 insurance contractsThe application of the new and amended standards and interpretations has no significant impact on the group\u2019s financial statements. Below amendment applies for the first time in 2023 and has an impact on the consolidated financial statements of the group: \u2022 amendments to IAS 12 income taxes: Pillar Two Model RulesInternational Tax Reform. The amendments include a temporaryexception to the recognition and disclosure of deferred taxes arisingfrom the jurisdictional implementation of the Pillar Two model rules.Following the amendments, the Group is required to disclose that is hasapplied the exception and to disclose separately its current tax expense(income) related to the Pillar Two income taxes. Reference is made toNote 21. Taxes for more information. 2. Main assumptions and estimatesThe preparation of financial statements under IFRS requires estimates to be used and assumptions to be made that affect the amounts shown in the financial statements, particularly as regards the following items: \u2022 the period over which non-current assets are depreciated or amortized;\u2022 the measurement of provisions and pension obligations;\u2022 the measurement of income or losses on construction contracts usingthe percentage of completion method; \u2022 estimates used in impairment tests;\u2022 the measurement of investment property and financial instruments atfair value; \u2022 the assessment of control;\u2022 the qualification of a company acquisition as a business combination oran acquisition of assets; \u2022 the assumptions used to determine the financial liabilities inaccordance with IFRS 16. \u2022 The estimates used in the assessment of income taxes or uncertain taxpositions. These estimates assume the operation is a going concern and are made on the basis of the information available at the time. 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. The valuation rules, which are part of the annual report, are approved annually by AvH's board of directors. The most recent deliberation on and approval of these valuation rules by AvH's board of directors took place on March 22, 2024. At the same board meeting, AvH's financial statements as of 31 December 2023 were approved. Macroeconomic matters Despite low economic growth in 2023 in the Eurozone, marked by high inflation, rising interest rates and weak external demand, AvH realised an excellent set of results. Both our private banks and DEME have realised record results thanks to their leading market positions and strong operational capabilities. The positive effects of the higher interest environment for the banks compensate somewhat the more challenging market context for real estate and contracting. Our participations can be \u2018part of the solution\u2019 in these challenging markets, amongst others because they offer innovative and cost-efficient solutions to their customers or they contribute to the energy transition, for example through the installation of offshore wind parks and biodigesters, the construction of smart buildings and the development of green hydrogen. Climate related matters: Opportunities and Risks The EU Taxonomy is part of the EU\u2019s Green Deal approach and defines a classification system for environmentally sustainable activities, with the aim of facilitating sustainable investments and avoiding the risk of \u2018greenwashing\u2019. The EU Taxonomy system sets high standards in terms of technical screening criteria. Notwithstanding these high standards, AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already \u2018aligned\u2019 with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future. \u2022 DEME\u2019s activities in offshore wind are considered both eligible andlargely aligned. Rail infrastructure projects were screened as well.DEME\u2019s eligible activities expanded in 2023 to also include parts of itsenvironmental activities. \u2022 CFE\u2019s eligible activities primarily relate to construction and renovation,electrical installation, rail infrastructure and real estate development.The aligned turnover mainly relates to BPI\u2019s project development andCFE\u2019s construction projects. \u2022 Nextensa\u2019s eligible activities are primarily related to real estatedevelopment and the letting of real estate from its own investmentportfolio. The aligned turnover is mainly generated from rental incomeand the sale of apartments (Park Lane). The climate risks to which AvH is exposed of are described in Section \u201cESG risks\u201d starting on page 20. For more information on the description, mitigating actions and governance, we refer to \u2018Risk and uncertainties\u201d (p.20). More specific regarding the Climate related matters: \u2022 The operations of DEME Group involve risks and opportunities relatedto \u2018climate and energy\u2019. Both the dredging and offshore windoperations emit CO2, which are primarily due to the fuel consumptionof the vessels required for the realization of land reclamation, theestablishment of port infrastructure, and the construction offoundations for wind turbines. DEME Group incorporates fuel-savingtechnologies across the fleet. In addition to the current utilisation oflow carbon fuels, DEME is embarking on its first pilot projects to gainpractical experience with future green fuels. However, there remains asignificant level of uncertainty regarding the specific fuels that willdominate the future market, their availability, and the capacity forbunkering. The Emissions Trading Systems (ETS) will be gradually rolledout for maritime transport activities covering offshore vessels as well.DEME Group currently assesses the impact thereof and takes that intoaccount in its carbon reduction strategy. \u2022 Nextensa\u2019s primary ESG risk is linked to climate mitigation, with asignificant focus on energy efficiency. This relates to the project designfor real estate development activities as well as to the value of itsportfolio. Leveraging the EU Taxonomy as a guide, Nextensa integratesclimate mitigation into its vision to further develop and invest in real estate. \u2022 The production volumes and the turnover and margins realised by SIPEF are influenced by climatic conditions such as rainfall, sunshine,temperature and humidity. The potential physical impact of climatechange is uncertain and may vary by region and product. SIPEF monitors water tables to design systems to deal with water retention, maintainsbuffer zones and invests in fire prevention/monitoring. With thegrowing concern over sustainability, tighter rules may be imposed oncompanies. SIPEF\u2019s oil palm plantations adhere to the RSPO standardsand comply with the RSPO principles and criteria. If SIPEF is unable tocontinue to meet stricter requirements, it may lose its certification, orthis may be suspended. \u2022 Sagar Cements\u2019 production process encounters ESG risks associatedwith the cement industry, such as energy-intensive operations, highcarbon emissions, resource use, water, waste generation and pollution. Sagar Cements developed an ESG roadmap for 2030 and identifiedlevers to decarbonize its processes. Sagar Cements committed to theScience Based Targets initiative (SBTi), demonstrating its proactiveapproach to mitigate these risks. Disclosures related to Climate and Macroeconomic matters The impact of macroeconomic issues such as inflation and rising interest rates, among others, are discussed in the Notes: Investment property (10), Participations accounted for using the equity method (11), Financial risk management and financial derivatives, (12), Banks receivables and debts (14-20), Financial debts (19) and Pension liabilities (26). Climate-related topics are included in subsequent disclosures: Goodwill (8), Tangible assets (9), Investment property (10) and Provisions (18). For the year ended December 31, 2023, no material impact on financial reporting judgement and estimes arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2023. 3. Principles of consolidationThe consolidated annual accounts contain the financial details of the parent AvH, its subsidiaries and jointly controlled companies, as well as the share of the group in the results of the associated companies. 3.1 Subsidiaries Subsidiaries are entities which are controlled by the group. Control exists when AvH (a) has power over the subsidiary; (b) is exposed, or has rights, to variable returns from its involvement with the subsidiary; and (c) has the ability to affect those returns through its power over the subsidiary. The participating interests in subsidiaries are consolidated in full as from the date of acquisition until the end of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full in the consolidated financial statements. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. 3.2 Jointly controlled subsidiaries and associated participating interests Jointly controlled subsidiaries Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders\u2019 percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control. Associated participating interests Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence. The equity method Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly 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 jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate. According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company. The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Joint operations A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises: \u2022 its assets, including its share of any assets held jointly; \u2022 its liabilities, including its share of any liabilities incurred held jointly; \u2022 its revenue from the sale of its share of the output arising from the joint operation; \u2022 its share of the revenue from the sale of its share of the output by the joint operation; \u2022 its expenses, including its share of any expenses incurred jointly. 4. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in the income statement as operating expenses as incurred. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 provisions, contingent liabilities and contingent assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted retrospectively during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. As current IFRSs do not specify recognition and measurement principles in respect of business combinations between entities under common control (these are excluded from the scope of IFRS 3 business combinations), the Group applies predecessor accounting. This means that the assets and liabilities of the acquiree are initially recognised at their carrying amount without fair value adjustments. The difference between the acquisition/selling price and the carrying amount of the net assets acquired/disposed of is accounted for in equity as a compensation to the shareholder. 5. Intangible fixed assets Intangible fixed assets with a finite useful life are stated at cost, less accumulated amortisation and any accumulated impairment losses. Intangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful economic life is reviewed per annum and this is also the case for any residual value. The residual value is assumed to be zero. Intangible fixed assets with indefinite useful life, stated at cost, are not amortised but are subject to an impairment test on an annual basis and whenever indications of a possible impairment occur. Costs for starting up new activities are included in the profit or loss at the time they occur. Research expenses are taken into profit or loss in the period in which they arise. Development expenses that meet the severe recognition criteria of IAS 38 are capitalised and amortised over the useful life. 6. Goodwill Goodwill arising from a business combination is recognised as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the Group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognised identifiable net assets. The basis of measurement is selected on a transaction-by-transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the Group (if any), the surplus is recognised immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortised but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, noncontrolling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. 7. Tangible fixed assets Tangible fixed assets are carried at cost or production cost less accumulated amortisations and any impairments. Tangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful life is reviewed on a yearly basis and this is also the case for any residual value. The depreciation periods as defined by DEME of the floating and other construction materials range from 3 years (such as for pipelines) to 21 years. The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 Offshore crane vessels in production since 2019 the principal component is depreciated over a period of 20 years and a second component is depreciated over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Repair and maintenance expenses for tangible assets are recognized as an expense in the period in which they occur, unless they result in an increase of the future economic benefit of the respective tangible fixed assets, which justifies their capitalisation. Assets under construction are amortised as from the time they are taken into use. 8. Impairment of fixed assets On each closing date, the group verifies whether there are indications that an asset is subject to an impairment. In the event that such indications are present, an estimation is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The recoverable amount of an asset is defined as the higher of the fair value minus costs to sell (assuming a voluntary sale) and the value in use (based upon the net present value of the estimated future cash flows). Any resulting impairments are charged to the profit and loss account. Previously recorded impairments, except on goodwill, are reversed through the profit and loss account when they are no longer valid. 9. Leases 9.1 Lessor accounting When the Group acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is considered a finance lease. As part of the assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If the lease agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. 9.2 Lessee accounting Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. Assets and liabilities arising from a lease are initially measured on a present value basis, discounted using the incremental borrowing rate of the lessee. The right-of-use asset is subsequently depreciated and/or impaired when deemed necessary. The right-of-use asset is also adjusted for certain remeasurements of the lease liability. The lease liability is subsequently increased by the interest cost on the lease liability and reduced by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable, or a change in the reassessment of whether a purchase or extension option is reasonably certain to be exercised (or a termination option curtained not to be exercised). The Group has applied judgement to determine the lease term for lease contracts containing renewal options. In accordance with the standard on lease contracts, the Group elected to use following exemptions when applying IFRS 16 accounting for: \u2022 short-term leases, i.e. contracts with a duration of less than one year; \u2022 leases for which the underlying asset is of low value; \u2022 intangible assets. The most important judgements and assumptions in determining the lease asset and liability are as follows: \u2022 The lease payments are discounted using the interest rate implicit in the lease agreement. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee has used judgement to determine its incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. \u2022 In determining the lease term, management considers all facts and circumstances that create an incentive to exercise an extension option, (or not exercise a termination option). Extension options (or periods after termination options) are only included in the lease term if the lease agreement is reasonably certain to be extended (or not terminated). 10. Investment property - leased buildings and project developments These investments cover buildings which are ready to be leased (real estate investments) as well as buildings under construction or being developed for future use as operative real estate investments (project development). Investment property is measured at fair value through profit or loss. On a yearly basis, the fair value of the leased buildings is determined based upon valuation reports. 11. Financial instruments 11.1 Recognition and derecognition of financial instruments \u2022 Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets bought and sold in accordance with standard market conventions are recognized on the transaction date. \u2022 Financial assets are derecognized when the contractual rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred all risks and rewards of ownership of those assets. \u2022 Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled, or expires. 11.2 Classification and measurement of financial assets When another financial asset is acquired or invested in, the contractual terms determine whether it is an equity instrument or a debt instrument. Equity instruments give entitlement to the remaining interest in the net assets of another entity. Classification and measurement of debt instruments The assessment of the contractual cash flow characteristics or SPPI test is carried out per product group (financial assets with similar cash flow characteristics) or, where necessary, on an individual basis. It is assessed whether the instrument generates cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding (SPPI: solely payments of principal and interest). It is also investigated how these cash flows fit in with the business model of the entity in question. The relevant classification and measurement method follows from those assessments: i) measured at amortised cost (AC): debt instruments that pass the SPPI test and are held under an HTC business model (Held-to-collect). At initial recognition, they are measured at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently, the effective interest rate method is applied where the difference between the measurement at initial recognition and the repayment value is recognized pro rata temporis in profit or loss on the basis of the effective interest rate. ii) fair value measurement with value changes recognized in other comprehensive income (FVOCI): debt instruments that pass the SPPI test and are held under an HTC&S business model (Held-to-collect & sell). On disposal, the cumulative fair value changes are reclassified to profit or loss. iii) fair value measurement with value changes recognized in profit or loss (FVPL): debt instruments that fail the SPPI test and/or are not held under an HTC or HTC&S model must mandatorily be measured in this way. Irrespective of these assessments, one can make an irrevocable election to designate, at initial recognition, a financial asset as measured at FVTPL (fair value option) if doing so eliminates or significantly reduces a measurement or recognition inconsistency (\u2018accounting mismatch\u2019). For the aforementioned financial assets that are measured at amortised cost and at fair value with value changes recognized in other comprehensive income, a loss allowance for expected credit losses is required (see section 6. Impairment of financial assets). Classification and measurement of equity instruments Equity instruments held for trading must mandatorily be measured at fair value with value changes recognized in profit or loss (FVTPL). For other equity instruments, the Group can make an irrevocable election, at initial recognition, to measure those instruments at fair value with value changes recognized in other comprehensive income (FVTOCI). This election can be made instrument by instrument (per share). On disposal, the cumulative fair value changes must not be reclassified to profit or loss. Only dividend income may be recognized in profit or loss. For equity instruments, no loss allowance is required for expected credit losses. 11.3 Classification and measurement of financial liabilities For the classification and measurement of financial liabilities, other than derivatives, there are the following possibilities: \u2022 fair value measurement with value changes recognized in profit or loss (FVTPL): - if the financial liability is held for trading; - if the Group opts for this method (fair value option), more specific regarding Bank Van Breda) \u2022 measurement at amortised cost: at initial recognition, they are measured at fair value, less transaction costs that are directly attributable to their issue. 11.4 Derivative financial instruments The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy. Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied. Cash flow hedges The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result. Fair value hedges Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account. 11.5 Cash and cash equivalents Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value. 11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows). 12. Inventories / construction contracts Inventories are valued at cost (purchase or production cost) or at net realisable value when this is lower. The production cost comprises all direct and indirect costs incurred in bringing the inventories to their completion at balance sheet date and this corresponds with the estimated sales prices in normal circumstances, minus the handling, marketing and distribution costs (net realizable value). Construction contracts are valued according to the Percentage of Completion method whereby the result is recognized in accordance with progress of the works. Expected losses are immediately recognized as an expense. 13. Capital and reserves Costs which are related to a capital transaction are deducted from the capital. The purchase of treasury shares is deducted from equity at purchase price. Subsequent sale or cancellation at a later date does not affect the result. Profits and losses with regard to treasury shares are recorded directly in equity. 14. Translation differences Transactions in foreign currency are recorded at the exchange rate on the date of the transaction. Positive and negative unrealised translation differences, resulting from the calculation of monetary assets and liabilities at closing rate on balance sheet date, are recorded as income or cost respectively in the profit and loss account. Based upon the closing rate method, assets and liabilities of the consolidated subsidiary are converted at closing rate, while the income statement is converted at the average rate of the period, which results in translation differences included in the consolidated 'othercomprehensive income'. 15. Provisions A provision is recognized if a company belonging to the group has a (legal or constructive) obligation as a result of a past event, and it is probable that the settlement of this obligation will require an outflow and the amount of this obligation can be determined in a reliable manner. In the event that the difference between the nominal and discounted value is significant, a provision is recorded for the amount of the discounted value of the estimated expenses. The resulting increase of the provision in proportion to the time is recorded as an interest charge. Restructuring Provisions for restructuring costs are only recognized when the group already has a detailed and approved restructuring plan and the planned restructuring has already started or been announced to the relevant staff members. No provisions are made for costs relating to the normal activities of the group. Guarantees A provision is made for warranty obligations relating to delivered products, services and contracts, based upon statistical data from the past. 16. Contingent assets and liabilities Contingent assets and liabilities are mentioned in the note \u201cRights and commitments not reflected in the balance sheet\u201d, if their impact is important. 17. Taxes Taxes concern both current taxes on the result as deferred taxes. Both types of taxes are recorded in the profit and loss accounts except when they relate to components being part of the equity and therefore allocated to the equity. Deferred taxes are based upon the balance sheet method applied on temporary differences between the carrying amount of the assets and liabilities of the balance sheet and their tax base. The main temporary differences consist of different amortisation percentages of tangible fixed assets, provisions for pensions, carry-forward tax losses and tax credits. Deferred tax liabilities are recognized for all taxable temporary differences: \u2022 except when the deferred tax liability arises from the original recognition of goodwill or the initial recording of assets and liabilities in a transaction that is not a business combination and that at the time of the transaction has no impact on the taxable profit; \u2022 except with regard to investments in subsidiaries, joint and associated companies, where the group is able to control the date when the temporary difference will be reversed, and it is not likely that the temporary difference will be reversed in the foreseeable future. Deferred tax assets are recorded for all deductible temporary differences and on carry-forward tax credits and tax losses that can be recovered, to the extent that it is probable that there will be taxable profits in the near future in order to be able to enjoy the tax benefit. The carrying amount of the deferred tax assets is verified on every balance sheet date and impaired to the extent that it is no longer probable that sufficient taxable profit will be available to credit all or part of the deferred taxes. Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. IFRIC 23, which became effective as from January 1, 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the Group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the Group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the Group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty. 18. Employee benefits Employee benefits consist of short-term employee benefits,postemployment benefits, other long-term employee benefits,redundancy pay and rewards in equity instruments. The post-employment benefits include the pension plans, life insurance policies and insurance policies for medical assistance. Pension plans with fixed contribution or defined benefit plans are provided through separate funds or insurance plans. In addition, employee benefits consisting of equity instruments also exist. Pension plans Defined Contribution Plans Several subsidiaries within the group have taken out group insurance policies for the benefit of their employees. Since Belgian subsidiaries are obliged to make additional payments if the average return on the employers\u2019 contributions and on the employees\u2019 contributions is not attained, those plans should be treated as \u201cdefined benefit\u201d plans in accordance with IAS19 (Revised). Defined Benefit Plans The group has a number of defined benefit pension plans. The costs of the defined benefit pension plans are actuarially determined using the \u2018projected unit credit\u2019 method. Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling and the return on plan assets, are directly recognized in the balance sheet; a corresponding amount is credited or charged to retained earnings through other comprehensive income in the period in which they arise. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the effective date of the change or restriction of the pension plan or the date on which the group accounts for reorganization costs, whichever occurs first. Net interest is calculated by applying the discount rate to the net defined benefit asset or liability and is recognized in consolidated profit or loss. Employee benefits in equity instruments On different levels stock option plans exist within the AvH, giving employees the right to buy AvH shares or the shares of some subsidiary at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period. 19. Revenue recognition (IFRS 15) Revenue is recognised in accordance with the IFRS standards, taking into account the specific activities of each segment. Revenue recognition Revenue is recognised when or as each performance obligation is satisfied, at the amount of the transaction price allocated to that performance obligation. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset. When a performance obligation is satisfied by transferring a promised good or service to the customer before the customer pays consideration or before payment is due,the Group presents the contract as a contract asset, unless the Group's rights to that amount of consideration are unconditional, in which case the Group recognises a receivable. When an amount of consideration is received from a customer prior to the Group transferring a good or service to the customer, the Group presents the contract as a contract liability. The main streams of revenue are recognised if it meets the criteria outlined below. Identifying the separate performance obligations in a contract with a customer Most of the revenue recognised by the construction companies in the group relates to contracts with customers for the sale of properties and services revenue generated from construction, project management and selling activities. In accounting for these contracts, the Group is required to identify which goods or services are distinct and therefore represent separate performance obligations to which revenue can be assigned. Management uses judgement to determine whether a promised good or service is distinct by assessing if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer and by ascertaining whether the Group's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. Determination of transaction prices for revenue recognition The Group is required to determine the transaction price in respect of each of its contracts with customers. Where consideration is variable due to a performance bonus, the Group estimates the amount of variable consideration to be included in the transaction price. Allocation of transaction price to performance obligations in contracts with customers The Group uses the stand-alone selling price of the distinct goods and services underlying each performance obligation to apportion the transaction price to identified performance obligations. This occurs for a limited number of EPCI contracts in the \"Marine Engineering & Contracting\" segment, where the multiple performance obligations (procurement activities and installation activities) give rise to a separate revenue recognition pattern. Satisfaction of performance obligations for revenue recognition The Group assesses each of its customer contracts to determine whether performance obligations are satisfied over time or at a point in time in order to determine when revenue is recognised. For sales of properties under development the Group recognises revenue over time, according to the percentage of completion method, because control transfers over time. Its performance creates an asset that the customer controls as the asset is created. It does not create an asset with alternative use as the Group has an enforceable right to payment for performance completed to date. For the EPCI contracts, revenue on the procurement activities are recognised at a point in time and the installation activities are recognised over time. Method of measuring progress of completion of performance obligations and recognition of revenue For performance obligations satisfied over time, contract revenue is recognized according to the percentage of completion of the contract activity at the closing date by using an input method calculated as the proportion of contract costs at the closing date and the estimated total contract costs. An expected loss on a construction contract is immediately recognized. Other Contracts for the sale of properties contain certain warranties covering a period of up to ten years after completion of the property. The Group assessed that these conditions represent 'assurance-type' warranties that are legally required to be provided as quality guarantees and will continue to be accounted for under IAS 37, consistent with its current practice. A variation may lead to an increase or a decrease in contract revenue. A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. These contract modifications form typically part of the performance obligation that is partially satisfied at the date of the contract modification, hence the effect is recognised as an adjustment to revenue. Dividend revenue is recognised when the Group's right to receive the payment is established. Other revenue is recognised when it is received or when the right to receive payment is established. 20. Assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. 21. Events after balance sheet date Events may occur after the balance sheet date which provide additional information with regard to the financial situation of the company at balance sheet date (adjusting events). This information allows the adjustment of estimations and a better reflection of the actual situation on the balance sheet date. These events require an adjustment of the balance sheet and the profit and loss account. Other events after balance sheet date are mentioned in the notes if they have a significant impact. 22. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated on the basis of the weighted average number of outstanding shares during the period. Diluted earnings per share are calculated according to the average number of shares outstanding during the period plus the diluted effect of the warrants and stock options outstanding during the period. 23. Segment reporting AvH is a diversified group which is active in the following core sectors: 1. Marine Engineering & Contracting with DEME, one of the largest dredging companies in the world, CFE a construction group with headquarters in Belgium, Deep C Holding and Green Offshore. 2. Private Banking with Delen Private Bank, one of the largest independent private asset managers in Belgium and asset manager JM Finn in the UK and Bank Van Breda, a niche-bank for entrepreneurs and liberal professions in Belgium. 3. Real Estate with Nextensa, a listed integrated real estate group. 4. Energy & Resources, SIPEF, an agro-industrial group in tropical agriculture, Verdant Bioscience and Sagar Cements. 5. AvH & Growth Capital with AvH Growth Capital and their respective Growth Capital participations. The segment information in the financial statements of AvH is published in line with IFRS 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__6": {
"value": "1. Statement of complianceThe consolidated annual accounts are prepared in accordance with the International Financial Reporting Standards and IFRIC interpretations effective on December 31, 2023, as approved by the European Commission. New and amended standards and interpretations Following new standards and amendments to existing standards published by the IASB, are applied as from January 1, 2023. \u2022 Amendments to IAS 1 presentation of financial statements and IFRSpractice statement 2: disclosure of accounting policies \u2022 Amendments to IAS 8 accounting policies, changes in accountingestimates and errors: definition of accounting estimates \u2022 Amendments to IAS 12 income taxes: deferred tax related to assets andliabilities arising from a single transaction \u2022 IFRS 17 insurance contractsThe application of the new and amended standards and interpretations has no significant impact on the group\u2019s financial statements. Below amendment applies for the first time in 2023 and has an impact on the consolidated financial statements of the group: \u2022 amendments to IAS 12 income taxes: Pillar Two Model RulesInternational Tax Reform. The amendments include a temporaryexception to the recognition and disclosure of deferred taxes arisingfrom the jurisdictional implementation of the Pillar Two model rules.Following the amendments, the Group is required to disclose that is hasapplied the exception and to disclose separately its current tax expense(income) related to the Pillar Two income taxes. Reference is made toNote 21. Taxes for more information.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__7": {
"value": "2. Main assumptions and estimatesThe preparation of financial statements under IFRS requires estimates to be used and assumptions to be made that affect the amounts shown in the financial statements, particularly as regards the following items: \u2022 the period over which non-current assets are depreciated or amortized;\u2022 the measurement of provisions and pension obligations;\u2022 the measurement of income or losses on construction contracts usingthe percentage of completion method; \u2022 estimates used in impairment tests;\u2022 the measurement of investment property and financial instruments atfair value; \u2022 the assessment of control;\u2022 the qualification of a company acquisition as a business combination oran acquisition of assets; \u2022 the assumptions used to determine the financial liabilities inaccordance with IFRS 16. \u2022 The estimates used in the assessment of income taxes or uncertain taxpositions. These estimates assume the operation is a going concern and are made on the basis of the information available at the time. 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. The valuation rules, which are part of the annual report, are approved annually by AvH's board of directors. The most recent deliberation on and approval of these valuation rules by AvH's board of directors took place on March 22, 2024. At the same board meeting, AvH's financial statements as of 31 December 2023 were approved. Macroeconomic matters Despite low economic growth in 2023 in the Eurozone, marked by high inflation, rising interest rates and weak external demand, AvH realised an excellent set of results. Both our private banks and DEME have realised record results thanks to their leading market positions and strong operational capabilities. The positive effects of the higher interest environment for the banks compensate somewhat the more challenging market context for real estate and contracting. Our participations can be \u2018part of the solution\u2019 in these challenging markets, amongst others because they offer innovative and cost-efficient solutions to their customers or they contribute to the energy transition, for example through the installation of offshore wind parks and biodigesters, the construction of smart buildings and the development of green hydrogen. Climate related matters: Opportunities and Risks The EU Taxonomy is part of the EU\u2019s Green Deal approach and defines a classification system for environmentally sustainable activities, with the aim of facilitating sustainable investments and avoiding the risk of \u2018greenwashing\u2019. The EU Taxonomy system sets high standards in terms of technical screening criteria. Notwithstanding these high standards, AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already \u2018aligned\u2019 with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future. \u2022 DEME\u2019s activities in offshore wind are considered both eligible andlargely aligned. Rail infrastructure projects were screened as well.DEME\u2019s eligible activities expanded in 2023 to also include parts of itsenvironmental activities. \u2022 CFE\u2019s eligible activities primarily relate to construction and renovation,electrical installation, rail infrastructure and real estate development.The aligned turnover mainly relates to BPI\u2019s project development andCFE\u2019s construction projects. \u2022 Nextensa\u2019s eligible activities are primarily related to real estatedevelopment and the letting of real estate from its own investmentportfolio. The aligned turnover is mainly generated from rental incomeand the sale of apartments (Park Lane). The climate risks to which AvH is exposed of are described in Section \u201cESG risks\u201d starting on page 20. For more information on the description, mitigating actions and governance, we refer to \u2018Risk and uncertainties\u201d (p.20). More specific regarding the Climate related matters: \u2022 The operations of DEME Group involve risks and opportunities relatedto \u2018climate and energy\u2019. Both the dredging and offshore windoperations emit CO2, which are primarily due to the fuel consumptionof the vessels required for the realization of land reclamation, theestablishment of port infrastructure, and the construction offoundations for wind turbines. DEME Group incorporates fuel-savingtechnologies across the fleet. In addition to the current utilisation oflow carbon fuels, DEME is embarking on its first pilot projects to gainpractical experience with future green fuels. However, there remains asignificant level of uncertainty regarding the specific fuels that willdominate the future market, their availability, and the capacity forbunkering. The Emissions Trading Systems (ETS) will be gradually rolledout for maritime transport activities covering offshore vessels as well.DEME Group currently assesses the impact thereof and takes that intoaccount in its carbon reduction strategy. \u2022 Nextensa\u2019s primary ESG risk is linked to climate mitigation, with asignificant focus on energy efficiency. This relates to the project designfor real estate development activities as well as to the value of itsportfolio. Leveraging the EU Taxonomy as a guide, Nextensa integratesclimate mitigation into its vision to further develop and invest in real estate. \u2022 The production volumes and the turnover and margins realised by SIPEF are influenced by climatic conditions such as rainfall, sunshine,temperature and humidity. The potential physical impact of climatechange is uncertain and may vary by region and product. SIPEF monitors water tables to design systems to deal with water retention, maintainsbuffer zones and invests in fire prevention/monitoring. With thegrowing concern over sustainability, tighter rules may be imposed oncompanies. SIPEF\u2019s oil palm plantations adhere to the RSPO standardsand comply with the RSPO principles and criteria. If SIPEF is unable tocontinue to meet stricter requirements, it may lose its certification, orthis may be suspended. \u2022 Sagar Cements\u2019 production process encounters ESG risks associatedwith the cement industry, such as energy-intensive operations, highcarbon emissions, resource use, water, waste generation and pollution. Sagar Cements developed an ESG roadmap for 2030 and identifiedlevers to decarbonize its processes. Sagar Cements committed to theScience Based Targets initiative (SBTi), demonstrating its proactiveapproach to mitigate these risks. Disclosures related to Climate and Macroeconomic matters The impact of macroeconomic issues such as inflation and rising interest rates, among others, are discussed in the Notes: Investment property (10), Participations accounted for using the equity method (11), Financial risk management and financial derivatives, (12), Banks receivables and debts (14-20), Financial debts (19) and Pension liabilities (26). Climate-related topics are included in subsequent disclosures: Goodwill (8), Tangible assets (9), Investment property (10) and Provisions (18). For the year ended December 31, 2023, no material impact on financial reporting judgement and estimes arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2023.",
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"s8_notes__6__8": {
"value": "The valuation rules, which are part of the annual report, are approved annually by AvH's board of directors. The most recent deliberation on and approval of these valuation rules by AvH's board of directors took place on March 22, 2024. At the same board meeting, AvH's financial statements as of 31 December 2023 were approved.",
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"s8_notes__6__9-1": {
"value": "3. Principles of consolidationThe consolidated annual accounts contain the financial details of the parent AvH, its subsidiaries and jointly controlled companies, as well as the share of the group in the results of the associated companies. 3.1 Subsidiaries Subsidiaries are entities which are controlled by the group. Control exists when AvH (a) has power over the subsidiary; (b) is exposed, or has rights, to variable returns from its involvement with the subsidiary; and (c) has the ability to affect those returns through its power over the subsidiary. The participating interests in subsidiaries are consolidated in full as from the date of acquisition until the end of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full in the consolidated financial statements. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. 3.2 Jointly controlled subsidiaries and associated participating interests Jointly controlled subsidiaries Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders\u2019 percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control. Associated participating interests Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence. The equity method Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly 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 jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate. According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company. The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Joint operations A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises: \u2022 its assets, including its share of any assets held jointly; \u2022 its liabilities, including its share of any liabilities incurred held jointly; \u2022 its revenue from the sale of its share of the output arising from the joint operation; \u2022 its share of the revenue from the sale of its share of the output by the joint operation; \u2022 its expenses, including its share of any expenses incurred jointly. Note 3: associated and non-consolidated participations 1. Associated participating interests accounted for using the equity method - 2023 Beneficial Minority (\u20ac 1,000) Name of associated Registered Activity Total Total Registration nr interest % interest % Turnover Net result participating interest office report assets liabilities 2023 2023 Marine Engineering & Contracting GreenStor (1) BSTOR 0648.717.687 Belgium 19.00% 7,866 4,307 1,089 98 ESTOR-LUX 0749.614.317 Belgium 14.25% 9,906 5,469 2,232 1,041 ESTOR-LUX II 0791.483.574 Belgium 14.25% 460 278 0 -319 Green Offshore (2) Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 880,089 699,139 207,645 72,482 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,277,421 1,054,090 332,503 120,525 Otary RS 0833.507.538 Belgium 10.13% 2.37% 84,028 4,072 14,157 43,531 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 56,734 4 0 40,619 Energy & Resources Sagar Cements (INR million) L26942AP19 81PLC002887 India 19.64% p. 109 39,780 23,598 24,174 460 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 15,505 26 450 913 Camlin Fine Sciences (31-03-2023 INR million) (3)L74100MH1993PLC075361 India 6.60% p. 117 20,601 12,360 16,816 398 Financi\u00e8re EMG (4) 801.720.343 France 22.74% p. 118 338,726 286,993 331,708 -20,819 Mediahuis (5)439.849.666 Belgium 13.93% p. 119 1,234,560 715,670 1,230,590 72,210 OM Partners 428.328.442 Belgium 20.01% p. 120 196,377 54,810 190,843 33,155 Van Moer Group 885.987.706 Belgium 21.74% p. 122 186,289 137,335 327,125 6,875 (1) Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian\u2019s first large scale battery park connected to the High Voltage Grid. (2) The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings Otary RS and Otary BIS) are held through Green Offshore, which is a 50/50 investment vehicle of AvH and CFE. AvH has a (transitive) participation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account, the (beneficial) interests of AvH amount to 21.9% and 15.3% respectively. (3) AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS\u2019s shares at a share price of 160 INR. A total of 9.9% of CFS\u2019s shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin\u2019s existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS\u2019s shares. (4) All figures prior to the business combination between Financi\u00e8re EMG and Gravity Media Group. (5) AvH has at the end of 2023 a 49.9% stake in Mediacore, the controlling shareholder (53,5%) in Mediahuis Partners. Mediahuis Partners has a controlling share of 52.14% in Mediahuis. The participation percentage of AvH in Mediahuis is therefore 13.93%. 2. Associated participating interests accounted for using the equity method - 2022 Beneficial Minority (\u20ac 1,000) Name of associated participating Registration Registered Activity Total Total interest % interest % Turnover Net result interest nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding BSTOR 0648.717.687 Belgium 30.80% 5,200 1,739 499 -413 ESTOR-LUX 0749.614.317 Belgium 23.10% 13,402 8,456 5,010 3,031 ESTOR-LUX II 0791.483.574 Belgium 23.10% 684 192 0 -8 Green Offshore Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 903,397 728,235 123,211 20,366 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,255,529 1,062,860 140,683 11,296 Otary RS 0833.507.538 Belgium 10.13% 2.37% 86,158 7,848 13,246 20,352 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 54,530 12 0 6,271 Energy & Resources L26942AP19 Sagar Cements (INR million) 81PLC002887 India 19.64% p. 109 36,535 21,358 21,097 -830 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 14,622 56 503 403 Financi\u00e8re EMG 801.720.343 France 22.73% p. 118 352,915 281,128 359,128 4,232 Mediahuis 439.849.666 Belgium 13.93% p. 119 1,179,890 696,270 1,222,960 65,264 OM Partners 428.328.442 Belgium 20.01% p. 120 162,491 47,363 166,657 35,519 Van Moer Group 885.987.706 Belgium 21.74% p. 122 163,800 121,694 310,267 5,754 3. Non-consolidated participations at fair value Interest% 2023 Interest% 2022 (\u20ac 1,000) Name of the participation Registration nr Registered office Activity report (fully diluted) (fully diluted) AvH & Growth Capital Life Sciences AstriVax (1) 0787.990.881 Belgium p. 123 7.1% 5.8% Biotalys (2)0508.931.185 Belgium p. 124 11.4% 11.9% Bio Cap Invest (Epics Therapeutics) 0719.433.261 Belgium 29.5% 29.5% Indigo Diabetes 0666.442.557 Belgium p. 125 11.9% 11.9% MRM Health 0742.910.132 Belgium p. 126 15.9% 15.9% OncoDNA 0501.631.837 Belgium p. 127 10.4% 9.8% Vico Therapeutics International (3)0746.929.395 Belgium p. 128 3.8% India / South-East Asia Convergent Finance (4)160130 Mauritius p. 129 6.8% 3.1% HealthQuad Fund I U74999DL2019PTC352056 India p. 130 36.3% 36.3% HealthQuad Fund II U74999DL2019PTC352056 India p. 130 11.0% 11.0% Medikabazaar (direct) U51397MH2013PTC245092 India p. 131 8.9% 8.9% Venturi Fund I T21VC0008K-SF001 Singapore p. 132 11.1% 11.1% Venturi Partners / Venturi I Capital 201906515N Singapore p. 132 10.0% 10.0% (1) In August 2022, AvH announced its investment in AstriVax (AvH 5.8%), as part of the capital round that was organised by the spin-off from KU Leuven. Over time, AvH will acquire a shareholding of 7.7% in AstriVax. (2) In June, Biotalys successfully obtained subscription commitments for an amount of 7 million euros following a private placement of new shares. As a result, the shareholding of AvH slightly decreased. (3) Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. (4) Convergent and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD.",
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"s8_notes__6__11": {
"value": "3.1 Subsidiaries Subsidiaries are entities which are controlled by the group. Control exists when AvH (a) has power over the subsidiary; (b) is exposed, or has rights, to variable returns from its involvement with the subsidiary; and (c) has the ability to affect those returns through its power over the subsidiary. The participating interests in subsidiaries are consolidated in full as from the date of acquisition until the end of the control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full in the consolidated financial statements. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. ",
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"s8_notes__6__13": {
"value": "3.2 Jointly controlled subsidiaries and associated participating interests Jointly controlled subsidiaries Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders\u2019 percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control. Associated participating interests Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence. The equity method Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly 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 jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate. According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company. The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Joint operations A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises: \u2022 its assets, including its share of any assets held jointly; \u2022 its liabilities, including its share of any liabilities incurred held jointly; \u2022 its revenue from the sale of its share of the output arising from the joint operation; \u2022 its share of the revenue from the sale of its share of the output by the joint operation; \u2022 its expenses, including its share of any expenses incurred jointly. ",
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"s8_notes__6__12": {
"value": "3.2 Jointly controlled subsidiaries and associated participating interests Jointly controlled subsidiaries Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders\u2019 percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control. Associated participating interests Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence. The equity method Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly 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 jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate. According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company. The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Joint operations A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises: \u2022 its assets, including its share of any assets held jointly; \u2022 its liabilities, including its share of any liabilities incurred held jointly; \u2022 its revenue from the sale of its share of the output arising from the joint operation; \u2022 its share of the revenue from the sale of its share of the output by the joint operation; \u2022 its expenses, including its share of any expenses incurred jointly. ",
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},
"s8_notes__6__10": {
"value": "3.2 Jointly controlled subsidiaries and associated participating interests Jointly controlled subsidiaries Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders\u2019 percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control. Associated participating interests Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence. The equity method Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly 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 jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate. According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company. The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. Joint operations A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises: \u2022 its assets, including its share of any assets held jointly; \u2022 its liabilities, including its share of any liabilities incurred held jointly; \u2022 its revenue from the sale of its share of the output arising from the joint operation; \u2022 its share of the revenue from the sale of its share of the output by the joint operation; \u2022 its expenses, including its share of any expenses incurred jointly. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__15": {
"value": "4. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in the income statement as operating expenses as incurred. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 provisions, contingent liabilities and contingent assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted retrospectively during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. As current IFRSs do not specify recognition and measurement principles in respect of business combinations between entities under common control (these are excluded from the scope of IFRS 3 business combinations), the Group applies predecessor accounting. This means that the assets and liabilities of the acquiree are initially recognised at their carrying amount without fair value adjustments. The difference between the acquisition/selling price and the carrying amount of the net assets acquired/disposed of is accounted for in equity as a compensation to the shareholder.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__14-1": {
"value": "4. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in the income statement as operating expenses as incurred. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 provisions, contingent liabilities and contingent assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted retrospectively during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. As current IFRSs do not specify recognition and measurement principles in respect of business combinations between entities under common control (these are excluded from the scope of IFRS 3 business combinations), the Group applies predecessor accounting. This means that the assets and liabilities of the acquiree are initially recognised at their carrying amount without fair value adjustments. The difference between the acquisition/selling price and the carrying amount of the net assets acquired/disposed of is accounted for in equity as a compensation to the shareholder.6. Goodwill Goodwill arising from a business combination is recognised as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the Group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognised identifiable net assets. The basis of measurement is selected on a transaction-by-transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the Group (if any), the surplus is recognised immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortised but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, noncontrolling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "5. Intangible fixed assets Intangible fixed assets with a finite useful life are stated at cost, less accumulated amortisation and any accumulated impairment losses. Intangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful economic life is reviewed per annum and this is also the case for any residual value. The residual value is assumed to be zero. Intangible fixed assets with indefinite useful life, stated at cost, are not amortised but are subject to an impairment test on an annual basis and whenever indications of a possible impairment occur. Costs for starting up new activities are included in the profit or loss at the time they occur. Research expenses are taken into profit or loss in the period in which they arise. Development expenses that meet the severe recognition criteria of IAS 38 are capitalised and amortised over the useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__16-1": {
"value": "5. Intangible fixed assets Intangible fixed assets with a finite useful life are stated at cost, less accumulated amortisation and any accumulated impairment losses. Intangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful economic life is reviewed per annum and this is also the case for any residual value. The residual value is assumed to be zero. Intangible fixed assets with indefinite useful life, stated at cost, are not amortised but are subject to an impairment test on an annual basis and whenever indications of a possible impairment occur. Costs for starting up new activities are included in the profit or loss at the time they occur. Research expenses are taken into profit or loss in the period in which they arise. Development expenses that meet the severe recognition criteria of IAS 38 are capitalised and amortised over the useful life.6. Goodwill Goodwill arising from a business combination is recognised as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the Group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognised identifiable net assets. The basis of measurement is selected on a transaction-by-transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the Group (if any), the surplus is recognised immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortised but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, noncontrolling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18-1": {
"value": "Intangible fixed assets with a finite useful life are stated at cost, less accumulated amortisation and any accumulated impairment losses.7. Tangible fixed assets Tangible fixed assets are carried at cost or production cost less accumulated amortisations and any impairments. Tangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful life is reviewed on a yearly basis and this is also the case for any residual value. The depreciation periods as defined by DEME of the floating and other construction materials range from 3 years (such as for pipelines) to 21 years. The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 Offshore crane vessels in production since 2019 the principal component is depreciated over a period of 20 years and a second component is depreciated over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Repair and maintenance expenses for tangible assets are recognized as an expense in the period in which they occur, unless they result in an increase of the future economic benefit of the respective tangible fixed assets, which justifies their capitalisation. Assets under construction are amortised as from the time they are taken into use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "6. Goodwill Goodwill arising from a business combination is recognised as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the Group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognised identifiable net assets. The basis of measurement is selected on a transaction-by-transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the Group (if any), the surplus is recognised immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortised but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, noncontrolling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "7. Tangible fixed assets Tangible fixed assets are carried at cost or production cost less accumulated amortisations and any impairments. Tangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful life is reviewed on a yearly basis and this is also the case for any residual value. The depreciation periods as defined by DEME of the floating and other construction materials range from 3 years (such as for pipelines) to 21 years. The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 Offshore crane vessels in production since 2019 the principal component is depreciated over a period of 20 years and a second component is depreciated over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Repair and maintenance expenses for tangible assets are recognized as an expense in the period in which they occur, unless they result in an increase of the future economic benefit of the respective tangible fixed assets, which justifies their capitalisation. Assets under construction are amortised as from the time they are taken into use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "Repair and maintenance expenses for tangible assets are recognized as an expense in the period in which they occur, unless they result in an increase of the future economic benefit of the respective tangible fixed assets, which justifies their capitalisation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25-1": {
"value": "Assets under construction are amortised as from the time they are taken into use.12. Inventories / construction contracts Inventories are valued at cost (purchase or production cost) or at net realisable value when this is lower. The production cost comprises all direct and indirect costs incurred in bringing the inventories to their completion at balance sheet date and this corresponds with the estimated sales prices in normal circumstances, minus the handling, marketing and distribution costs (net realizable value). Construction contracts are valued according to the Percentage of Completion method whereby the result is recognized in accordance with progress of the works. Expected losses are immediately recognized as an expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "8. Impairment of fixed assets On each closing date, the group verifies whether there are indications that an asset is subject to an impairment. In the event that such indications are present, an estimation is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The recoverable amount of an asset is defined as the higher of the fair value minus costs to sell (assuming a voluntary sale) and the value in use (based upon the net present value of the estimated future cash flows). Any resulting impairments are charged to the profit and loss account. Previously recorded impairments, except on goodwill, are reversed through the profit and loss account when they are no longer valid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27-1": {
"value": "8. Impairment of fixed assets On each closing date, the group verifies whether there are indications that an asset is subject to an impairment. In the event that such indications are present, an estimation is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The recoverable amount of an asset is defined as the higher of the fair value minus costs to sell (assuming a voluntary sale) and the value in use (based upon the net present value of the estimated future cash flows). Any resulting impairments are charged to the profit and loss account. Previously recorded impairments, except on goodwill, are reversed through the profit and loss account when they are no longer valid.11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26-1": {
"value": "8. Impairment of fixed assets On each closing date, the group verifies whether there are indications that an asset is subject to an impairment. In the event that such indications are present, an estimation is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The recoverable amount of an asset is defined as the higher of the fair value minus costs to sell (assuming a voluntary sale) and the value in use (based upon the net present value of the estimated future cash flows). Any resulting impairments are charged to the profit and loss account. Previously recorded impairments, except on goodwill, are reversed through the profit and loss account when they are no longer valid.11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "9. Leases 9.1 Lessor accounting When the Group acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is considered a finance lease. As part of the assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. If the lease agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. 9.2 Lessee accounting Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. Assets and liabilities arising from a lease are initially measured on a present value basis, discounted using the incremental borrowing rate of the lessee. The right-of-use asset is subsequently depreciated and/or impaired when deemed necessary. The right-of-use asset is also adjusted for certain remeasurements of the lease liability. The lease liability is subsequently increased by the interest cost on the lease liability and reduced by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable, or a change in the reassessment of whether a purchase or extension option is reasonably certain to be exercised (or a termination option curtained not to be exercised). The Group has applied judgement to determine the lease term for lease contracts containing renewal options. In accordance with the standard on lease contracts, the Group elected to use following exemptions when applying IFRS 16 accounting for: \u2022 short-term leases, i.e. contracts with a duration of less than one year; \u2022 leases for which the underlying asset is of low value; \u2022 intangible assets. The most important judgements and assumptions in determining the lease asset and liability are as follows: \u2022 The lease payments are discounted using the interest rate implicit in the lease agreement. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee has used judgement to determine its incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. \u2022 In determining the lease term, management considers all facts and circumstances that create an incentive to exercise an extension option, (or not exercise a termination option). Extension options (or periods after termination options) are only included in the lease term if the lease agreement is reasonably certain to be extended (or not terminated).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "10. Investment property - leased buildings and project developments These investments cover buildings which are ready to be leased (real estate investments) as well as buildings under construction or being developed for future use as operative real estate investments (project development). Investment property is measured at fair value through profit or loss. On a yearly basis, the fair value of the leased buildings is determined based upon valuation reports.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "11. Financial instruments 11.1 Recognition and derecognition of financial instruments \u2022 Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets bought and sold in accordance with standard market conventions are recognized on the transaction date. \u2022 Financial assets are derecognized when the contractual rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred all risks and rewards of ownership of those assets. \u2022 Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled, or expires. 11.2 Classification and measurement of financial assets When another financial asset is acquired or invested in, the contractual terms determine whether it is an equity instrument or a debt instrument. Equity instruments give entitlement to the remaining interest in the net assets of another entity. Classification and measurement of debt instruments The assessment of the contractual cash flow characteristics or SPPI test is carried out per product group (financial assets with similar cash flow characteristics) or, where necessary, on an individual basis. It is assessed whether the instrument generates cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding (SPPI: solely payments of principal and interest). It is also investigated how these cash flows fit in with the business model of the entity in question. The relevant classification and measurement method follows from those assessments: i) measured at amortised cost (AC): debt instruments that pass the SPPI test and are held under an HTC business model (Held-to-collect). At initial recognition, they are measured at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently, the effective interest rate method is applied where the difference between the measurement at initial recognition and the repayment value is recognized pro rata temporis in profit or loss on the basis of the effective interest rate. ii) fair value measurement with value changes recognized in other comprehensive income (FVOCI): debt instruments that pass the SPPI test and are held under an HTC&S business model (Held-to-collect & sell). On disposal, the cumulative fair value changes are reclassified to profit or loss. iii) fair value measurement with value changes recognized in profit or loss (FVPL): debt instruments that fail the SPPI test and/or are not held under an HTC or HTC&S model must mandatorily be measured in this way. Irrespective of these assessments, one can make an irrevocable election to designate, at initial recognition, a financial asset as measured at FVTPL (fair value option) if doing so eliminates or significantly reduces a measurement or recognition inconsistency (\u2018accounting mismatch\u2019). For the aforementioned financial assets that are measured at amortised cost and at fair value with value changes recognized in other comprehensive income, a loss allowance for expected credit losses is required (see section 6. Impairment of financial assets). Classification and measurement of equity instruments Equity instruments held for trading must mandatorily be measured at fair value with value changes recognized in profit or loss (FVTPL). For other equity instruments, the Group can make an irrevocable election, at initial recognition, to measure those instruments at fair value with value changes recognized in other comprehensive income (FVTOCI). This election can be made instrument by instrument (per share). On disposal, the cumulative fair value changes must not be reclassified to profit or loss. Only dividend income may be recognized in profit or loss. For equity instruments, no loss allowance is required for expected credit losses. 11.3 Classification and measurement of financial liabilities For the classification and measurement of financial liabilities, other than derivatives, there are the following possibilities: \u2022 fair value measurement with value changes recognized in profit or loss (FVTPL): - if the financial liability is held for trading; - if the Group opts for this method (fair value option), more specific regarding Bank Van Breda) \u2022 measurement at amortised cost: at initial recognition, they are measured at fair value, less transaction costs that are directly attributable to their issue. 11.4 Derivative financial instruments The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy. Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied. Cash flow hedges The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result. Fair value hedges Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account. 11.5 Cash and cash equivalents Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value. 11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "11. Financial instruments 11.1 Recognition and derecognition of financial instruments \u2022 Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets bought and sold in accordance with standard market conventions are recognized on the transaction date. \u2022 Financial assets are derecognized when the contractual rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred all risks and rewards of ownership of those assets. \u2022 Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled, or expires. 11.2 Classification and measurement of financial assets When another financial asset is acquired or invested in, the contractual terms determine whether it is an equity instrument or a debt instrument. Equity instruments give entitlement to the remaining interest in the net assets of another entity. Classification and measurement of debt instruments The assessment of the contractual cash flow characteristics or SPPI test is carried out per product group (financial assets with similar cash flow characteristics) or, where necessary, on an individual basis. It is assessed whether the instrument generates cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding (SPPI: solely payments of principal and interest). It is also investigated how these cash flows fit in with the business model of the entity in question. The relevant classification and measurement method follows from those assessments: i) measured at amortised cost (AC): debt instruments that pass the SPPI test and are held under an HTC business model (Held-to-collect). At initial recognition, they are measured at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently, the effective interest rate method is applied where the difference between the measurement at initial recognition and the repayment value is recognized pro rata temporis in profit or loss on the basis of the effective interest rate. ii) fair value measurement with value changes recognized in other comprehensive income (FVOCI): debt instruments that pass the SPPI test and are held under an HTC&S business model (Held-to-collect & sell). On disposal, the cumulative fair value changes are reclassified to profit or loss. iii) fair value measurement with value changes recognized in profit or loss (FVPL): debt instruments that fail the SPPI test and/or are not held under an HTC or HTC&S model must mandatorily be measured in this way. Irrespective of these assessments, one can make an irrevocable election to designate, at initial recognition, a financial asset as measured at FVTPL (fair value option) if doing so eliminates or significantly reduces a measurement or recognition inconsistency (\u2018accounting mismatch\u2019). For the aforementioned financial assets that are measured at amortised cost and at fair value with value changes recognized in other comprehensive income, a loss allowance for expected credit losses is required (see section 6. Impairment of financial assets). Classification and measurement of equity instruments Equity instruments held for trading must mandatorily be measured at fair value with value changes recognized in profit or loss (FVTPL). For other equity instruments, the Group can make an irrevocable election, at initial recognition, to measure those instruments at fair value with value changes recognized in other comprehensive income (FVTOCI). This election can be made instrument by instrument (per share). On disposal, the cumulative fair value changes must not be reclassified to profit or loss. Only dividend income may be recognized in profit or loss. For equity instruments, no loss allowance is required for expected credit losses. 11.3 Classification and measurement of financial liabilities For the classification and measurement of financial liabilities, other than derivatives, there are the following possibilities: \u2022 fair value measurement with value changes recognized in profit or loss (FVTPL): - if the financial liability is held for trading; - if the Group opts for this method (fair value option), more specific regarding Bank Van Breda) \u2022 measurement at amortised cost: at initial recognition, they are measured at fair value, less transaction costs that are directly attributable to their issue. 11.4 Derivative financial instruments The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy. Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied. Cash flow hedges The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result. Fair value hedges Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account. 11.5 Cash and cash equivalents Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value. 11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33-1": {
"value": "11.1 Recognition and derecognition of financial instruments \u2022 Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets bought and sold in accordance with standard market conventions are recognized on the transaction date. \u2022 Financial assets are derecognized when the contractual rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred all risks and rewards of ownership of those assets. \u2022 Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled, or expires.11.2 Classification and measurement of financial assets When another financial asset is acquired or invested in, the contractual terms determine whether it is an equity instrument or a debt instrument. Equity instruments give entitlement to the remaining interest in the net assets of another entity. Classification and measurement of debt instruments The assessment of the contractual cash flow characteristics or SPPI test is carried out per product group (financial assets with similar cash flow characteristics) or, where necessary, on an individual basis. It is assessed whether the instrument generates cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding (SPPI: solely payments of principal and interest). It is also investigated how these cash flows fit in with the business model of the entity in question. The relevant classification and measurement method follows from those assessments: i) measured at amortised cost (AC): debt instruments that pass the SPPI test and are held under an HTC business model (Held-to-collect). At initial recognition, they are measured at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently, the effective interest rate method is applied where the difference between the measurement at initial recognition and the repayment value is recognized pro rata temporis in profit or loss on the basis of the effective interest rate. ii) fair value measurement with value changes recognized in other comprehensive income (FVOCI): debt instruments that pass the SPPI test and are held under an HTC&S business model (Held-to-collect & sell). On disposal, the cumulative fair value changes are reclassified to profit or loss. iii) fair value measurement with value changes recognized in profit or loss (FVPL): debt instruments that fail the SPPI test and/or are not held under an HTC or HTC&S model must mandatorily be measured in this way. Irrespective of these assessments, one can make an irrevocable election to designate, at initial recognition, a financial asset as measured at FVTPL (fair value option) if doing so eliminates or significantly reduces a measurement or recognition inconsistency (\u2018accounting mismatch\u2019). For the aforementioned financial assets that are measured at amortised cost and at fair value with value changes recognized in other comprehensive income, a loss allowance for expected credit losses is required (see section 6. Impairment of financial assets). Classification and measurement of equity instruments Equity instruments held for trading must mandatorily be measured at fair value with value changes recognized in profit or loss (FVTPL). For other equity instruments, the Group can make an irrevocable election, at initial recognition, to measure those instruments at fair value with value changes recognized in other comprehensive income (FVTOCI). This election can be made instrument by instrument (per share). On disposal, the cumulative fair value changes must not be reclassified to profit or loss. Only dividend income may be recognized in profit or loss. For equity instruments, no loss allowance is required for expected credit losses.11.5 Cash and cash equivalents Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value.11.6 Impairment of financial assets Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for: \u2022 financial assets measured at amortised cost; \u2022 debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 finance lease receivables; \u2022 loan commitments and financial guarantee contracts. \u2022 for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages: - Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default; - Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition; - Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. Changes in loss allowances are recognized under the item \u2018Impairment losses\u2019 in profit and loss. The loss allowance for expected credit losses is presented: \u2022 as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables); \u2022 as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income; \u2022 as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts. The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level (\u2018bottom-up\u2019 staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct \u2018collective staging\u2019 logic is used as well to take into account the macroeconomic outlook. For the bond portfolio, the \u2018low credit risk exemption\u2019 is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL. A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future. These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters: \u2022 PD stands for \u2018Probability of Default\u2019 in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio. \u2022 Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the \u2018exposure at default\u2019 and the pledged collateral. \u2022 \u2018Survival Probability\u2019 is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of: - the probability that a contract has not disappeared from the balance sheet following an earlier default, and - the probability that a contract has not yet disappeared from the balance sheet following full early repayment. - Effective Interest Rate\u2019 (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used. On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events: \u2022 major financial difficulties at the borrower; \u2022 breach of contract, including failure to meet due dates for principal and/or interest repayments; \u2022 the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower; \u2022 the likelihood of the borrower going bankrupt or being restructured; \u2022 for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value; \u2022 objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers. For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount. The net recoverable amount of an asset is defined as the higher of the following values: \u2022 the net sale price (assuming a voluntary sale), and \u2022 the value in use (based on the present value of the expected future cash flows).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "11.4 Derivative financial instruments The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy. Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied. Cash flow hedges The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result. Fair value hedges Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "11.4 Derivative financial instruments The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy. Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied. Cash flow hedges The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result. Fair value hedges Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "11.5 Cash and cash equivalents Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "12. Inventories / construction contracts Inventories are valued at cost (purchase or production cost) or at net realisable value when this is lower. The production cost comprises all direct and indirect costs incurred in bringing the inventories to their completion at balance sheet date and this corresponds with the estimated sales prices in normal circumstances, minus the handling, marketing and distribution costs (net realizable value). Construction contracts are valued according to the Percentage of Completion method whereby the result is recognized in accordance with progress of the works. Expected losses are immediately recognized as an expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "13. Capital and reserves Costs which are related to a capital transaction are deducted from the capital. The purchase of treasury shares is deducted from equity at purchase price. Subsequent sale or cancellation at a later date does not affect the result. Profits and losses with regard to treasury shares are recorded directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "The purchase of treasury shares is deducted from equity at purchase price. Subsequent sale or cancellation at a later date does not affect the result. Profits and losses with regard to treasury shares are recorded directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46": {
"value": "14. Translation differences Transactions in foreign currency are recorded at the exchange rate on the date of the transaction. Positive and negative unrealised translation differences, resulting from the calculation of monetary assets and liabilities at closing rate on balance sheet date, are recorded as income or cost respectively in the profit and loss account. Based upon the closing rate method, assets and liabilities of the consolidated subsidiary are converted at closing rate, while the income statement is converted at the average rate of the period, which results in translation differences included in the consolidated 'othercomprehensive income'.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"value": "15. Provisions A provision is recognized if a company belonging to the group has a (legal or constructive) obligation as a result of a past event, and it is probable that the settlement of this obligation will require an outflow and the amount of this obligation can be determined in a reliable manner. In the event that the difference between the nominal and discounted value is significant, a provision is recorded for the amount of the discounted value of the estimated expenses. The resulting increase of the provision in proportion to the time is recorded as an interest charge. Restructuring Provisions for restructuring costs are only recognized when the group already has a detailed and approved restructuring plan and the planned restructuring has already started or been announced to the relevant staff members. No provisions are made for costs relating to the normal activities of the group. Guarantees A provision is made for warranty obligations relating to delivered products, services and contracts, based upon statistical data from the past.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48-1": {
"value": "16. Contingent assets and liabilities Contingent assets and liabilities are mentioned in the note \u201cRights and commitments not reflected in the balance sheet\u201d, if their impact is important.Note 18: Provisions Provisions for Legal Provisions for negative Warranty Environmental Provisions for Other (\u20ac 1,000) proceeding contractual equity Total provisions provisions restructuring provisions provisions obligations method values Provisions - financial year 2022 Provisions, opening balance 16,012 6,349 0 1,933 5,768 12,595 38,162 80,819 Additional provisions 6,545 1,480 0 659 11,342 0 1,448 21,475 Increase of existing provisions 670 10 0 0 0 0 0 679 Increase through business combinations 0 0 0 0 0 0 0 0 Amounts of provisions used (-) -1,884 -733 0 -155 -4,142 0 -3,461 -10,373 Reversal of unused amounts of provisions (-) 0 -13 0 0 -552 0 -2,945 -3,510 Decrease through business disposals (-) 0 -42 0 0 0 0 -25 -67 Foreign currency exchange increase (decrease) -33 0 0 0 0 0 -107 -140 Transfer from (to) other items 37,378 0 0 0 0 4,080 2,754 44,212 Other increase (decrease) 0 0 0 0 0 0 -2,827 -2,827 Provisions, ending balance 58,688 7,051 0 2,437 12,416 16,675 33,000 130,268 Provisions for Legal Provisions for negative Warranty Environmental Provisions for Other (\u20ac 1,000) proceeding contractual equity Total provisions provisions restructuring provisions provisions obligations method values Provisions - financial year 2023 Provisions, opening balance 58,688 7,051 0 2,437 12,416 16,675 33,000 130,268 Additional provisions 14,392 2,861 0 780 912 0 1,622 20,567 Increase of existing provisions 0 0 0 0 0 0 0 0 Increase through business combinations 0 0 0 0 0 0 0 0 Amounts of provisions used (-) -2,612 -3,316 0 -1,275 -722 0 -2,273 -10,198 Reversal of unused amounts of provisions (-) -1,139 -72 0 0 -808 0 -2,500 -4,519 Decrease through business disposals (-) 0 0 0 0 0 0 -21 -21 Foreign currency exchange increase (decrease) 146 0 0 0 0 0 347 493 Transfer from (to) other items 0 2,624 0 -1,000 0 10,197 143 11,963 Other increase (decrease) 0 0 0 0 0 0 106 106 Provisions, ending balance 69,474 9,147 0 942 11,798 26,872 30,425 148,659 Provisions increased by 18.4 million euros; mainly within the segment \u201cMarine Engineering & Contracting\u201d and a.o. due to 10.2 million euros of additional provisions for negative equity of participations accounted for under the equity method. Other LT provisions within the consolidated accounts of CFE have increased by 13.0 million euros, but are largely compensated by a decrease of 13.5 million euros in provisions < 1 year. The acquisition of control over CFE at year-end 2013 gave rise to the recognition of a contingent liability for risks of 60.3 million euros in connection with CFE\u2019s construction and real estate development activities. In the course of 2014-2022, 47.8 million euros (group share 28.9 million euros) was reversed because the risks in question at CFE were either no longer present or were reported in CFE\u2019s own financial statements. In 2023, AvH further reduced the provision for contingent liabilities by 2.5 million euros (AvH share: 1.5 million euros) to 10 million euros (AvH share: 6.0 million euros). This reversal is justified by the disappearance of the underlying risks for which the provision had been constituted at year-end 2013. When disposing of participating interests and/or activities, AvH and its subholdings are regularly required to provide certain warranties and representations. These may give rise to claims - legitimate or otherwise - from buyers for compensation on that basis. AvH and its subholdings received no such claims in 2023. Several group companies of AvH (such as DEME, CFE, Agidens...) are actively involved in the execution of projects. This always entails a certain operational risk, but also means that certain estimates of profitability need to be made at the end of such a project. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts. At current no contingent liabilities are recorded related to the impact of climate change. Following contingent assets and liabilities are related to DEME: \u2022 Since 2018, DEME has been involved in discussions with Rijkswaterstaat in the Netherlands related to the execution by one of its subsidiaries of the Juliana Canal widening project. Following intense discussions, a settlement (included in the H1 2023 result of DEME) has been reached. As such this matter can be closed. \u2022 In September 2023, certain companies of the DEME-group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. At the introductory hearing on 6 December 2023, the Court of First Instance Oost-Vlaanderen, Ghent Division, has set a calendar for exchange of submissions. The DEME companies will now, for the first time, have the chance to submit substantive arguments regarding the charges brought by the Public Prosecutor. This means that so far, there has been no assessment of the case on the merits, which will require extensive debate, both in written submissions and oral arguments. In the current circumstances, it is therefore premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages against the Claimant, which, as stated above, has definitively waived its civil complaint.Note 23: Rights and commitments not reflected in the balance sheet 1. Rights and commitments not reflected in the balance sheet, excluding CFE-DEME (\u20ac 1,000) 2023 2022 Amount of personal guarantees, given or irrevocably promised by the enterprises included in the consolidation, as security for debts or commitments 685,432 635,278 Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 302,949 303,463 Goods and values, not disclosed in the balance sheet, held by third parties in their own name but at risk to and for the benefit of the enterprise 0 0 Commitments to acquire fixed assets 115,804 96,816 Commitments to dispose of fixed assets 303,084 312,230 Rights and commitments not reflected in the balance sheet of banks (Bank Van Breda) - Loan commitments 454,939 610,220 - Financial guarantees 49,100 49,465 - Repo transactions + collateral 0 2,000 The personal guarantees in 2023 are represented by 108.8 million euros in guarantees for Nextensa real estate projects and 1.1 million euros in guarantees for Agidens projects. The balance of 575.6 million euros mainly concerns guarantees entered into by AvH & subholdings relating to the sale of participations. The real guarantees concern 181.7 million euros in guarantees put up by Nextensa regarding the financing of its activities in land and real estate development and 113.2 million euros in the scope of Deep C Holding development projects. On balance, there remains 3.4 million euros from Agidens (financing of the headquarter) and 4.7 million euros from Biolectric (regarding the acquisition loan). The commitments to acquire fixed assets concern options as part of stock option plans or options as part of shareholders\u2019 agreements for a total of 115.8 million euros. The commitments to dispose of fixed assets are for call options (including conditional options) on the assets of AvH & Growth Capital for the amount of 303.1 million euros. The off-balance-sheet commitments of Bank Van Breda consist primarily of the unused part of loans/credit lines granted. Bank guarantees, security loans and documentary credits have also been granted to clients. These off-balance-sheet commitments are also taken into account in the assessment of the credit risk. 2. Rights and commitments not reflected in the balance sheet CFE-DEME (\u20ac 1,000) 2023 2022 Commitments Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 0 0 Bank and insurance guarantees for commitments of enterprises included in the consolidation 2,011,504 1,623,964 Other commitments given 92,828 35,869 Total 2,104,332 1,659,833 Rights Bank guarantees received as security for commitments to enterprises included in the consolidation 104,990 180,335 Other commitments received 5,414 4,308 Total 110,404 184,643 Bank and insurance guarantees relate to guarantees given in connection with the performance of construction contracts. Guarantees are also given in the context of tenders. The \u2018Other commitments given\u2019 refer to the \u2018progress guarantee\u2019 (Breyne Act) at CFE.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "17. Taxes Taxes concern both current taxes on the result as deferred taxes. Both types of taxes are recorded in the profit and loss accounts except when they relate to components being part of the equity and therefore allocated to the equity. Deferred taxes are based upon the balance sheet method applied on temporary differences between the carrying amount of the assets and liabilities of the balance sheet and their tax base. The main temporary differences consist of different amortisation percentages of tangible fixed assets, provisions for pensions, carry-forward tax losses and tax credits. Deferred tax liabilities are recognized for all taxable temporary differences: \u2022 except when the deferred tax liability arises from the original recognition of goodwill or the initial recording of assets and liabilities in a transaction that is not a business combination and that at the time of the transaction has no impact on the taxable profit; \u2022 except with regard to investments in subsidiaries, joint and associated companies, where the group is able to control the date when the temporary difference will be reversed, and it is not likely that the temporary difference will be reversed in the foreseeable future. Deferred tax assets are recorded for all deductible temporary differences and on carry-forward tax credits and tax losses that can be recovered, to the extent that it is probable that there will be taxable profits in the near future in order to be able to enjoy the tax benefit. The carrying amount of the deferred tax assets is verified on every balance sheet date and impaired to the extent that it is no longer probable that sufficient taxable profit will be available to credit all or part of the deferred taxes. Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. IFRIC 23, which became effective as from January 1, 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the Group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the Group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the Group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "17. Taxes Taxes concern both current taxes on the result as deferred taxes. Both types of taxes are recorded in the profit and loss accounts except when they relate to components being part of the equity and therefore allocated to the equity. Deferred taxes are based upon the balance sheet method applied on temporary differences between the carrying amount of the assets and liabilities of the balance sheet and their tax base. The main temporary differences consist of different amortisation percentages of tangible fixed assets, provisions for pensions, carry-forward tax losses and tax credits. Deferred tax liabilities are recognized for all taxable temporary differences: \u2022 except when the deferred tax liability arises from the original recognition of goodwill or the initial recording of assets and liabilities in a transaction that is not a business combination and that at the time of the transaction has no impact on the taxable profit; \u2022 except with regard to investments in subsidiaries, joint and associated companies, where the group is able to control the date when the temporary difference will be reversed, and it is not likely that the temporary difference will be reversed in the foreseeable future. Deferred tax assets are recorded for all deductible temporary differences and on carry-forward tax credits and tax losses that can be recovered, to the extent that it is probable that there will be taxable profits in the near future in order to be able to enjoy the tax benefit. The carrying amount of the deferred tax assets is verified on every balance sheet date and impaired to the extent that it is no longer probable that sufficient taxable profit will be available to credit all or part of the deferred taxes. Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. IFRIC 23, which became effective as from January 1, 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the Group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the Group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the Group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "18. Employee benefits Employee benefits consist of short-term employee benefits,postemployment benefits, other long-term employee benefits,redundancy pay and rewards in equity instruments. The post-employment benefits include the pension plans, life insurance policies and insurance policies for medical assistance. Pension plans with fixed contribution or defined benefit plans are provided through separate funds or insurance plans. In addition, employee benefits consisting of equity instruments also exist. Pension plans Defined Contribution Plans Several subsidiaries within the group have taken out group insurance policies for the benefit of their employees. Since Belgian subsidiaries are obliged to make additional payments if the average return on the employers\u2019 contributions and on the employees\u2019 contributions is not attained, those plans should be treated as \u201cdefined benefit\u201d plans in accordance with IAS19 (Revised). Defined Benefit Plans The group has a number of defined benefit pension plans. The costs of the defined benefit pension plans are actuarially determined using the \u2018projected unit credit\u2019 method. Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling and the return on plan assets, are directly recognized in the balance sheet; a corresponding amount is credited or charged to retained earnings through other comprehensive income in the period in which they arise. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the effective date of the change or restriction of the pension plan or the date on which the group accounts for reorganization costs, whichever occurs first. Net interest is calculated by applying the discount rate to the net defined benefit asset or liability and is recognized in consolidated profit or loss. Employee benefits in equity instruments On different levels stock option plans exist within the AvH, giving employees the right to buy AvH shares or the shares of some subsidiary at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "18. Employee benefits Employee benefits consist of short-term employee benefits,postemployment benefits, other long-term employee benefits,redundancy pay and rewards in equity instruments. The post-employment benefits include the pension plans, life insurance policies and insurance policies for medical assistance. Pension plans with fixed contribution or defined benefit plans are provided through separate funds or insurance plans. In addition, employee benefits consisting of equity instruments also exist. Pension plans Defined Contribution Plans Several subsidiaries within the group have taken out group insurance policies for the benefit of their employees. Since Belgian subsidiaries are obliged to make additional payments if the average return on the employers\u2019 contributions and on the employees\u2019 contributions is not attained, those plans should be treated as \u201cdefined benefit\u201d plans in accordance with IAS19 (Revised). Defined Benefit Plans The group has a number of defined benefit pension plans. The costs of the defined benefit pension plans are actuarially determined using the \u2018projected unit credit\u2019 method. Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling and the return on plan assets, are directly recognized in the balance sheet; a corresponding amount is credited or charged to retained earnings through other comprehensive income in the period in which they arise. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognized in profit or loss on the effective date of the change or restriction of the pension plan or the date on which the group accounts for reorganization costs, whichever occurs first. Net interest is calculated by applying the discount rate to the net defined benefit asset or liability and is recognized in consolidated profit or loss. Employee benefits in equity instruments On different levels stock option plans exist within the AvH, giving employees the right to buy AvH shares or the shares of some subsidiary at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "Employee benefits in equity instruments On different levels stock option plans exist within the AvH, giving employees the right to buy AvH shares or the shares of some subsidiary at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "19. Revenue recognition (IFRS 15) Revenue is recognised in accordance with the IFRS standards, taking into account the specific activities of each segment. Revenue recognition Revenue is recognised when or as each performance obligation is satisfied, at the amount of the transaction price allocated to that performance obligation. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset. When a performance obligation is satisfied by transferring a promised good or service to the customer before the customer pays consideration or before payment is due,the Group presents the contract as a contract asset, unless the Group's rights to that amount of consideration are unconditional, in which case the Group recognises a receivable. When an amount of consideration is received from a customer prior to the Group transferring a good or service to the customer, the Group presents the contract as a contract liability. The main streams of revenue are recognised if it meets the criteria outlined below. Identifying the separate performance obligations in a contract with a customer Most of the revenue recognised by the construction companies in the group relates to contracts with customers for the sale of properties and services revenue generated from construction, project management and selling activities. In accounting for these contracts, the Group is required to identify which goods or services are distinct and therefore represent separate performance obligations to which revenue can be assigned. Management uses judgement to determine whether a promised good or service is distinct by assessing if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer and by ascertaining whether the Group's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. Determination of transaction prices for revenue recognition The Group is required to determine the transaction price in respect of each of its contracts with customers. Where consideration is variable due to a performance bonus, the Group estimates the amount of variable consideration to be included in the transaction price. Allocation of transaction price to performance obligations in contracts with customers The Group uses the stand-alone selling price of the distinct goods and services underlying each performance obligation to apportion the transaction price to identified performance obligations. This occurs for a limited number of EPCI contracts in the \"Marine Engineering & Contracting\" segment, where the multiple performance obligations (procurement activities and installation activities) give rise to a separate revenue recognition pattern. Satisfaction of performance obligations for revenue recognition The Group assesses each of its customer contracts to determine whether performance obligations are satisfied over time or at a point in time in order to determine when revenue is recognised. For sales of properties under development the Group recognises revenue over time, according to the percentage of completion method, because control transfers over time. Its performance creates an asset that the customer controls as the asset is created. It does not create an asset with alternative use as the Group has an enforceable right to payment for performance completed to date. For the EPCI contracts, revenue on the procurement activities are recognised at a point in time and the installation activities are recognised over time. Method of measuring progress of completion of performance obligations and recognition of revenue For performance obligations satisfied over time, contract revenue is recognized according to the percentage of completion of the contract activity at the closing date by using an input method calculated as the proportion of contract costs at the closing date and the estimated total contract costs. An expected loss on a construction contract is immediately recognized. Other Contracts for the sale of properties contain certain warranties covering a period of up to ten years after completion of the property. The Group assessed that these conditions represent 'assurance-type' warranties that are legally required to be provided as quality guarantees and will continue to be accounted for under IAS 37, consistent with its current practice. A variation may lead to an increase or a decrease in contract revenue. A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. These contract modifications form typically part of the performance obligation that is partially satisfied at the date of the contract modification, hence the effect is recognised as an adjustment to revenue. Dividend revenue is recognised when the Group's right to receive the payment is established. Other revenue is recognised when it is received or when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57-1": {
"value": "20. Assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.2. Business disposals No business dispoals took place in 2023. In 2022 AvH and the management of Anima transferred 100% of the Anima shares to AG. (\u20ac 1,000) Anima Balance sheet 30-06-2022 Goodwill and intangible assets 38,830 Tangible assets 211,722 Cash and cash equivalents 4,861 Other assets 29,928 Total assets 285,340 Equity (group share AvH) 68,235 Minority interests 5,734 Current and non-current financial debts 164,690 Other liabilities 46,682 Total equity and liabilities 285,340 Total assets 285,340 Total liabilities -211,372 Minority interests -5,734 Net assets (91.8%) 68,235 Sales price 308,163 Provision - Reps & Warranties -3,052 Capital gain 236,876 Income statement 30-06-2022 Revenue 60,127 Operating expenses (-) -54,271 Profit (loss) on disposal of assets -245 Profit (loss) from operating activities 5,611 Financial result -1,442 Profit (loss) before tax 4,169 Income taxes -1,118 Profit (loss) of the period 3,050 Minority interests -229 Share of the group 2,822 Cash flow statement 30-06-2022 Cash and cash equivalents - opening balance on January 1, 2022 6,067 Cash flow from operating activities 6,695 Cash flow from investing activities -8,174 Cash flow from financial activities 273 Cash and cash equivalents - ending balance on June 30, 2022 4,861Note 5: Assets and liabilities held for saleThe main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet. At year-end 2022, 62.5 million euros in assets held for sale were recognised. Approximately half of that amount related to one of DEME\u2019s vessels (Groenewind) that was sold in July 2023 (Segment Marine Engineering & Contracting), while the balance represented the carrying amount of AvH\u2019s 50% participation in Telemond, which was sold in Q1 2023 (Segment AvH & Growth Capital). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "20. Assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "20. Assets held for sale and discontinued operations The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58-1": {
"value": "21. Events after balance sheet date Events may occur after the balance sheet date which provide additional information with regard to the financial situation of the company at balance sheet date (adjusting events). This information allows the adjustment of estimations and a better reflection of the actual situation on the balance sheet date. These events require an adjustment of the balance sheet and the profit and loss account. Other events after balance sheet date are mentioned in the notes if they have a significant impact.Note 30: Major events after balance sheet date In January 2024, EMG (AvH 22.74%), one of the leading global providers of broadcast services and media solutions for live sports, entertainment and events and Gravity Media, a global provider of complex live creative production and media services combined their businesses to create one of the world\u2019s largest and most significant broadcast technology and production companies. The new venture, which will be formally named in due course, will have significant global capability, including more than 100 outside broadcast trucks and fly packs and 40 studios and production facilities across Europe, the Middle East, United States, and Australia, which will be part of the new global business. The business will have 30 offices across 12 countries, with a total of 2,000 permanent employees and access to a global network of freelance personnel. The business combination didn\u2019t lead to additional investments from AvH, nor is it expected to have an immediate impact on AvH\u2019s results, but it diluted AvH\u2019s participation to 15.8%. Van Moer Logistics has ambitious plans to continue its growth. To finance this, AvH Growth Capital and the founding couple Jo Van Moer \u2013 Anne Verstraeten have together implemented a capital increase in March 2024, totalling 25 million euros. Following this operation, AvH Growth Capital\u2019s stake in Van Moer Logistics increased to 32.4%. Simultaneously with this capital increase, AvH Growth Capital acquired 33.3% in the capital of Blue Real Estate. Also in March 2024, Delen Private Bank has reached an agreement with the shareholders of Box Consultants (the Netherlands) to acquire 100% of the shares. With this acquisition, Delen Private Bank Nederland will more than double its assets under management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "22. Earnings per share The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated on the basis of the weighted average number of outstanding shares during the period. Diluted earnings per share are calculated according to the average number of shares outstanding during the period plus the diluted effect of the warrants and stock options outstanding during the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61-1": {
"value": "23. Segment reporting AvH is a diversified group which is active in the following core sectors: 1. Marine Engineering & Contracting with DEME, one of the largest dredging companies in the world, CFE a construction group with headquarters in Belgium, Deep C Holding and Green Offshore. 2. Private Banking with Delen Private Bank, one of the largest independent private asset managers in Belgium and asset manager JM Finn in the UK and Bank Van Breda, a niche-bank for entrepreneurs and liberal professions in Belgium. 3. Real Estate with Nextensa, a listed integrated real estate group. 4. Energy & Resources, SIPEF, an agro-industrial group in tropical agriculture, Verdant Bioscience and Sagar Cements. 5. AvH & Growth Capital with AvH Growth Capital and their respective Growth Capital participations. The segment information in the financial statements of AvH is published in line with IFRS 8.Industrial Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "23. Segment reporting AvH is a diversified group which is active in the following core sectors: 1. Marine Engineering & Contracting with DEME, one of the largest dredging companies in the world, CFE a construction group with headquarters in Belgium, Deep C Holding and Green Offshore. 2. Private Banking with Delen Private Bank, one of the largest independent private asset managers in Belgium and asset manager JM Finn in the UK and Bank Van Breda, a niche-bank for entrepreneurs and liberal professions in Belgium. 3. Real Estate with Nextensa, a listed integrated real estate group. 4. Energy & Resources, SIPEF, an agro-industrial group in tropical agriculture, Verdant Bioscience and Sagar Cements. 5. AvH & Growth Capital with AvH Growth Capital and their respective Growth Capital participations. The segment information in the financial statements of AvH is published in line with IFRS 8.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "1. Fully consolidated subsidiaries Beneficial Beneficial Minority Minority Name of subsidiary Registration nr Registered office interest % interest % interest % interest % 2023 2022 2023 2022 Marine Engineering & Contracting DEME Group (1) 0787.829.347 Belgium 62.12% 62.12% 37.88% 37.88% CFE (1) 0400.464.795 Belgium 62.12% 62.12% 37.88% 37.88% Deep C Holding (Rent-A-Port) (2)0885.565.854 Belgium 81.06% 81.06% 18.94% 18.94% International Port Engineering and Management (IPEM) 0441.086.318 Belgium 81.06% 81.06% 18.94% 18.94% Infra Asia Consultancy and Project Management 0891.321.320 Belgium 81.06% 81.06% 18.94% 18.94% IPEM Holdings Cyprus 81.06% 81.06% 18.94% 18.94% Deep C (Infra Asia Investments) (3)IPEM Reclamation Cyprus 68.09% 76.20% 31.91% 23.80% Infra Asia Consultancy Hong Kong 68.09% 81.06% 31.91% 18.94% Rent-A-Port Reclamation Hong Kong 68.09% 76.20% 31.91% 23.80% Infra Asia Investment Green Utilities Hong Kong 68.09% 76.20% 31.91% 23.80% Infra Asia Investment HK Hong Kong 68.09% 76.20% 31.91% 23.80% Warehousing Workshop Worldwide Hong Kong 61.28% 68.58% 38.72% 31.42% Deep C Blue (Hong Kong) Hong Kong 68.09% 76.20% 31.91% 23.80% IPEM Vietnam Hong Kong 68.09% 76.20% 31.91% 23.80% Dinh Vu Industrial Zone jsc Vietnam 52.43% 57.61% 47.57% 42.39% Hong Duc Industrial Zone jsc Vietnam 68.09% 76.30% 31.91% 23.70% Hai Phong Industrial Park jsc Vietnam 68.09% 76.25% 31.91% 23.75% Deep C Blue Hai Phong Company Vietnam 68.09% 76.20% 31.91% 23.80% DC Red Hai Phong Vietnam 61.28% 68.58% 38.72% 31.42% Deep C Management Vietnam 68.09% 76.20% 31.91% 23.80% Green Offshore 0832.273.757 Belgium 81.06% 81.06% 18.94% 18.94% Private Banking Bank Van Breda 0404.055.577 Belgium 78.75% 78.75% 21.25% 21.25% Van Breda Immo Consult 0726.963.530 Belgium 78.75% 78.75% 21.25% 21.25% FinAx (4)0718.694.279 Belgium 100.00% 100.00% Real Estate Nextensa (1) (5)0436.323.915 Belgium 61.66% 58.53% 38.34% 41.47% (1) For an overview of the participations held by the listed companies DEME Group, CFE and Nextensa, we refer to their respective annual reports. (2) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C (\u2018Infra Asia Investments\u2019) in Vietnam. (3) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. (4) AvH has, through its 100% subsidiary FinAx, a direct 78.75% stake in Delen Private Bank and Bank Van Breda. (5) AvH increased its participation in Nextensa from 58.53% to 61.66%. Annual report 2023 155 Beneficial Beneficial Minority Minority Name of subsidiary Registration nr Registered office interest % interest % interest % interest % 2023 2022 2023 2022 Energy & Resources U74300DL2001 AvH Resources India India 100.00% 100.00% PTC111685 AvH & Growth Capital AvH Growth Capital 0434.330.168 Belgium 100.00% 100.00% Sofinim Luxembourg 2003.2218.661 Luxembourg 100.00% 100.00% Agidens International 0468.070.629 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Life Sciences 0411.592.279 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Proces Automation 0465.624.744 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Proces Automation BV 005469272B01 The Netherlands 84.98% 84.98% 15.02% 15.02% Agidens Life Sciences BV 850983411B01 The Netherlands 84.98% 84.98% 15.02% 15.02% Agidens Inc 32.067.705.379 USA 84.98% 84.98% 15.02% 15.02% Agidens SAS (liquidated) 10.813.818.424 France 84.98% 15.02% Agidens GmbH (liquidated) 76301 Germany 84.98% 15.02% Agidens AG 539301 Switzerland 84.98% 84.98% 15.02% 15.02% Argus Technologies (merger with Agidens Process Automation)0844.260.284 Belgium 84.98% 15.02% Baarbeek Immo 651.662.133 Belgium 84.98% 84.98% 15.02% 15.02% Biolectric Group 0422.609.402 Belgium 55.83% 55.83% 44.17% 44.17% Biolectric 0879.126.440 Belgium 55.83% 55.83% 44.17% 44.17% Biolectric Ltd UK 55.83% 55.83% 44.17% 44.17% Subholdings AvH Anfima 0426.265.213 Belgium 100.00% 100.00% AvH Singapore 202118768G Singapore 100.00% 100.00% Brinvest 0431.697.411 Belgium 100.00% 100.00% Profimolux 1992.2213.650 Luxembourg 100.00% 100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62-1": {
"value": "1. Fully consolidated subsidiaries Beneficial Beneficial Minority Minority Name of subsidiary Registration nr Registered office interest % interest % interest % interest % 2023 2022 2023 2022 Marine Engineering & Contracting DEME Group (1) 0787.829.347 Belgium 62.12% 62.12% 37.88% 37.88% CFE (1) 0400.464.795 Belgium 62.12% 62.12% 37.88% 37.88% Deep C Holding (Rent-A-Port) (2)0885.565.854 Belgium 81.06% 81.06% 18.94% 18.94% International Port Engineering and Management (IPEM) 0441.086.318 Belgium 81.06% 81.06% 18.94% 18.94% Infra Asia Consultancy and Project Management 0891.321.320 Belgium 81.06% 81.06% 18.94% 18.94% IPEM Holdings Cyprus 81.06% 81.06% 18.94% 18.94% Deep C (Infra Asia Investments) (3)IPEM Reclamation Cyprus 68.09% 76.20% 31.91% 23.80% Infra Asia Consultancy Hong Kong 68.09% 81.06% 31.91% 18.94% Rent-A-Port Reclamation Hong Kong 68.09% 76.20% 31.91% 23.80% Infra Asia Investment Green Utilities Hong Kong 68.09% 76.20% 31.91% 23.80% Infra Asia Investment HK Hong Kong 68.09% 76.20% 31.91% 23.80% Warehousing Workshop Worldwide Hong Kong 61.28% 68.58% 38.72% 31.42% Deep C Blue (Hong Kong) Hong Kong 68.09% 76.20% 31.91% 23.80% IPEM Vietnam Hong Kong 68.09% 76.20% 31.91% 23.80% Dinh Vu Industrial Zone jsc Vietnam 52.43% 57.61% 47.57% 42.39% Hong Duc Industrial Zone jsc Vietnam 68.09% 76.30% 31.91% 23.70% Hai Phong Industrial Park jsc Vietnam 68.09% 76.25% 31.91% 23.75% Deep C Blue Hai Phong Company Vietnam 68.09% 76.20% 31.91% 23.80% DC Red Hai Phong Vietnam 61.28% 68.58% 38.72% 31.42% Deep C Management Vietnam 68.09% 76.20% 31.91% 23.80% Green Offshore 0832.273.757 Belgium 81.06% 81.06% 18.94% 18.94% Private Banking Bank Van Breda 0404.055.577 Belgium 78.75% 78.75% 21.25% 21.25% Van Breda Immo Consult 0726.963.530 Belgium 78.75% 78.75% 21.25% 21.25% FinAx (4)0718.694.279 Belgium 100.00% 100.00% Real Estate Nextensa (1) (5)0436.323.915 Belgium 61.66% 58.53% 38.34% 41.47% (1) For an overview of the participations held by the listed companies DEME Group, CFE and Nextensa, we refer to their respective annual reports. (2) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C (\u2018Infra Asia Investments\u2019) in Vietnam. (3) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. (4) AvH has, through its 100% subsidiary FinAx, a direct 78.75% stake in Delen Private Bank and Bank Van Breda. (5) AvH increased its participation in Nextensa from 58.53% to 61.66%. Annual report 2023 155 Beneficial Beneficial Minority Minority Name of subsidiary Registration nr Registered office interest % interest % interest % interest % 2023 2022 2023 2022 Energy & Resources U74300DL2001 AvH Resources India India 100.00% 100.00% PTC111685 AvH & Growth Capital AvH Growth Capital 0434.330.168 Belgium 100.00% 100.00% Sofinim Luxembourg 2003.2218.661 Luxembourg 100.00% 100.00% Agidens International 0468.070.629 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Life Sciences 0411.592.279 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Proces Automation 0465.624.744 Belgium 84.98% 84.98% 15.02% 15.02% Agidens Proces Automation BV 005469272B01 The Netherlands 84.98% 84.98% 15.02% 15.02% Agidens Life Sciences BV 850983411B01 The Netherlands 84.98% 84.98% 15.02% 15.02% Agidens Inc 32.067.705.379 USA 84.98% 84.98% 15.02% 15.02% Agidens SAS (liquidated) 10.813.818.424 France 84.98% 15.02% Agidens GmbH (liquidated) 76301 Germany 84.98% 15.02% Agidens AG 539301 Switzerland 84.98% 84.98% 15.02% 15.02% Argus Technologies (merger with Agidens Process Automation)0844.260.284 Belgium 84.98% 15.02% Baarbeek Immo 651.662.133 Belgium 84.98% 84.98% 15.02% 15.02% Biolectric Group 0422.609.402 Belgium 55.83% 55.83% 44.17% 44.17% Biolectric 0879.126.440 Belgium 55.83% 55.83% 44.17% 44.17% Biolectric Ltd UK 55.83% 55.83% 44.17% 44.17% Subholdings AvH Anfima 0426.265.213 Belgium 100.00% 100.00% AvH Singapore 202118768G Singapore 100.00% 100.00% Brinvest 0431.697.411 Belgium 100.00% 100.00% Profimolux 1992.2213.650 Luxembourg 100.00% 100.00%2. Jointly controlled subsidiaries accounted for using the equity method \u2013 2023 Beneficial Minority Registration Registered Activity Total Total (\u20ac 1,000) Name of subsidiary interest % interest % Turnover Net result nr office report assets liabilities 2023 2023 Marine Engineering & Contracting Deep C Holding (1)Deep C (subgroup Deep C Holding) (2) Euro Jetty (Hong Kong) Hong Kong 34.05% 15.95% 16,751 10 444 -73 Deep C Green Energy (Hong Kong) Hong Kong 34.05% 15.95% 16,462 217 444 769 Deep C Green Energy (Vietnam) Vietnam 34.05% 15.95% 21,041 17,743 41,012 953 Euro Jetty (Vietnam) Company Vietnam 34.05% 15.95% 7,025 1,189 4,819 2,743 Tien Phong Industrial Zone Vietnam 34.05% 15.95% 35,610 17,337 6,843 1,327 Bac Tien Phong Industrial Zone Vietnam 34.05% 15.95% 94,495 39,294 68,339 17,060 Hateco Deep C Port Vietnam 34.05% 15.95% 6 8 0 -4 GreenStor (3) 0803.082.794 Belgium 50.00% 4,716 1,628 0 -12 Private Banking Delen Private Bank (4) 0453.076.211 Belgium 78.75% p. 88 2,784,479 1,599,604 565,895 179,490 Energy & Resources SIPEF (USD 1.000) (5)0404.491.285 Belgium 38.53% p. 104 1,080,242 226,465 443,886 72,735 Verdant Bioscience (USD 1.000) (6) Singapore 42.00% p. 108 32,291 25,699 5,315 -3,310 AvH & Growth Capital The Amsteldijk Beheer 33.080.456 Netherlands 50.00% 5,396 4,738 631 19 Turbo's Hoet Groep 0881.774.936 Belgium 50.00% p. 121 491,702 328,931 757,970 19,416 Telemond (7) 0893.552.617 Belgium (1) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C (\u2018Infra Asia Investments\u2019) in Vietnam. (2) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. (3) DEEP C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor (see note 3). (4) FinAx holds a 78.75% stake in Delen Private Bank NV. The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, among other things, agreements concerning representation on the board of directors and decision-making at the level of the board of directors and the shareholders\u2019 meeting. The special majority requirements specified for certain key decisions lead to joint control. (5) The shareholders\u2019 agreement between the Baron Bracht family and AvH results in joint control of SIPEF. AvH\u2019s stake in SIPEF increased from 36.81% to 38.53% in 2023. (6) AvH holds 42% in Verdant Bioscience, a strategic investment in line with its 38.53% interest in SIPEF. SIPEF holds a 38% interest in VBS. (7) Early February 2023, after a successful collaboration of more than 30 years, AvH sold its 50% participation in Telemond to the German family Maas, its long-term partner. This participation was already reclassified to \u2018Assets held for sale\u2019 at year-end 2022. 3. Jointly controlled subsidiaries accounted for using the equity method \u2013 2022 Beneficial Minority Registration Registered Activity Total Total (\u20ac 1,000) Name of subsidiary interest % interest % Turnover Net result nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding Infra Asia Investments (subgroup Deep C Holding) Euro Jetty (Hong Kong) Hong Kong 38.10% 11.90% 17,401 10 455 2,435 Deep C Green Energy (Hong Kong) Hong Kong 38.10% 11.90% 16,251 224 455 720 Deep C Green Energy (Vietnam) Vietnam 38.10% 11.90% 19,896 17,367 35,635 582 Euro Jetty (Vietnam) Company Vietnam 38.10% 11.90% 4,612 1,214 4,846 2,648 Tien Phong Industrial Zone Vietnam 38.10% 11.90% 27,988 8,857 0 -1,206 Bac Tien Phong Industrial Zone Vietnam 38.10% 11.90% 83,859 36,248 17,286 3,774 Hateco Deep C Port Vietnam 38.10% 11.90% 6 4 0 -9 Private Banking Delen Private Bank 0453.076.211 Belgium 78.75% p. 88 2,582,456 1,503,860 512,143 160,623 Energy & Resources SIPEF (USD 1.000) 0404.491.285 Belgium 36.81% p. 104 1,062,223 244,420 527,460 108,157 Verdant Bioscience (USD 1.000) Singapore 42.00% p. 108 32,989 23,087 5,905 -1,288 AvH & Growth Capital The Amsteldijk Beheer 33.080.456 Netherlands 50.00% 5,349 4,711 592 -56 Turbo's Hoet Groep 0881.774.936 Belgium 50.00% p. 121 399,859 247,563 653,767 24,826 Telemond 0893.552.617 Belgium 50.00% 99,490 30,051 128,408 15,156 1. Associated participating interests accounted for using the equity method - 2023 Beneficial Minority (\u20ac 1,000) Name of associated Registered Activity Total Total Registration nr interest % interest % Turnover Net result participating interest office report assets liabilities 2023 2023 Marine Engineering & Contracting GreenStor (1) BSTOR 0648.717.687 Belgium 19.00% 7,866 4,307 1,089 98 ESTOR-LUX 0749.614.317 Belgium 14.25% 9,906 5,469 2,232 1,041 ESTOR-LUX II 0791.483.574 Belgium 14.25% 460 278 0 -319 Green Offshore (2) Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 880,089 699,139 207,645 72,482 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,277,421 1,054,090 332,503 120,525 Otary RS 0833.507.538 Belgium 10.13% 2.37% 84,028 4,072 14,157 43,531 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 56,734 4 0 40,619 Energy & Resources Sagar Cements (INR million) L26942AP19 81PLC002887 India 19.64% p. 109 39,780 23,598 24,174 460 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 15,505 26 450 913 Camlin Fine Sciences (31-03-2023 INR million) (3)L74100MH1993PLC075361 India 6.60% p. 117 20,601 12,360 16,816 398 Financi\u00e8re EMG (4) 801.720.343 France 22.74% p. 118 338,726 286,993 331,708 -20,819 Mediahuis (5)439.849.666 Belgium 13.93% p. 119 1,234,560 715,670 1,230,590 72,210 OM Partners 428.328.442 Belgium 20.01% p. 120 196,377 54,810 190,843 33,155 Van Moer Group 885.987.706 Belgium 21.74% p. 122 186,289 137,335 327,125 6,875 (1) Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian\u2019s first large scale battery park connected to the High Voltage Grid. (2) The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings Otary RS and Otary BIS) are held through Green Offshore, which is a 50/50 investment vehicle of AvH and CFE. AvH has a (transitive) participation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account, the (beneficial) interests of AvH amount to 21.9% and 15.3% respectively. (3) AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS\u2019s shares at a share price of 160 INR. A total of 9.9% of CFS\u2019s shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin\u2019s existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS\u2019s shares. (4) All figures prior to the business combination between Financi\u00e8re EMG and Gravity Media Group. (5) AvH has at the end of 2023 a 49.9% stake in Mediacore, the controlling shareholder (53,5%) in Mediahuis Partners. Mediahuis Partners has a controlling share of 52.14% in Mediahuis. The participation percentage of AvH in Mediahuis is therefore 13.93%.2. Associated participating interests accounted for using the equity method - 2022 Beneficial Minority (\u20ac 1,000) Name of associated participating Registration Registered Activity Total Total interest % interest % Turnover Net result interest nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding BSTOR 0648.717.687 Belgium 30.80% 5,200 1,739 499 -413 ESTOR-LUX 0749.614.317 Belgium 23.10% 13,402 8,456 5,010 3,031 ESTOR-LUX II 0791.483.574 Belgium 23.10% 684 192 0 -8 Green Offshore Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 903,397 728,235 123,211 20,366 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,255,529 1,062,860 140,683 11,296 Otary RS 0833.507.538 Belgium 10.13% 2.37% 86,158 7,848 13,246 20,352 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 54,530 12 0 6,271 Energy & Resources L26942AP19 Sagar Cements (INR million) 81PLC002887 India 19.64% p. 109 36,535 21,358 21,097 -830 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 14,622 56 503 403 Financi\u00e8re EMG 801.720.343 France 22.73% p. 118 352,915 281,128 359,128 4,232 Mediahuis 439.849.666 Belgium 13.93% p. 119 1,179,890 696,270 1,222,960 65,264 OM Partners 428.328.442 Belgium 20.01% p. 120 162,491 47,363 166,657 35,519 Van Moer Group 885.987.706 Belgium 21.74% p. 122 163,800 121,694 310,267 5,754 3. Non-consolidated participations at fair value Interest% 2023 Interest% 2022 (\u20ac 1,000) Name of the participation Registration nr Registered office Activity report (fully diluted) (fully diluted) AvH & Growth Capital Life Sciences AstriVax (1) 0787.990.881 Belgium p. 123 7.1% 5.8% Biotalys (2)0508.931.185 Belgium p. 124 11.4% 11.9% Bio Cap Invest (Epics Therapeutics) 0719.433.261 Belgium 29.5% 29.5% Indigo Diabetes 0666.442.557 Belgium p. 125 11.9% 11.9% MRM Health 0742.910.132 Belgium p. 126 15.9% 15.9% OncoDNA 0501.631.837 Belgium p. 127 10.4% 9.8% Vico Therapeutics International (3)0746.929.395 Belgium p. 128 3.8% India / South-East Asia Convergent Finance (4)160130 Mauritius p. 129 6.8% 3.1% HealthQuad Fund I U74999DL2019PTC352056 India p. 130 36.3% 36.3% HealthQuad Fund II U74999DL2019PTC352056 India p. 130 11.0% 11.0% Medikabazaar (direct) U51397MH2013PTC245092 India p. 131 8.9% 8.9% Venturi Fund I T21VC0008K-SF001 Singapore p. 132 11.1% 11.1% Venturi Partners / Venturi I Capital 201906515N Singapore p. 132 10.0% 10.0% (1) In August 2022, AvH announced its investment in AstriVax (AvH 5.8%), as part of the capital round that was organised by the spin-off from KU Leuven. Over time, AvH will acquire a shareholding of 7.7% in AstriVax. (2) In June, Biotalys successfully obtained subscription commitments for an amount of 7 million euros following a private placement of new shares. As a result, the shareholding of AvH slightly decreased. (3) Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. (4) Convergent and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD.Note 11: Participations accounted for using the equity method (\u20ac 1,000) 2023 2022 Participations accounted for using the equity method Marine Engineering & Contracting 397,890 362,398 Private Banking 933,089 849,394 Real Estate 64,238 52,946 Energy & Resources 353,632 341,798 AvH & Growth Capital 273,242 238,701 Total 2,022,091 1,845,237 Goodwill (\u20ac 1,000) Equity value Total 2023 Total 2022 allocated Movements in participations accounted for using the equity method Participations accounted for using the equity method: opening balance 1,757,711 87,526 1,845,237 1,647,196 Additions 105,599 11,149 116,748 35,171 Additions through business combinations 0 0 0 0 Disposals (-) -2,996 0 -2,996 -19,389 Disposals through business disposals (-) 0 0 0 0 Share of profit (loss) from equity accounted investments 223,378 0 223,378 243,874 Impairments through profit and loss 0 0 0 0 Foreign currency exchange increase (decrease) -18,244 0 -18,244 11,746 Impact of dividends distributed by the participations (-) -134,974 0 -134,974 -122,246 Transfers (to) from other items 11,192 0 11,192 -25,928 Other increase (decrease) -18,249 0 -18,249 74,812 Participations accounted for using the equity method: ending balance 1,923,417 98,675 2,022,091 1,845,237 General evolution Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in \u201cAvH & Growth Capital\u201d and several changes occurred in the jointly controlled entities that are active in real estate development within CFE. During the past year 2023, the group invested 116,8 million euros: \u2022 In \u201cMarine Engineering & Contracting\u201d, CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg, while investments by DEME were limited to a number of smaller transactions. \u2022 AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments. There were no noteworthy disposals in 2023. The sale of Telemond is not included in this scheme, as the 50% stake in Telemond had already been recognised as \u2018Asset held for sale\u2019 in the 2022 financial statements (see Note 5). The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros). The \u2018Transfer (to) from other items\u2019 is primarily explained by the reclassification to (from) provisions of negative equity accounted participations. The 'Other increase (decrease)' item reflects movements in the equity of the participations, with a decreased fair value of the cash flow hedges at the participations of DEME and Green Offshore in the Rentel and SeaMade offshore wind farms, having the greatest impact. Other movements in the equity of the participations include a.o. the eliminations of results on sales of treasury shares, the impact of the buy-out of minority interests, and the impact of the measurement of the purchase obligation resting on certain shares. Directly held participations accounted for using the equity method AvH applies the equity method to the jointly controlled subsidiaries Delen Private Bank (78.75%), SIPEF (38.5%), Verdant Bioscience (42%), Amsteldijk Beheer (50%), Turbo\u2019s Hoet Groep (50%) and GreenStor (50%). This balance sheet item also comprises the associated interests in Sagar Cements (19.6%), Axe Investments (48.3%), Financi\u00e8re EMG (22.7%), Mediahuis (13.9%), OM Partners (20%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). For a more detailed description of the changes in the scope, see Note 6. Segment information. Some of the group companies mentioned above are listed on the stock market. If the interests in SIPEF, Sagar Cements and Camlin FS were to be valued at the market price at year-end 2023 those companies would represent stock market values of 216,0 million euros, 73.2 million euros and 16.9 million euros respectively. If the stock market value at the end of the year was lower than the consolidated equity method value, other elements were considered in the assessment as to whether an impairment was necessary. This was not the case at the end of 2023. Indirectly held participations accounted for using the equity method The full consolidation of CFE, DEME, Deep C Holding, Green Offshore and Nextensa gives rise to the recognition of their jointly controlled subsidiaries and associated participating interests for a total amount of 462.1 million euros, the main interests being those of DEME in C-Power (6.5%), of DEME/Green Offshore in Rentel (18.9% and 12.5% respectively) and in SeaMade (13.2% and 8.75% respectively), of DEME in CDWE Taiwan, Deeprock and GEM/EMW, as well as the real estate and PPP projects set up by CFE and Nextensa together with partners and port-related partnerships at Deep C Holding. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__65-1": {
"value": "2. Jointly controlled subsidiaries accounted for using the equity method \u2013 2023 Beneficial Minority Registration Registered Activity Total Total (\u20ac 1,000) Name of subsidiary interest % interest % Turnover Net result nr office report assets liabilities 2023 2023 Marine Engineering & Contracting Deep C Holding (1)Deep C (subgroup Deep C Holding) (2) Euro Jetty (Hong Kong) Hong Kong 34.05% 15.95% 16,751 10 444 -73 Deep C Green Energy (Hong Kong) Hong Kong 34.05% 15.95% 16,462 217 444 769 Deep C Green Energy (Vietnam) Vietnam 34.05% 15.95% 21,041 17,743 41,012 953 Euro Jetty (Vietnam) Company Vietnam 34.05% 15.95% 7,025 1,189 4,819 2,743 Tien Phong Industrial Zone Vietnam 34.05% 15.95% 35,610 17,337 6,843 1,327 Bac Tien Phong Industrial Zone Vietnam 34.05% 15.95% 94,495 39,294 68,339 17,060 Hateco Deep C Port Vietnam 34.05% 15.95% 6 8 0 -4 GreenStor (3) 0803.082.794 Belgium 50.00% 4,716 1,628 0 -12 Private Banking Delen Private Bank (4) 0453.076.211 Belgium 78.75% p. 88 2,784,479 1,599,604 565,895 179,490 Energy & Resources SIPEF (USD 1.000) (5)0404.491.285 Belgium 38.53% p. 104 1,080,242 226,465 443,886 72,735 Verdant Bioscience (USD 1.000) (6) Singapore 42.00% p. 108 32,291 25,699 5,315 -3,310 AvH & Growth Capital The Amsteldijk Beheer 33.080.456 Netherlands 50.00% 5,396 4,738 631 19 Turbo's Hoet Groep 0881.774.936 Belgium 50.00% p. 121 491,702 328,931 757,970 19,416 Telemond (7) 0893.552.617 Belgium (1) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C (\u2018Infra Asia Investments\u2019) in Vietnam. (2) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. (3) DEEP C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor (see note 3). (4) FinAx holds a 78.75% stake in Delen Private Bank NV. The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, among other things, agreements concerning representation on the board of directors and decision-making at the level of the board of directors and the shareholders\u2019 meeting. The special majority requirements specified for certain key decisions lead to joint control. (5) The shareholders\u2019 agreement between the Baron Bracht family and AvH results in joint control of SIPEF. AvH\u2019s stake in SIPEF increased from 36.81% to 38.53% in 2023. (6) AvH holds 42% in Verdant Bioscience, a strategic investment in line with its 38.53% interest in SIPEF. SIPEF holds a 38% interest in VBS. (7) Early February 2023, after a successful collaboration of more than 30 years, AvH sold its 50% participation in Telemond to the German family Maas, its long-term partner. This participation was already reclassified to \u2018Assets held for sale\u2019 at year-end 2022. 3. Jointly controlled subsidiaries accounted for using the equity method \u2013 2022 Beneficial Minority Registration Registered Activity Total Total (\u20ac 1,000) Name of subsidiary interest % interest % Turnover Net result nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding Infra Asia Investments (subgroup Deep C Holding) Euro Jetty (Hong Kong) Hong Kong 38.10% 11.90% 17,401 10 455 2,435 Deep C Green Energy (Hong Kong) Hong Kong 38.10% 11.90% 16,251 224 455 720 Deep C Green Energy (Vietnam) Vietnam 38.10% 11.90% 19,896 17,367 35,635 582 Euro Jetty (Vietnam) Company Vietnam 38.10% 11.90% 4,612 1,214 4,846 2,648 Tien Phong Industrial Zone Vietnam 38.10% 11.90% 27,988 8,857 0 -1,206 Bac Tien Phong Industrial Zone Vietnam 38.10% 11.90% 83,859 36,248 17,286 3,774 Hateco Deep C Port Vietnam 38.10% 11.90% 6 4 0 -9 Private Banking Delen Private Bank 0453.076.211 Belgium 78.75% p. 88 2,582,456 1,503,860 512,143 160,623 Energy & Resources SIPEF (USD 1.000) 0404.491.285 Belgium 36.81% p. 104 1,062,223 244,420 527,460 108,157 Verdant Bioscience (USD 1.000) Singapore 42.00% p. 108 32,989 23,087 5,905 -1,288 AvH & Growth Capital The Amsteldijk Beheer 33.080.456 Netherlands 50.00% 5,349 4,711 592 -56 Turbo's Hoet Groep 0881.774.936 Belgium 50.00% p. 121 399,859 247,563 653,767 24,826 Telemond 0893.552.617 Belgium 50.00% 99,490 30,051 128,408 15,156 Note 11: Participations accounted for using the equity method (\u20ac 1,000) 2023 2022 Participations accounted for using the equity method Marine Engineering & Contracting 397,890 362,398 Private Banking 933,089 849,394 Real Estate 64,238 52,946 Energy & Resources 353,632 341,798 AvH & Growth Capital 273,242 238,701 Total 2,022,091 1,845,237 Goodwill (\u20ac 1,000) Equity value Total 2023 Total 2022 allocated Movements in participations accounted for using the equity method Participations accounted for using the equity method: opening balance 1,757,711 87,526 1,845,237 1,647,196 Additions 105,599 11,149 116,748 35,171 Additions through business combinations 0 0 0 0 Disposals (-) -2,996 0 -2,996 -19,389 Disposals through business disposals (-) 0 0 0 0 Share of profit (loss) from equity accounted investments 223,378 0 223,378 243,874 Impairments through profit and loss 0 0 0 0 Foreign currency exchange increase (decrease) -18,244 0 -18,244 11,746 Impact of dividends distributed by the participations (-) -134,974 0 -134,974 -122,246 Transfers (to) from other items 11,192 0 11,192 -25,928 Other increase (decrease) -18,249 0 -18,249 74,812 Participations accounted for using the equity method: ending balance 1,923,417 98,675 2,022,091 1,845,237 General evolution Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in \u201cAvH & Growth Capital\u201d and several changes occurred in the jointly controlled entities that are active in real estate development within CFE. During the past year 2023, the group invested 116,8 million euros: \u2022 In \u201cMarine Engineering & Contracting\u201d, CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg, while investments by DEME were limited to a number of smaller transactions. \u2022 AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments. There were no noteworthy disposals in 2023. The sale of Telemond is not included in this scheme, as the 50% stake in Telemond had already been recognised as \u2018Asset held for sale\u2019 in the 2022 financial statements (see Note 5). The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros). The \u2018Transfer (to) from other items\u2019 is primarily explained by the reclassification to (from) provisions of negative equity accounted participations. The 'Other increase (decrease)' item reflects movements in the equity of the participations, with a decreased fair value of the cash flow hedges at the participations of DEME and Green Offshore in the Rentel and SeaMade offshore wind farms, having the greatest impact. Other movements in the equity of the participations include a.o. the eliminations of results on sales of treasury shares, the impact of the buy-out of minority interests, and the impact of the measurement of the purchase obligation resting on certain shares. Directly held participations accounted for using the equity method AvH applies the equity method to the jointly controlled subsidiaries Delen Private Bank (78.75%), SIPEF (38.5%), Verdant Bioscience (42%), Amsteldijk Beheer (50%), Turbo\u2019s Hoet Groep (50%) and GreenStor (50%). This balance sheet item also comprises the associated interests in Sagar Cements (19.6%), Axe Investments (48.3%), Financi\u00e8re EMG (22.7%), Mediahuis (13.9%), OM Partners (20%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). For a more detailed description of the changes in the scope, see Note 6. Segment information. Some of the group companies mentioned above are listed on the stock market. If the interests in SIPEF, Sagar Cements and Camlin FS were to be valued at the market price at year-end 2023 those companies would represent stock market values of 216,0 million euros, 73.2 million euros and 16.9 million euros respectively. If the stock market value at the end of the year was lower than the consolidated equity method value, other elements were considered in the assessment as to whether an impairment was necessary. This was not the case at the end of 2023. Indirectly held participations accounted for using the equity method The full consolidation of CFE, DEME, Deep C Holding, Green Offshore and Nextensa gives rise to the recognition of their jointly controlled subsidiaries and associated participating interests for a total amount of 462.1 million euros, the main interests being those of DEME in C-Power (6.5%), of DEME/Green Offshore in Rentel (18.9% and 12.5% respectively) and in SeaMade (13.2% and 8.75% respectively), of DEME in CDWE Taiwan, Deeprock and GEM/EMW, as well as the real estate and PPP projects set up by CFE and Nextensa together with partners and port-related partnerships at Deep C Holding. ",
"dimensions": {
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"language": "en",
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}
},
"s8_notes__6__71-1": {
"value": "1. Associated participating interests accounted for using the equity method - 2023 Beneficial Minority (\u20ac 1,000) Name of associated Registered Activity Total Total Registration nr interest % interest % Turnover Net result participating interest office report assets liabilities 2023 2023 Marine Engineering & Contracting GreenStor (1) BSTOR 0648.717.687 Belgium 19.00% 7,866 4,307 1,089 98 ESTOR-LUX 0749.614.317 Belgium 14.25% 9,906 5,469 2,232 1,041 ESTOR-LUX II 0791.483.574 Belgium 14.25% 460 278 0 -319 Green Offshore (2) Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 880,089 699,139 207,645 72,482 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,277,421 1,054,090 332,503 120,525 Otary RS 0833.507.538 Belgium 10.13% 2.37% 84,028 4,072 14,157 43,531 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 56,734 4 0 40,619 Energy & Resources Sagar Cements (INR million) L26942AP19 81PLC002887 India 19.64% p. 109 39,780 23,598 24,174 460 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 15,505 26 450 913 Camlin Fine Sciences (31-03-2023 INR million) (3)L74100MH1993PLC075361 India 6.60% p. 117 20,601 12,360 16,816 398 Financi\u00e8re EMG (4) 801.720.343 France 22.74% p. 118 338,726 286,993 331,708 -20,819 Mediahuis (5)439.849.666 Belgium 13.93% p. 119 1,234,560 715,670 1,230,590 72,210 OM Partners 428.328.442 Belgium 20.01% p. 120 196,377 54,810 190,843 33,155 Van Moer Group 885.987.706 Belgium 21.74% p. 122 186,289 137,335 327,125 6,875 (1) Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian\u2019s first large scale battery park connected to the High Voltage Grid. (2) The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings Otary RS and Otary BIS) are held through Green Offshore, which is a 50/50 investment vehicle of AvH and CFE. AvH has a (transitive) participation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account, the (beneficial) interests of AvH amount to 21.9% and 15.3% respectively. (3) AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS\u2019s shares at a share price of 160 INR. A total of 9.9% of CFS\u2019s shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin\u2019s existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS\u2019s shares. (4) All figures prior to the business combination between Financi\u00e8re EMG and Gravity Media Group. (5) AvH has at the end of 2023 a 49.9% stake in Mediacore, the controlling shareholder (53,5%) in Mediahuis Partners. Mediahuis Partners has a controlling share of 52.14% in Mediahuis. The participation percentage of AvH in Mediahuis is therefore 13.93%.2. Associated participating interests accounted for using the equity method - 2022 Beneficial Minority (\u20ac 1,000) Name of associated participating Registration Registered Activity Total Total interest % interest % Turnover Net result interest nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding BSTOR 0648.717.687 Belgium 30.80% 5,200 1,739 499 -413 ESTOR-LUX 0749.614.317 Belgium 23.10% 13,402 8,456 5,010 3,031 ESTOR-LUX II 0791.483.574 Belgium 23.10% 684 192 0 -8 Green Offshore Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 903,397 728,235 123,211 20,366 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,255,529 1,062,860 140,683 11,296 Otary RS 0833.507.538 Belgium 10.13% 2.37% 86,158 7,848 13,246 20,352 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 54,530 12 0 6,271 Energy & Resources L26942AP19 Sagar Cements (INR million) 81PLC002887 India 19.64% p. 109 36,535 21,358 21,097 -830 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 14,622 56 503 403 Financi\u00e8re EMG 801.720.343 France 22.73% p. 118 352,915 281,128 359,128 4,232 Mediahuis 439.849.666 Belgium 13.93% p. 119 1,179,890 696,270 1,222,960 65,264 OM Partners 428.328.442 Belgium 20.01% p. 120 162,491 47,363 166,657 35,519 Van Moer Group 885.987.706 Belgium 21.74% p. 122 163,800 121,694 310,267 5,754 Note 11: Participations accounted for using the equity method (\u20ac 1,000) 2023 2022 Participations accounted for using the equity method Marine Engineering & Contracting 397,890 362,398 Private Banking 933,089 849,394 Real Estate 64,238 52,946 Energy & Resources 353,632 341,798 AvH & Growth Capital 273,242 238,701 Total 2,022,091 1,845,237 Goodwill (\u20ac 1,000) Equity value Total 2023 Total 2022 allocated Movements in participations accounted for using the equity method Participations accounted for using the equity method: opening balance 1,757,711 87,526 1,845,237 1,647,196 Additions 105,599 11,149 116,748 35,171 Additions through business combinations 0 0 0 0 Disposals (-) -2,996 0 -2,996 -19,389 Disposals through business disposals (-) 0 0 0 0 Share of profit (loss) from equity accounted investments 223,378 0 223,378 243,874 Impairments through profit and loss 0 0 0 0 Foreign currency exchange increase (decrease) -18,244 0 -18,244 11,746 Impact of dividends distributed by the participations (-) -134,974 0 -134,974 -122,246 Transfers (to) from other items 11,192 0 11,192 -25,928 Other increase (decrease) -18,249 0 -18,249 74,812 Participations accounted for using the equity method: ending balance 1,923,417 98,675 2,022,091 1,845,237 General evolution Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in \u201cAvH & Growth Capital\u201d and several changes occurred in the jointly controlled entities that are active in real estate development within CFE. During the past year 2023, the group invested 116,8 million euros: \u2022 In \u201cMarine Engineering & Contracting\u201d, CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg, while investments by DEME were limited to a number of smaller transactions. \u2022 AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments. There were no noteworthy disposals in 2023. The sale of Telemond is not included in this scheme, as the 50% stake in Telemond had already been recognised as \u2018Asset held for sale\u2019 in the 2022 financial statements (see Note 5). The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros). The \u2018Transfer (to) from other items\u2019 is primarily explained by the reclassification to (from) provisions of negative equity accounted participations. The 'Other increase (decrease)' item reflects movements in the equity of the participations, with a decreased fair value of the cash flow hedges at the participations of DEME and Green Offshore in the Rentel and SeaMade offshore wind farms, having the greatest impact. Other movements in the equity of the participations include a.o. the eliminations of results on sales of treasury shares, the impact of the buy-out of minority interests, and the impact of the measurement of the purchase obligation resting on certain shares. Directly held participations accounted for using the equity method AvH applies the equity method to the jointly controlled subsidiaries Delen Private Bank (78.75%), SIPEF (38.5%), Verdant Bioscience (42%), Amsteldijk Beheer (50%), Turbo\u2019s Hoet Groep (50%) and GreenStor (50%). This balance sheet item also comprises the associated interests in Sagar Cements (19.6%), Axe Investments (48.3%), Financi\u00e8re EMG (22.7%), Mediahuis (13.9%), OM Partners (20%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). For a more detailed description of the changes in the scope, see Note 6. Segment information. Some of the group companies mentioned above are listed on the stock market. If the interests in SIPEF, Sagar Cements and Camlin FS were to be valued at the market price at year-end 2023 those companies would represent stock market values of 216,0 million euros, 73.2 million euros and 16.9 million euros respectively. If the stock market value at the end of the year was lower than the consolidated equity method value, other elements were considered in the assessment as to whether an impairment was necessary. This was not the case at the end of 2023. Indirectly held participations accounted for using the equity method The full consolidation of CFE, DEME, Deep C Holding, Green Offshore and Nextensa gives rise to the recognition of their jointly controlled subsidiaries and associated participating interests for a total amount of 462.1 million euros, the main interests being those of DEME in C-Power (6.5%), of DEME/Green Offshore in Rentel (18.9% and 12.5% respectively) and in SeaMade (13.2% and 8.75% respectively), of DEME in CDWE Taiwan, Deeprock and GEM/EMW, as well as the real estate and PPP projects set up by CFE and Nextensa together with partners and port-related partnerships at Deep C Holding. ",
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"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68-1": {
"value": "1. Associated participating interests accounted for using the equity method - 2023 Beneficial Minority (\u20ac 1,000) Name of associated Registered Activity Total Total Registration nr interest % interest % Turnover Net result participating interest office report assets liabilities 2023 2023 Marine Engineering & Contracting GreenStor (1) BSTOR 0648.717.687 Belgium 19.00% 7,866 4,307 1,089 98 ESTOR-LUX 0749.614.317 Belgium 14.25% 9,906 5,469 2,232 1,041 ESTOR-LUX II 0791.483.574 Belgium 14.25% 460 278 0 -319 Green Offshore (2) Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 880,089 699,139 207,645 72,482 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,277,421 1,054,090 332,503 120,525 Otary RS 0833.507.538 Belgium 10.13% 2.37% 84,028 4,072 14,157 43,531 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 56,734 4 0 40,619 Energy & Resources Sagar Cements (INR million) L26942AP19 81PLC002887 India 19.64% p. 109 39,780 23,598 24,174 460 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 15,505 26 450 913 Camlin Fine Sciences (31-03-2023 INR million) (3)L74100MH1993PLC075361 India 6.60% p. 117 20,601 12,360 16,816 398 Financi\u00e8re EMG (4) 801.720.343 France 22.74% p. 118 338,726 286,993 331,708 -20,819 Mediahuis (5)439.849.666 Belgium 13.93% p. 119 1,234,560 715,670 1,230,590 72,210 OM Partners 428.328.442 Belgium 20.01% p. 120 196,377 54,810 190,843 33,155 Van Moer Group 885.987.706 Belgium 21.74% p. 122 186,289 137,335 327,125 6,875 (1) Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian\u2019s first large scale battery park connected to the High Voltage Grid. (2) The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings Otary RS and Otary BIS) are held through Green Offshore, which is a 50/50 investment vehicle of AvH and CFE. AvH has a (transitive) participation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account, the (beneficial) interests of AvH amount to 21.9% and 15.3% respectively. (3) AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS\u2019s shares at a share price of 160 INR. A total of 9.9% of CFS\u2019s shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin\u2019s existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS\u2019s shares. (4) All figures prior to the business combination between Financi\u00e8re EMG and Gravity Media Group. (5) AvH has at the end of 2023 a 49.9% stake in Mediacore, the controlling shareholder (53,5%) in Mediahuis Partners. Mediahuis Partners has a controlling share of 52.14% in Mediahuis. The participation percentage of AvH in Mediahuis is therefore 13.93%.2. Associated participating interests accounted for using the equity method - 2022 Beneficial Minority (\u20ac 1,000) Name of associated participating Registration Registered Activity Total Total interest % interest % Turnover Net result interest nr office report assets liabilities 2022 2022 Marine Engineering & Contracting Deep C Holding BSTOR 0648.717.687 Belgium 30.80% 5,200 1,739 499 -413 ESTOR-LUX 0749.614.317 Belgium 23.10% 13,402 8,456 5,010 3,031 ESTOR-LUX II 0791.483.574 Belgium 23.10% 684 192 0 -8 Green Offshore Rentel 0700.246.364 Belgium 10.13% 2.37% p. 83 903,397 728,235 123,211 20,366 SeaMade 0543.401.324 Belgium 7.09% 1.66% p. 83 1,255,529 1,062,860 140,683 11,296 Otary RS 0833.507.538 Belgium 10.13% 2.37% 86,158 7,848 13,246 20,352 Otary BIS 0842.251.889 Belgium 10.13% 2.37% 54,530 12 0 6,271 Energy & Resources L26942AP19 Sagar Cements (INR million) 81PLC002887 India 19.64% p. 109 36,535 21,358 21,097 -830 AvH & Growth Capital Axe Investments 419,822,730 Belgium 48.34% p. 115 14,622 56 503 403 Financi\u00e8re EMG 801.720.343 France 22.73% p. 118 352,915 281,128 359,128 4,232 Mediahuis 439.849.666 Belgium 13.93% p. 119 1,179,890 696,270 1,222,960 65,264 OM Partners 428.328.442 Belgium 20.01% p. 120 162,491 47,363 166,657 35,519 Van Moer Group 885.987.706 Belgium 21.74% p. 122 163,800 121,694 310,267 5,754 Note 11: Participations accounted for using the equity method (\u20ac 1,000) 2023 2022 Participations accounted for using the equity method Marine Engineering & Contracting 397,890 362,398 Private Banking 933,089 849,394 Real Estate 64,238 52,946 Energy & Resources 353,632 341,798 AvH & Growth Capital 273,242 238,701 Total 2,022,091 1,845,237 Goodwill (\u20ac 1,000) Equity value Total 2023 Total 2022 allocated Movements in participations accounted for using the equity method Participations accounted for using the equity method: opening balance 1,757,711 87,526 1,845,237 1,647,196 Additions 105,599 11,149 116,748 35,171 Additions through business combinations 0 0 0 0 Disposals (-) -2,996 0 -2,996 -19,389 Disposals through business disposals (-) 0 0 0 0 Share of profit (loss) from equity accounted investments 223,378 0 223,378 243,874 Impairments through profit and loss 0 0 0 0 Foreign currency exchange increase (decrease) -18,244 0 -18,244 11,746 Impact of dividends distributed by the participations (-) -134,974 0 -134,974 -122,246 Transfers (to) from other items 11,192 0 11,192 -25,928 Other increase (decrease) -18,249 0 -18,249 74,812 Participations accounted for using the equity method: ending balance 1,923,417 98,675 2,022,091 1,845,237 General evolution Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in \u201cAvH & Growth Capital\u201d and several changes occurred in the jointly controlled entities that are active in real estate development within CFE. During the past year 2023, the group invested 116,8 million euros: \u2022 In \u201cMarine Engineering & Contracting\u201d, CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg, while investments by DEME were limited to a number of smaller transactions. \u2022 AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments. There were no noteworthy disposals in 2023. The sale of Telemond is not included in this scheme, as the 50% stake in Telemond had already been recognised as \u2018Asset held for sale\u2019 in the 2022 financial statements (see Note 5). The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros). The \u2018Transfer (to) from other items\u2019 is primarily explained by the reclassification to (from) provisions of negative equity accounted participations. The 'Other increase (decrease)' item reflects movements in the equity of the participations, with a decreased fair value of the cash flow hedges at the participations of DEME and Green Offshore in the Rentel and SeaMade offshore wind farms, having the greatest impact. Other movements in the equity of the participations include a.o. the eliminations of results on sales of treasury shares, the impact of the buy-out of minority interests, and the impact of the measurement of the purchase obligation resting on certain shares. Directly held participations accounted for using the equity method AvH applies the equity method to the jointly controlled subsidiaries Delen Private Bank (78.75%), SIPEF (38.5%), Verdant Bioscience (42%), Amsteldijk Beheer (50%), Turbo\u2019s Hoet Groep (50%) and GreenStor (50%). This balance sheet item also comprises the associated interests in Sagar Cements (19.6%), Axe Investments (48.3%), Financi\u00e8re EMG (22.7%), Mediahuis (13.9%), OM Partners (20%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). For a more detailed description of the changes in the scope, see Note 6. Segment information. Some of the group companies mentioned above are listed on the stock market. If the interests in SIPEF, Sagar Cements and Camlin FS were to be valued at the market price at year-end 2023 those companies would represent stock market values of 216,0 million euros, 73.2 million euros and 16.9 million euros respectively. If the stock market value at the end of the year was lower than the consolidated equity method value, other elements were considered in the assessment as to whether an impairment was necessary. This was not the case at the end of 2023. Indirectly held participations accounted for using the equity method The full consolidation of CFE, DEME, Deep C Holding, Green Offshore and Nextensa gives rise to the recognition of their jointly controlled subsidiaries and associated participating interests for a total amount of 462.1 million euros, the main interests being those of DEME in C-Power (6.5%), of DEME/Green Offshore in Rentel (18.9% and 12.5% respectively) and in SeaMade (13.2% and 8.75% respectively), of DEME in CDWE Taiwan, Deeprock and GEM/EMW, as well as the real estate and PPP projects set up by CFE and Nextensa together with partners and port-related partnerships at Deep C Holding. ",
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"value": "3. Non-consolidated participations at fair value Interest% 2023 Interest% 2022 (\u20ac 1,000) Name of the participation Registration nr Registered office Activity report (fully diluted) (fully diluted) AvH & Growth Capital Life Sciences AstriVax (1) 0787.990.881 Belgium p. 123 7.1% 5.8% Biotalys (2)0508.931.185 Belgium p. 124 11.4% 11.9% Bio Cap Invest (Epics Therapeutics) 0719.433.261 Belgium 29.5% 29.5% Indigo Diabetes 0666.442.557 Belgium p. 125 11.9% 11.9% MRM Health 0742.910.132 Belgium p. 126 15.9% 15.9% OncoDNA 0501.631.837 Belgium p. 127 10.4% 9.8% Vico Therapeutics International (3)0746.929.395 Belgium p. 128 3.8% India / South-East Asia Convergent Finance (4)160130 Mauritius p. 129 6.8% 3.1% HealthQuad Fund I U74999DL2019PTC352056 India p. 130 36.3% 36.3% HealthQuad Fund II U74999DL2019PTC352056 India p. 130 11.0% 11.0% Medikabazaar (direct) U51397MH2013PTC245092 India p. 131 8.9% 8.9% Venturi Fund I T21VC0008K-SF001 Singapore p. 132 11.1% 11.1% Venturi Partners / Venturi I Capital 201906515N Singapore p. 132 10.0% 10.0% (1) In August 2022, AvH announced its investment in AstriVax (AvH 5.8%), as part of the capital round that was organised by the spin-off from KU Leuven. Over time, AvH will acquire a shareholding of 7.7% in AstriVax. (2) In June, Biotalys successfully obtained subscription commitments for an amount of 7 million euros following a private placement of new shares. As a result, the shareholding of AvH slightly decreased. (3) Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. (4) Convergent and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD.",
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"value": "1. Business combinations No business combinations took place in 2023.",
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"value": "2. Business disposals No business dispoals took place in 2023. In 2022 AvH and the management of Anima transferred 100% of the Anima shares to AG. (\u20ac 1,000) Anima Balance sheet 30-06-2022 Goodwill and intangible assets 38,830 Tangible assets 211,722 Cash and cash equivalents 4,861 Other assets 29,928 Total assets 285,340 Equity (group share AvH) 68,235 Minority interests 5,734 Current and non-current financial debts 164,690 Other liabilities 46,682 Total equity and liabilities 285,340 Total assets 285,340 Total liabilities -211,372 Minority interests -5,734 Net assets (91.8%) 68,235 Sales price 308,163 Provision - Reps & Warranties -3,052 Capital gain 236,876 Income statement 30-06-2022 Revenue 60,127 Operating expenses (-) -54,271 Profit (loss) on disposal of assets -245 Profit (loss) from operating activities 5,611 Financial result -1,442 Profit (loss) before tax 4,169 Income taxes -1,118 Profit (loss) of the period 3,050 Minority interests -229 Share of the group 2,822 Cash flow statement 30-06-2022 Cash and cash equivalents - opening balance on January 1, 2022 6,067 Cash flow from operating activities 6,695 Cash flow from investing activities -8,174 Cash flow from financial activities 273 Cash and cash equivalents - ending balance on June 30, 2022 4,861",
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"value": "Note 5: Assets and liabilities held for saleThe main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet. At year-end 2022, 62.5 million euros in assets held for sale were recognised. Approximately half of that amount related to one of DEME\u2019s vessels (Groenewind) that was sold in July 2023 (Segment Marine Engineering & Contracting), while the balance represented the carrying amount of AvH\u2019s 50% participation in Telemond, which was sold in Q1 2023 (Segment AvH & Growth Capital). ",
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"value": "Note 6: Segment informationSegment 1 Marine Engineering & Contracting: DEME Group (full consolidation 62.12%), CFE (full consolidation 62.12%), Rent-A-Port (full consolidation 81.06%) and Green Offshore (full consolidation 81.06%). Rent-A-Port changed its name in Deep C Holding, confirming its focus on the developments of Deep C in Vietnam. Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian\u2019s first large scale battery park connected to the High Voltage Grid. The 50% stake of AvH in GreenStor is included in the AvH & Growth Capital segment. Segment 2 Private Banking: Delen Private Bank (equity method 78.75%), Bank Van Breda (full consolidation 78.75%) and FinAx (full consolidation 100%). Segment 3 Real Estate: Nextensa (full consolidation 61.66%) In 2023, AvH increased its participation in Nextensa from 58.53% to 61.66%. Segment 4 Energy & Resources: SIPEF (equity method 38.53%), Verdant Bioscience (equity method 42%), AvH India Resources (full consolidation 100%) and Sagar Cements (equity method 19.64%). In 2023, AvH increased its participation in SIPEF from 36.81% to 38.53%, without this having an impact on the way in which this participation is reported in the consolidated financial statements. AvH India Resources holds no other participations than in Sagar Cements.Segment 5 AvH & Growth Capital: \u2022 AvH, AvH Growth Capital & subholdings (full consolidation 100%) \u2022 Participations fully consolidated: Agidens (85.0%) and Biolectric Group (55.8%) \u2022 Participations accounted for using the equity method: Amsteldijk Beheer (50%), Axe Investments (48.3%), Financi\u00e8re EMG (22.7%), GreenStor (50%), Mediahuis Partners (26.7%), Mediahuis (13.9%), MediaCore (49.9%), OM Partners (20.0%), Turbo\u2019s Hoet Groep (50%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). \u2022 Non-consolidated participations: - Life Science: Astrivax (7.1%), Biotalys (11.4%), Bio Cap Invest (29.5%), Indigo Diabetes (11.9%), MRM Health (15.9%), OncoDNA (10.4%) and Vico Therapeutics International (3.8%). - India / South-East Asia: HealthQuad Fund I (36.3%), HealthQuad Fund II (11.0%), Medikabazaar (8.9%), Venturi Partners Fund I (11.1%) and Convergent Finance (6.8%). Early February 2023, after a successful collaboration of more than 30 years, AvH sold its 50% participation in Telemond to the German family Maas, its long-term partner. This sale earned AvH a cash revenue of 55 million euros and a capital gain of 19.2 million euros. AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS\u2019s shares at a share price of 160 INR. A total of 9.9% of CFS\u2019s shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin\u2019s existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS\u2019s shares. Convergent and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD. Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. Note 6: Segment information \u2013 income statement 2023 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Real Estate Growth between & Banking Resources 2023 Capital segments Contracting Revenue 4,653,743 346,559 127,883 41 95,358 -2,031 5,221,553 Rendering of services 0 0 0 0 1,971 -1,945 26 Real estate revenue 157,696 0 126,405 0 0 284,101 Interest income - banking activities 0 233,068 0 0 0 233,068 Fees and commissions - banking activities 0 106,367 0 0 0 106,367 Revenue from construction contracts 4,419,090 0 0 0 89,557 -87 4,508,561 Other operating revenue 76,957 7,125 1,478 41 3,830 0 89,431 Operating expenses (-) -4,414,970 -215,420 -72,196 -120 -119,405 2,700 -4,819,411 Raw materials, consumables, services and subcontracted work (-) -3,175,930 -32,531 -65,444 -120 -66,950 2,700 -3,338,275 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -92,370 0 0 0 -92,370 Employee expenses (-) -825,173 -68,148 -5,651 0 -45,779 -944,751 Depreciation (-) -370,868 -7,673 -1,060 0 -5,686 -385,286 Impairment losses (-) -18,342 -872 3 0 -345 -19,556 Other operating expenses (-) -27,543 -13,933 -44 0 -615 0 -42,136 Provisions 2,888 106 0 0 -31 2,964 Profit (loss) on assets/liabilities 0 0 -7,689 0 -15,690 0 -23,379 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 3,513 0 -15,690 -12,177 Investment property 0 0 -11,202 0 0 -11,202 Profit (loss) on disposal of assets 36,830 -15,308 2,074 0 25,771 0 49,367 Realised gain (loss) on intangible and tangible assets 19,472 0 0 0 61 19,534 Realised gain (loss) on investment property 0 0 2,074 0 0 2,074 Realised gain (loss) on financial fixed assets 17,357 0 0 0 25,710 43,067 Realised gain (loss) on other assets 0 -15,308 0 0 0 -15,308 Profit (loss) from operating activities 275,603 115,831 50,072 -79 -13,966 669 428,130 Financial result -31,026 1,566 -24,972 -16 13,193 -669 -41,924 Interest income 20,198 902 4,459 0 13,830 -2,430 36,959 Interest expenses (-) -36,121 -1 -23,664 0 -1,187 2,430 -58,544 (Un)realised foreign currency results -10,843 0 0 -16 -358 -11,217 Other financial income (expenses) -4,261 125 4,873 0 908 -669 976 Derivative financial instruments designated at fair value 0 541 -10,639 0 0 -10,098 through profit and loss Share of profit (loss) from equity accounted investments 23,288 141,349 9,599 25,612 23,531 223,378 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 267,865 258,746 34,699 25,516 22,758 0 609,585 Income taxes -58,717 -33,480 -9,529 -95 -663 0 -102,483 Deferred taxes 6,761 -632 5,771 0 464 12,365 Current taxes -65,478 -32,848 -15,300 -95 -1,127 -114,848 Profit (loss) after tax from continuing operations 209,148 225,266 25,170 25,421 22,095 0 507,101 Profit (loss) after tax from discontinued operations 0 0 0 0 0 0 Profit (loss) of the period 209,148 225,266 25,170 25,421 22,095 0 507,101 Minority interests 80,646 16,543 9,588 780 350 107,908 Share of the group 128,503 208,723 15,582 24,641 21,745 399,194 Comments on the segment information - income statement Compared to last year, AvH\u2019s consolidation scope has remained largely unchanged. Early 2023 AvH sold its 50%-stake in Telemond Holding, but as that company was equity accounted for, this doesn\u2019t affect comparability of the figures in a significant way. And as the result of the disinvestment of Anima in Q3 2022, the latter had already been transferred to \u201cdiscontinued\u201d in the 2022 financial statements. Therefore, the comparability of the income statement 2023 with the one of last year is not meaningfully complicated by perimeter changes. Consolidated revenues increased by 820.1 million euros (+19%). The major part of this extra turnover is explained by the strong growth at DEME (+630.7 million euros) surpassing the 3 billion euros turnover threshold for the first time. The very strong commercial performances at Bank Van Breda explain the growth in fees and commission income by 6%, while interest income roughly doubled thanks to the general rise in interest rates compared to last year. As the latter also affected Bank Van Breda\u2019s interest charges, its net interest margin grew by a very impressive 48%. While CFE\u2019s real estate development turnover increased by 85%, its other activities (contracting, multitechnics) remained stable (+1%). Indexation and improved occupancy resulted in a like-for-like growth of 12% of Nextensa\u2019s rental income (+5% year on year), while sales revenues from its development projects decreased by 14.2 million euros (-22%). Both Agidens and Biolectric, the two participations fully consolidated within \u201cAvH Growth Capital\u201d, realized strong turnover growth. The 820.1 million euros higher revenues required 711.3 million euros higher operating expenses (+17%). Costs of raw materials, services and subcontracting were up year on year by 17%, personnel charges with 15% and depreciation by 7%. The major part of the higher depreciation charges comes from DEME, as a result of the further expansion of the fleet with a new cable laying vessel Yellowstone and the effect of offshore installation vessel Orion being depreciated for a full year in 2023. DEME impaired its idle cutter suction dredger Al Jarraf for an amount of 13.1 million euros. Fair value adjustments recorded through P&L had a total negative impact of 23.4 million euros in 2023. This is 6.5 million euros more negative than last year. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa, a net negative evolution of 11.2 million euros in the fair value of Nextensa\u2019s investment portfolio and a negative evolution amounting to 15.7 million euros on AvH\u2019s non-consolidated Growth Capital participations and on its treasury portfolio. Disposal of assets contributed 49.4 million euros to the profit in 2023. DEME realized in total 18.6 million euros capital gains on disposal of assets, including 13.0 million euros on the sale of its offshore service operation vessel Groenewind. CFE realized 17.4 million euros profit on the disposal of subsidiaries and development companies, including 50% of its Polish project Chmielna to Compagnie du Bois Sauvage. Rebalancing by Bank Van Breda of its bond portfolio led to a loss of 15.3 million euros. As a result of the lower activity in the institutional real estate market, Nextensa only sold its \u201cTreesquare\u201d office building in Brussels in April 2023. The sale by AvH of its 50% stake in the Polish Telemond Group resulted in a capital gain of 19.1 million euros at the level of AvH and an extra profit (earn out) of 6.1 million euros was recognized on the disposal (in 2017) of AvH\u2019s participation in Ogeda. The global financial result was 41.9 million euros negative. Net interest expenses however, came in only 1.8 million euros more negative than in 2022, as some group companies benefited from the higher market interest rates, while others incurred higher borrowing costs. The main variation explaining the 31.8 million euros additional negative financial result is at the level of the fair value adjustments of hedging instruments at Nextensa: while this had a negative effect of 10.6 million euros in 2023, it had been a positive of 27.7 million euros the year before. The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. The full list of companies included in this category can be found in note 6. Segment reporting. Income taxes represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a post-tax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros). Note 6: Segment information \u2013 assets 2023 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Real Estate Growth between & Banking Resources 2023 Capital segments Contracting I. Non-current assets 3,870,602 6,175,212 1,480,596 353,632 488,361 -25,236 12,343,167 Intangible assets 115,407 267 889 0 2,243 118,806 Goodwill 174,150 134,247 0 0 11,727 320,123 Tangible assets 2,817,276 54,478 8,697 0 28,961 2,909,412 Land and buildings 216,797 44,832 0 0 17,725 279,354 Plant, machinery and equipment 2,233,197 2,665 1,899 0 3,378 2,241,138 Furniture and vehicles 53,106 5,284 697 0 6,644 65,730 Other tangible assets 3,621 816 6,101 0 1,215 11,753 Assets under construction 310,555 882 0 0 0 311,437 Investment property 0 0 1,288,844 0 0 1,288,844 Participations accounted for using the equity method 397,890 933,089 64,238 353,632 273,242 2,022,091 Non-current financial assets 208,600 3,177 93,546 0 169,954 -25,236 450,040 Financial assets : shares - Fair value through P/L (FVPL) 4,547 0 87,296 0 131,173 223,016 Receivables and warranties 204,053 3,177 6,250 0 38,781 -25,236 227,024 Non-current hedging instruments 22,630 45,965 20,633 0 0 89,227 Deferred tax assets 134,649 9,808 3,750 0 2,235 150,442 Banks - receivables from credit 0 4,994,181 0 0 0 4,994,181 institutions and clients after one year Banks - loans and receivables to clients 0 5,029,531 0 0 0 5,029,531 Banks - changes in fair value of the hedged credit portfolio 0 -35,350 0 0 0 -35,350 II. Current assets 2,531,650 3,388,815 284,367 736 464,778 -3,990 6,666,355 Inventories 312,041 0 102,079 0 1,659 415,779 Amounts due from customers under construction contracts 701,437 0 73,490 0 5,295 780,222 Investments 2 545,039 0 0 44,912 589,954 Financial assets : shares - Fair value through P/L (FVPL) 2 0 0 0 44,912 44,914 Financial assets : bonds - Fair value through OCI (FVOCI) 0 501,037 0 0 0 501,037 Financial assets : shares - Fair value through OCI (FVOCI) 0 58 0 0 0 58 Financial assets - at amortised cost 0 43,944 0 0 0 43,944 Current hedging instruments 16,161 3,918 0 0 0 20,079 Amounts receivable within one year 808,989 5,601 81,908 3 42,813 -1,343 937,971 Trade debtors 745,140 56 22,777 0 22,738 -1,343 789,368 Other receivables 63,848 5,545 59,131 3 20,076 0 148,603 Current tax receivables 33,758 1 12,505 43 544 46,851 Banks - receivables from credit 0 2,791,806 0 0 0 2,791,806 institutions and clients within one year Banks - loans and advances to banks 0 102,073 0 0 0 102,073 Banks - loans and receivables to clients 0 1,218,593 0 0 0 1,218,593 Banks - changes in fair value of the hedged credit portfolio 0 -1,402 0 0 0 -1,402 Banks - cash balances with central banks 0 1,472,542 0 0 0 1,472,542 Cash and cash equivalents 583,759 29,339 11,129 689 364,894 989,810 Deferred charges, accrued income and other current assets 75,502 13,110 3,257 0 4,661 -2,647 93,885 III. Assets held for sale 1,630 138 9,230 0 0 10,998 Total assets 6,403,881 9,564,165 1,774,194 354,368 953,139 -29,226 19,020,522 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Segment information - pro forma turnover Real Estate Growth between & Banking Resources 2023 Capital segments Contracting Turnover EU member states 2,812,244 707,191 126,405 14,479 741,108 -1,888 4,399,538 Other European countries 490,085 78,805 0 59,393 58,304 686,587 Rest of the world 1,277,587 0 0 139,329 17,029 1,433,946 Total 4,579,917 785,995 126,405 213,201 816,441 -1,888 6,520,071 The pro forma turnover comprises the turnover of all participations held by the AvH group, and therefore deviates from the turnover as reported in the legal IFRS consolidation drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally. Note 6: Segment information \u2013 equity and liabilities 2023 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Real Estate Growth between & Banking Resources 2023 Capital segments Contracting I. Total equity 2,488,966 1,806,327 837,420 354,333 890,018 6,377,063 Shareholders\u2019 equity - group share 1,523,953 1,646,827 507,192 354,333 881,646 4,913,951 Issued capital 0 0 0 0 113,907 113,907 Share capital 0 0 0 0 2,295 2,295 Share premium 0 0 0 0 111,612 111,612 Consolidated reserves 1,532,617 1,658,844 505,355 339,566 871,330 4,907,712 Revaluation reserves -8,664 -12,017 1,837 14,767 -3,518 -7,594 Financial assets : bonds - Fair value through OCI (FVOCI) 0 -11,313 0 0 3 -11,310 Financial assets : shares - Fair value through OCI (FVOCI) 0 697 0 0 0 697 Hedging reserves 30,815 0 1,665 134 4 32,617 Actuarial gains (losses) defined benefit pension plans -22,724 -4,357 0 -1,782 4,699 -24,164 Translation differences -16,755 2,956 172 16,415 -8,223 -5,434 Treasury shares (-) 0 0 0 0 -100,074 -100,074 Minority interests 965,013 159,500 330,228 0 8,372 1,463,112 II. Non-current liabilities 1,215,006 974,601 618,568 0 20,510 -25,236 2,803,449 Provisions 101,519 3,693 2,264 0 10,828 118,304 Pension liabilities 64,211 7,458 0 0 452 72,121 Deferred tax liabilities 84,616 0 53,709 0 385 138,710 Financial debts 914,291 5,726 562,159 0 8,713 -25,236 1,465,653 Bank loans 756,115 0 457,345 0 5,800 1,219,260 Bonds 0 0 99,613 0 0 99,613 Subordinated loans 677 0 0 0 0 677 Lease debts 123,012 5,726 2,318 0 2,913 133,969 Other financial debts 34,487 0 2,884 0 0 -25,236 12,135 Non-current hedging instruments 23,078 12,355 436 0 0 35,869 Other amounts payable 27,291 19,331 0 0 132 46,754 Banks - debts to credit institutions, clients & securities 0 926,038 0 0 0 926,038 Banks - deposits from credit institutions 0 0 0 0 0 0 Banks - deposits from clients 0 926,038 0 0 0 926,038 Banks - debt certificates including bonds 0 0 0 0 0 0 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 III. Current liabilities 2,699,910 6,783,238 318,205 35 42,612 -3,990 9,840,010 Provisions 29,319 5 350 0 681 30,356 Pension liabilities 0 136 0 0 0 136 Financial debts 308,416 2,955 235,790 0 3,512 0 550,672 Bank loans 226,926 0 109,493 0 1,651 338,070 Bonds 0 0 40,000 0 0 40,000 Subordinated loans 0 0 0 0 0 0 Lease debts 38,240 2,955 0 0 1,861 43,055 Other financial debts 43,250 0 86,297 0 0 0 129,547 Current hedging instruments 20,324 -149 0 0 0 20,175 Amounts due to customers under construction contracts 648,981 0 0 0 11,873 660,854 Other amounts payable within one year 1,576,528 41,927 42,881 5 23,851 -1,343 1,683,849 Trade payables 1,231,371 47 26,046 5 10,651 -1,343 1,266,776 Advances received 84,486 0 0 0 0 84,486 Amounts payable regarding remuneration and social security 184,774 16,954 5,265 0 11,732 218,725 Other amounts payable 75,897 24,927 11,570 0 1,469 0 113,863 Current tax payables 79,274 3,676 8,254 30 776 92,010 Banks - debts to credit institutions, clients & securities 0 6,725,882 0 0 0 6,725,882 Banks - deposits from credit institutions 0 49,604 0 0 0 49,604 Banks - deposits from clients 0 6,564,963 0 0 0 6,564,963 Banks - debt certificates including bonds 0 111,315 0 0 0 111,315 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 Accrued charges and deferred income 37,068 8,806 30,930 0 1,918 -2,647 76,075 IV. Liabilities held for sale 0 0 0 0 0 0 Total equity and liabilities 6,403,881 9,564,165 1,774,194 354,368 953,139 -29,226 19,020,522 Comments on the segment information - balance sheet AvH\u2019s consolidated balance sheet total has further increased to 19,020.5 million euros (+8%). Except for \u201cAvH & Growth Capital\u201d, all segments contribute to this growth. But the main variations come from \u201cPrivate Banking\u201d (+927.3 million euros) and from \u201cMarine Engineering & Contracting\u201d (+396.0 million euros). The full consolidation of Bank Van Breda continues to have a major impact on both the size and the composition of AvH\u2019s balance sheet. Due to the specific nature of its banking activities, Bank Van Breda has a significantly larger balance sheet than the other group companies. The full consolidation of Bank Van Breda alone accounts for 8,500.2 million euros million euros in the balance sheet total (45%) and its structure is specific to its banking operations. And although Bank Van Breda continues to be part of the best capitalised financial institutions in Belgium, it clearly has very different balance sheet ratios from other (non-banking) group companies. A number of balance sheet items from Bank Van Breda have been grouped under separate headings to enable an easier understanding. As in previous periods, the 78.75%-participation in Delen Private Bank has been accounted for using the equity method. Intangible assets and goodwillcompared to previous year. Tangible fixed assets have increased with 188.7 million euros (+7%), almost completely related to DEME. In 2023 DEME welcomed a new cable laying vessel Viking Neptune and an ultra-deepwater drilling vessel Olympia in its fleet. It is converting a former bulk carrier into a new stone dumping vessel Yelllowstone and upgrading the Sea Installer. The value of the investment property portfolio of Nextensa increased to 1,288.8 million euros (+1%), despite the sale of the Treesquare building in 2023. The Montoyer 24 (Brussels) and Monterey 18 (Luxembourg) were added to the portfolio and further investments were made in Luxembourg in the renovation of the Knauf shopping centre in Schmiede and in the conversion of an old office part near Luxembourg Airport into a new project. Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in \u201cAvH & Growth Capital\u201d and several changes occurred in the jointly controlled entities that are active in real estate development within CFE. Non-current financial assets: shares - fair value through P&L increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH. Non-current financial assets: receivables and warranties: these mainly consist of financings from DEME and CFE to non-consolidated participations and of receivables on consolidated entities reported in different segments (that are eliminated in the consolidated accounts). The total credit portfolio of Bank Van Breda has increased by 59.6 million euros (+1%) to 6.248.1 million euros. Around 20% of this amount has a duration of less than one year. Inventories increased by 26.1 million euros (+7%). They include raw materials at DEME and CFE as well as land positions at CFE, Deep C Holding and Nextensa. Receivables from customers under construction contracts have increased with 247.9 million euros (+47%). This increase is fully explained by projects in execution at DEME. Investments increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. Banks - receivables < 1 year: the growth of deposits received from clients has been significantly higher than the increase of the credit portfolio. This has further reinforced the liquidity position of Bank Van Breda and explains the 831.6 million euros higher deposits from Bank Van Breda with central banks at year end 2023. The variations in the Cash position are commented in the Cash flow Statement (see Note 6.). The main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet. The roll forward of Equity is explained in Note \u201cStatement of changes in consolidated equity\u201d. Non-current liabilities have in total decreased by 112.7 million euros, this is a combined effect of different underlying evolutions of which the main variations are: \u2022 Provisions increased by 23.3 million euros. The main increase within \u201cMarine Engineering & Contracting\u201d is explained by additional provisions for negative equity of participations accounted for under the equity method. Other provisions within the consolidated accounts of CFE have increased by 13.0 million euros, but are largely compensated by a decrease of 13.5 million euros in provisions < 1 year. \u2022 Financial debts decreased by 166.2 million euros. DEME slightly improved its overall net financial debt position (by 8.3 million euros) compared to year end 2022. DEME\u2019s long term financial debts decreased by 137.4 million euros, its short term by 4.1 million euros, the balance being explained by a lower cash position. CFE\u2019s net financial debt position increased compared to last year by 44.4 million euros, including higher financial debts of 36.9 million euros long term and 34.4 million euros short term. Nextensa\u2019s net financial debt position increased by 65.3 million euros, including a 72.8 million euros higher long term financial debt. \u2022 Banks - deposits from clients > 1 year increased by 189.7 million euros. Current liabilities have increased with 1,082.1 million euros. The main variations are: \u2022 Short term financial debts increased by 148.0 million euros, mainly in \u201cReal Estate\u201d and to a lesser extent in \u201cMarine Engineering & Contracting\u201d. The origin of the variations are commented in the cash flow statement in Note 6.7. of this report. \u2022 Amounts due to customers under construction contracts and other amounts payable have increased by respectively 134.5 million euros and by 154.1 million euros, mainly explained by high activity levels in \u201cMarine Engineering & Contracting\u201d. \u2022 Banks - <1 year: short term deposits from clients increased by an impressive 747.9 million euros (+13%), while deposits from other banks and debt certificates have been reduced by 80.3 million euros.Note 6: Segment information \u2013 cash flow statement 2023 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Real Estate Growth between & Banking Resources 2023 Capital segments Contracting I. Cash and cash equivalents - opening balance 693,990 24,515 31,106 642 410,718 0 1,160,972 Profit (loss) from operating activities 275,603 115,831 50,072 -79 -13,966 669 428,130 Reclassification \u2018Profit (loss) on disposal of assets' -36,830 15,308 -2,074 0 -25,771 -49,367 to cash flow from divestments Dividends from participations accounted for 52,274 63,226 0 217 19,257 134,974 using the equity method Other non-operating income (expenses) 0 0 0 0 0 0 Income taxes (paid) -72,369 -32,848 -15,300 -95 -1,127 -121,739 Non-cash adjustments Depreciation 370,868 7,673 1,060 0 5,686 385,286 Impairment losses 18,342 914 -3 0 345 19,598 Share based payment 160 713 0 0 1,953 2,827 Profit (loss) on assets/liabilities designated at 0 0 7,689 0 15,690 23,379 fair value through profit and loss (Decrease) increase of provisions -6,518 -692 0 0 31 -7,179 Other non-cash expenses (income) 3,250 -1,285 -207 0 1,755 3,513 Cash flow 604,783 168,840 41,236 43 3,853 669 819,423 Decrease (increase) of working capital -62,784 -52,298 -35,194 43 -18,000 0 -168,234 Decrease (increase) of inventories and construction contracts 37,349 0 6,109 0 261 43,719 Decrease (increase) of amounts receivable -357,914 5,676 -10,786 65 -17,413 0 -380,371 Decrease (increase) of receivables from credit institutions 0 -878,853 0 0 0 -878,853 and clients (banks) Increase (decrease) of liabilities (other than financial debts) 264,103 13,290 -17,985 -6 -217 0 259,186 Increase (decrease) of debts to credit institutions, 0 774,564 0 0 0 774,564 clients & securities (banks) Decrease (increase) other -6,322 33,024 -12,531 -17 -632 13,520 Cash flow from operating activities 541,998 116,542 6,041 86 -14,148 669 651,189 Investments -543,415 -326,820 -74,821 -10,015 -61,512 0 -1,016,584 Acquisition of intangible and tangible assets -421,496 -4,696 -2,806 0 -4,991 -433,989 Acquisition of investment property 0 0 -72,015 0 0 -72,015 Acquisition of financial fixed assets (business combinations included) -81,263 0 0 -10,015 -54,000 -145,278 Cash acquired through business combinations 0 0 0 0 0 0 New loans granted -40,657 -597 0 0 -2,501 0 -43,756 Acquisition of investments 0 -321,527 0 0 -20 -321,547 Divestments 85,384 303,831 43,532 0 72,617 -9,604 495,760 Disposal of intangible and tangible assets 57,229 0 0 0 81 57,310 Disposal of investment property 0 0 43,532 0 0 43,532 Disposal of financial fixed assets (business disposals included) 8,830 0 0 0 62,920 71,750 Cash disposed of through business disposals 0 0 0 0 0 0 Reimbursements of loans 19,325 0 0 0 9,605 -9,604 19,326 Disposal of investments 0 303,831 0 0 12 303,843 Cash flow from investing activities -458,031 -22,989 -31,289 -10,015 11,105 -9,604 -520,824 Financial operations Dividends received 0 1,575 6,621 0 1,481 9,677 Interest received 20,472 902 4,459 0 13,830 -2,430 37,233 Interest paid -35,333 -1 -23,664 0 -1,187 2,430 -57,755 Other financial income (costs) -18,147 0 -1,749 -16 -567 -669 -21,148 Decrease (increase) of treasury shares - AvH 0 0 0 0 -58,945 -58,945 Decrease (increase) of treasury shares - affiliates -835 0 0 0 0 -835 Increase of financial debts 192,983 0 118,122 0 0 0 311,105 (Decrease) of financial debts -331,473 -3,104 -72,682 0 -4,069 9,604 -401,724 (Investments) and divestments in controlling interests 31,266 0 0 0 -13,052 18,214 Dividends paid by AvH 0 0 0 0 -102,511 -102,511 Dividends paid intra group -34,829 -82,300 -15,220 0 132,349 0 Dividends paid to minority interests -18,936 -5,801 -10,617 0 -138 -35,492 Cash flow from financial activities -194,831 -88,730 5,270 -16 -32,809 8,936 -302,180 II. Net increase (decrease) in cash and cash equivalents -110,864 4,824 -19,978 -9,945 -35,853 0 -171,816 Transfer between segments 0 0 0 10,015 -10,015 0 Impact of exchange rate changes on cash and cash equivalents 633 0 0 -23 44 654 III. Cash and cash equivalents - ending balance 583,759 29,339 11,129 689 364,894 0 989,810 Comments on the segment information - cash flow statement In 2023 AvH realised a cashflow of 819.4 million euros. This is 126.3 million euros (+18%) higher than in 2022. The main reconciling items are: i) A profit from operating activities of 428.1 million euros, which is 227.7 million euros lower than last year. ii) Within this profit from operating activities, capital gains on disposal of assets represent 49.4 million euros. In 2022 the profit from capital gains on disposal reached 377.8 million euros. In this cash flow statement, the capital gains on disposal of assets are reclassified to \u201cCash flow from investing activities. The profit from operating activities (excluding capital gains) 2023 exceeds that of 2022 by 101 million euros. iii) Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros). iv) As a bigger proportion of the profit was from operating activities (excluding capital gains), income taxes paid also increased (by 37.4 million euros). v) 25.7 million euros higher depreciation costs, especially at DEME as a result of the continued fleet expansion. vi) Impairment losses of 19.6 million euros in 2023 (with a 13.1 million euros impairment by DEME on its cutter dredger Al Jarraf), whereas this was a negative of 1.0 million euros last year. vii) The operating profit in 2023 included 23.4 million euros of negative fair value adjustments (that have no cash flow impact) compared to only 16.9 million euros last year. viii) The operating profit 2023 included 7.2 million euros release of provisions that have no cash flow impact, whereas 8.5 million euros extra provisions had been created in 2022. In comparison with the beginning of the year, the working capital need increased by 168.2 million euros. During 2022 working capital had been lowered, releasing cash. Because of these higher working capital requirements in 2023, cash flow from operating activities ended at 651.2 million euros, which is 65.4 million euros lower than last year. Although all segments of the AvH group required more working capital in 2023, this need was most outspoken in \u201cMarine Engineering & Contracting\u201d. At Bank Van Breda the strong growth (with 937.5 million euros) of deposits received from clients served to increase the cash deposited with central banks (+ 831.6 million euros) and the growth of the credit portfolio by 59.6 million euros. Its increased working capital need is therefore explained by the decrease in deposits received from credit institutions and of debt certificates. Investments in 2023 exceeded the 1 billion euros threshold. They increased from 954.1 million euros in 2022 to 1,016.6 million euros. After correction for the acquisition of 321.5 million euros of investments by Bank Van Breda within the context its ALM-management, this amount is reduced to a still impressive 695.1 million euros (2022 comparable: 674.0 million euros). 434.0 million euros was invested in intangible and tangible fixed assets, of which 398.9 million euros by DEME, 19.7 million euros by CFE and 4.7 million euros by Bank van Breda. Nextensa invested 72.0 million euros in its real estate portfolio, including 17.3 million euros in two new properties to be redeveloped. Investments in financial fixed assets reached 145.3 million euros. In \u201cMarine Engineering & Contracting\u201d, CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg. Several smaller transactions in the DEME Group led to a cash out of 8.2 million euros. AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments. New loans have been granted for an amount of 43.8 million euros: 19.6 million euros by DEME to several non-consolidated entities and 21.0 million euros by CFE primarily to finance real estate development companies. 495.8 million euros was generated by divestments. After correction for the sale by Bank Van Breda of 303.8 million euros investments as part of its ALM management, this amount is reduced to 191.9 million euros (comparable for 2022: 711.3 million euros including the proceeds from the sale of Anima and Manuchar). DEME generated 53.7 million euros cash from the sale of tangible fixed assets. Next to the sale of its offshore service vessel Groenewind, several other smaller units and equipment were sold. Nextensa divested in 2023 its Treesquare building. In 2023 the main divestments of financial fixed assets contributing to this cash generation were the sale by CFE of 50% in the project Chmielna in Poland, the sale by Deep C Holding of BStor to GreenStor and the sale for 55 million euros by AvH of its 50% stake in the Telemond Holding to its long-standing partner, the family Maas. Both CFE and AvH received reimbursement of shareholder loans from Deep C Holding, following the successful capital increase at its affiliate Infra Asia Investment and for a smaller amount from Green Offshore. These cashflows are all eliminated in the consolidated accounts. The remaining amounts concern mainly reimbursements by real estate development companies at CFE and by non-consolidated companies at DEME. The net flow from investments/divestments was in 2023 a cash outflow of 520.8 million euros. After correction for the ALM investments/divestments of Bank Van Breda this amount reached 503.1 million euros. Cash flow from financial activities was 302.2 million euros negative in 2023 (2022: -444.2 million euros). Dividends received from non-consolidated participations are mainly related to the Retail Estates dividend received by Nextensa. Despite the increase of market interest rates in 2023, the impact on the AvH group remained limited. Net interest charges paid amounted to 20.5 million euros, almost equal to 2022 (20,6 million euros). Other financial income (charges) caused a cash out of 21.1 million euros. They include a.o. negative exchange results. In 2023 AvH finished its 70 million euros buyback programme and held 791.366 treasury shares at year end 2023. During 2023 the AvH group companies have reimbursed 356.1 million euros of financial debts and taken up new debt for 311.1 million euros. This resulted in a net reduction of 45.0 million euros, with however different evolutions through the portfolio. While DEME reduced its financial debt by 154.1 million euros, it increased at CFE (+58.3 million euros) and Nextensa (+45.3 million euros). The cash out relating to the IFRS 16 leases amounted to -45.6 million euros (2022: -42.6 million euros). Transactions in controlling interests generated net cash proceeds of 18.2 million euros, thanks to the capital increase of DEME\u2019s affiliate GSR by Transocean and of Infra Asia Investments (a Deep C Holding affiliate) by RG International. AvH spent 14.2 million euros in the increase of its participation in Nextensa. AvH distributed 102.5 million euros of dividends to its shareholders, 11.4 million euros more than the year before. Dividends distributed by group companies (DEME, CFE, Bank Van Breda, Nextensa and Agidens) to external shareholders resulted in a cash out of 35.5 million euros, an increase by 19.3 million euros compared to 2022. Evolution of the financial debts (cash & non-cash) (\u20ac 1,000) Financial debts at 31-12-2022 2,034,489 Movements in the Cashflow statement (Cash flow from financial activities) Increase of financial debts 311,105 (Decrease) of financial debts -401,724 Non-cash movements - Changes in consolidation scope - acquisitions 0 - Changes in consolidation scope - divestments 0 - IFRS 16 Leases - tangible assets 72,638 - IFRS 16 Leases - investment property 0 - Impact of exchange rates -182 - Others 0 Financial debts at 31-12-2023 2,016,326 (1)Evolution of the cash position of the AvH group 2019 \u2013 2023 \u20ac Millions 2023 2022 2021 2020 2019 Treasury shares (2) 120.7 55.7 46.0 39.6 40.8 Other investments - Portfolio shares 44.9 41.3 48.2 51.2 55.7 - Term deposits 278.8 361.1 6.0 0.0 155.9 Cash 73.1 40.7 20.3 8.1 27.0 Financial debts (commercial paper) 0.0 0.0 -42.7 -31.0 -12.0 Net cash position 517.5 498.7 77.7 68.0 267.4 (1) Includes treasury shares, the cash and financial debts to credit institutions and to financial markets of the consolidated subholdings recorded in the segment \u2018AvH & Growth Capital\u2019 and the cash of FinAx/Finaxis. To the extent that the treasury shares are held in portfolio to cover outstanding option obligations, the value of the treasury shares is matched to those obligations. (2) According to IFRS, treasury shares are booked at cost and deducted from consolidated equity (we refer to Statement of changes in consolidated equity). At the end of 2023, AvH had a net cash position of 517.5 million euros, compared to 498.7 million euros at the end of 2022. This position includes an amount of 120.7 million euros of treasury shares. 339,600 treasury shares are held as cover for outstanding option obligations and are valued at the lower of the market price or the exercise price of the corresponding options. All other treasury shares are included at market value. The remaining 396.8 million euros consist of cash, term deposits and a 44.9 million euros portfolio of listed investments at the level of AvH. At year-end 2023, AvH & subholdings had no financial debt outstanding. On December 31, 2023 AvH owned in total 791,366 treasury shares (2.36% of the share capital): \u2022 351,839 of these treasury shares are held to cover options in the framework of AvH\u2019s stock option plan. \u2022 31,113 treasury shares are held as a result of the transactions initiated by Kepler Cheuvreux in pursuance of the liquidity agreement. Over 2023, 471,490 AvH shares were purchased and 443,883 were sold. These transactions are initiated entirely autonomously by Kepler Cheuvreux, but as they take place on behalf of AvH, the net purchase of AvH shares has an impact on AvH\u2019s equity. \u2022 408,414 treasury shares resulting from the share buyback programme of 70 million euros that has been completely executed. \u2022 The board of directors has decided to proceed to the cancellation of 335,653 treasury shares (approx. 1% of the outstanding shares). Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655Note 6: Segment information \u2013 cash flow statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting I. Cash and cash equivalents - opening balance 726,526 45,362 73,327 576 37,938 0 883,730 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Reclassification \u2018Profit (loss) on disposal of assets' -17,569 2,559 -28,346 0 -334,433 -377,790 to cash flow from divestments Dividends from participations accounted for 24,826 80,145 0 207 17,068 122,246 using the equity method Other non-operating income (expenses) 0 0 0 0 0 0 Income taxes (paid) -55,636 -22,226 -6,073 -50 -394 -84,378 Non-cash adjustments Depreciation 346,405 7,116 1,140 0 4,923 359,585 Impairment losses -2,388 965 409 0 0 -1,014 Share based payment 0 -7,211 0 0 1,377 -5,834 Profit (loss) on assets/liabilities designated at 0 0 24,017 0 -7,164 16,854 fair value through profit and loss (Decrease) increase of provisions 4,597 -3,406 -552 0 7,884 8,523 Other non-cash expenses (income) 1,084 -2,109 -233 0 307 -951 Cash flow 504,942 145,978 41,329 76 717 70 693,111 Decrease (increase) of working capital 50,840 -27,168 2,341 16 -1,755 -750 23,524 Decrease (increase) of inventories and construction contracts -31,884 0 14,134 0 -1,402 -19,152 Decrease (increase) of amounts receivable -110,092 -5,612 6,178 7 -5,913 2,500 -112,931 Decrease (increase) of receivables from credit institutions 0 172,598 0 0 0 172,598 and clients (banks) Increase (decrease) of liabilities (other than financial debts) 207,267 11,066 -7,866 8 6,159 -3,250 213,384 Increase (decrease) of debts to credit institutions, 0 -204,306 0 0 0 -204,306 clients & securities (banks) Decrease (increase) other -14,451 -914 -10,104 0 -600 -26,069 Cash flow from operating activities 555,782 118,810 43,670 91 -1,038 -680 716,635 Investments -568,506 -284,265 -44,841 -10,605 -65,482 19,569 -954,131 Acquisition of intangible and tangible assets -505,268 -3,591 -2,683 0 -2,989 -514,530 Acquisition of investment property 0 0 -42,157 0 0 -42,157 Acquisition of financial fixed assets (business combinations included) -24,484 0 0 -10,605 -24,851 -59,940 Cash acquired through business combinations 4,433 0 0 0 0 4,433 New loans granted -43,187 -529 0 0 -22,614 19,569 -46,762 Acquisition of investments 0 -280,146 0 0 -15,028 -295,174 Divestments 57,968 245,544 169,036 0 487,979 -3,704 956,824 Disposal of intangible and tangible assets 11,609 7 0 0 500 12,115 Disposal of investment property 0 0 169,036 0 0 169,036 Disposal of financial fixed assets (business disposals included) 20,452 0 0 0 468,256 488,707 Cash disposed of through business disposals -541 0 0 0 0 -541 Reimbursements of loans 26,449 0 0 0 3,710 -3,704 26,455 Disposal of investments 0 245,537 0 0 15,514 261,051 Cash flow from investing activities -510,538 -38,722 124,195 -10,605 422,497 15,865 2,693 Financial operations Dividends received 0 1,545 6,217 0 1,275 9,037 Interest received 12,302 17 3,392 0 3,345 -1,436 17,619 Interest paid -26,654 -71 -12,233 0 -653 1,436 -38,175 Other financial income (costs) -18,296 -7 -7,920 10 -484 -70 -26,767 Decrease (increase) of treasury shares - AvH 0 0 0 0 -8,550 -8,550 Decrease (increase) of treasury shares - affiliates -11,686 0 -3,974 0 0 -15,661 Increase of financial debts 523,535 0 75,888 0 16,503 -22,069 593,858 (Decrease) of financial debts -525,140 -2,895 -240,542 0 -62,861 6,954 -824,484 (Investments) and divestments in controlling interests -37,636 0 -6,067 0 -30 -43,733 Dividends paid by AvH 0 0 0 0 -91,085 -91,085 Dividends paid intra group -4,050 -94,000 -14,635 0 112,685 0 Dividends paid to minority interests -504 -5,525 -10,212 0 0 -16,241 Cash flow from financial activities -88,129 -100,935 -210,087 10 -29,856 -15,185 -444,181 II. Net increase (decrease) in cash and cash equivalents -42,884 -20,847 -42,221 -10,503 391,603 0 275,147 Transfer between segments 8,203 0 0 10,605 -18,808 Impact of exchange rate changes on cash and cash equivalents 2,145 0 0 -36 -15 2,095 III. Cash and cash equivalents - ending balance 693,990 24,515 31,106 642 410,718 0 1,160,972 Note 6: Segment information \u2013 assets 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting I. Non-current assets 3,631,135 6,119,539 1,465,500 341,798 445,377 -34,840 11,968,509 Intangible assets 115,515 396 1,118 0 620 117,649 Goodwill 173,980 134,247 0 0 11,727 319,953 Tangible assets 2,632,211 53,009 6,719 0 28,769 2,720,708 Land and buildings 181,802 45,625 0 0 19,355 246,782 Plant, machinery and equipment 2,176,503 1,720 1,698 0 3,266 2,183,188 Furniture and vehicles 38,826 5,014 730 0 4,726 49,296 Other tangible assets 4,116 449 4,291 0 454 9,310 Assets under construction 230,964 200 0 0 968 232,132 Investment property 0 0 1,278,716 0 0 1,278,716 Participations accounted for using the equity method 362,398 849,394 52,946 341,798 238,701 1,845,237 Non-current financial assets 175,440 2,579 91,692 0 163,331 -34,840 398,203 Financial assets : shares - Fair value through P/L (FVPL) 5,036 0 83,782 0 119,510 208,328 Receivables and warranties 170,404 2,579 7,910 0 43,821 -34,840 189,875 Non-current hedging instruments 40,076 86,120 32,715 0 0 158,911 Deferred tax assets 131,515 19,492 1,592 0 2,230 154,829 Banks - receivables from credit 0 4,974,302 0 0 0 4,974,302 institutions and clients after one year Banks - loans and receivables to clients 0 4,974,302 0 0 0 4,974,302 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 II. Current assets 2,344,767 2,517,309 294,878 711 490,204 -2,365 5,645,505 Inventories 290,062 0 98,257 0 1,392 389,711 Amounts due from customers under construction contracts 445,465 0 83,186 0 3,638 532,289 Investments 2 503,171 0 0 41,325 544,498 Financial assets : shares - Fair value through P/L (FVPL) 2 0 0 0 41,325 41,328 Financial assets : bonds - Fair value through OCI (FVOCI) 0 502,908 0 0 0 502,908 Financial assets : shares - Fair value through OCI (FVOCI) 0 263 0 0 0 263 Financial assets - at amortised cost 0 0 0 0 0 0 Current hedging instruments 22,228 2,131 0 0 0 24,359 Amounts receivable within one year 739,242 11,279 68,220 68 29,538 -1,262 847,085 Trade debtors 683,217 48 15,371 0 21,841 -1,262 719,214 Other receivables 56,026 11,231 52,849 68 7,698 0 127,871 Current tax receivables 25,548 0 11,333 0 499 37,379 Banks - receivables from credit 0 1,965,939 0 0 0 1,965,939 institutions and clients within one year Banks - loans and advances to banks 0 110,836 0 0 0 110,836 Banks - loans and receivables to clients 0 1,214,188 0 0 0 1,214,188 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 Banks - cash balances with central banks 0 640,916 0 0 0 640,916 Cash and cash equivalents 693,990 24,515 31,106 642 410,718 1,160,972 Deferred charges, accrued income and other current assets 128,230 10,274 2,774 0 3,094 -1,103 143,270 III. Assets held for sale 31,997 0 0 0 30,507 62,504 Total assets 6,007,899 8,636,848 1,760,377 342,509 966,089 -37,205 17,676,517 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total Segment information - pro forma turnover & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Turnover EU member states 2,793,622 538,551 135,999 56,860 730,256 -1,966 4,253,323 Other European countries 363,593 78,461 0 34,582 63,182 539,818 Rest of the world 722,758 0 0 146,138 13,327 882,223 Total 3,879,973 617,012 135,999 237,580 806,766 -1,966 5,675,363 The pro forma turnover comprises the turnover of all participations held by the AvH group, and therefore deviates from the turnover as reported in the legal IFRS consolidation drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally. Note 6: Segment information \u2013 equity and liabilities 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting I. Total equity 2,275,511 1,639,351 841,492 342,495 903,607 6,002,456 Shareholders\u2019 equity - group share 1,414,303 1,497,979 482,890 342,495 895,966 4,633,633 Issued capital 0 0 0 0 113,907 113,907 Share capital 0 0 0 0 2,295 2,295 Share premium 0 0 0 0 111,612 111,612 Consolidated reserves 1,388,917 1,533,242 479,175 317,111 829,477 4,547,922 Revaluation reserves 25,386 -35,263 3,715 25,383 -6,821 12,401 Financial assets : bonds - Fair value through OCI (FVOCI) 0 -32,964 0 0 0 -32,964 Financial assets : shares - Fair value through OCI (FVOCI) 0 129 0 0 0 129 Hedging reserves 56,043 0 3,549 342 4 59,938 Actuarial gains (losses) defined benefit pension plans -22,531 -3,866 0 -1,571 4,593 -23,375 Translation differences -8,127 1,438 166 26,612 -11,417 8,673 Treasury shares (-) 0 0 0 0 -40,597 -40,597 Minority interests 861,208 141,372 358,602 0 7,641 1,368,824 II. Non-current liabilities 1,337,753 896,493 693,493 0 23,242 -34,840 2,916,141 Provisions 77,330 4,471 1,822 0 11,413 95,036 Pension liabilities 69,049 7,485 0 0 421 76,955 Deferred tax liabilities 94,174 0 56,716 0 745 151,635 Financial debts 1,016,861 4,854 634,932 0 10,026 -34,840 1,631,833 Bank loans 834,277 0 491,538 0 7,360 1,333,174 Bonds 0 0 139,348 0 0 139,348 Subordinated loans 677 0 0 0 0 677 Lease debts 102,413 4,854 2,247 0 2,666 112,180 Other financial debts 79,494 0 1,800 0 0 -34,840 46,453 Non-current hedging instruments 53,661 208 23 0 0 53,892 Other amounts payable 26,678 14,405 0 0 638 41,721 Banks - debts to credit institutions, clients & securities 0 865,069 0 0 0 865,069 Banks - deposits from credit institutions 0 0 0 0 0 0 Banks - deposits from clients 0 736,385 0 0 0 736,385 Banks - debt certificates including bonds 0 40,003 0 0 0 40,003 Banks - changes in fair value of the hedged credit portfolio 0 88,681 0 0 0 88,681 III. Current liabilities 2,394,634 6,101,004 225,393 14 39,239 -2,365 8,757,920 Provisions 33,536 22 1,158 0 516 35,232 Pension liabilities 0 248 0 0 0 248 Financial debts 278,640 2,613 117,668 0 3,735 0 402,656 Bank loans 234,133 0 44,500 0 2,078 280,710 Bonds 0 0 0 0 0 0 Subordinated loans 0 0 0 0 0 0 Lease debts 35,507 2,613 0 0 1,658 39,778 Other financial debts 9,000 0 73,168 0 0 0 82,168 Current hedging instruments 31,702 191 0 0 0 31,893 Amounts due to customers under construction contracts 516,780 0 0 0 9,569 526,349 Other amounts payable within one year 1,419,762 32,313 54,951 11 24,003 -1,262 1,529,778 Trade payables 1,093,327 55 34,841 11 9,269 -1,262 1,136,241 Advances received 72,539 0 0 0 0 72,539 Amounts payable regarding remuneration and social security 176,460 15,824 5,540 0 12,784 210,608 Other amounts payable 77,437 16,434 14,570 0 1,950 110,391 Current tax payables 82,847 0 14,771 3 510 98,131 Banks - debts to credit institutions, clients & securities 0 6,059,308 0 0 0 6,059,308 Banks - deposits from credit institutions 0 116,379 0 0 0 116,379 Banks - deposits from clients 0 5,817,110 0 0 0 5,817,110 Banks - debt certificates including bonds 0 124,766 0 0 0 124,766 Banks - changes in fair value of the hedged credit portfolio 0 1,052 0 0 0 1,052 Accrued charges and deferred income 31,367 6,310 36,846 0 906 -1,103 74,326 IV. Liabilities held for sale 0 0 0 0 0 0 Total equity and liabilities 6,007,899 8,636,848 1,760,377 342,509 966,089 -37,205 17,676,517",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
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"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__83-1": {
"value": "Note 6: Segment information \u2013 income statement 2023 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Total Real Estate Growth between & Banking Resources 2023 Capital segments Contracting Revenue 4,653,743 346,559 127,883 41 95,358 -2,031 5,221,553 Rendering of services 0 0 0 0 1,971 -1,945 26 Real estate revenue 157,696 0 126,405 0 0 284,101 Interest income - banking activities 0 233,068 0 0 0 233,068 Fees and commissions - banking activities 0 106,367 0 0 0 106,367 Revenue from construction contracts 4,419,090 0 0 0 89,557 -87 4,508,561 Other operating revenue 76,957 7,125 1,478 41 3,830 0 89,431 Operating expenses (-) -4,414,970 -215,420 -72,196 -120 -119,405 2,700 -4,819,411 Raw materials, consumables, services and subcontracted work (-) -3,175,930 -32,531 -65,444 -120 -66,950 2,700 -3,338,275 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -92,370 0 0 0 -92,370 Employee expenses (-) -825,173 -68,148 -5,651 0 -45,779 -944,751 Depreciation (-) -370,868 -7,673 -1,060 0 -5,686 -385,286 Impairment losses (-) -18,342 -872 3 0 -345 -19,556 Other operating expenses (-) -27,543 -13,933 -44 0 -615 0 -42,136 Provisions 2,888 106 0 0 -31 2,964 Profit (loss) on assets/liabilities 0 0 -7,689 0 -15,690 0 -23,379 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 3,513 0 -15,690 -12,177 Investment property 0 0 -11,202 0 0 -11,202 Profit (loss) on disposal of assets 36,830 -15,308 2,074 0 25,771 0 49,367 Realised gain (loss) on intangible and tangible assets 19,472 0 0 0 61 19,534 Realised gain (loss) on investment property 0 0 2,074 0 0 2,074 Realised gain (loss) on financial fixed assets 17,357 0 0 0 25,710 43,067 Realised gain (loss) on other assets 0 -15,308 0 0 0 -15,308 Profit (loss) from operating activities 275,603 115,831 50,072 -79 -13,966 669 428,130 Financial result -31,026 1,566 -24,972 -16 13,193 -669 -41,924 Interest income 20,198 902 4,459 0 13,830 -2,430 36,959 Interest expenses (-) -36,121 -1 -23,664 0 -1,187 2,430 -58,544 (Un)realised foreign currency results -10,843 0 0 -16 -358 -11,217 Other financial income (expenses) -4,261 125 4,873 0 908 -669 976 Derivative financial instruments designated at fair value 0 541 -10,639 0 0 -10,098 through profit and loss Share of profit (loss) from equity accounted investments 23,288 141,349 9,599 25,612 23,531 223,378 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 267,865 258,746 34,699 25,516 22,758 0 609,585 Income taxes -58,717 -33,480 -9,529 -95 -663 0 -102,483 Deferred taxes 6,761 -632 5,771 0 464 12,365 Current taxes -65,478 -32,848 -15,300 -95 -1,127 -114,848 Profit (loss) after tax from continuing operations 209,148 225,266 25,170 25,421 22,095 0 507,101 Profit (loss) after tax from discontinued operations 0 0 0 0 0 0 Profit (loss) of the period 209,148 225,266 25,170 25,421 22,095 0 507,101 Minority interests 80,646 16,543 9,588 780 350 107,908 Share of the group 128,503 208,723 15,582 24,641 21,745 399,194 Comments on the segment information - income statement Compared to last year, AvH\u2019s consolidation scope has remained largely unchanged. Early 2023 AvH sold its 50%-stake in Telemond Holding, but as that company was equity accounted for, this doesn\u2019t affect comparability of the figures in a significant way. And as the result of the disinvestment of Anima in Q3 2022, the latter had already been transferred to \u201cdiscontinued\u201d in the 2022 financial statements. Therefore, the comparability of the income statement 2023 with the one of last year is not meaningfully complicated by perimeter changes. Consolidated revenues increased by 820.1 million euros (+19%). The major part of this extra turnover is explained by the strong growth at DEME (+630.7 million euros) surpassing the 3 billion euros turnover threshold for the first time. The very strong commercial performances at Bank Van Breda explain the growth in fees and commission income by 6%, while interest income roughly doubled thanks to the general rise in interest rates compared to last year. As the latter also affected Bank Van Breda\u2019s interest charges, its net interest margin grew by a very impressive 48%. While CFE\u2019s real estate development turnover increased by 85%, its other activities (contracting, multitechnics) remained stable (+1%). Indexation and improved occupancy resulted in a like-for-like growth of 12% of Nextensa\u2019s rental income (+5% year on year), while sales revenues from its development projects decreased by 14.2 million euros (-22%). Both Agidens and Biolectric, the two participations fully consolidated within \u201cAvH Growth Capital\u201d, realized strong turnover growth. The 820.1 million euros higher revenues required 711.3 million euros higher operating expenses (+17%). Costs of raw materials, services and subcontracting were up year on year by 17%, personnel charges with 15% and depreciation by 7%. The major part of the higher depreciation charges comes from DEME, as a result of the further expansion of the fleet with a new cable laying vessel Yellowstone and the effect of offshore installation vessel Orion being depreciated for a full year in 2023. DEME impaired its idle cutter suction dredger Al Jarraf for an amount of 13.1 million euros. Fair value adjustments recorded through P&L had a total negative impact of 23.4 million euros in 2023. This is 6.5 million euros more negative than last year. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa, a net negative evolution of 11.2 million euros in the fair value of Nextensa\u2019s investment portfolio and a negative evolution amounting to 15.7 million euros on AvH\u2019s non-consolidated Growth Capital participations and on its treasury portfolio. Disposal of assets contributed 49.4 million euros to the profit in 2023. DEME realized in total 18.6 million euros capital gains on disposal of assets, including 13.0 million euros on the sale of its offshore service operation vessel Groenewind. CFE realized 17.4 million euros profit on the disposal of subsidiaries and development companies, including 50% of its Polish project Chmielna to Compagnie du Bois Sauvage. Rebalancing by Bank Van Breda of its bond portfolio led to a loss of 15.3 million euros. As a result of the lower activity in the institutional real estate market, Nextensa only sold its \u201cTreesquare\u201d office building in Brussels in April 2023. The sale by AvH of its 50% stake in the Polish Telemond Group resulted in a capital gain of 19.1 million euros at the level of AvH and an extra profit (earn out) of 6.1 million euros was recognized on the disposal (in 2017) of AvH\u2019s participation in Ogeda. The global financial result was 41.9 million euros negative. Net interest expenses however, came in only 1.8 million euros more negative than in 2022, as some group companies benefited from the higher market interest rates, while others incurred higher borrowing costs. The main variation explaining the 31.8 million euros additional negative financial result is at the level of the fair value adjustments of hedging instruments at Nextensa: while this had a negative effect of 10.6 million euros in 2023, it had been a positive of 27.7 million euros the year before. The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH\u2019s share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. The full list of companies included in this category can be found in note 6. Segment reporting. Income taxes represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a post-tax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros). Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__89": {
"value": "Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__88": {
"value": "Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__87": {
"value": "Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__86": {
"value": "Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__85": {
"value": "Note 6: Segment information \u2013 income statement 2022 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine Real Estate AvH & Eliminations Engineering Private Energy & Total & Senior Growth between & Banking Resources 2022 Care Capital segments Contracting Revenue 3,965,083 217,522 145,138 25 75,704 -2,053 4,401,419 Rendering of services 0 0 0 0 2,008 -1,966 42 Real estate revenue 85,392 0 135,999 0 0 221,392 Interest income - banking activities 0 115,243 0 0 0 115,243 Fees and commissions - banking activities 0 100,051 0 0 0 100,051 Revenue from construction contracts 3,793,646 0 0 0 71,330 -87 3,864,890 Other operating revenue 86,044 2,229 9,139 25 2,366 0 99,802 Operating expenses (-) -3,780,641 -124,820 -98,500 -106 -106,152 2,123 -4,108,096 Raw materials, consumables, services and subcontracted work (-) -2,690,244 -27,755 -81,129 -106 -52,260 2,123 -2,849,372 Interest expenses Bank J.Van Breda & C\u00b0 (-) 0 -20,047 0 0 0 -20,047 Employee expenses (-) -712,607 -58,161 -9,204 0 -40,310 -820,282 Depreciation (-) -346,405 -7,116 -1,140 0 -4,923 -359,585 Impairment losses (-) 2,388 -925 -409 0 0 1,053 Other operating expenses (-) -29,818 -13,693 -7,170 0 -774 0 -51,455 Provisions -3,955 2,878 552 0 -7,884 -8,408 Profit (loss) on assets/liabilities 0 0 -24,017 0 7,164 0 -16,854 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -12,397 0 7,164 -5,234 Investment property 0 0 -11,620 0 0 -11,620 Profit (loss) on disposal of assets 19,181 -2,559 28,346 0 334,433 0 379,402 Realised gain (loss) on intangible and tangible assets 9,433 0 0 0 59 9,491 Realised gain (loss) on investment property 0 0 28,346 0 0 28,346 Realised gain (loss) on financial fixed assets 9,749 0 0 0 334,117 343,866 Realised gain (loss) on other assets 0 -2,559 0 0 257 -2,301 Profit (loss) from operating activities 203,623 90,144 50,966 -81 311,149 70 655,871 Financial result -31,909 -1,578 19,226 10 4,165 -70 -10,156 Interest income 12,302 17 3,392 0 3,345 -1,436 17,619 Interest expenses (-) -25,914 0 -12,233 0 -653 1,436 -37,365 (Un)realised foreign currency results -9,947 0 0 11 716 -9,219 Other financial income (expenses) -8,350 218 331 0 757 -70 -7,114 Derivative financial instruments designated at fair value 0 -1,814 27,737 0 0 25,923 through profit and loss Share of profit (loss) from equity accounted investments 25,430 126,491 17,417 35,464 39,072 243,874 Other non-operating income 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 Profit (loss) before tax 197,144 215,056 87,610 35,393 354,386 0 889,590 Income taxes -44,236 -21,723 -15,621 -50 -449 0 -82,078 Deferred taxes 12,349 503 -9,548 0 -54 3,250 Current taxes -56,585 -22,226 -6,073 -50 -394 -85,328 Profit (loss) after tax from continuing operations 152,908 193,334 71,989 35,343 353,937 0 807,512 Profit (loss) after tax from discontinued operations 0 0 3,050 0 0 3,050 Profit (loss) of the period 152,908 193,334 75,040 35,343 353,937 0 810,562 Minority interests 58,343 13,199 29,702 1,020 -357 101,907 Share of the group 94,565 180,135 45,338 34,323 354,295 708,655",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__95-1": {
"value": "Note 7: Intangible assets Concessions, Other Development Advance (\u20ac 1,000) patents & Goodwill Software intangible Total costs payments licences assets Movements in intangible assets - financial year 2022 Intangible assets, opening balance 78 23,085 29,814 2,603 93,155 657 149,391 Gross amount 5,264 49,179 29,814 26,171 103,966 657 215,051 Cumulative depreciation & impairment (-) -5,186 -26,095 0 -23,568 -10,811 0 -65,660 Investments 2,242 594 0 1,778 83 146 4,843 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 0 0 0 0 0 0 Disposals through business disposals (-) 0 -696 -29,814 -222 -1,212 0 -31,945 Depreciations & Impairments (-) -108 -3,451 0 -1,091 -1,183 0 -5,833 Foreign currency exchange increase (decrease) 0 0 0 0 247 0 248 Transfer from (to) other items -37 0 0 110 1,411 -539 945 Other increase (decrease) 0 0 0 0 0 0 0 Intangible assets, ending balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Movements in intangible assets - financial year 2023 Intangible assets, opening balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Investments 3,110 302 0 1,502 194 1,807 6,915 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 -32 0 -205 -32 0 -269 Disposals through business disposals (-) 0 0 0 0 0 0 0 Depreciations & Impairments (-) -509 -3,279 0 -1,448 -1,281 0 -6,518 Foreign currency exchange increase (decrease) 0 0 0 0 -130 0 -131 Transfer from (to) other items 0 4 0 1,153 0 0 1,158 Other increase (decrease) 0 0 0 0 0 2 2 Intangible assets, ending balance 4,775 16,527 0 4,181 91,251 2,073 118,806 Gross amount 9,903 36,847 0 28,865 102,184 2,073 179,872 Cumulative depreciation & impairment (-) -5,128 -20,320 0 -24,684 -10,934 0 -61,066 Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.Note 9: Tangible assets Assets under Land and Plant, machinery Furniture and Other tangible construction & (\u20ac 1,000) Total 2022 buildings and equipment vehicles assets advance payments I. Movements in tangible assets - financial year 2022 Tangible assets, opening balance 426,584 1,944,209 55,051 7,009 329,992 2,762,846 Gross amount 624,902 4,504,531 158,421 18,604 329,992 5,636,450 Cumulative depreciation & impairment (-) -198,318 -2,560,322 -103,370 -11,595 0 -2,873,604 Impact IFRS changes 0 0 0 0 0 0 Investments 41,065 178,776 23,856 1,294 324,441 569,431 Additions through business combinations 0 0 0 0 0 0 Changes in scope 212 0 60 1 0 272 Disposals (-) -4,791 -3,367 -1,686 -6 -281 -10,131 Disposals through business disposals (-) -188,391 -3,216 -3,768 -1,935 -12,629 -209,939 Depreciation & impairment (-) -28,463 -299,912 -24,533 -1,279 0 -354,187 Foreign currency exchange increase (decrease) -100 -333 55 1 219 -158 Transfer from (to) other items 3,086 367,030 80 4,226 -409,452 -35,030 Other increase (decrease) -2,421 0 182 0 -158 -2,397 Tangible assets, ending balance 246,782 2,183,188 49,296 9,310 232,132 2,720,708 Gross amount 410,286 4,932,722 150,486 17,405 232,132 5,743,032 Cumulative depreciation & impairment (-) -163,504 -2,749,534 -101,191 -8,095 0 -3,022,324 II. Other information Leases Net carrying amount of tangible assets under lease 92,710 17,969 37,495 148,174 Tangible assets acquired under lease 23,887 18,044 17,927 59,857 Assets under Land and Plant, machinery Furniture and Other tangible construction & (\u20ac 1,000) Total 2023 buildings and equipment vehicles assets advance payments I. Movements in tangible assets - financial year 2023 Tangible assets, opening balance 246,782 2,183,188 49,296 9,310 232,132 2,720,708 Gross amount 410,286 4,932,722 150,486 17,405 232,132 5,743,032 Cumulative depreciation & impairment (-) -163,504 -2,749,534 -101,191 -8,095 0 -3,022,324 Impact IFRS changes 0 0 0 0 0 0 Investments 46,720 218,305 42,657 3,522 281,879 593,083 Additions through business combinations 0 0 0 0 0 0 Changes in scope 0 0 0 0 0 0 Disposals (-) -1,555 -4,711 -1,869 0 -148 -8,283 Disposals through business disposals (-) 0 0 0 0 0 0 Depreciation & impairment (-) -31,249 -333,316 -26,347 -1,000 0 -391,912 Foreign currency exchange increase (decrease) -488 -1,747 -431 -9 -140 -2,815 Transfer from (to) other items 19,144 179,419 2,425 -70 -202,286 -1,369 Other increase (decrease) 0 0 0 0 0 0 Tangible assets, ending balance 279,354 2,241,138 65,730 11,753 311,437 2,909,412 Gross amount 460,170 5,240,786 173,629 20,767 311,437 6,206,789 Cumulative depreciation & impairment (-) -180,816 -2,999,648 -107,899 -9,014 0 -3,297,377 II. Other information Leases Net carrying amount of tangible assets under lease 111,205 12,594 48,844 172,643 Tangible assets acquired under lease 39,995 6,411 30,717 77,122 Tangible fixed assets have increased with 188.7 million euros (+7%) to 2,909,4 million euros at year-end 2023. Of this figure, DEME accounts for 93%, its main assets being its fleet. In addition, this balance sheet item includes the offices, machinery and vehicle fleets of CFE, Bank Van Breda, Deep C Holding, Nextensa, Agidens, Biolectric and AvH. In 2023 DEME welcomed a new cable laying vessel Viking Neptune and an ultra-deepwater drilling vessel Olympia in its fleet. It is converting a former bulk carrier into a new stone dumping vessel Yelllowstone and upgrading the Sea Installer. In the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea harvesting) through the contribution of an ultra-deepwater drilling vessel and a cash investment. The \u2018Ocean Rig Olympia\u2019 is included within the additions and net book value of \u2018assets under construction\u2019 but the addition of the year is considered as a non-cash item. In addition to the above contribution in kind of the \u2018Ocean Rig Olympia\u2019, the additions within \u2018assets under construction\u2019 mainly include the amounts invested in 2023 in the \u2018Yellowstone\u2019, in the \u2018Viking Neptun\u2019, in some additional modifications for the \u2018Orion\u2019, in a new offshore service vessel and in a new office building. As of 31 December 2023, the \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to \u2018Property, plant and equipment\u2019 and \u2018land and buildings\u2019. The investments aimed at transitioning the DEME campus into a sustainable and energy-neutral head office have been incorporated into the net book value of \u2018land and buildings\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 392 million euros in total compared to 354 million euros in 2022. The higher level of depreciation charges in 2023 is attributed primarily to investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also includes a 13 million euros impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels. A workshop in Zeebrugge, included within \u2018land and buildings\u2019 and with a net book value of 1.6 million euro, was transferred to \u2018assets held for sale\u2019 (Note 5). At 31 December 2023, DEME made commitments for investments in coming years for 37.5 million euros, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for an offshore service vessel. AvH\u2019s group companies have a significant potential to make a positive impact on climate change. AvH\u2019s strong EU Taxonomy alignment underscores its positive impact. The AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already \u2018aligned\u2019 with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future. DEME\u2019s activities in offshore wind are considered both eligible and largely aligned. Rail infrastructure projects were screened as well. DEME\u2019s eligible activities expanded in 2023 to also include parts of its environmental activities. CFE\u2019s eligible activities primarily relate to construction and renovation, electrical installation, rail infrastructure and real estate development. The aligned turnover mainly relates to BPI\u2019s project development and CFE\u2019s construction projects. Nextensa\u2019s eligible activities are primarily related to real estate development and the letting of real estate from its own investment portfolio. 2. Lessee (\u20ac 1,000) 2023 2022 Assets Tangible assets 172,643 148,174 Land and buildings 111,205 92,710 Plant, machinery and equipment 12,594 17,969 Furniture and vehicles 48,844 37,495 Investment property 2,284 2,309 Total - Assets 174,927 150,483 Liabilities Equity - group share -2,097 -1,476 Financial debts 177,024 151,959 Non-current lease debts 133,969 112,180 Current lease debts 43,055 39,778 Total - Liabilities 174,927 150,483 As a result of the application of IFRS 16 Leases, the group recognized on December 31, 2023 a right-of-use asset of 174.9 million euros and a lease obligation of 177.0 million euros, of which 92% is attributable to DEME and CFE. The increase on assets of 24 million euros is mainly explained by investments (77 million euros) on the one hand and depreciation expense (49 million euros) and divestments (3 million euros) on the other. We refer to: \u2022 Acquisitions of right-of-use assets during 2023 amounted to 77.1 million euros (Note 9 Tangible assets). \u2022 Cashflow statement (Note 6. Segment information). There are no material leases concluded at reporting date that did not commence as of December 31, 2023. The amount of renewal options and termination options not reflected in the lease liabilities is immaterial. (\u20ac 1,000) 2023 2022 Income statement Reversal of rental charges 48,614 44,588 Depreciation -46,269 -43,995 Interest expenses -2,971 -2,036 The depreciation cost primarily relates to land and buildings. The expenses related to short-term lease contracts and low value lease contracts are considered immaterial. There are no expenses incurred which relate to variable lease payments. Income derived from sub-leasing right-of-use assets is considered immaterial. ",
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"s8_notes__6__94-1": {
"value": "Note 7: Intangible assets Concessions, Other Development Advance (\u20ac 1,000) patents & Goodwill Software intangible Total costs payments licences assets Movements in intangible assets - financial year 2022 Intangible assets, opening balance 78 23,085 29,814 2,603 93,155 657 149,391 Gross amount 5,264 49,179 29,814 26,171 103,966 657 215,051 Cumulative depreciation & impairment (-) -5,186 -26,095 0 -23,568 -10,811 0 -65,660 Investments 2,242 594 0 1,778 83 146 4,843 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 0 0 0 0 0 0 Disposals through business disposals (-) 0 -696 -29,814 -222 -1,212 0 -31,945 Depreciations & Impairments (-) -108 -3,451 0 -1,091 -1,183 0 -5,833 Foreign currency exchange increase (decrease) 0 0 0 0 247 0 248 Transfer from (to) other items -37 0 0 110 1,411 -539 945 Other increase (decrease) 0 0 0 0 0 0 0 Intangible assets, ending balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Movements in intangible assets - financial year 2023 Intangible assets, opening balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Investments 3,110 302 0 1,502 194 1,807 6,915 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 -32 0 -205 -32 0 -269 Disposals through business disposals (-) 0 0 0 0 0 0 0 Depreciations & Impairments (-) -509 -3,279 0 -1,448 -1,281 0 -6,518 Foreign currency exchange increase (decrease) 0 0 0 0 -130 0 -131 Transfer from (to) other items 0 4 0 1,153 0 0 1,158 Other increase (decrease) 0 0 0 0 0 2 2 Intangible assets, ending balance 4,775 16,527 0 4,181 91,251 2,073 118,806 Gross amount 9,903 36,847 0 28,865 102,184 2,073 179,872 Cumulative depreciation & impairment (-) -5,128 -20,320 0 -24,684 -10,934 0 -61,066 Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.Note 8: Goodwill (\u20ac 1,000) 2023 2022 Movements in goodwill Goodwill, opening balance 319,953 327,829 Gross amount - fully consolidated participations 341,531 351,785 Cumulative impairment losses - fully consolidated participations (-) -21,578 -23,956 Additions through business combinations 0 0 Disposals through business disposals (-) 0 -7,404 Impairments through profit and loss (-) 0 -432 Other increase (decrease) 170 -39 Goodwill, ending balance 320,123 319,953 Gross amount - fully consolidated participations 338,845 341,531 Cumulative impairment losses - fully consolidated participations (-) -18,722 -21,578 (\u20ac 1,000) 2023 2022 Goodwill per segment Marine Engineering & Contracting 174,150 173,980 Goodwill of AvH on DEME 140,764 140,764 Goodwill of DEME on its subsidiaries 13,028 13,028 Goodwill of CFE on its subsidiaries 23,894 23,723 Intercompany eliminations -3,536 -3,536 Private Banking 134,247 134,247 Goodwill of AvH on FinAx 134,247 134,247 Real Estate 0 0 Energy & Resources 0 0 AvH & Growth Capital 11,727 11,727 Goodwill of Biolectric Group on its subsidiaries 11,727 11,727 Total 320,123 319,953 (\u20ac 1,000) Goodwill 2023 Goodwill 2022 Goodwill of AvH on DEME 140,764 140,764 Goodwill of AvH on FinAx 134,247 134,247 Goodwill has remained largely unchanged compared to previous year. The goodwill is mainly attributable to FinAx, DEME (following the acquisition of control at year-end 2013), Biolectric Group and to the subsidiaries held by DEME and CFE. It should be pointed out that this does not include the goodwill (clients) of 226.8 million euros in the consolidated balance sheet of Delen Private Bank, as Delen Private Bank is recognized according to the equity method. This goodwill mainly results from the acquisition of Capital & Finance in 2007, JM Finn in 2011, and to a limited extent Oyens & Van Eeghen (end of 2015), Nobel (end of 2019) and Groenstate (2023). AvH subjects the goodwill on its balance sheet to an impairment test in case of impairment indications and at least annually. This means the goodwill that is reported as such in the consolidated balance sheet under the item \u2018Goodwill\u2019, as well as the goodwill that is contained in the item \u2018Participations accounted for using the equity method\u2019. Each group company of AvH is treated as a distinct cash generating unit (CGU). As part of the impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will be recognized. The impairment test at AvH level did not result in any material impairment loss. \u2022 DEME\u2019s share price at December 31, 2023 of 111.40 euros is well above the carrying amount of DEME in the consolidated financial statements of AvH. \u2022 Via its 100% affiliate FinAx, AvH has a direct 78.75% participation in Delen Private Bank and Bank Van Breda through its wholly owned subsidiary FinAx. The goodwill on FinAx is amply underpinned based on market multiples. \u2022 Nextensa\u2019s carrying amount at AvH results from the full consolidation of the 61.66% participation in the consolidated shareholders\u2019 equity of 834.0 million euros. This represents a net asset value of 83.4 euros per share. Notwithstanding the lower share price at year-end of 48.85 euros per share, this does not imply an indication of impairment as the investment property included in Nextensa's net asset value are measured at fair value based on external valuation reports and the project developments are reported according to the percentage of completion. The capital gains that Nextensa usually reports upon realisation, over and above the fair value measurements already recognised, attest this approach. Significant judgement by the respective management teams is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters. The group does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk).Depreciation charge and impairment cost of the year\u2019 increased to 392 million euros in total compared to 354 million euros in 2022. The higher level of depreciation charges in 2023 is attributed primarily to investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also includes a 13 million euros impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.2. Personnel charges (\u20ac 1,000) 2023 2022 Remuneration and social charges -914,575 -795,125 Pension expenses (defined contribution and defined benefit plans) -25,358 -23,112 Share based payment -4,818 -2,045 Total -944,751 -820,282 In 2023 the headcount increased by 1%, mainly at DEME, while personnel charges increased by 15%, mainly driven by the higher inflation, the increased pension expenses and higher share based payment valuations. AvH, AvH Growth Capital en AvH Singapore count for 49 employees. A pro forma headcount of 21,887 is cited in the section '2023 at a glance' (page 8). This pro forma figure comprises the staff of all participations held by the AvH group, and therefore deviates from the average headcount reported above which is based on the IFRS consolidation, which was drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.Note 25: Raw materials, consumables, services and subcontracted work (\u20ac 1,000) 2023 2022 Raw materials and consumables used -2,708,475 -2,260,861 Changes in inventories of finished goods, raw materials & consumables 27,944 48,720 General and administrative expenses, including subcontracted work -657,745 -637,231 Total -3,338,275 -2,849,372 These costs vary according to the turnover, but also depend on a number of other factors, including and more specifically in the case of DEME/CFE, the nature of the work performed (execution only, EPC, \u2026) and its contractual structure (subcontractors, sole contractor or joint ventures, \u2026).",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__92-1": {
"value": "Note 7: Intangible assets Concessions, Other Development Advance (\u20ac 1,000) patents & Goodwill Software intangible Total costs payments licences assets Movements in intangible assets - financial year 2022 Intangible assets, opening balance 78 23,085 29,814 2,603 93,155 657 149,391 Gross amount 5,264 49,179 29,814 26,171 103,966 657 215,051 Cumulative depreciation & impairment (-) -5,186 -26,095 0 -23,568 -10,811 0 -65,660 Investments 2,242 594 0 1,778 83 146 4,843 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 0 0 0 0 0 0 Disposals through business disposals (-) 0 -696 -29,814 -222 -1,212 0 -31,945 Depreciations & Impairments (-) -108 -3,451 0 -1,091 -1,183 0 -5,833 Foreign currency exchange increase (decrease) 0 0 0 0 247 0 248 Transfer from (to) other items -37 0 0 110 1,411 -539 945 Other increase (decrease) 0 0 0 0 0 0 0 Intangible assets, ending balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Movements in intangible assets - financial year 2023 Intangible assets, opening balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Investments 3,110 302 0 1,502 194 1,807 6,915 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 -32 0 -205 -32 0 -269 Disposals through business disposals (-) 0 0 0 0 0 0 0 Depreciations & Impairments (-) -509 -3,279 0 -1,448 -1,281 0 -6,518 Foreign currency exchange increase (decrease) 0 0 0 0 -130 0 -131 Transfer from (to) other items 0 4 0 1,153 0 0 1,158 Other increase (decrease) 0 0 0 0 0 2 2 Intangible assets, ending balance 4,775 16,527 0 4,181 91,251 2,073 118,806 Gross amount 9,903 36,847 0 28,865 102,184 2,073 179,872 Cumulative depreciation & impairment (-) -5,128 -20,320 0 -24,684 -10,934 0 -61,066 Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.Note 8: Goodwill (\u20ac 1,000) 2023 2022 Movements in goodwill Goodwill, opening balance 319,953 327,829 Gross amount - fully consolidated participations 341,531 351,785 Cumulative impairment losses - fully consolidated participations (-) -21,578 -23,956 Additions through business combinations 0 0 Disposals through business disposals (-) 0 -7,404 Impairments through profit and loss (-) 0 -432 Other increase (decrease) 170 -39 Goodwill, ending balance 320,123 319,953 Gross amount - fully consolidated participations 338,845 341,531 Cumulative impairment losses - fully consolidated participations (-) -18,722 -21,578 (\u20ac 1,000) 2023 2022 Goodwill per segment Marine Engineering & Contracting 174,150 173,980 Goodwill of AvH on DEME 140,764 140,764 Goodwill of DEME on its subsidiaries 13,028 13,028 Goodwill of CFE on its subsidiaries 23,894 23,723 Intercompany eliminations -3,536 -3,536 Private Banking 134,247 134,247 Goodwill of AvH on FinAx 134,247 134,247 Real Estate 0 0 Energy & Resources 0 0 AvH & Growth Capital 11,727 11,727 Goodwill of Biolectric Group on its subsidiaries 11,727 11,727 Total 320,123 319,953 (\u20ac 1,000) Goodwill 2023 Goodwill 2022 Goodwill of AvH on DEME 140,764 140,764 Goodwill of AvH on FinAx 134,247 134,247 Goodwill has remained largely unchanged compared to previous year. The goodwill is mainly attributable to FinAx, DEME (following the acquisition of control at year-end 2013), Biolectric Group and to the subsidiaries held by DEME and CFE. It should be pointed out that this does not include the goodwill (clients) of 226.8 million euros in the consolidated balance sheet of Delen Private Bank, as Delen Private Bank is recognized according to the equity method. This goodwill mainly results from the acquisition of Capital & Finance in 2007, JM Finn in 2011, and to a limited extent Oyens & Van Eeghen (end of 2015), Nobel (end of 2019) and Groenstate (2023). AvH subjects the goodwill on its balance sheet to an impairment test in case of impairment indications and at least annually. This means the goodwill that is reported as such in the consolidated balance sheet under the item \u2018Goodwill\u2019, as well as the goodwill that is contained in the item \u2018Participations accounted for using the equity method\u2019. Each group company of AvH is treated as a distinct cash generating unit (CGU). As part of the impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will be recognized. The impairment test at AvH level did not result in any material impairment loss. \u2022 DEME\u2019s share price at December 31, 2023 of 111.40 euros is well above the carrying amount of DEME in the consolidated financial statements of AvH. \u2022 Via its 100% affiliate FinAx, AvH has a direct 78.75% participation in Delen Private Bank and Bank Van Breda through its wholly owned subsidiary FinAx. The goodwill on FinAx is amply underpinned based on market multiples. \u2022 Nextensa\u2019s carrying amount at AvH results from the full consolidation of the 61.66% participation in the consolidated shareholders\u2019 equity of 834.0 million euros. This represents a net asset value of 83.4 euros per share. Notwithstanding the lower share price at year-end of 48.85 euros per share, this does not imply an indication of impairment as the investment property included in Nextensa's net asset value are measured at fair value based on external valuation reports and the project developments are reported according to the percentage of completion. The capital gains that Nextensa usually reports upon realisation, over and above the fair value measurements already recognised, attest this approach. Significant judgement by the respective management teams is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters. The group does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk).",
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"s8_notes__6__91": {
"value": "Note 7: Intangible assets Concessions, Other Development Advance (\u20ac 1,000) patents & Goodwill Software intangible Total costs payments licences assets Movements in intangible assets - financial year 2022 Intangible assets, opening balance 78 23,085 29,814 2,603 93,155 657 149,391 Gross amount 5,264 49,179 29,814 26,171 103,966 657 215,051 Cumulative depreciation & impairment (-) -5,186 -26,095 0 -23,568 -10,811 0 -65,660 Investments 2,242 594 0 1,778 83 146 4,843 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 0 0 0 0 0 0 Disposals through business disposals (-) 0 -696 -29,814 -222 -1,212 0 -31,945 Depreciations & Impairments (-) -108 -3,451 0 -1,091 -1,183 0 -5,833 Foreign currency exchange increase (decrease) 0 0 0 0 247 0 248 Transfer from (to) other items -37 0 0 110 1,411 -539 945 Other increase (decrease) 0 0 0 0 0 0 0 Intangible assets, ending balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Movements in intangible assets - financial year 2023 Intangible assets, opening balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Investments 3,110 302 0 1,502 194 1,807 6,915 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 -32 0 -205 -32 0 -269 Disposals through business disposals (-) 0 0 0 0 0 0 0 Depreciations & Impairments (-) -509 -3,279 0 -1,448 -1,281 0 -6,518 Foreign currency exchange increase (decrease) 0 0 0 0 -130 0 -131 Transfer from (to) other items 0 4 0 1,153 0 0 1,158 Other increase (decrease) 0 0 0 0 0 2 2 Intangible assets, ending balance 4,775 16,527 0 4,181 91,251 2,073 118,806 Gross amount 9,903 36,847 0 28,865 102,184 2,073 179,872 Cumulative depreciation & impairment (-) -5,128 -20,320 0 -24,684 -10,934 0 -61,066 Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.",
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"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90-1": {
"value": "Note 7: Intangible assets Concessions, Other Development Advance (\u20ac 1,000) patents & Goodwill Software intangible Total costs payments licences assets Movements in intangible assets - financial year 2022 Intangible assets, opening balance 78 23,085 29,814 2,603 93,155 657 149,391 Gross amount 5,264 49,179 29,814 26,171 103,966 657 215,051 Cumulative depreciation & impairment (-) -5,186 -26,095 0 -23,568 -10,811 0 -65,660 Investments 2,242 594 0 1,778 83 146 4,843 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 0 0 0 0 0 0 Disposals through business disposals (-) 0 -696 -29,814 -222 -1,212 0 -31,945 Depreciations & Impairments (-) -108 -3,451 0 -1,091 -1,183 0 -5,833 Foreign currency exchange increase (decrease) 0 0 0 0 247 0 248 Transfer from (to) other items -37 0 0 110 1,411 -539 945 Other increase (decrease) 0 0 0 0 0 0 0 Intangible assets, ending balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Movements in intangible assets - financial year 2023 Intangible assets, opening balance 2,175 19,532 0 3,179 92,501 264 117,649 Gross amount 6,794 36,751 0 26,788 102,689 264 173,285 Cumulative depreciation & impairment (-) -4,619 -17,220 0 -23,610 -10,188 0 -55,636 Investments 3,110 302 0 1,502 194 1,807 6,915 Additions through business combinations 0 0 0 0 0 0 0 Disposals (-) 0 -32 0 -205 -32 0 -269 Disposals through business disposals (-) 0 0 0 0 0 0 0 Depreciations & Impairments (-) -509 -3,279 0 -1,448 -1,281 0 -6,518 Foreign currency exchange increase (decrease) 0 0 0 0 -130 0 -131 Transfer from (to) other items 0 4 0 1,153 0 0 1,158 Other increase (decrease) 0 0 0 0 0 2 2 Intangible assets, ending balance 4,775 16,527 0 4,181 91,251 2,073 118,806 Gross amount 9,903 36,847 0 28,865 102,184 2,073 179,872 Cumulative depreciation & impairment (-) -5,128 -20,320 0 -24,684 -10,934 0 -61,066 Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.Note 8: Goodwill (\u20ac 1,000) 2023 2022 Movements in goodwill Goodwill, opening balance 319,953 327,829 Gross amount - fully consolidated participations 341,531 351,785 Cumulative impairment losses - fully consolidated participations (-) -21,578 -23,956 Additions through business combinations 0 0 Disposals through business disposals (-) 0 -7,404 Impairments through profit and loss (-) 0 -432 Other increase (decrease) 170 -39 Goodwill, ending balance 320,123 319,953 Gross amount - fully consolidated participations 338,845 341,531 Cumulative impairment losses - fully consolidated participations (-) -18,722 -21,578 (\u20ac 1,000) 2023 2022 Goodwill per segment Marine Engineering & Contracting 174,150 173,980 Goodwill of AvH on DEME 140,764 140,764 Goodwill of DEME on its subsidiaries 13,028 13,028 Goodwill of CFE on its subsidiaries 23,894 23,723 Intercompany eliminations -3,536 -3,536 Private Banking 134,247 134,247 Goodwill of AvH on FinAx 134,247 134,247 Real Estate 0 0 Energy & Resources 0 0 AvH & Growth Capital 11,727 11,727 Goodwill of Biolectric Group on its subsidiaries 11,727 11,727 Total 320,123 319,953 (\u20ac 1,000) Goodwill 2023 Goodwill 2022 Goodwill of AvH on DEME 140,764 140,764 Goodwill of AvH on FinAx 134,247 134,247 Goodwill has remained largely unchanged compared to previous year. The goodwill is mainly attributable to FinAx, DEME (following the acquisition of control at year-end 2013), Biolectric Group and to the subsidiaries held by DEME and CFE. It should be pointed out that this does not include the goodwill (clients) of 226.8 million euros in the consolidated balance sheet of Delen Private Bank, as Delen Private Bank is recognized according to the equity method. This goodwill mainly results from the acquisition of Capital & Finance in 2007, JM Finn in 2011, and to a limited extent Oyens & Van Eeghen (end of 2015), Nobel (end of 2019) and Groenstate (2023). AvH subjects the goodwill on its balance sheet to an impairment test in case of impairment indications and at least annually. This means the goodwill that is reported as such in the consolidated balance sheet under the item \u2018Goodwill\u2019, as well as the goodwill that is contained in the item \u2018Participations accounted for using the equity method\u2019. Each group company of AvH is treated as a distinct cash generating unit (CGU). As part of the impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will be recognized. The impairment test at AvH level did not result in any material impairment loss. \u2022 DEME\u2019s share price at December 31, 2023 of 111.40 euros is well above the carrying amount of DEME in the consolidated financial statements of AvH. \u2022 Via its 100% affiliate FinAx, AvH has a direct 78.75% participation in Delen Private Bank and Bank Van Breda through its wholly owned subsidiary FinAx. The goodwill on FinAx is amply underpinned based on market multiples. \u2022 Nextensa\u2019s carrying amount at AvH results from the full consolidation of the 61.66% participation in the consolidated shareholders\u2019 equity of 834.0 million euros. This represents a net asset value of 83.4 euros per share. Notwithstanding the lower share price at year-end of 48.85 euros per share, this does not imply an indication of impairment as the investment property included in Nextensa's net asset value are measured at fair value based on external valuation reports and the project developments are reported according to the percentage of completion. The capital gains that Nextensa usually reports upon realisation, over and above the fair value measurements already recognised, attest this approach. Significant judgement by the respective management teams is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters. The group does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__93-1": {
"value": "Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME\u2019s Concessions segment) and depreciation cost. The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill). On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.Note 8: Goodwill (\u20ac 1,000) 2023 2022 Movements in goodwill Goodwill, opening balance 319,953 327,829 Gross amount - fully consolidated participations 341,531 351,785 Cumulative impairment losses - fully consolidated participations (-) -21,578 -23,956 Additions through business combinations 0 0 Disposals through business disposals (-) 0 -7,404 Impairments through profit and loss (-) 0 -432 Other increase (decrease) 170 -39 Goodwill, ending balance 320,123 319,953 Gross amount - fully consolidated participations 338,845 341,531 Cumulative impairment losses - fully consolidated participations (-) -18,722 -21,578 (\u20ac 1,000) 2023 2022 Goodwill per segment Marine Engineering & Contracting 174,150 173,980 Goodwill of AvH on DEME 140,764 140,764 Goodwill of DEME on its subsidiaries 13,028 13,028 Goodwill of CFE on its subsidiaries 23,894 23,723 Intercompany eliminations -3,536 -3,536 Private Banking 134,247 134,247 Goodwill of AvH on FinAx 134,247 134,247 Real Estate 0 0 Energy & Resources 0 0 AvH & Growth Capital 11,727 11,727 Goodwill of Biolectric Group on its subsidiaries 11,727 11,727 Total 320,123 319,953 (\u20ac 1,000) Goodwill 2023 Goodwill 2022 Goodwill of AvH on DEME 140,764 140,764 Goodwill of AvH on FinAx 134,247 134,247 Goodwill has remained largely unchanged compared to previous year. The goodwill is mainly attributable to FinAx, DEME (following the acquisition of control at year-end 2013), Biolectric Group and to the subsidiaries held by DEME and CFE. It should be pointed out that this does not include the goodwill (clients) of 226.8 million euros in the consolidated balance sheet of Delen Private Bank, as Delen Private Bank is recognized according to the equity method. This goodwill mainly results from the acquisition of Capital & Finance in 2007, JM Finn in 2011, and to a limited extent Oyens & Van Eeghen (end of 2015), Nobel (end of 2019) and Groenstate (2023). AvH subjects the goodwill on its balance sheet to an impairment test in case of impairment indications and at least annually. This means the goodwill that is reported as such in the consolidated balance sheet under the item \u2018Goodwill\u2019, as well as the goodwill that is contained in the item \u2018Participations accounted for using the equity method\u2019. Each group company of AvH is treated as a distinct cash generating unit (CGU). As part of the impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will be recognized. The impairment test at AvH level did not result in any material impairment loss. \u2022 DEME\u2019s share price at December 31, 2023 of 111.40 euros is well above the carrying amount of DEME in the consolidated financial statements of AvH. \u2022 Via its 100% affiliate FinAx, AvH has a direct 78.75% participation in Delen Private Bank and Bank Van Breda through its wholly owned subsidiary FinAx. The goodwill on FinAx is amply underpinned based on market multiples. \u2022 Nextensa\u2019s carrying amount at AvH results from the full consolidation of the 61.66% participation in the consolidated shareholders\u2019 equity of 834.0 million euros. This represents a net asset value of 83.4 euros per share. Notwithstanding the lower share price at year-end of 48.85 euros per share, this does not imply an indication of impairment as the investment property included in Nextensa's net asset value are measured at fair value based on external valuation reports and the project developments are reported according to the percentage of completion. The capital gains that Nextensa usually reports upon realisation, over and above the fair value measurements already recognised, attest this approach. Significant judgement by the respective management teams is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters. The group does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__100": {
"value": "Note 9: Tangible assets Assets under Land and Plant, machinery Furniture and Other tangible construction & (\u20ac 1,000) Total 2022 buildings and equipment vehicles assets advance payments I. Movements in tangible assets - financial year 2022 Tangible assets, opening balance 426,584 1,944,209 55,051 7,009 329,992 2,762,846 Gross amount 624,902 4,504,531 158,421 18,604 329,992 5,636,450 Cumulative depreciation & impairment (-) -198,318 -2,560,322 -103,370 -11,595 0 -2,873,604 Impact IFRS changes 0 0 0 0 0 0 Investments 41,065 178,776 23,856 1,294 324,441 569,431 Additions through business combinations 0 0 0 0 0 0 Changes in scope 212 0 60 1 0 272 Disposals (-) -4,791 -3,367 -1,686 -6 -281 -10,131 Disposals through business disposals (-) -188,391 -3,216 -3,768 -1,935 -12,629 -209,939 Depreciation & impairment (-) -28,463 -299,912 -24,533 -1,279 0 -354,187 Foreign currency exchange increase (decrease) -100 -333 55 1 219 -158 Transfer from (to) other items 3,086 367,030 80 4,226 -409,452 -35,030 Other increase (decrease) -2,421 0 182 0 -158 -2,397 Tangible assets, ending balance 246,782 2,183,188 49,296 9,310 232,132 2,720,708 Gross amount 410,286 4,932,722 150,486 17,405 232,132 5,743,032 Cumulative depreciation & impairment (-) -163,504 -2,749,534 -101,191 -8,095 0 -3,022,324 II. Other information Leases Net carrying amount of tangible assets under lease 92,710 17,969 37,495 148,174 Tangible assets acquired under lease 23,887 18,044 17,927 59,857 Assets under Land and Plant, machinery Furniture and Other tangible construction & (\u20ac 1,000) Total 2023 buildings and equipment vehicles assets advance payments I. Movements in tangible assets - financial year 2023 Tangible assets, opening balance 246,782 2,183,188 49,296 9,310 232,132 2,720,708 Gross amount 410,286 4,932,722 150,486 17,405 232,132 5,743,032 Cumulative depreciation & impairment (-) -163,504 -2,749,534 -101,191 -8,095 0 -3,022,324 Impact IFRS changes 0 0 0 0 0 0 Investments 46,720 218,305 42,657 3,522 281,879 593,083 Additions through business combinations 0 0 0 0 0 0 Changes in scope 0 0 0 0 0 0 Disposals (-) -1,555 -4,711 -1,869 0 -148 -8,283 Disposals through business disposals (-) 0 0 0 0 0 0 Depreciation & impairment (-) -31,249 -333,316 -26,347 -1,000 0 -391,912 Foreign currency exchange increase (decrease) -488 -1,747 -431 -9 -140 -2,815 Transfer from (to) other items 19,144 179,419 2,425 -70 -202,286 -1,369 Other increase (decrease) 0 0 0 0 0 0 Tangible assets, ending balance 279,354 2,241,138 65,730 11,753 311,437 2,909,412 Gross amount 460,170 5,240,786 173,629 20,767 311,437 6,206,789 Cumulative depreciation & impairment (-) -180,816 -2,999,648 -107,899 -9,014 0 -3,297,377 II. Other information Leases Net carrying amount of tangible assets under lease 111,205 12,594 48,844 172,643 Tangible assets acquired under lease 39,995 6,411 30,717 77,122 Tangible fixed assets have increased with 188.7 million euros (+7%) to 2,909,4 million euros at year-end 2023. Of this figure, DEME accounts for 93%, its main assets being its fleet. In addition, this balance sheet item includes the offices, machinery and vehicle fleets of CFE, Bank Van Breda, Deep C Holding, Nextensa, Agidens, Biolectric and AvH. In 2023 DEME welcomed a new cable laying vessel Viking Neptune and an ultra-deepwater drilling vessel Olympia in its fleet. It is converting a former bulk carrier into a new stone dumping vessel Yelllowstone and upgrading the Sea Installer. In the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea harvesting) through the contribution of an ultra-deepwater drilling vessel and a cash investment. The \u2018Ocean Rig Olympia\u2019 is included within the additions and net book value of \u2018assets under construction\u2019 but the addition of the year is considered as a non-cash item. In addition to the above contribution in kind of the \u2018Ocean Rig Olympia\u2019, the additions within \u2018assets under construction\u2019 mainly include the amounts invested in 2023 in the \u2018Yellowstone\u2019, in the \u2018Viking Neptun\u2019, in some additional modifications for the \u2018Orion\u2019, in a new offshore service vessel and in a new office building. As of 31 December 2023, the \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to \u2018Property, plant and equipment\u2019 and \u2018land and buildings\u2019. The investments aimed at transitioning the DEME campus into a sustainable and energy-neutral head office have been incorporated into the net book value of \u2018land and buildings\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 392 million euros in total compared to 354 million euros in 2022. The higher level of depreciation charges in 2023 is attributed primarily to investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also includes a 13 million euros impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels. A workshop in Zeebrugge, included within \u2018land and buildings\u2019 and with a net book value of 1.6 million euro, was transferred to \u2018assets held for sale\u2019 (Note 5). At 31 December 2023, DEME made commitments for investments in coming years for 37.5 million euros, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for an offshore service vessel. AvH\u2019s group companies have a significant potential to make a positive impact on climate change. AvH\u2019s strong EU Taxonomy alignment underscores its positive impact. The AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already \u2018aligned\u2019 with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future. DEME\u2019s activities in offshore wind are considered both eligible and largely aligned. Rail infrastructure projects were screened as well. DEME\u2019s eligible activities expanded in 2023 to also include parts of its environmental activities. CFE\u2019s eligible activities primarily relate to construction and renovation, electrical installation, rail infrastructure and real estate development. The aligned turnover mainly relates to BPI\u2019s project development and CFE\u2019s construction projects. Nextensa\u2019s eligible activities are primarily related to real estate development and the letting of real estate from its own investment portfolio. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__104-1": {
"value": "Note 10: Investment property at fair value Development Assets held for (\u20ac 1,000) Leased buildings Total projects sale I. Movement in investment property at fair value - financial year 2022 Investment property, opening balance 1,226,963 40,187 141,259 1,408,409 Gross amount 1,226,963 40,187 141,259 1,408,409 Investments 34,870 7,264 23 42,157 Additions through business combinations 0 0 0 0 Disposals (-) -1,848 0 -140,691 -142,538 Disposals through business disposals (-) 0 0 -490 -490 Gains (losses) from fair value adjustments -11,729 199 -91 -11,620 Transfer from (to) other items 0 -17,190 0 -17,190 Other increase (decrease) 0 0 -11 -11 Investment property, ending balance 1,248,256 30,460 0 1,278,716 Gross amount 1,248,256 30,460 0 1,278,716 I. Movement in investment property at fair value - financial year 2023 Investment property, opening balance 1,248,256 30,460 0 1,278,716 Gross amount 1,248,256 30,460 0 1,278,716 Investments 37,341 34,674 0 72,015 Additions through business combinations 0 0 0 0 Disposals (-) -41,458 0 0 -41,458 Disposals through business disposals (-) 0 0 0 0 Gains (losses) from fair value adjustments -11,357 855 -700 -11,202 Transfer from (to) other items -75,750 65,820 9,930 0 Other increase (decrease) 0 2 0 2 Investment property, ending balance 1,157,032 131,811 9,230 1,298,074 Gross amount 1,157,032 131,811 9,230 1,298,074 (\u20ac 1,000) 2023 2022 Key figures Rental income 70,522 67,400 Rental yield (%) 5.74% 5.30% Occupancy rate (%) 91.10% 88.48% The value of the investment property portfolio of Nextensa increased to 1,298.1 million euros (+1%): \u2022 Nextensa invested 72.0 million euros in its real estate portfolio, including 17.3 million euros in two new properties to be redeveloped. The Montoyer 24 (Brussels) and Monterey 18 (Luxembourg) were added to the portfolio and further investments were made in Luxembourg in the renovation of the Knauf shopping centre in Schmiede and in the conversion of an old office part near Luxembourg Airport into a new project. \u2022 As a result of the lower activity in the institutional real estate market, Nextensa only sold its \u201cTreesquare\u201d office building in Brussels in April 2023, with a profit of 2.1 million euros. \u2022 The main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet. \u2022 Nextensa recorded a net negative evolution of 11.2 million euros in the fair value of its investment portfolio (0.9%). Nextensa realised a higher rental income in 2023 compared to 2022, i.e. a like-for-like rental growth of +12%. Property costs decreased due to higher occupancy rate. The average rental yield on the investment property increased from 5.30% at year-end 2022 to 5.74% at year-end 2023. EU Taxonomy: 32% of Nextensa\u2019s turnover and 20% of Nextensa\u2019s capex are aligned with the EU Taxonomy. In 2023, the decision was taken to align new developments going forward with the criteria of the EU taxonomy (within the climate mitigation objective) and an action plan was drawn up to move towards a fossil-free portfolio. Valuation of investment properties \u2013 Nextensa Nextensa uses the following methods to define the fair value according to IFRS 13: \u2022 Net present value of estimated rental income The fair value is the result of the yield applied on the estimated rental value (capitalisation method or market approach) corrected by the net present value of the difference between the current rent and the estimated rental value at the valuation date, and this, for the period till the next break possibility of the current rental contracts. \u2022 Discounted cash flow method The DCF method consists in defining the present value of the future cash flows. The future rental income is estimated on the basis of the existing contractual rents and the real estate market outlook for each building in the following periods. Moreover, the future maintenance costs are also estimated and taken into account. The actualisation rate applied takes into account the risk premium for the object defined by the market. The obtained value is also compared to the market on the basis of the definition of the residual land value. \u2022 Residual valuation Buildings to renovate or in the course of renovation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including costs, interests, vacancy and risk premium. Assets and liabilities valued at fair value after their initial booking can be presented in three levels (1-3): \u2022 Level 1 inputs are quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. deducted from prices). \u2022 Level 3 inputs are unobservable inputs for the asset or liability based on valuations techniques comprising data for the asset or liability. The investment properties of Nextensa fall under level 3. The valuations at the end of 2023 were carried out by external parties: Cushman & Wakefield, Stadim (Belux) and Oerag (Austria). The table below provides an overview of the valuation techniques applied per asset class. Fair value Fair value Valuation 31/12/2023 Min-Max 31/12/2022 Min-Max Asset class 2023 2022 Important input data technique (weighted average) (weighted average) (\u20ac 1,000) (\u20ac 1,000) Retail Grand Duchy of Actualization of a) Estimated rental value a) [0.34 \u20ac/m\u00b2 - 20.59 \u20ac /m\u00b2] a) [0.34 \u20ac/m\u00b2 - 18.66 \u20ac /m\u00b2] 373,924 377,629 Luxembourg & Belgium estimated spread rental income b) Average weighted estimated rental value b) [13.69 \u20ac /m\u00b2] b) [13.72 \u20ac /m\u00b2] c) Capitalization rate spread c) [1.82% - 15.09%] c) [0.90% - 11.58%] d) Weighted average cap. rate d) [6.93%] d) [6.51%] e) Remaining duration e) 4.17 years e) 3.62 years f) Number m\u00b2 f) 166 950 m\u00b2 f) 166 950 m\u00b2 DCF a) Estimated rental value Retail Austria 190,926 189,581 (discounted spread a) [12.38 \u20ac/m\u00b2 - 15.87 \u20ac /m\u00b2] a) [8.79 \u20ac/m\u00b2 - 15.09 \u20ac /m\u00b2] cash flow) b) Average weighted estimated rental value b) [13.77 \u20ac/m\u00b2] b) [12.71 \u20ac/m\u00b2] c) Capitalization rate spread c) [5.22% - 6.54%] c) [3.70% - 6.11%] d) Weighted average cap. rate d) [5.62%] d) [5.38%] e) Remaining duration e) 5.62 years e) 5.21 years f) Number m\u00b2 f) 69 219 m\u00b2 f) 69 219 m\u00b2 Offices Grand Duchy of Actualization of a) Estimated rental value a) [35.41 \u20ac/m\u00b2 - 61.07 \u20ac /m\u00b2] a) [22.57 \u20ac/m\u00b2 - 46.58 \u20ac /m\u00b2] 136,330 186,660 Luxembourg estimated spread rental income b) Average weighted estimated rental value b) [42.44 \u20ac/m\u00b2] b) [26.71 \u20ac/m\u00b2] c) Capitalization rate spread c) [1.61% - 5.93%] c) [0.58% - 6.75%] d) Weighted average cap. rate d) [4.30%] d) [4.74%] e) Remaining duration e) 3.34 years e) 1.46 years f) Number m\u00b2 f) 29 605 m\u00b2 f) 35 550 m\u00b2 Actualization of a) Estimated rental value a) [13.12 \u20ac/m\u00b2 - 26.55 \u20ac/m\u00b2] a) [11.68 \u20ac/m\u00b2 - 25.18 \u20ac/m\u00b2] Offices Belgium 367,357 409,511 estimated spread rental income b) Average weighted estimated rental value b) [16.36 \u20ac/m\u00b2] b) [17.03 \u20ac/m\u00b2] c) Capitalization rate spread c) [4.54% - 8.32%] c) [3.78% - 8.80%] d) Weighted average cap. rate d) [5.14%] d) [4.93%] e) Remaining duration e) 6.10 years e) 6.68 years f) Number m\u00b2 f) 107 658 m\u00b2 f) 112 891 m\u00b2 DCF a) Estimated rental value Other 229,537 115,335 (discounted spread a) Not applicable a) Not applicable cash flow or net b) Average weighted estimated rental value b) Not applicable b) Not applicable present value of c) Average discount rate c) Not applicable c) Not applicable cash-flows at d) Economic life d) 30 years d) 30 years discount rate) e) Remaining duration e) 1.17 years e) 3.41 years f) Number m\u00b2 f) 32 629 m\u00b2 f) 32 629 m\u00b2 Total 1,298,074 1,278,716 Nextensa\u2019s investment portfolio was valued at 1.3 billion euros on December 31, 2023 and is divided over Belgium (42%), Luxembourg (43%) and Austria (15%). According to the type of properties, the portfolio comprises 38% offices and 44% retail. The remaining 18% represents \u2018Other\u2019 real estate, such as car parks and real estate for events.2. Financial assets: at fair value through OCI or through P/L Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2022 Financial assets: opening balance at fair value 177,351 48,190 507,788 20,005 575,982 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 177,351 48,190 504,139 20,005 572,334 Financial assets - adjustment to fair value 2,895 2,895 Financial assets - accrued interest 753 753 Additions 33,058 15,028 172,660 107,486 295,174 Additions through business combinations 0 0 0 0 0 Actuarial return 0 -731 0 -731 Disposals (-) -618 -15,254 -120,595 -127,500 -263,349 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) 1,399 -6,636 0 -6,636 Increase (decrease) through changes in fair value (FVOCI) -58,551 -58,551 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 11 0 2,173 0 2,173 Transfer from (to) other items -2,872 0 0 0 0 Other increase (decrease) 0 0 427 10 437 Financial assets: ending balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value (FVOCI) -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2023 Financial assets: opening balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Additions 32,428 20 140,444 181,083 321,547 Additions through business combinations 0 0 0 0 0 Actuarial return 1,242 791 2,033 Disposals (-) -379 -12 -165,681 -138,150 -303,843 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) -15,752 3,576 0 3,576 Increase (decrease) through changes in fair value (FVOCI) 21,349 21,349 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 0 0 -717 0 -717 Transfer from (to) other items 206 0 -157 0 -157 Other increase (decrease) -1,815 3 1,444 220 1,667 Financial assets: ending balance at fair value 223,016 44,914 501,096 43,944 589,954 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 223,016 44,914 517,626 43,724 606,264 Financial assets - adjustment to fair value (FVOCI) -19,155 -19,155 Financial assets - accrued interest 2,624 220 2,844 The Financial fixed assets at fair value through Profit&Loss increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH. During 2023, AvH invested 32.4 million euros in the further expansion of its \u201cGrowth Capital\u201d portfolio with focus on Life Sciences and India/Southeast Asia. AvH and Convergent strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD. AvH invested in Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. The Fair value adjustments recorded through P&L had a total negative impact of 15.8 million euros in 2023. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa and a negative evolution amounting to 19.3 million euros on AvH\u2019s non-consolidated Growth Capital participations. The investments increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. The additions and disposals of investments are largely attributable to Bank Van Breda, and relate to transactions realized as part of its Asset & Liability management (ALM). Fair value in Fair value in Interest% 2023 Interest% 2022 (\u20ac 1,000) Financial fixed assets at Fair value through P/L Valuation - Level Profit & Loss Profit & Loss (fully diluted) (fully diluted) 2023 2022 Marine Engineering & Contracting Small stakes Level 3 Fair value 4,547 5,036 0 0 Real Estate Retail Estates 9.4% 9.6% Level 1 3,513 -12,702 Small stakes Level 3 0 305 Fair value 87,296 83,782 3,513 -12,397 AvH & Growth Capital Life Sciences AstriVax 7.1% 5.8% Level 3 Biotalys 11.4% 11.9% Level 1 Epics Therapeutics (Bio Cap Invest) 29.5% 29.5% Level 3 Indigo Diabetes 11.9% 11.9% Level 3 MRM Health 15.9% 15.9% Level 3 OncoDNA 10.4% 9.8% Level 3 Vico Therapeutics International 3.8% Level 3 Life Sciences - Fair value 30,282 40,150 -14,855 -5,383 India / South-East Asia Convergent Finance 6.8% 3.1% Level 3 HealthQuad Fund I 36.3% 36.3% Level 3 HealthQuad Fund II 11.0% 11.0% Level 3 Medikabazaar (direct) 8.9% 8.9% Level 3 Venturi Fund I 11.1% 11.1% Level 3 Venturi Partners / Venturi I Capital 10.0% 10.0% Level 3 India / South-East Asia - Fair value 80,143 69,346 1,737 19,183 Other - Fair value 20,748 10,014 Level 3 -6,148 0 Subtotal AvH & Growth Capital 131,173 119,510 -19,266 13,800 Fair value - Total 223,016 208,328 -15,753 1,402 Number of The investments consist of (\u20ac 1,000): Fair value shares Investment portfolio Bank Van Breda 545,039 Funds managed by Delen Private Bank 33,689 Ageas 278,284 10,939 Other 286 589,954 The breakdown per segment of the fair value of the investments is as follows (\u20ac 1,000): Fair value Private Banking (Bank Van Breda) 545,039 AvH & Growth Capital 44,912 Marine Engineering & Contracting 2 Real Estate 0 Energy & Resources 0 589,954 Credit risk of the investment portfolio Bank Van Breda The risk profile of the investment portfolio has for years now deliberately been kept very low. The investment portfolio at year-end 2023 contains 99% government and government-guaranteed bonds with a minimum Aa3 rating (Moody\u2019s rating) and less than 1% shares. The investment framework that is submitted annually for the approval of the board of directors of Bank Van Breda determines which investments can be made and the limits that apply. The following table shows the composition of the consolidated investment portfolio by rating and maturity. Remaining Composition of the investment portfolio 31/12/2023 Rating duration Government bonds Aaa 39% 2024 14% Government bonds Aa1 19% 2025 12% Government bonds Aa2 9% 2026 17% Government bonds Aa3 32% 2027 10% Government bonds A2 0% 2028 11% Equity instruments 1% > 2028 35% indefinite 1%",
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"s8_notes__6__103": {
"value": "Note 10: Investment property at fair value Development Assets held for (\u20ac 1,000) Leased buildings Total projects sale I. Movement in investment property at fair value - financial year 2022 Investment property, opening balance 1,226,963 40,187 141,259 1,408,409 Gross amount 1,226,963 40,187 141,259 1,408,409 Investments 34,870 7,264 23 42,157 Additions through business combinations 0 0 0 0 Disposals (-) -1,848 0 -140,691 -142,538 Disposals through business disposals (-) 0 0 -490 -490 Gains (losses) from fair value adjustments -11,729 199 -91 -11,620 Transfer from (to) other items 0 -17,190 0 -17,190 Other increase (decrease) 0 0 -11 -11 Investment property, ending balance 1,248,256 30,460 0 1,278,716 Gross amount 1,248,256 30,460 0 1,278,716 I. Movement in investment property at fair value - financial year 2023 Investment property, opening balance 1,248,256 30,460 0 1,278,716 Gross amount 1,248,256 30,460 0 1,278,716 Investments 37,341 34,674 0 72,015 Additions through business combinations 0 0 0 0 Disposals (-) -41,458 0 0 -41,458 Disposals through business disposals (-) 0 0 0 0 Gains (losses) from fair value adjustments -11,357 855 -700 -11,202 Transfer from (to) other items -75,750 65,820 9,930 0 Other increase (decrease) 0 2 0 2 Investment property, ending balance 1,157,032 131,811 9,230 1,298,074 Gross amount 1,157,032 131,811 9,230 1,298,074 (\u20ac 1,000) 2023 2022 Key figures Rental income 70,522 67,400 Rental yield (%) 5.74% 5.30% Occupancy rate (%) 91.10% 88.48% The value of the investment property portfolio of Nextensa increased to 1,298.1 million euros (+1%): \u2022 Nextensa invested 72.0 million euros in its real estate portfolio, including 17.3 million euros in two new properties to be redeveloped. The Montoyer 24 (Brussels) and Monterey 18 (Luxembourg) were added to the portfolio and further investments were made in Luxembourg in the renovation of the Knauf shopping centre in Schmiede and in the conversion of an old office part near Luxembourg Airport into a new project. \u2022 As a result of the lower activity in the institutional real estate market, Nextensa only sold its \u201cTreesquare\u201d office building in Brussels in April 2023, with a profit of 2.1 million euros. \u2022 The main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet. \u2022 Nextensa recorded a net negative evolution of 11.2 million euros in the fair value of its investment portfolio (0.9%). Nextensa realised a higher rental income in 2023 compared to 2022, i.e. a like-for-like rental growth of +12%. Property costs decreased due to higher occupancy rate. The average rental yield on the investment property increased from 5.30% at year-end 2022 to 5.74% at year-end 2023. EU Taxonomy: 32% of Nextensa\u2019s turnover and 20% of Nextensa\u2019s capex are aligned with the EU Taxonomy. In 2023, the decision was taken to align new developments going forward with the criteria of the EU taxonomy (within the climate mitigation objective) and an action plan was drawn up to move towards a fossil-free portfolio. Valuation of investment properties \u2013 Nextensa Nextensa uses the following methods to define the fair value according to IFRS 13: \u2022 Net present value of estimated rental income The fair value is the result of the yield applied on the estimated rental value (capitalisation method or market approach) corrected by the net present value of the difference between the current rent and the estimated rental value at the valuation date, and this, for the period till the next break possibility of the current rental contracts. \u2022 Discounted cash flow method The DCF method consists in defining the present value of the future cash flows. The future rental income is estimated on the basis of the existing contractual rents and the real estate market outlook for each building in the following periods. Moreover, the future maintenance costs are also estimated and taken into account. The actualisation rate applied takes into account the risk premium for the object defined by the market. The obtained value is also compared to the market on the basis of the definition of the residual land value. \u2022 Residual valuation Buildings to renovate or in the course of renovation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including costs, interests, vacancy and risk premium. Assets and liabilities valued at fair value after their initial booking can be presented in three levels (1-3): \u2022 Level 1 inputs are quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. deducted from prices). \u2022 Level 3 inputs are unobservable inputs for the asset or liability based on valuations techniques comprising data for the asset or liability. The investment properties of Nextensa fall under level 3. The valuations at the end of 2023 were carried out by external parties: Cushman & Wakefield, Stadim (Belux) and Oerag (Austria). The table below provides an overview of the valuation techniques applied per asset class. Fair value Fair value Valuation 31/12/2023 Min-Max 31/12/2022 Min-Max Asset class 2023 2022 Important input data technique (weighted average) (weighted average) (\u20ac 1,000) (\u20ac 1,000) Retail Grand Duchy of Actualization of a) Estimated rental value a) [0.34 \u20ac/m\u00b2 - 20.59 \u20ac /m\u00b2] a) [0.34 \u20ac/m\u00b2 - 18.66 \u20ac /m\u00b2] 373,924 377,629 Luxembourg & Belgium estimated spread rental income b) Average weighted estimated rental value b) [13.69 \u20ac /m\u00b2] b) [13.72 \u20ac /m\u00b2] c) Capitalization rate spread c) [1.82% - 15.09%] c) [0.90% - 11.58%] d) Weighted average cap. rate d) [6.93%] d) [6.51%] e) Remaining duration e) 4.17 years e) 3.62 years f) Number m\u00b2 f) 166 950 m\u00b2 f) 166 950 m\u00b2 DCF a) Estimated rental value Retail Austria 190,926 189,581 (discounted spread a) [12.38 \u20ac/m\u00b2 - 15.87 \u20ac /m\u00b2] a) [8.79 \u20ac/m\u00b2 - 15.09 \u20ac /m\u00b2] cash flow) b) Average weighted estimated rental value b) [13.77 \u20ac/m\u00b2] b) [12.71 \u20ac/m\u00b2] c) Capitalization rate spread c) [5.22% - 6.54%] c) [3.70% - 6.11%] d) Weighted average cap. rate d) [5.62%] d) [5.38%] e) Remaining duration e) 5.62 years e) 5.21 years f) Number m\u00b2 f) 69 219 m\u00b2 f) 69 219 m\u00b2 Offices Grand Duchy of Actualization of a) Estimated rental value a) [35.41 \u20ac/m\u00b2 - 61.07 \u20ac /m\u00b2] a) [22.57 \u20ac/m\u00b2 - 46.58 \u20ac /m\u00b2] 136,330 186,660 Luxembourg estimated spread rental income b) Average weighted estimated rental value b) [42.44 \u20ac/m\u00b2] b) [26.71 \u20ac/m\u00b2] c) Capitalization rate spread c) [1.61% - 5.93%] c) [0.58% - 6.75%] d) Weighted average cap. rate d) [4.30%] d) [4.74%] e) Remaining duration e) 3.34 years e) 1.46 years f) Number m\u00b2 f) 29 605 m\u00b2 f) 35 550 m\u00b2 Actualization of a) Estimated rental value a) [13.12 \u20ac/m\u00b2 - 26.55 \u20ac/m\u00b2] a) [11.68 \u20ac/m\u00b2 - 25.18 \u20ac/m\u00b2] Offices Belgium 367,357 409,511 estimated spread rental income b) Average weighted estimated rental value b) [16.36 \u20ac/m\u00b2] b) [17.03 \u20ac/m\u00b2] c) Capitalization rate spread c) [4.54% - 8.32%] c) [3.78% - 8.80%] d) Weighted average cap. rate d) [5.14%] d) [4.93%] e) Remaining duration e) 6.10 years e) 6.68 years f) Number m\u00b2 f) 107 658 m\u00b2 f) 112 891 m\u00b2 DCF a) Estimated rental value Other 229,537 115,335 (discounted spread a) Not applicable a) Not applicable cash flow or net b) Average weighted estimated rental value b) Not applicable b) Not applicable present value of c) Average discount rate c) Not applicable c) Not applicable cash-flows at d) Economic life d) 30 years d) 30 years discount rate) e) Remaining duration e) 1.17 years e) 3.41 years f) Number m\u00b2 f) 32 629 m\u00b2 f) 32 629 m\u00b2 Total 1,298,074 1,278,716 Nextensa\u2019s investment portfolio was valued at 1.3 billion euros on December 31, 2023 and is divided over Belgium (42%), Luxembourg (43%) and Austria (15%). According to the type of properties, the portfolio comprises 38% offices and 44% retail. The remaining 18% represents \u2018Other\u2019 real estate, such as car parks and real estate for events.",
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"value": "1. Credit risk Both CFE and DEME have set up procedures to limit the risk of their trade receivables. To limit the credit risk, both participations constantly monitor their outstanding trade receivables and adjust their positions if necessary. For the purposes of major foreign contracts, for instance, DEME regularly uses the services of the Credendo Group insofar as the country concerned qualifies for this service and the risk can be covered by credit insurance. A large part of the consolidated turnover is realized through public or semi-public sector customers. The level of counterparty risk is limited by the large number of customers. For large-scale infrastructure contracts, DEME is dependent on the ability of customers to obtain financing and can, if necessary, help to organize project financing. Although the credit risk cannot be ruled out altogether, it is still limited. Moreover, as a worldwide player, DEME is exposed to political risks and negative developments that may manifest themselves at the macroeconomic level. The credit risk of Deep C Holding, primarily active in Vietnam, is limited by advances received on the sale of acquired rights over developed sites (industrial zones) and by the monthly invoicing and the wide spread of customers when providing utilities, maintenance and management services in those industrial zones. For the credit risk regarding the loan portfolio of Bank Van Breda we refer to the credit risk policy as described in Note 14. Nextensa aims at a good spread both in terms of the number of tenants and the sectors in which these tenants are active in order to limit the risk of bad debts and bankruptcies by tenants. Furthermore, the solvency of the tenants is screened on a regular basis by an external rating agency, and long-term lease agreements are sought to ensure a recurrent rental income flow and increase the duration of the lease agreements. In the real estate development activity an extensive analysis of the related technical, legal and financial risks is made, prior to the signing of a new project. Agidens manages its debtor risk in accordance with the relevant policy, procedures and checks that have been set out by the group. Outstanding receivables are periodically monitored, and large-scale projects are generally covered by bank or other similar guarantees. The same applies to Biolectric. In the AvH & Growth Capital segment the group invests for the long term in companies with international growth potential. The diversified character of these investments contributes to a balanced spread of the economic and financial risks. Furthermore, AvH usually finances these investments with shareholders\u2019 equity. (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2022 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 170,404 2,579 7,910 0 43,821 -34,840 189,875 Other receivables 56,026 11,231 52,849 68 7,698 0 127,871 Trade debtors 683,217 48 15,371 0 21,841 -1,262 719,214 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% not expired 721,903 13,858 73,268 68 68,541 -36,102 841,536 expired < 30 d 48,354 0 650 0 3,017 0 52,021 expired < 60 d 51,388 0 405 0 497 0 52,290 expired < 120 d 40,792 0 1,457 0 438 0 42,688 expired > 120 d 47,210 0 350 0 866 0 48,425 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -5,229 0 0 0 -10,985 0 -16,213 Other receivables (impairments) -212 0 0 0 -1,981 0 -2,192 Trade debtors (impairments) -36,203 0 -821 0 -50 0 -37,074 -41,644 0 -821 0 -13,016 0 -55,480 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2023 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 204,053 3,177 6,250 0 38,781 -25,236 227,024 Other receivables 63,848 5,545 59,131 3 20,076 0 148,603 Trade debtors 745,140 56 22,777 0 22,738 -1,343 789,368 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% not expired 787,884 8,778 77,795 3 76,984 -26,579 924,864 expired < 30 d 80,750 0 5,680 0 2,404 0 88,834 expired < 60 d 46,251 0 1,117 0 566 0 47,934 expired < 120 d 48,102 0 686 0 434 0 49,223 expired > 120 d 50,054 0 2,879 0 1,206 0 54,140 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -7,156 0 0 0 -11,285 0 -18,441 Other receivables (impairments) 0 0 0 0 -1,981 0 -1,981 Trade debtors (impairments) -36,267 0 -845 0 -50 0 -37,162 -43,423 0 -845 0 -13,316 0 -57,584Marine Engineering & Contracting \u2022 Financial fixed assets: receivables and warranties: loans granted to participating interests include a.o. financing granted by DEME and Green Offshore to their respective participating interests active in the development/operation of the Rentel and SeaMade wind farms, and by CFE to real estate project companies. \u2022 Trade debtors in this segment account for 94% of total trade receivables. Overdue receivables in contracting mainly relate to settlements and additional charges, but which still have to be included in the budgets or are to be covered by an overall agreement. CFE and DEME have a number of negotiations and/or procedures pending. Overdue receivables (mostly attributable to DEME) are mainly covered by Credendo. Expected losses on construction contracts are adequately recorded in the balance sheet item \u2018Construction contracts\u2019 (Note 15). The turnover of Deep C Holding, primarily active in Vietnam, derives from (i) the sale of acquired rights over developed sites (industrial zones), (ii) the provision of utilities (electricity and water) and (iii) of maintenance and management services in those industrial zones: \u2022 The compensation for the sale of acquired rights over developed sites, usually varying from 40 to 50 years, is largely paid in advance (80% to 100%) by the customers of the Deep C Holding group. Once the land is delivered to the customer, the risks and rewards of the land use rights are transferred. \u2022 The charges for the provision of utilities, maintenance and management services are invoiced on a monthly basis, and given the wide spread of customers, the credit risk is fairly limited. Private Banking We refer to Note 14 for more details regarding the credit risk of Bank Van Breda. Real Estate \u2022 The other receivables relate to the advances that Nextensa grants to its real estate project companies. \u2022 Referring to the above description of the credit risk management, under normal circumstances the impairments on trade receivables are limited at Nextensa. AvH & Growth Capital and Intercompany eliminations \u2022 the full consolidation of Agidens and Biolectric Group with their respective trade receivables. \u2022 financing provided by AvH & subholdings to, among others, Green Offshore in the context of the development of the Rentel and SeaMade wind farms and to Deep C Holding (development of port-related industrial zones in Vietnam) has been eliminated in the consolidation. In 2023, no customer accounted for more than 10% of group revenue.2. Liquidity risk and capital management The financial debts, after intercompany elimination, relate to the following segments: (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 DEME\u2019s liquidity risk is limited by spreading the financing over several banks and by preference over the long term. DEME has major credit and guarantee lines with a whole string of international banks. Certain ratios (covenants) were agreed in the loan agreements with the relevant banks which DEME must observe. This was the case at year end 2023. In addition, it has a commercial paper programme to cover short-term financial needs. DEME predominantly invests in equipment with a long life which is depreciated over several years. For that reason, DEME seeks to schedule a substantial part of its debts over a long term. DEME converted all its long-term financing into sustainability-linked loans in February 2022. CFE finances its construction and real estate development activities with bank loans, medium term notes and commercial paper. In 2022, CFE has set up new credit lines that incorporate sustainability criteria. Both DEME and CFE had a substantial cash position (cash and cash equivalents) at year-end 2023. The Deep C Holding group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn. Nextensa has the necessary long-term credit facilities and backup lines for its commercial paper to cover present and future investment needs. Those credit facilities and backup lines serve to hedge the financing risk. The liquidity risk is limited by having the financing spread over several financial counterparties and by tapping various sources of funding, as well as by diversifying the expiration dates of the credit facilities. Nextensa finances its operations through bank financing and bond financing. As of 31 December 2023, Nextensa had confirmed credit lines of 871 million euros, of which 164 million euros were undrawn. The average duration of the credit lines relating the investment portfolio was 2.08 years at 31 December 2023 and 1.31 years for the financing related to the development portfolio. The financial debts reported by the AvH & Growth Capital segment are entirely attributable to Agidens and Biolectric Group. The debts of Agidens relate to the financing of the main building, the leases of cars and a straight loan regarding working capital management. The financial debts of Biolectric relate to its headquarters, the acquisition loan, its working capital and the biogas installations that remain in ownership of Biolectric so to operate them and to sell the electricity produced to farmers. AvH (and subholdings) has a net cash position of 517,5 million euros (see Note 6. Segment information Cash flow statement for more details). AvH disposes of confirmed credit lines (280 million euros), spread over different banks. Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected end on December, 31 2023. The evolution of the financial debts and the net financial debt position is further explained in Note 19 Financial debts.",
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"s8_notes__6__110": {
"value": "1. Credit risk Both CFE and DEME have set up procedures to limit the risk of their trade receivables. To limit the credit risk, both participations constantly monitor their outstanding trade receivables and adjust their positions if necessary. For the purposes of major foreign contracts, for instance, DEME regularly uses the services of the Credendo Group insofar as the country concerned qualifies for this service and the risk can be covered by credit insurance. A large part of the consolidated turnover is realized through public or semi-public sector customers. The level of counterparty risk is limited by the large number of customers. For large-scale infrastructure contracts, DEME is dependent on the ability of customers to obtain financing and can, if necessary, help to organize project financing. Although the credit risk cannot be ruled out altogether, it is still limited. Moreover, as a worldwide player, DEME is exposed to political risks and negative developments that may manifest themselves at the macroeconomic level. The credit risk of Deep C Holding, primarily active in Vietnam, is limited by advances received on the sale of acquired rights over developed sites (industrial zones) and by the monthly invoicing and the wide spread of customers when providing utilities, maintenance and management services in those industrial zones. For the credit risk regarding the loan portfolio of Bank Van Breda we refer to the credit risk policy as described in Note 14. Nextensa aims at a good spread both in terms of the number of tenants and the sectors in which these tenants are active in order to limit the risk of bad debts and bankruptcies by tenants. Furthermore, the solvency of the tenants is screened on a regular basis by an external rating agency, and long-term lease agreements are sought to ensure a recurrent rental income flow and increase the duration of the lease agreements. In the real estate development activity an extensive analysis of the related technical, legal and financial risks is made, prior to the signing of a new project. Agidens manages its debtor risk in accordance with the relevant policy, procedures and checks that have been set out by the group. Outstanding receivables are periodically monitored, and large-scale projects are generally covered by bank or other similar guarantees. The same applies to Biolectric. In the AvH & Growth Capital segment the group invests for the long term in companies with international growth potential. The diversified character of these investments contributes to a balanced spread of the economic and financial risks. Furthermore, AvH usually finances these investments with shareholders\u2019 equity. (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2022 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 170,404 2,579 7,910 0 43,821 -34,840 189,875 Other receivables 56,026 11,231 52,849 68 7,698 0 127,871 Trade debtors 683,217 48 15,371 0 21,841 -1,262 719,214 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% not expired 721,903 13,858 73,268 68 68,541 -36,102 841,536 expired < 30 d 48,354 0 650 0 3,017 0 52,021 expired < 60 d 51,388 0 405 0 497 0 52,290 expired < 120 d 40,792 0 1,457 0 438 0 42,688 expired > 120 d 47,210 0 350 0 866 0 48,425 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -5,229 0 0 0 -10,985 0 -16,213 Other receivables (impairments) -212 0 0 0 -1,981 0 -2,192 Trade debtors (impairments) -36,203 0 -821 0 -50 0 -37,074 -41,644 0 -821 0 -13,016 0 -55,480 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2023 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 204,053 3,177 6,250 0 38,781 -25,236 227,024 Other receivables 63,848 5,545 59,131 3 20,076 0 148,603 Trade debtors 745,140 56 22,777 0 22,738 -1,343 789,368 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% not expired 787,884 8,778 77,795 3 76,984 -26,579 924,864 expired < 30 d 80,750 0 5,680 0 2,404 0 88,834 expired < 60 d 46,251 0 1,117 0 566 0 47,934 expired < 120 d 48,102 0 686 0 434 0 49,223 expired > 120 d 50,054 0 2,879 0 1,206 0 54,140 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -7,156 0 0 0 -11,285 0 -18,441 Other receivables (impairments) 0 0 0 0 -1,981 0 -1,981 Trade debtors (impairments) -36,267 0 -845 0 -50 0 -37,162 -43,423 0 -845 0 -13,316 0 -57,584Marine Engineering & Contracting \u2022 Financial fixed assets: receivables and warranties: loans granted to participating interests include a.o. financing granted by DEME and Green Offshore to their respective participating interests active in the development/operation of the Rentel and SeaMade wind farms, and by CFE to real estate project companies. \u2022 Trade debtors in this segment account for 94% of total trade receivables. Overdue receivables in contracting mainly relate to settlements and additional charges, but which still have to be included in the budgets or are to be covered by an overall agreement. CFE and DEME have a number of negotiations and/or procedures pending. Overdue receivables (mostly attributable to DEME) are mainly covered by Credendo. Expected losses on construction contracts are adequately recorded in the balance sheet item \u2018Construction contracts\u2019 (Note 15). The turnover of Deep C Holding, primarily active in Vietnam, derives from (i) the sale of acquired rights over developed sites (industrial zones), (ii) the provision of utilities (electricity and water) and (iii) of maintenance and management services in those industrial zones: \u2022 The compensation for the sale of acquired rights over developed sites, usually varying from 40 to 50 years, is largely paid in advance (80% to 100%) by the customers of the Deep C Holding group. Once the land is delivered to the customer, the risks and rewards of the land use rights are transferred. \u2022 The charges for the provision of utilities, maintenance and management services are invoiced on a monthly basis, and given the wide spread of customers, the credit risk is fairly limited. Private Banking We refer to Note 14 for more details regarding the credit risk of Bank Van Breda. Real Estate \u2022 The other receivables relate to the advances that Nextensa grants to its real estate project companies. \u2022 Referring to the above description of the credit risk management, under normal circumstances the impairments on trade receivables are limited at Nextensa. AvH & Growth Capital and Intercompany eliminations \u2022 the full consolidation of Agidens and Biolectric Group with their respective trade receivables. \u2022 financing provided by AvH & subholdings to, among others, Green Offshore in the context of the development of the Rentel and SeaMade wind farms and to Deep C Holding (development of port-related industrial zones in Vietnam) has been eliminated in the consolidation. In 2023, no customer accounted for more than 10% of group revenue.",
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"s8_notes__6__109-1": {
"value": "1. Credit risk Both CFE and DEME have set up procedures to limit the risk of their trade receivables. To limit the credit risk, both participations constantly monitor their outstanding trade receivables and adjust their positions if necessary. For the purposes of major foreign contracts, for instance, DEME regularly uses the services of the Credendo Group insofar as the country concerned qualifies for this service and the risk can be covered by credit insurance. A large part of the consolidated turnover is realized through public or semi-public sector customers. The level of counterparty risk is limited by the large number of customers. For large-scale infrastructure contracts, DEME is dependent on the ability of customers to obtain financing and can, if necessary, help to organize project financing. Although the credit risk cannot be ruled out altogether, it is still limited. Moreover, as a worldwide player, DEME is exposed to political risks and negative developments that may manifest themselves at the macroeconomic level. The credit risk of Deep C Holding, primarily active in Vietnam, is limited by advances received on the sale of acquired rights over developed sites (industrial zones) and by the monthly invoicing and the wide spread of customers when providing utilities, maintenance and management services in those industrial zones. For the credit risk regarding the loan portfolio of Bank Van Breda we refer to the credit risk policy as described in Note 14. Nextensa aims at a good spread both in terms of the number of tenants and the sectors in which these tenants are active in order to limit the risk of bad debts and bankruptcies by tenants. Furthermore, the solvency of the tenants is screened on a regular basis by an external rating agency, and long-term lease agreements are sought to ensure a recurrent rental income flow and increase the duration of the lease agreements. In the real estate development activity an extensive analysis of the related technical, legal and financial risks is made, prior to the signing of a new project. Agidens manages its debtor risk in accordance with the relevant policy, procedures and checks that have been set out by the group. Outstanding receivables are periodically monitored, and large-scale projects are generally covered by bank or other similar guarantees. The same applies to Biolectric. In the AvH & Growth Capital segment the group invests for the long term in companies with international growth potential. The diversified character of these investments contributes to a balanced spread of the economic and financial risks. Furthermore, AvH usually finances these investments with shareholders\u2019 equity. (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2022 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 170,404 2,579 7,910 0 43,821 -34,840 189,875 Other receivables 56,026 11,231 52,849 68 7,698 0 127,871 Trade debtors 683,217 48 15,371 0 21,841 -1,262 719,214 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% not expired 721,903 13,858 73,268 68 68,541 -36,102 841,536 expired < 30 d 48,354 0 650 0 3,017 0 52,021 expired < 60 d 51,388 0 405 0 497 0 52,290 expired < 120 d 40,792 0 1,457 0 438 0 42,688 expired > 120 d 47,210 0 350 0 866 0 48,425 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -5,229 0 0 0 -10,985 0 -16,213 Other receivables (impairments) -212 0 0 0 -1,981 0 -2,192 Trade debtors (impairments) -36,203 0 -821 0 -50 0 -37,074 -41,644 0 -821 0 -13,016 0 -55,480 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2023 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 204,053 3,177 6,250 0 38,781 -25,236 227,024 Other receivables 63,848 5,545 59,131 3 20,076 0 148,603 Trade debtors 745,140 56 22,777 0 22,738 -1,343 789,368 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% not expired 787,884 8,778 77,795 3 76,984 -26,579 924,864 expired < 30 d 80,750 0 5,680 0 2,404 0 88,834 expired < 60 d 46,251 0 1,117 0 566 0 47,934 expired < 120 d 48,102 0 686 0 434 0 49,223 expired > 120 d 50,054 0 2,879 0 1,206 0 54,140 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -7,156 0 0 0 -11,285 0 -18,441 Other receivables (impairments) 0 0 0 0 -1,981 0 -1,981 Trade debtors (impairments) -36,267 0 -845 0 -50 0 -37,162 -43,423 0 -845 0 -13,316 0 -57,584Marine Engineering & Contracting \u2022 Financial fixed assets: receivables and warranties: loans granted to participating interests include a.o. financing granted by DEME and Green Offshore to their respective participating interests active in the development/operation of the Rentel and SeaMade wind farms, and by CFE to real estate project companies. \u2022 Trade debtors in this segment account for 94% of total trade receivables. Overdue receivables in contracting mainly relate to settlements and additional charges, but which still have to be included in the budgets or are to be covered by an overall agreement. CFE and DEME have a number of negotiations and/or procedures pending. Overdue receivables (mostly attributable to DEME) are mainly covered by Credendo. Expected losses on construction contracts are adequately recorded in the balance sheet item \u2018Construction contracts\u2019 (Note 15). The turnover of Deep C Holding, primarily active in Vietnam, derives from (i) the sale of acquired rights over developed sites (industrial zones), (ii) the provision of utilities (electricity and water) and (iii) of maintenance and management services in those industrial zones: \u2022 The compensation for the sale of acquired rights over developed sites, usually varying from 40 to 50 years, is largely paid in advance (80% to 100%) by the customers of the Deep C Holding group. Once the land is delivered to the customer, the risks and rewards of the land use rights are transferred. \u2022 The charges for the provision of utilities, maintenance and management services are invoiced on a monthly basis, and given the wide spread of customers, the credit risk is fairly limited. Private Banking We refer to Note 14 for more details regarding the credit risk of Bank Van Breda. Real Estate \u2022 The other receivables relate to the advances that Nextensa grants to its real estate project companies. \u2022 Referring to the above description of the credit risk management, under normal circumstances the impairments on trade receivables are limited at Nextensa. AvH & Growth Capital and Intercompany eliminations \u2022 the full consolidation of Agidens and Biolectric Group with their respective trade receivables. \u2022 financing provided by AvH & subholdings to, among others, Green Offshore in the context of the development of the Rentel and SeaMade wind farms and to Deep C Holding (development of port-related industrial zones in Vietnam) has been eliminated in the consolidation. In 2023, no customer accounted for more than 10% of group revenue.Note 13: Financial assets and liabilities 1. Financial assets and liabilities per category (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 267,930 249,656 267,930 249,656 Financial assets : bonds - Fair value through OCI (FVOCI) 501,037 502,908 501,037 502,908 Financial assets : shares - Fair value through OCI (FVOCI) 58 263 58 263 Financial assets - at amortised cost 44,560 0 43,944 0 Receivables and cash Financial fixed assets - receivables and warranties 227,024 189,875 227,024 189,875 Other receivables 148,603 127,871 148,603 127,871 Trade debtors 789,368 719,214 789,368 719,214 Cash and cash equivalents 989,810 1,160,972 989,810 1,160,972 Banks - receivables from credit institutions & clients 7,836,913 6,780,990 7,822,739 6,940,242 Banks - changes in fair value of the hedged credit portfolio -36,752 -89,733 -36,752 -89,733 Hedging instruments 109,306 183,270 109,306 183,270(\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Financial liabilities Financial liabilities valued at amortised cost Financial debts Bank loans 1,545,623 1,577,488 1,557,330 1,613,885 Bonds 139,613 139,348 139,613 139,348 Surbordinated loans 677 677 677 677 Lease debts 177,024 151,959 177,024 151,959 Other financial debts 141,681 128,621 141,681 128,621 Other debts Trade payables 1,266,776 1,136,241 1,266,776 1,136,241 Advances received 84,486 72,539 84,486 72,539 Amounts payable regarding remuneration and social security 218,725 210,608 218,725 210,608 Other amounts payable 113,863 110,391 113,863 110,391 Banks - debts to credit institutions, clients & securities 7,630,595 6,792,663 7,651,919 6,834,644 Hedging instruments 56,043 85,78556,043 85,785 (\u20ac 1,000) 2023 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 161,684 106,245 152,405 97,251 Financial assets : bonds - Fair value through OCI (FVOCI) 501,037 502,908 Financial assets : shares - Fair value through OCI (FVOCI) 58 263 Financial assets - at amortised cost 44,560 Receivables and cash Banks - receivables from credit institutions & clients 1,574,684 6,262,229 751,761 6,029,229 Banks - changes in fair value of the hedged credit portfolio -36,752 -89,733 Hedging instruments 109,306 183,270 Financial liabilities Financial debts Bank loans 1,545,623 1,577,488 Bonds 139,613 139,348 Surbordinated loans 677 677 Lease debts 177,024 151,959 Banks - debts to credit institutions, clients & securities 7,630,595 6,792,663 Hedging instruments 56,043 85,785 The fair values must be classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments: \u2022 Parameters for level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation technique (model) is used. In level 1, we find all financial assets (valued at fair value, with incorporation of value changes in the unrealised results) with a public listing in an active market. \u2022 Parameters for level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation technique (model) is used, based on observable parameters such as: \uf0a7 the actual value of the future cashflows (discounted cashflow model) \uf0a7 the comparison with the current or recent fair value from another similar instrument \uf0a7 the determination of prices by third parties, provided that the price is in line with alternative observable parameters. We find the following financial assets and liabilities in level 2: \uf0a7 Cash and assets with central banks: because these assets have a very short term, the fair value is equated with the book value. \uf0a7 Receivables from credit institutions and financial liabilities valued at amortised cost: the fair value of the above financial instruments is determined as the current value of future cash flows based on the applicable swap interest rate and the assumptions below: - Commercial margins are taken into account when repricing; - No account is taken of a percentage of credit losses. \uf0a7 Derivatives held for trading purposes and for hedging purposes: the fair value of these instruments is also determined as the current value of future cash flows based on the applicable swap interest rate. \u2022 Parameters for level 3 instruments are non-observable data for determining the fair value of an asset or liability. In this case, use is made of a valuation technique (model) with (partly) non-observable parameters. We find the following financial assets in level 3: \uf0a7 Some financial assets (valued at fair value with value changes included in the unrealised results) for which no public listing is available. \uf0a7 Loans and advances to customers, valued at amortised cost: the fair value thereof is determined as the current value of future cash flows based on the applicable swap interest rate and the assumptions below: - Commercial margins are taken into account when repricing; - A percentage of early repayments and cap options is taken into account; - No account is taken of a percentage of credit losses. The fair value of the securities in the investment portfolio of the Group is determined on the basis of the listing on the public market (level 1). The bonds issued by Nextensa are reported under level 2. The above table gives no fair value information for financial assets and liabilities that are not measured at fair value, such as receivables and warranties, other receivables and payables, trade receivables and trade payables, advance payments, amounts payable regarding remuneration and social security, and cash and cash equivalents, since their carrying amount is a reasonable approximation of their fair value. 2. Financial assets: at fair value through OCI or through P/L Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2022 Financial assets: opening balance at fair value 177,351 48,190 507,788 20,005 575,982 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 177,351 48,190 504,139 20,005 572,334 Financial assets - adjustment to fair value 2,895 2,895 Financial assets - accrued interest 753 753 Additions 33,058 15,028 172,660 107,486 295,174 Additions through business combinations 0 0 0 0 0 Actuarial return 0 -731 0 -731 Disposals (-) -618 -15,254 -120,595 -127,500 -263,349 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) 1,399 -6,636 0 -6,636 Increase (decrease) through changes in fair value (FVOCI) -58,551 -58,551 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 11 0 2,173 0 2,173 Transfer from (to) other items -2,872 0 0 0 0 Other increase (decrease) 0 0 427 10 437 Financial assets: ending balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value (FVOCI) -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2023 Financial assets: opening balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Additions 32,428 20 140,444 181,083 321,547 Additions through business combinations 0 0 0 0 0 Actuarial return 1,242 791 2,033 Disposals (-) -379 -12 -165,681 -138,150 -303,843 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) -15,752 3,576 0 3,576 Increase (decrease) through changes in fair value (FVOCI) 21,349 21,349 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 0 0 -717 0 -717 Transfer from (to) other items 206 0 -157 0 -157 Other increase (decrease) -1,815 3 1,444 220 1,667 Financial assets: ending balance at fair value 223,016 44,914 501,096 43,944 589,954 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 223,016 44,914 517,626 43,724 606,264 Financial assets - adjustment to fair value (FVOCI) -19,155 -19,155 Financial assets - accrued interest 2,624 220 2,844 The Financial fixed assets at fair value through Profit&Loss increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH. During 2023, AvH invested 32.4 million euros in the further expansion of its \u201cGrowth Capital\u201d portfolio with focus on Life Sciences and India/Southeast Asia. AvH and Convergent strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD. AvH invested in Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. The Fair value adjustments recorded through P&L had a total negative impact of 15.8 million euros in 2023. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa and a negative evolution amounting to 19.3 million euros on AvH\u2019s non-consolidated Growth Capital participations. The investments increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. The additions and disposals of investments are largely attributable to Bank Van Breda, and relate to transactions realized as part of its Asset & Liability management (ALM). Fair value in Fair value in Interest% 2023 Interest% 2022 (\u20ac 1,000) Financial fixed assets at Fair value through P/L Valuation - Level Profit & Loss Profit & Loss (fully diluted) (fully diluted) 2023 2022 Marine Engineering & Contracting Small stakes Level 3 Fair value 4,547 5,036 0 0 Real Estate Retail Estates 9.4% 9.6% Level 1 3,513 -12,702 Small stakes Level 3 0 305 Fair value 87,296 83,782 3,513 -12,397 AvH & Growth Capital Life Sciences AstriVax 7.1% 5.8% Level 3 Biotalys 11.4% 11.9% Level 1 Epics Therapeutics (Bio Cap Invest) 29.5% 29.5% Level 3 Indigo Diabetes 11.9% 11.9% Level 3 MRM Health 15.9% 15.9% Level 3 OncoDNA 10.4% 9.8% Level 3 Vico Therapeutics International 3.8% Level 3 Life Sciences - Fair value 30,282 40,150 -14,855 -5,383 India / South-East Asia Convergent Finance 6.8% 3.1% Level 3 HealthQuad Fund I 36.3% 36.3% Level 3 HealthQuad Fund II 11.0% 11.0% Level 3 Medikabazaar (direct) 8.9% 8.9% Level 3 Venturi Fund I 11.1% 11.1% Level 3 Venturi Partners / Venturi I Capital 10.0% 10.0% Level 3 India / South-East Asia - Fair value 80,143 69,346 1,737 19,183 Other - Fair value 20,748 10,014 Level 3 -6,148 0 Subtotal AvH & Growth Capital 131,173 119,510 -19,266 13,800 Fair value - Total 223,016 208,328 -15,753 1,402 Number of The investments consist of (\u20ac 1,000): Fair value shares Investment portfolio Bank Van Breda 545,039 Funds managed by Delen Private Bank 33,689 Ageas 278,284 10,939 Other 286 589,954 The breakdown per segment of the fair value of the investments is as follows (\u20ac 1,000): Fair value Private Banking (Bank Van Breda) 545,039 AvH & Growth Capital 44,912 Marine Engineering & Contracting 2 Real Estate 0 Energy & Resources 0 589,954 Credit risk of the investment portfolio Bank Van Breda The risk profile of the investment portfolio has for years now deliberately been kept very low. The investment portfolio at year-end 2023 contains 99% government and government-guaranteed bonds with a minimum Aa3 rating (Moody\u2019s rating) and less than 1% shares. The investment framework that is submitted annually for the approval of the board of directors of Bank Van Breda determines which investments can be made and the limits that apply. The following table shows the composition of the consolidated investment portfolio by rating and maturity. Remaining Composition of the investment portfolio 31/12/2023 Rating duration Government bonds Aaa 39% 2024 14% Government bonds Aa1 19% 2025 12% Government bonds Aa2 9% 2026 17% Government bonds Aa3 32% 2027 10% Government bonds A2 0% 2028 11% Equity instruments 1% > 2028 35% indefinite 1%Note 14: Banks \u2013 receivable from credit institutions and clients (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Loans and receivables to clients 6,262,228 5,939,496 6,248,124 6,188,490 Changes in fair value of the hedged credit portfolio -36,752 0 -36,752 0 Loans and advances to banks 102,142 110,845 102,073 110,836 Cash balances with central banks 1,472,542 640,916 1,472,542 640,916 7,800,160 6,691,257 7,785,987 6,940,242 (\u20ac 1,000) 2023 2022 Loans and receivables to clients Finance lease 470,530 366,374 Investment credits and financing 2,796,995 2,815,391 Mortgage loans 2,603,891 2,617,715 Operating appropriations 387,292 404,040 Other 15,157 12,373 Subtotal - Gross loans and advances 6,273,865 6,215,893 Provisions Expected Credit Losses/write-offs -25,741 -27,403 Loans and receivables to clients 6,248,124 6,188,490 The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible. The loans and advances to clients comprise the following: \u2022 loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank; \u2022 car financing provided by Van Breda Car Finance, a division of the bank. The strong commercial performance of the bank explains the significant increase of loans and advances to clients. Credit risk The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile. The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category. Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required. The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the expected credit losses (stage 1 and stage 2) and the impairments (stage 3) for the whole credit portfolio. Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank\u2019s credit portfolio as well as the resilience of its clients. Internal rating per category \u2013 loans and advances to clients Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2023 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,822,405 0 17,124 41,939 0 2,881,467 Medium risk 2,113,606 0 337,877 153,717 0 2,605,200 High risk 292,386 0 339,944 56,292 0 688,622 Overdue 36,837 0 17,167 2,492 0 56,496 Non-performing Submitted to write off 0 0 0 0 42,080 42,080 Total 5,265,233 0 712,112 254,440 42,080 6,273,865 Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2022 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,599,257 0 19,099 15,313 0 2,633,669 Medium risk 2,348,294 0 361,644 59,268 0 2,769,205 High risk 328,614 0 372,495 19,408 0 720,516 Overdue 33,343 0 14,523 222 0 48,088 Non-performing Submitted to write off 0 0 0 0 44,416 44,416 Total 5,309,507 0 767,760 94,210 44,416 6,215,893 Loans and advances to clients - evolution in 2023 Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 5,309,507 0 767,760 94,210 44,416 6,215,893 Impact from collective staging -146,948 146,948 -21,744 21,744 0 0 Recognition 1,274,081 0 124,394 27,256 4,380 1,430,111 Derecognition -767,904 0 -127,844 -13,159 -7,944 -916,852 Repayments -374,231 0 -46,232 -23,041 -8,630 -452,135 Transfers to stage 1 192,768 0 -192,327 0 -441 0 Transfers to stage 2 -213,174 -146,948 215,862 147,586 -3,326 0 Transfers to stage 3 -8,628 0 -7,249 0 15,877 0 Methodology modifications -238 0 -506 -156 -1 -901 Write offs 0 0 0 0 -2,251 -2,251 31/12/2023 5,265,233 0 712,112 254,440 42,080 6,273,865 Accumulated impairments Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 -4,805 0 -2,045 -176 -20,377 -27,403 Impact from collective staging 78 -78 323 -323 0 0 Recognition -4,202 -29 -891 -48 -811 -5,981 Derecognition 1,439 1 751 0 2,146 4,336 Repayments 1,836 43 318 146 0 2,343 Transfers to Stage 1 -698 -520 638 515 65 0 Transfers to Stage 2 94 119 -253 -334 374 0 Transfers to Stage 3 24 0 201 0 -225 0 Impact on ECL by Stage Transfer 602 460 -979 -906 -3,084 -3,907 Other adjustments to credit risk 531 4 198 314 1,243 2,291 Methodology modifications 3 0 -24 0 -139 -159 Model modifications 447 0 40 0 0 487 Write-offs 0 0 0 0 2,252 2,252 31/12/2023 -4,651 0 -1,722 -812 -18,557 -25,741Note 19: Financial debts 1 year < 5 1 year < 5 (\u20ac 1,000) < 1 year > 5 years Total 2023 < 1 year > 5 years Total 2022 years years Remaining Remaining term term I. Financial debts Bank loans 338,070 1,050,634 168,625 1,557,330 280,710 1,134,375 198,800 1,613,885 Bonds 40,000 99,613 0 139,613 0 139,348 0 139,348 Subordinated loans 0 677 0 677 0 677 0 677 Lease debts 43,055 78,948 55,021 177,024 39,778 67,946 44,234 151,959 Other financial debts 129,547 12,135 0 141,681 82,168 46,453 0 128,621 Financial debts - Total 550,672 1,242,007 223,646 2,016,326 402,656 1,388,799 243,034 2,034,489 Cash and cash equivalents -989,810 -1,160,972 Net financial debt 550,672 1,242,007 223,646 1,026,515 402,656 1,388,799 243,034 873,517 (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 (\u20ac 1,000) Financial debts at 31-12-2022 2,034,489 Movements in the Cashflow statement (Cash flow from financial activities) Increase of financial debts 311,105 (Decrease) of financial debts -401,724 Non-cash movements - Changes in consolidation scope - acquisitions 0 - Changes in consolidation scope - divestments 0 - IFRS 16 Leases - tangible assets 72,638 - IFRS 16 Leases - investment property 0 - Impact of exchange rates -182 - Others 0 Financial debts at 31-12-2023 2,016,326 We refer to \u2018Note 12. Financial risk management and financial derivatives\u2019 for more details regarding the liquidity risk and capital management of the fully consolidated subsidiaries. The financial debts are attributable to the fully consolidated participations. Those participations are, taking into account their own creditworthiness, responsible for obtaining market terms from lenders. The participation should also assess on a case-by-case basis whether debt instruments, subject to variable interest rates and/or foreign currency fluctuations, require hedging so as to retain an acceptable residual risk. The financial debts decreased by 18 million euros. During 2023 the AvH group companies have reimbursed 356.1 million euros of financial debts and taken up new debt for 311.1 million euros. This resulted in a net reduction of 45.0 million euros, with however different evolutions through the portfolio. While DEME reduced its financial debt by 154.1 million euros, it increased at CFE (+58.3 million euros) and Nextensa (+45.3 million euros). The cash out relating to the IFRS 16 leases amounted to -45.6 million euros (2022: -42.6 million euros). When cash and cash equivalents are taken into account, the net financial debt position actually increased by 153.0 million euros: \u2022 DEME\u2019s financial position decreased by 9 million euros and remains healthy with a net financial debt of 512 million euro (or 0.9 times EBITDA) compared to 521 million euro (or 1.1 times EBITDA) at the end of 2022. \u2022 The net financial debt of CFE increased by 44.4 million euros compared to 31 December 2022. The debt ratio was 28%, well below the historical average of recent years. If CFE\u2019s injection into the Kronos project (64 million euros) is excluded, net financial debt would have decreased by 20 million euros in 2023. \u2022 Although Deep C Holding reimbursed partially its shareholder loans, following the successful capital increase at its affiliate Infra Asia Investment, the net financial debt remained almost unchanged as a result of investments and working capital needs. \u2022 As the real estate market largely came to a standstill during 2023, Nextensa sold fewer buildings than desired. This led to an increase by 26.6 million euros in the net debt position amounting 786.8 million euros. Financial covenants DEME: bilateral loans and long term credit facilities are subject to specific covenants. At December 31, 2023 DEME complied with the solvency ratio (>25%), the debt/EBITDA ratio (<3), and the interest cover ratio (>3), that were agreed upon within the contractual terms of the loans received. CFE: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or fixed assets, as well as cash flow. These covenants were fully honoured as of December 31, 2023. Deep C Holding: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or total assets. These covenants were fully honoured as of December 31, 2023. Nextensa: the financial institutions grant loans to Nextensa on the basis of the company\u2019s reputation and various financial and other covenants. Failure to honour these covenants may result in the early cancellation of these loans. The loans received contain conventional covenants. The company was in compliance with all covenants as of year-end 2023. (\u20ac 1,000) 2023 2022 II. Amounts payable (or the portion thereof), which are guaranteed by real guarantees given or irrevocably promised on the assets of the enterprises included in the consolidation Bank loans 237,341 230,604 Bonds 0 0 Lease debts 0 0 Other financial debts 0 0 Total 237,341 230,604 The debts guaranteed by real guarantees given mainly relate to the concessions-activity of Deep C Holding and the real estate projects by Nextensa. In the context of various development projects, Nextensa provided pledges as security for financial debt amounting to 181.7 million euros. Note 20: Banks \u2013 debts to credit institutions, clients and securities (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Debts to credit institutions and central banks 49,601 116,334 49,604 116,379 Debts to clients 7,469,535 6,504,730 7,491,001 6,553,495 - of which subordinated 0 560 0 560 Securities including bonds 111,459 171,599 111,315 164,769 - of which subordinated 0 47,155 0 40,236 Banks - changes in fair value of the hedged credit portfolio 0 89,733 0 89,733 7,630,595 6,882,396 7,651,919 6,924,377 (\u20ac 1,000) 2023 2022 Debts to credit institutions and central banks Current accounts / overnight deposits 46,067 104,845 Deposits with agreed maturity 3,537 11,534 Accrued interests 0 0 Total 49,604 116,379 Debts to clients Current accounts / overnight deposits 3,151,095 4,197,238 Deposits with agreed maturity 3,506,038 1,248,652 Special deposits 45,805 56,798 Regulated deposits 788,063 1,050,247 Subordinated certificats 0 560 Total 7,491,001 6,553,495 Securities including bonds Debt certificates 111,315 124,533 Subordinated bonds 0 40,236 Total 111,315 164,769 Banks - changes in fair value of the hedged credit portfolio 0 89,733 Total debts to credit institutions, clients and securities 7,651,919 6,924,377 The full consolidation of Bank Van Breda results in the recording of specific bank receivables and debts in the balance sheet of AvH. These items were grouped for maximum transparency of the balance sheet. Liquidity risk Bank Van Breda Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank\u2019s sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds. The bank\u2019s financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023. Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive: \u2022 The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to holdsufficient high-quality liquid assets. The regulator imposes a limit of at least 100%. \u2022 The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period.The Basel III-guidelines impose a limit of at least 100% as from 2018. At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority. The bank\u2019s liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses. In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account. (\u20ac 1,000) < 1 month 1-3 months3-12 months1-5 years5-10 years> 10 yearsIndefinite 31/12/2023 Assets 1,911,000 186,000 872,000 3,020,000 1,782,000 625,000 43,000 Liabilities -1,435,000-1,359,000-2,207,000-1,532,000-831,000-241,000-64,000Derivatives 3,000 4,000 14,000 14,000 5,000 0 0 Liquidity Gap 479,000 -1,169,000-1,321,0001,502,000 956,000 384,000 -21,00031/12/2022 Assets 1,078,000 161,000 900,000 2,903,000 1,816,000 652,000 39,000 Liabilities -1,000,000-790,000-1,925,000-1,675,000-1,101,000-343,000-51,000Derivatives 1,000 2,000 16,000 55,000 23,000 0 0 Liquidity Gap 79,000 -627,000-1,009,0001,283,000 738,000 309,000 -12,000Interest rate risk Bank Van Breda Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates. The bank opts to keep the interest rate risk at a relatively low level: \u2022 The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels). \u2022 Equity value sensitivity is the exposure of the company\u2019s economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank\u2019s (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities. Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve. Impact of an immediate increase of the yield curve with 100 base points (1%) on: 2023 2022 The interest result -920 2,827 (earnings sensitivity) The faire value of the equity -63,586 -53,698 (equity value sensitivity) (= BPV) For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible. (\u20ac 1,000) \u2264 1 month 1-3 months 3-12 months 1-5 years 5-10 years > 10 years Indefinite 31/12/2023 Assets 1,985,000 365,000 992,000 2,953,000 1,575,000 521,000 43,000 Liabilities -1,435,000 -1,359,000 -2,206,000 -1,532,000 -831,000 -241,000 -64,000 Derivatives 375,000 665,000 -60,000 -370,000 -570,000 -40,000 0 Interest Gap 925,000 -329,000 -1,274,000 1,051,000 174,000 240,000 -21,000 31/12/2022 Assets 1,143,000 307,000 957,000 2,916,000 1,625,000 546,000 48,000 Liabilities -1,045,000 -789,000 -1,943,000 -1,662,000 -1,056,000 -338,000 -38,000 Derivatives 325,000 570,000 -60,000 -370,000 -410,000 -55,000 0 Interest Gap 423,000 88,000 -1,046,000 884,000 159,000 153,000 10,000",
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"s8_notes__6__111": {
"value": "(\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2022 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 170,404 2,579 7,910 0 43,821 -34,840 189,875 Other receivables 56,026 11,231 52,849 68 7,698 0 127,871 Trade debtors 683,217 48 15,371 0 21,841 -1,262 719,214 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% not expired 721,903 13,858 73,268 68 68,541 -36,102 841,536 expired < 30 d 48,354 0 650 0 3,017 0 52,021 expired < 60 d 51,388 0 405 0 497 0 52,290 expired < 120 d 40,792 0 1,457 0 438 0 42,688 expired > 120 d 47,210 0 350 0 866 0 48,425 Total (net - accumulated impairments included) 909,646 13,858 76,131 68 73,359 -36,102 1,036,960 % 88% 1% 7% 0% 7% -3% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -5,229 0 0 0 -10,985 0 -16,213 Other receivables (impairments) -212 0 0 0 -1,981 0 -2,192 Trade debtors (impairments) -36,203 0 -821 0 -50 0 -37,074 -41,644 0 -821 0 -13,016 0 -55,480 (\u20ac 1,000) Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Marine AvH & Eliminations Engineering Private Energy & Real Estate Growth between Total 2023 & Banking Resources Capital segments Contracting Financial fixed assets - receivables and warranties 204,053 3,177 6,250 0 38,781 -25,236 227,024 Other receivables 63,848 5,545 59,131 3 20,076 0 148,603 Trade debtors 745,140 56 22,777 0 22,738 -1,343 789,368 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% not expired 787,884 8,778 77,795 3 76,984 -26,579 924,864 expired < 30 d 80,750 0 5,680 0 2,404 0 88,834 expired < 60 d 46,251 0 1,117 0 566 0 47,934 expired < 120 d 48,102 0 686 0 434 0 49,223 expired > 120 d 50,054 0 2,879 0 1,206 0 54,140 Total (net - accumulated impairments included) 1,013,042 8,778 88,158 3 81,594 -26,579 1,164,996 % 87% 1% 8% 0% 7% -2% 100% Accumulated impairments Financial fixed assets - receivables and warranties (impairments) -7,156 0 0 0 -11,285 0 -18,441 Other receivables (impairments) 0 0 0 0 -1,981 0 -1,981 Trade debtors (impairments) -36,267 0 -845 0 -50 0 -37,162 -43,423 0 -845 0 -13,316 0 -57,584",
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"s8_notes__6__114-1": {
"value": "Marine Engineering & Contracting \u2022 Financial fixed assets: receivables and warranties: loans granted to participating interests include a.o. financing granted by DEME and Green Offshore to their respective participating interests active in the development/operation of the Rentel and SeaMade wind farms, and by CFE to real estate project companies. \u2022 Trade debtors in this segment account for 94% of total trade receivables. Overdue receivables in contracting mainly relate to settlements and additional charges, but which still have to be included in the budgets or are to be covered by an overall agreement. CFE and DEME have a number of negotiations and/or procedures pending. Overdue receivables (mostly attributable to DEME) are mainly covered by Credendo. Expected losses on construction contracts are adequately recorded in the balance sheet item \u2018Construction contracts\u2019 (Note 15). The turnover of Deep C Holding, primarily active in Vietnam, derives from (i) the sale of acquired rights over developed sites (industrial zones), (ii) the provision of utilities (electricity and water) and (iii) of maintenance and management services in those industrial zones: \u2022 The compensation for the sale of acquired rights over developed sites, usually varying from 40 to 50 years, is largely paid in advance (80% to 100%) by the customers of the Deep C Holding group. Once the land is delivered to the customer, the risks and rewards of the land use rights are transferred. \u2022 The charges for the provision of utilities, maintenance and management services are invoiced on a monthly basis, and given the wide spread of customers, the credit risk is fairly limited. Private Banking We refer to Note 14 for more details regarding the credit risk of Bank Van Breda. Real Estate \u2022 The other receivables relate to the advances that Nextensa grants to its real estate project companies. \u2022 Referring to the above description of the credit risk management, under normal circumstances the impairments on trade receivables are limited at Nextensa. AvH & Growth Capital and Intercompany eliminations \u2022 the full consolidation of Agidens and Biolectric Group with their respective trade receivables. \u2022 financing provided by AvH & subholdings to, among others, Green Offshore in the context of the development of the Rentel and SeaMade wind farms and to Deep C Holding (development of port-related industrial zones in Vietnam) has been eliminated in the consolidation. In 2023, no customer accounted for more than 10% of group revenue.1. Financial assets and liabilities per category (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 267,930 249,656 267,930 249,656 Financial assets : bonds - Fair value through OCI (FVOCI) 501,037 502,908 501,037 502,908 Financial assets : shares - Fair value through OCI (FVOCI) 58 263 58 263 Financial assets - at amortised cost 44,560 0 43,944 0 Receivables and cash Financial fixed assets - receivables and warranties 227,024 189,875 227,024 189,875 Other receivables 148,603 127,871 148,603 127,871 Trade debtors 789,368 719,214 789,368 719,214 Cash and cash equivalents 989,810 1,160,972 989,810 1,160,972 Banks - receivables from credit institutions & clients 7,836,913 6,780,990 7,822,739 6,940,242 Banks - changes in fair value of the hedged credit portfolio -36,752 -89,733 -36,752 -89,733 Hedging instruments 109,306 183,270 109,306 183,270",
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"s8_notes__6__117": {
"value": "2. Liquidity risk and capital management The financial debts, after intercompany elimination, relate to the following segments: (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 DEME\u2019s liquidity risk is limited by spreading the financing over several banks and by preference over the long term. DEME has major credit and guarantee lines with a whole string of international banks. Certain ratios (covenants) were agreed in the loan agreements with the relevant banks which DEME must observe. This was the case at year end 2023. In addition, it has a commercial paper programme to cover short-term financial needs. DEME predominantly invests in equipment with a long life which is depreciated over several years. For that reason, DEME seeks to schedule a substantial part of its debts over a long term. DEME converted all its long-term financing into sustainability-linked loans in February 2022. CFE finances its construction and real estate development activities with bank loans, medium term notes and commercial paper. In 2022, CFE has set up new credit lines that incorporate sustainability criteria. Both DEME and CFE had a substantial cash position (cash and cash equivalents) at year-end 2023. The Deep C Holding group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn. Nextensa has the necessary long-term credit facilities and backup lines for its commercial paper to cover present and future investment needs. Those credit facilities and backup lines serve to hedge the financing risk. The liquidity risk is limited by having the financing spread over several financial counterparties and by tapping various sources of funding, as well as by diversifying the expiration dates of the credit facilities. Nextensa finances its operations through bank financing and bond financing. As of 31 December 2023, Nextensa had confirmed credit lines of 871 million euros, of which 164 million euros were undrawn. The average duration of the credit lines relating the investment portfolio was 2.08 years at 31 December 2023 and 1.31 years for the financing related to the development portfolio. The financial debts reported by the AvH & Growth Capital segment are entirely attributable to Agidens and Biolectric Group. The debts of Agidens relate to the financing of the main building, the leases of cars and a straight loan regarding working capital management. The financial debts of Biolectric relate to its headquarters, the acquisition loan, its working capital and the biogas installations that remain in ownership of Biolectric so to operate them and to sell the electricity produced to farmers. AvH (and subholdings) has a net cash position of 517,5 million euros (see Note 6. Segment information Cash flow statement for more details). AvH disposes of confirmed credit lines (280 million euros), spread over different banks. Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected end on December, 31 2023. The evolution of the financial debts and the net financial debt position is further explained in Note 19 Financial debts.",
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"s8_notes__6__116-1": {
"value": "2. Liquidity risk and capital management The financial debts, after intercompany elimination, relate to the following segments: (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 DEME\u2019s liquidity risk is limited by spreading the financing over several banks and by preference over the long term. DEME has major credit and guarantee lines with a whole string of international banks. Certain ratios (covenants) were agreed in the loan agreements with the relevant banks which DEME must observe. This was the case at year end 2023. In addition, it has a commercial paper programme to cover short-term financial needs. DEME predominantly invests in equipment with a long life which is depreciated over several years. For that reason, DEME seeks to schedule a substantial part of its debts over a long term. DEME converted all its long-term financing into sustainability-linked loans in February 2022. CFE finances its construction and real estate development activities with bank loans, medium term notes and commercial paper. In 2022, CFE has set up new credit lines that incorporate sustainability criteria. Both DEME and CFE had a substantial cash position (cash and cash equivalents) at year-end 2023. The Deep C Holding group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn. Nextensa has the necessary long-term credit facilities and backup lines for its commercial paper to cover present and future investment needs. Those credit facilities and backup lines serve to hedge the financing risk. The liquidity risk is limited by having the financing spread over several financial counterparties and by tapping various sources of funding, as well as by diversifying the expiration dates of the credit facilities. Nextensa finances its operations through bank financing and bond financing. As of 31 December 2023, Nextensa had confirmed credit lines of 871 million euros, of which 164 million euros were undrawn. The average duration of the credit lines relating the investment portfolio was 2.08 years at 31 December 2023 and 1.31 years for the financing related to the development portfolio. The financial debts reported by the AvH & Growth Capital segment are entirely attributable to Agidens and Biolectric Group. The debts of Agidens relate to the financing of the main building, the leases of cars and a straight loan regarding working capital management. The financial debts of Biolectric relate to its headquarters, the acquisition loan, its working capital and the biogas installations that remain in ownership of Biolectric so to operate them and to sell the electricity produced to farmers. AvH (and subholdings) has a net cash position of 517,5 million euros (see Note 6. Segment information Cash flow statement for more details). AvH disposes of confirmed credit lines (280 million euros), spread over different banks. Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected end on December, 31 2023. The evolution of the financial debts and the net financial debt position is further explained in Note 19 Financial debts.Note 19: Financial debts 1 year < 5 1 year < 5 (\u20ac 1,000) < 1 year > 5 years Total 2023 < 1 year > 5 years Total 2022 years years Remaining Remaining term term I. Financial debts Bank loans 338,070 1,050,634 168,625 1,557,330 280,710 1,134,375 198,800 1,613,885 Bonds 40,000 99,613 0 139,613 0 139,348 0 139,348 Subordinated loans 0 677 0 677 0 677 0 677 Lease debts 43,055 78,948 55,021 177,024 39,778 67,946 44,234 151,959 Other financial debts 129,547 12,135 0 141,681 82,168 46,453 0 128,621 Financial debts - Total 550,672 1,242,007 223,646 2,016,326 402,656 1,388,799 243,034 2,034,489 Cash and cash equivalents -989,810 -1,160,972 Net financial debt 550,672 1,242,007 223,646 1,026,515 402,656 1,388,799 243,034 873,517 (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 (\u20ac 1,000) Financial debts at 31-12-2022 2,034,489 Movements in the Cashflow statement (Cash flow from financial activities) Increase of financial debts 311,105 (Decrease) of financial debts -401,724 Non-cash movements - Changes in consolidation scope - acquisitions 0 - Changes in consolidation scope - divestments 0 - IFRS 16 Leases - tangible assets 72,638 - IFRS 16 Leases - investment property 0 - Impact of exchange rates -182 - Others 0 Financial debts at 31-12-2023 2,016,326 We refer to \u2018Note 12. Financial risk management and financial derivatives\u2019 for more details regarding the liquidity risk and capital management of the fully consolidated subsidiaries. The financial debts are attributable to the fully consolidated participations. Those participations are, taking into account their own creditworthiness, responsible for obtaining market terms from lenders. The participation should also assess on a case-by-case basis whether debt instruments, subject to variable interest rates and/or foreign currency fluctuations, require hedging so as to retain an acceptable residual risk. The financial debts decreased by 18 million euros. During 2023 the AvH group companies have reimbursed 356.1 million euros of financial debts and taken up new debt for 311.1 million euros. This resulted in a net reduction of 45.0 million euros, with however different evolutions through the portfolio. While DEME reduced its financial debt by 154.1 million euros, it increased at CFE (+58.3 million euros) and Nextensa (+45.3 million euros). The cash out relating to the IFRS 16 leases amounted to -45.6 million euros (2022: -42.6 million euros). When cash and cash equivalents are taken into account, the net financial debt position actually increased by 153.0 million euros: \u2022 DEME\u2019s financial position decreased by 9 million euros and remains healthy with a net financial debt of 512 million euro (or 0.9 times EBITDA) compared to 521 million euro (or 1.1 times EBITDA) at the end of 2022. \u2022 The net financial debt of CFE increased by 44.4 million euros compared to 31 December 2022. The debt ratio was 28%, well below the historical average of recent years. If CFE\u2019s injection into the Kronos project (64 million euros) is excluded, net financial debt would have decreased by 20 million euros in 2023. \u2022 Although Deep C Holding reimbursed partially its shareholder loans, following the successful capital increase at its affiliate Infra Asia Investment, the net financial debt remained almost unchanged as a result of investments and working capital needs. \u2022 As the real estate market largely came to a standstill during 2023, Nextensa sold fewer buildings than desired. This led to an increase by 26.6 million euros in the net debt position amounting 786.8 million euros. Financial covenants DEME: bilateral loans and long term credit facilities are subject to specific covenants. At December 31, 2023 DEME complied with the solvency ratio (>25%), the debt/EBITDA ratio (<3), and the interest cover ratio (>3), that were agreed upon within the contractual terms of the loans received. CFE: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or fixed assets, as well as cash flow. These covenants were fully honoured as of December 31, 2023. Deep C Holding: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or total assets. These covenants were fully honoured as of December 31, 2023. Nextensa: the financial institutions grant loans to Nextensa on the basis of the company\u2019s reputation and various financial and other covenants. Failure to honour these covenants may result in the early cancellation of these loans. The loans received contain conventional covenants. The company was in compliance with all covenants as of year-end 2023. (\u20ac 1,000) 2023 2022 II. Amounts payable (or the portion thereof), which are guaranteed by real guarantees given or irrevocably promised on the assets of the enterprises included in the consolidation Bank loans 237,341 230,604 Bonds 0 0 Lease debts 0 0 Other financial debts 0 0 Total 237,341 230,604 The debts guaranteed by real guarantees given mainly relate to the concessions-activity of Deep C Holding and the real estate projects by Nextensa. In the context of various development projects, Nextensa provided pledges as security for financial debt amounting to 181.7 million euros. ",
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"s8_notes__6__115": {
"value": "2. Liquidity risk and capital management The financial debts, after intercompany elimination, relate to the following segments: (\u20ac 1,000) 2023 2022 Financial debt - Financial debt - Net financial Financial debt - Financial debt - Net financial ST LT debt ST LT debt Marine Engineering & Contracting 308,416 914,291 638,947 278,640 1,016,861 601,511 Private Banking (IFRS 16 leases) 2,955 5,726 -20,658 2,613 4,854 -17,048 Real Estate 235,790 562,159 786,820 117,668 634,932 721,493 Energy & Resources 0 0 -689 0 0 -642 AvH & Growth Capital 3,512 8,713 -352,669 3,735 10,026 -396,956 Intercompany 0 -25,236 -25,236 0 -34,840 -34,840 Total 550,672 1,465,653 1,026,515 402,656 1,631,833 873,517 DEME\u2019s liquidity risk is limited by spreading the financing over several banks and by preference over the long term. DEME has major credit and guarantee lines with a whole string of international banks. Certain ratios (covenants) were agreed in the loan agreements with the relevant banks which DEME must observe. This was the case at year end 2023. In addition, it has a commercial paper programme to cover short-term financial needs. DEME predominantly invests in equipment with a long life which is depreciated over several years. For that reason, DEME seeks to schedule a substantial part of its debts over a long term. DEME converted all its long-term financing into sustainability-linked loans in February 2022. CFE finances its construction and real estate development activities with bank loans, medium term notes and commercial paper. In 2022, CFE has set up new credit lines that incorporate sustainability criteria. Both DEME and CFE had a substantial cash position (cash and cash equivalents) at year-end 2023. The Deep C Holding group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn. Nextensa has the necessary long-term credit facilities and backup lines for its commercial paper to cover present and future investment needs. Those credit facilities and backup lines serve to hedge the financing risk. The liquidity risk is limited by having the financing spread over several financial counterparties and by tapping various sources of funding, as well as by diversifying the expiration dates of the credit facilities. Nextensa finances its operations through bank financing and bond financing. As of 31 December 2023, Nextensa had confirmed credit lines of 871 million euros, of which 164 million euros were undrawn. The average duration of the credit lines relating the investment portfolio was 2.08 years at 31 December 2023 and 1.31 years for the financing related to the development portfolio. The financial debts reported by the AvH & Growth Capital segment are entirely attributable to Agidens and Biolectric Group. The debts of Agidens relate to the financing of the main building, the leases of cars and a straight loan regarding working capital management. The financial debts of Biolectric relate to its headquarters, the acquisition loan, its working capital and the biogas installations that remain in ownership of Biolectric so to operate them and to sell the electricity produced to farmers. AvH (and subholdings) has a net cash position of 517,5 million euros (see Note 6. Segment information Cash flow statement for more details). AvH disposes of confirmed credit lines (280 million euros), spread over different banks. Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected end on December, 31 2023. The evolution of the financial debts and the net financial debt position is further explained in Note 19 Financial debts.",
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"s8_notes__6__119-1": {
"value": "1. Financial assets and liabilities per category (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Financial assets Financial assets : shares - Fair value through P/L (FVPL) 267,930 249,656 267,930 249,656 Financial assets : bonds - Fair value through OCI (FVOCI) 501,037 502,908 501,037 502,908 Financial assets : shares - Fair value through OCI (FVOCI) 58 263 58 263 Financial assets - at amortised cost 44,560 0 43,944 0 Receivables and cash Financial fixed assets - receivables and warranties 227,024 189,875 227,024 189,875 Other receivables 148,603 127,871 148,603 127,871 Trade debtors 789,368 719,214 789,368 719,214 Cash and cash equivalents 989,810 1,160,972 989,810 1,160,972 Banks - receivables from credit institutions & clients 7,836,913 6,780,990 7,822,739 6,940,242 Banks - changes in fair value of the hedged credit portfolio -36,752 -89,733 -36,752 -89,733 Hedging instruments 109,306 183,270 109,306 183,2702. Financial assets: at fair value through OCI or through P/L Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2022 Financial assets: opening balance at fair value 177,351 48,190 507,788 20,005 575,982 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 177,351 48,190 504,139 20,005 572,334 Financial assets - adjustment to fair value 2,895 2,895 Financial assets - accrued interest 753 753 Additions 33,058 15,028 172,660 107,486 295,174 Additions through business combinations 0 0 0 0 0 Actuarial return 0 -731 0 -731 Disposals (-) -618 -15,254 -120,595 -127,500 -263,349 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) 1,399 -6,636 0 -6,636 Increase (decrease) through changes in fair value (FVOCI) -58,551 -58,551 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 11 0 2,173 0 2,173 Transfer from (to) other items -2,872 0 0 0 0 Other increase (decrease) 0 0 427 10 437 Financial assets: ending balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value (FVOCI) -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2023 Financial assets: opening balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Additions 32,428 20 140,444 181,083 321,547 Additions through business combinations 0 0 0 0 0 Actuarial return 1,242 791 2,033 Disposals (-) -379 -12 -165,681 -138,150 -303,843 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) -15,752 3,576 0 3,576 Increase (decrease) through changes in fair value (FVOCI) 21,349 21,349 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 0 0 -717 0 -717 Transfer from (to) other items 206 0 -157 0 -157 Other increase (decrease) -1,815 3 1,444 220 1,667 Financial assets: ending balance at fair value 223,016 44,914 501,096 43,944 589,954 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 223,016 44,914 517,626 43,724 606,264 Financial assets - adjustment to fair value (FVOCI) -19,155 -19,155 Financial assets - accrued interest 2,624 220 2,844 The Financial fixed assets at fair value through Profit&Loss increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH. During 2023, AvH invested 32.4 million euros in the further expansion of its \u201cGrowth Capital\u201d portfolio with focus on Life Sciences and India/Southeast Asia. AvH and Convergent strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD. AvH invested in Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. The Fair value adjustments recorded through P&L had a total negative impact of 15.8 million euros in 2023. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa and a negative evolution amounting to 19.3 million euros on AvH\u2019s non-consolidated Growth Capital participations. The investments increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. The additions and disposals of investments are largely attributable to Bank Van Breda, and relate to transactions realized as part of its Asset & Liability management (ALM). Fair value in Fair value in Interest% 2023 Interest% 2022 (\u20ac 1,000) Financial fixed assets at Fair value through P/L Valuation - Level Profit & Loss Profit & Loss (fully diluted) (fully diluted) 2023 2022 Marine Engineering & Contracting Small stakes Level 3 Fair value 4,547 5,036 0 0 Real Estate Retail Estates 9.4% 9.6% Level 1 3,513 -12,702 Small stakes Level 3 0 305 Fair value 87,296 83,782 3,513 -12,397 AvH & Growth Capital Life Sciences AstriVax 7.1% 5.8% Level 3 Biotalys 11.4% 11.9% Level 1 Epics Therapeutics (Bio Cap Invest) 29.5% 29.5% Level 3 Indigo Diabetes 11.9% 11.9% Level 3 MRM Health 15.9% 15.9% Level 3 OncoDNA 10.4% 9.8% Level 3 Vico Therapeutics International 3.8% Level 3 Life Sciences - Fair value 30,282 40,150 -14,855 -5,383 India / South-East Asia Convergent Finance 6.8% 3.1% Level 3 HealthQuad Fund I 36.3% 36.3% Level 3 HealthQuad Fund II 11.0% 11.0% Level 3 Medikabazaar (direct) 8.9% 8.9% Level 3 Venturi Fund I 11.1% 11.1% Level 3 Venturi Partners / Venturi I Capital 10.0% 10.0% Level 3 India / South-East Asia - Fair value 80,143 69,346 1,737 19,183 Other - Fair value 20,748 10,014 Level 3 -6,148 0 Subtotal AvH & Growth Capital 131,173 119,510 -19,266 13,800 Fair value - Total 223,016 208,328 -15,753 1,402 Number of The investments consist of (\u20ac 1,000): Fair value shares Investment portfolio Bank Van Breda 545,039 Funds managed by Delen Private Bank 33,689 Ageas 278,284 10,939 Other 286 589,954 The breakdown per segment of the fair value of the investments is as follows (\u20ac 1,000): Fair value Private Banking (Bank Van Breda) 545,039 AvH & Growth Capital 44,912 Marine Engineering & Contracting 2 Real Estate 0 Energy & Resources 0 589,954 Credit risk of the investment portfolio Bank Van Breda The risk profile of the investment portfolio has for years now deliberately been kept very low. The investment portfolio at year-end 2023 contains 99% government and government-guaranteed bonds with a minimum Aa3 rating (Moody\u2019s rating) and less than 1% shares. The investment framework that is submitted annually for the approval of the board of directors of Bank Van Breda determines which investments can be made and the limits that apply. The following table shows the composition of the consolidated investment portfolio by rating and maturity. Remaining Composition of the investment portfolio 31/12/2023 Rating duration Government bonds Aaa 39% 2024 14% Government bonds Aa1 19% 2025 12% Government bonds Aa2 9% 2026 17% Government bonds Aa3 32% 2027 10% Government bonds A2 0% 2028 11% Equity instruments 1% > 2028 35% indefinite 1%",
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"s8_notes__6__120": {
"value": "(\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Financial liabilities Financial liabilities valued at amortised cost Financial debts Bank loans 1,545,623 1,577,488 1,557,330 1,613,885 Bonds 139,613 139,348 139,613 139,348 Surbordinated loans 677 677 677 677 Lease debts 177,024 151,959 177,024 151,959 Other financial debts 141,681 128,621 141,681 128,621 Other debts Trade payables 1,266,776 1,136,241 1,266,776 1,136,241 Advances received 84,486 72,539 84,486 72,539 Amounts payable regarding remuneration and social security 218,725 210,608 218,725 210,608 Other amounts payable 113,863 110,391 113,863 110,391 Banks - debts to credit institutions, clients & securities 7,630,595 6,792,663 7,651,919 6,834,644 Hedging instruments 56,043 85,78556,043 85,785 ",
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"s8_notes__6__124-1": {
"value": "2. Financial assets: at fair value through OCI or through P/L Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2022 Financial assets: opening balance at fair value 177,351 48,190 507,788 20,005 575,982 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 177,351 48,190 504,139 20,005 572,334 Financial assets - adjustment to fair value 2,895 2,895 Financial assets - accrued interest 753 753 Additions 33,058 15,028 172,660 107,486 295,174 Additions through business combinations 0 0 0 0 0 Actuarial return 0 -731 0 -731 Disposals (-) -618 -15,254 -120,595 -127,500 -263,349 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) 1,399 -6,636 0 -6,636 Increase (decrease) through changes in fair value (FVOCI) -58,551 -58,551 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 11 0 2,173 0 2,173 Transfer from (to) other items -2,872 0 0 0 0 Other increase (decrease) 0 0 427 10 437 Financial assets: ending balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value (FVOCI) -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Financial fixed Investments - Investments - Investments - at Investments - (\u20ac 1,000) assets - FVPL FVPL FVOCI amortised cost Total Financial assets : at fair value through OCI or through P/L -financial year 2023 Financial assets: opening balance at fair value 208,328 41,328 503,171 0 544,498 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 208,328 41,328 557,646 0 598,974 Financial assets - adjustment to fair value -55,655 -55,655 Financial assets - accrued interest 1,180 1,180 Additions 32,428 20 140,444 181,083 321,547 Additions through business combinations 0 0 0 0 0 Actuarial return 1,242 791 2,033 Disposals (-) -379 -12 -165,681 -138,150 -303,843 Disposals through business disposals (-) 0 0 0 0 0 Increase (decrease) through changes in fair value (FVPL) -15,752 3,576 0 3,576 Increase (decrease) through changes in fair value (FVOCI) 21,349 21,349 Impairment losses recognized in the income statement (-) 0 0 Foreign currency exchange increase (decrease) 0 0 -717 0 -717 Transfer from (to) other items 206 0 -157 0 -157 Other increase (decrease) -1,815 3 1,444 220 1,667 Financial assets: ending balance at fair value 223,016 44,914 501,096 43,944 589,954 Financial assets - carrying amount (including accumulated fair value adjustments through P/L - FVPL) 223,016 44,914 517,626 43,724 606,264 Financial assets - adjustment to fair value (FVOCI) -19,155 -19,155 Financial assets - accrued interest 2,624 220 2,844 The Financial fixed assets at fair value through Profit&Loss increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH. During 2023, AvH invested 32.4 million euros in the further expansion of its \u201cGrowth Capital\u201d portfolio with focus on Life Sciences and India/Southeast Asia. AvH and Convergent strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent\u2019s flagship fund). AvH\u2019s cumulative investment in Infinity Holdings now stands at 15.0 million USD. AvH invested in Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH\u2019s 7.5 million euros commitment is called by the company after achieving certain milestones. The Fair value adjustments recorded through P&L had a total negative impact of 15.8 million euros in 2023. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa and a negative evolution amounting to 19.3 million euros on AvH\u2019s non-consolidated Growth Capital participations. The investments increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. The additions and disposals of investments are largely attributable to Bank Van Breda, and relate to transactions realized as part of its Asset & Liability management (ALM). Fair value in Fair value in Interest% 2023 Interest% 2022 (\u20ac 1,000) Financial fixed assets at Fair value through P/L Valuation - Level Profit & Loss Profit & Loss (fully diluted) (fully diluted) 2023 2022 Marine Engineering & Contracting Small stakes Level 3 Fair value 4,547 5,036 0 0 Real Estate Retail Estates 9.4% 9.6% Level 1 3,513 -12,702 Small stakes Level 3 0 305 Fair value 87,296 83,782 3,513 -12,397 AvH & Growth Capital Life Sciences AstriVax 7.1% 5.8% Level 3 Biotalys 11.4% 11.9% Level 1 Epics Therapeutics (Bio Cap Invest) 29.5% 29.5% Level 3 Indigo Diabetes 11.9% 11.9% Level 3 MRM Health 15.9% 15.9% Level 3 OncoDNA 10.4% 9.8% Level 3 Vico Therapeutics International 3.8% Level 3 Life Sciences - Fair value 30,282 40,150 -14,855 -5,383 India / South-East Asia Convergent Finance 6.8% 3.1% Level 3 HealthQuad Fund I 36.3% 36.3% Level 3 HealthQuad Fund II 11.0% 11.0% Level 3 Medikabazaar (direct) 8.9% 8.9% Level 3 Venturi Fund I 11.1% 11.1% Level 3 Venturi Partners / Venturi I Capital 10.0% 10.0% Level 3 India / South-East Asia - Fair value 80,143 69,346 1,737 19,183 Other - Fair value 20,748 10,014 Level 3 -6,148 0 Subtotal AvH & Growth Capital 131,173 119,510 -19,266 13,800 Fair value - Total 223,016 208,328 -15,753 1,402 Number of The investments consist of (\u20ac 1,000): Fair value shares Investment portfolio Bank Van Breda 545,039 Funds managed by Delen Private Bank 33,689 Ageas 278,284 10,939 Other 286 589,954 The breakdown per segment of the fair value of the investments is as follows (\u20ac 1,000): Fair value Private Banking (Bank Van Breda) 545,039 AvH & Growth Capital 44,912 Marine Engineering & Contracting 2 Real Estate 0 Energy & Resources 0 589,954 Credit risk of the investment portfolio Bank Van Breda The risk profile of the investment portfolio has for years now deliberately been kept very low. The investment portfolio at year-end 2023 contains 99% government and government-guaranteed bonds with a minimum Aa3 rating (Moody\u2019s rating) and less than 1% shares. The investment framework that is submitted annually for the approval of the board of directors of Bank Van Breda determines which investments can be made and the limits that apply. The following table shows the composition of the consolidated investment portfolio by rating and maturity. Remaining Composition of the investment portfolio 31/12/2023 Rating duration Government bonds Aaa 39% 2024 14% Government bonds Aa1 19% 2025 12% Government bonds Aa2 9% 2026 17% Government bonds Aa3 32% 2027 10% Government bonds A2 0% 2028 11% Equity instruments 1% > 2028 35% indefinite 1%Liquidity risk Bank Van Breda Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank\u2019s sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds. The bank\u2019s financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023. Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive: \u2022 The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to holdsufficient high-quality liquid assets. The regulator imposes a limit of at least 100%. \u2022 The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period.The Basel III-guidelines impose a limit of at least 100% as from 2018. At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority. The bank\u2019s liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses. In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account. (\u20ac 1,000) < 1 month 1-3 months3-12 months1-5 years5-10 years> 10 yearsIndefinite 31/12/2023 Assets 1,911,000 186,000 872,000 3,020,000 1,782,000 625,000 43,000 Liabilities -1,435,000-1,359,000-2,207,000-1,532,000-831,000-241,000-64,000Derivatives 3,000 4,000 14,000 14,000 5,000 0 0 Liquidity Gap 479,000 -1,169,000-1,321,0001,502,000 956,000 384,000 -21,00031/12/2022 Assets 1,078,000 161,000 900,000 2,903,000 1,816,000 652,000 39,000 Liabilities -1,000,000-790,000-1,925,000-1,675,000-1,101,000-343,000-51,000Derivatives 1,000 2,000 16,000 55,000 23,000 0 0 Liquidity Gap 79,000 -627,000-1,009,0001,283,000 738,000 309,000 -12,000Interest rate risk Bank Van Breda Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates. The bank opts to keep the interest rate risk at a relatively low level: \u2022 The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels). \u2022 Equity value sensitivity is the exposure of the company\u2019s economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank\u2019s (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities. Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve. Impact of an immediate increase of the yield curve with 100 base points (1%) on: 2023 2022 The interest result -920 2,827 (earnings sensitivity) The faire value of the equity -63,586 -53,698 (equity value sensitivity) (= BPV) For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible. (\u20ac 1,000) \u2264 1 month 1-3 months 3-12 months 1-5 years 5-10 years > 10 years Indefinite 31/12/2023 Assets 1,985,000 365,000 992,000 2,953,000 1,575,000 521,000 43,000 Liabilities -1,435,000 -1,359,000 -2,206,000 -1,532,000 -831,000 -241,000 -64,000 Derivatives 375,000 665,000 -60,000 -370,000 -570,000 -40,000 0 Interest Gap 925,000 -329,000 -1,274,000 1,051,000 174,000 240,000 -21,000 31/12/2022 Assets 1,143,000 307,000 957,000 2,916,000 1,625,000 546,000 48,000 Liabilities -1,045,000 -789,000 -1,943,000 -1,662,000 -1,056,000 -338,000 -38,000 Derivatives 325,000 570,000 -60,000 -370,000 -410,000 -55,000 0 Interest Gap 423,000 88,000 -1,046,000 884,000 159,000 153,000 10,000",
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"s8_notes__6__129": {
"value": "Note 14: Banks \u2013 receivable from credit institutions and clients (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Loans and receivables to clients 6,262,228 5,939,496 6,248,124 6,188,490 Changes in fair value of the hedged credit portfolio -36,752 0 -36,752 0 Loans and advances to banks 102,142 110,845 102,073 110,836 Cash balances with central banks 1,472,542 640,916 1,472,542 640,916 7,800,160 6,691,257 7,785,987 6,940,242 (\u20ac 1,000) 2023 2022 Loans and receivables to clients Finance lease 470,530 366,374 Investment credits and financing 2,796,995 2,815,391 Mortgage loans 2,603,891 2,617,715 Operating appropriations 387,292 404,040 Other 15,157 12,373 Subtotal - Gross loans and advances 6,273,865 6,215,893 Provisions Expected Credit Losses/write-offs -25,741 -27,403 Loans and receivables to clients 6,248,124 6,188,490 The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible. The loans and advances to clients comprise the following: \u2022 loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank; \u2022 car financing provided by Van Breda Car Finance, a division of the bank. The strong commercial performance of the bank explains the significant increase of loans and advances to clients. Credit risk The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile. The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category. Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required. The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the expected credit losses (stage 1 and stage 2) and the impairments (stage 3) for the whole credit portfolio. Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank\u2019s credit portfolio as well as the resilience of its clients. Internal rating per category \u2013 loans and advances to clients Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2023 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,822,405 0 17,124 41,939 0 2,881,467 Medium risk 2,113,606 0 337,877 153,717 0 2,605,200 High risk 292,386 0 339,944 56,292 0 688,622 Overdue 36,837 0 17,167 2,492 0 56,496 Non-performing Submitted to write off 0 0 0 0 42,080 42,080 Total 5,265,233 0 712,112 254,440 42,080 6,273,865 Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2022 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,599,257 0 19,099 15,313 0 2,633,669 Medium risk 2,348,294 0 361,644 59,268 0 2,769,205 High risk 328,614 0 372,495 19,408 0 720,516 Overdue 33,343 0 14,523 222 0 48,088 Non-performing Submitted to write off 0 0 0 0 44,416 44,416 Total 5,309,507 0 767,760 94,210 44,416 6,215,893 Loans and advances to clients - evolution in 2023 Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 5,309,507 0 767,760 94,210 44,416 6,215,893 Impact from collective staging -146,948 146,948 -21,744 21,744 0 0 Recognition 1,274,081 0 124,394 27,256 4,380 1,430,111 Derecognition -767,904 0 -127,844 -13,159 -7,944 -916,852 Repayments -374,231 0 -46,232 -23,041 -8,630 -452,135 Transfers to stage 1 192,768 0 -192,327 0 -441 0 Transfers to stage 2 -213,174 -146,948 215,862 147,586 -3,326 0 Transfers to stage 3 -8,628 0 -7,249 0 15,877 0 Methodology modifications -238 0 -506 -156 -1 -901 Write offs 0 0 0 0 -2,251 -2,251 31/12/2023 5,265,233 0 712,112 254,440 42,080 6,273,865 Accumulated impairments Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 -4,805 0 -2,045 -176 -20,377 -27,403 Impact from collective staging 78 -78 323 -323 0 0 Recognition -4,202 -29 -891 -48 -811 -5,981 Derecognition 1,439 1 751 0 2,146 4,336 Repayments 1,836 43 318 146 0 2,343 Transfers to Stage 1 -698 -520 638 515 65 0 Transfers to Stage 2 94 119 -253 -334 374 0 Transfers to Stage 3 24 0 201 0 -225 0 Impact on ECL by Stage Transfer 602 460 -979 -906 -3,084 -3,907 Other adjustments to credit risk 531 4 198 314 1,243 2,291 Methodology modifications 3 0 -24 0 -139 -159 Model modifications 447 0 40 0 0 487 Write-offs 0 0 0 0 2,252 2,252 31/12/2023 -4,651 0 -1,722 -812 -18,557 -25,741",
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"s8_notes__6__127": {
"value": "Note 14: Banks \u2013 receivable from credit institutions and clients (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Loans and receivables to clients 6,262,228 5,939,496 6,248,124 6,188,490 Changes in fair value of the hedged credit portfolio -36,752 0 -36,752 0 Loans and advances to banks 102,142 110,845 102,073 110,836 Cash balances with central banks 1,472,542 640,916 1,472,542 640,916 7,800,160 6,691,257 7,785,987 6,940,242 (\u20ac 1,000) 2023 2022 Loans and receivables to clients Finance lease 470,530 366,374 Investment credits and financing 2,796,995 2,815,391 Mortgage loans 2,603,891 2,617,715 Operating appropriations 387,292 404,040 Other 15,157 12,373 Subtotal - Gross loans and advances 6,273,865 6,215,893 Provisions Expected Credit Losses/write-offs -25,741 -27,403 Loans and receivables to clients 6,248,124 6,188,490 The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible. The loans and advances to clients comprise the following: \u2022 loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank; \u2022 car financing provided by Van Breda Car Finance, a division of the bank. The strong commercial performance of the bank explains the significant increase of loans and advances to clients. Credit risk The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile. The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category. Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required. The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the expected credit losses (stage 1 and stage 2) and the impairments (stage 3) for the whole credit portfolio. Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank\u2019s credit portfolio as well as the resilience of its clients. Internal rating per category \u2013 loans and advances to clients Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2023 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,822,405 0 17,124 41,939 0 2,881,467 Medium risk 2,113,606 0 337,877 153,717 0 2,605,200 High risk 292,386 0 339,944 56,292 0 688,622 Overdue 36,837 0 17,167 2,492 0 56,496 Non-performing Submitted to write off 0 0 0 0 42,080 42,080 Total 5,265,233 0 712,112 254,440 42,080 6,273,865 Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2022 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,599,257 0 19,099 15,313 0 2,633,669 Medium risk 2,348,294 0 361,644 59,268 0 2,769,205 High risk 328,614 0 372,495 19,408 0 720,516 Overdue 33,343 0 14,523 222 0 48,088 Non-performing Submitted to write off 0 0 0 0 44,416 44,416 Total 5,309,507 0 767,760 94,210 44,416 6,215,893 Loans and advances to clients - evolution in 2023 Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 5,309,507 0 767,760 94,210 44,416 6,215,893 Impact from collective staging -146,948 146,948 -21,744 21,744 0 0 Recognition 1,274,081 0 124,394 27,256 4,380 1,430,111 Derecognition -767,904 0 -127,844 -13,159 -7,944 -916,852 Repayments -374,231 0 -46,232 -23,041 -8,630 -452,135 Transfers to stage 1 192,768 0 -192,327 0 -441 0 Transfers to stage 2 -213,174 -146,948 215,862 147,586 -3,326 0 Transfers to stage 3 -8,628 0 -7,249 0 15,877 0 Methodology modifications -238 0 -506 -156 -1 -901 Write offs 0 0 0 0 -2,251 -2,251 31/12/2023 5,265,233 0 712,112 254,440 42,080 6,273,865 Accumulated impairments Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 -4,805 0 -2,045 -176 -20,377 -27,403 Impact from collective staging 78 -78 323 -323 0 0 Recognition -4,202 -29 -891 -48 -811 -5,981 Derecognition 1,439 1 751 0 2,146 4,336 Repayments 1,836 43 318 146 0 2,343 Transfers to Stage 1 -698 -520 638 515 65 0 Transfers to Stage 2 94 119 -253 -334 374 0 Transfers to Stage 3 24 0 201 0 -225 0 Impact on ECL by Stage Transfer 602 460 -979 -906 -3,084 -3,907 Other adjustments to credit risk 531 4 198 314 1,243 2,291 Methodology modifications 3 0 -24 0 -139 -159 Model modifications 447 0 40 0 0 487 Write-offs 0 0 0 0 2,252 2,252 31/12/2023 -4,651 0 -1,722 -812 -18,557 -25,741",
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"s8_notes__6__126": {
"value": "Note 14: Banks \u2013 receivable from credit institutions and clients (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Loans and receivables to clients 6,262,228 5,939,496 6,248,124 6,188,490 Changes in fair value of the hedged credit portfolio -36,752 0 -36,752 0 Loans and advances to banks 102,142 110,845 102,073 110,836 Cash balances with central banks 1,472,542 640,916 1,472,542 640,916 7,800,160 6,691,257 7,785,987 6,940,242 (\u20ac 1,000) 2023 2022 Loans and receivables to clients Finance lease 470,530 366,374 Investment credits and financing 2,796,995 2,815,391 Mortgage loans 2,603,891 2,617,715 Operating appropriations 387,292 404,040 Other 15,157 12,373 Subtotal - Gross loans and advances 6,273,865 6,215,893 Provisions Expected Credit Losses/write-offs -25,741 -27,403 Loans and receivables to clients 6,248,124 6,188,490 The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible. The loans and advances to clients comprise the following: \u2022 loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank; \u2022 car financing provided by Van Breda Car Finance, a division of the bank. The strong commercial performance of the bank explains the significant increase of loans and advances to clients. Credit risk The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile. The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category. Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required. The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the expected credit losses (stage 1 and stage 2) and the impairments (stage 3) for the whole credit portfolio. Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank\u2019s credit portfolio as well as the resilience of its clients. Internal rating per category \u2013 loans and advances to clients Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2023 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,822,405 0 17,124 41,939 0 2,881,467 Medium risk 2,113,606 0 337,877 153,717 0 2,605,200 High risk 292,386 0 339,944 56,292 0 688,622 Overdue 36,837 0 17,167 2,492 0 56,496 Non-performing Submitted to write off 0 0 0 0 42,080 42,080 Total 5,265,233 0 712,112 254,440 42,080 6,273,865 Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2022 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,599,257 0 19,099 15,313 0 2,633,669 Medium risk 2,348,294 0 361,644 59,268 0 2,769,205 High risk 328,614 0 372,495 19,408 0 720,516 Overdue 33,343 0 14,523 222 0 48,088 Non-performing Submitted to write off 0 0 0 0 44,416 44,416 Total 5,309,507 0 767,760 94,210 44,416 6,215,893 Loans and advances to clients - evolution in 2023 Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 5,309,507 0 767,760 94,210 44,416 6,215,893 Impact from collective staging -146,948 146,948 -21,744 21,744 0 0 Recognition 1,274,081 0 124,394 27,256 4,380 1,430,111 Derecognition -767,904 0 -127,844 -13,159 -7,944 -916,852 Repayments -374,231 0 -46,232 -23,041 -8,630 -452,135 Transfers to stage 1 192,768 0 -192,327 0 -441 0 Transfers to stage 2 -213,174 -146,948 215,862 147,586 -3,326 0 Transfers to stage 3 -8,628 0 -7,249 0 15,877 0 Methodology modifications -238 0 -506 -156 -1 -901 Write offs 0 0 0 0 -2,251 -2,251 31/12/2023 5,265,233 0 712,112 254,440 42,080 6,273,865 Accumulated impairments Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 -4,805 0 -2,045 -176 -20,377 -27,403 Impact from collective staging 78 -78 323 -323 0 0 Recognition -4,202 -29 -891 -48 -811 -5,981 Derecognition 1,439 1 751 0 2,146 4,336 Repayments 1,836 43 318 146 0 2,343 Transfers to Stage 1 -698 -520 638 515 65 0 Transfers to Stage 2 94 119 -253 -334 374 0 Transfers to Stage 3 24 0 201 0 -225 0 Impact on ECL by Stage Transfer 602 460 -979 -906 -3,084 -3,907 Other adjustments to credit risk 531 4 198 314 1,243 2,291 Methodology modifications 3 0 -24 0 -139 -159 Model modifications 447 0 40 0 0 487 Write-offs 0 0 0 0 2,252 2,252 31/12/2023 -4,651 0 -1,722 -812 -18,557 -25,741",
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"s8_notes__6__125": {
"value": "Note 14: Banks \u2013 receivable from credit institutions and clients (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Loans and receivables to clients 6,262,228 5,939,496 6,248,124 6,188,490 Changes in fair value of the hedged credit portfolio -36,752 0 -36,752 0 Loans and advances to banks 102,142 110,845 102,073 110,836 Cash balances with central banks 1,472,542 640,916 1,472,542 640,916 7,800,160 6,691,257 7,785,987 6,940,242 (\u20ac 1,000) 2023 2022 Loans and receivables to clients Finance lease 470,530 366,374 Investment credits and financing 2,796,995 2,815,391 Mortgage loans 2,603,891 2,617,715 Operating appropriations 387,292 404,040 Other 15,157 12,373 Subtotal - Gross loans and advances 6,273,865 6,215,893 Provisions Expected Credit Losses/write-offs -25,741 -27,403 Loans and receivables to clients 6,248,124 6,188,490 The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible. The loans and advances to clients comprise the following: \u2022 loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank; \u2022 car financing provided by Van Breda Car Finance, a division of the bank. The strong commercial performance of the bank explains the significant increase of loans and advances to clients. Credit risk The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile. The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category. Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required. The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the expected credit losses (stage 1 and stage 2) and the impairments (stage 3) for the whole credit portfolio. Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank\u2019s credit portfolio as well as the resilience of its clients. Internal rating per category \u2013 loans and advances to clients Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2023 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,822,405 0 17,124 41,939 0 2,881,467 Medium risk 2,113,606 0 337,877 153,717 0 2,605,200 High risk 292,386 0 339,944 56,292 0 688,622 Overdue 36,837 0 17,167 2,492 0 56,496 Non-performing Submitted to write off 0 0 0 0 42,080 42,080 Total 5,265,233 0 712,112 254,440 42,080 6,273,865 Loans and advances to clients - internal rating per category Stage 1 Stage 2 Stage 3 2022 (\u20ac 1,000) Individual Collective Individual Collective Performing Low risk 2,599,257 0 19,099 15,313 0 2,633,669 Medium risk 2,348,294 0 361,644 59,268 0 2,769,205 High risk 328,614 0 372,495 19,408 0 720,516 Overdue 33,343 0 14,523 222 0 48,088 Non-performing Submitted to write off 0 0 0 0 44,416 44,416 Total 5,309,507 0 767,760 94,210 44,416 6,215,893 Loans and advances to clients - evolution in 2023 Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 5,309,507 0 767,760 94,210 44,416 6,215,893 Impact from collective staging -146,948 146,948 -21,744 21,744 0 0 Recognition 1,274,081 0 124,394 27,256 4,380 1,430,111 Derecognition -767,904 0 -127,844 -13,159 -7,944 -916,852 Repayments -374,231 0 -46,232 -23,041 -8,630 -452,135 Transfers to stage 1 192,768 0 -192,327 0 -441 0 Transfers to stage 2 -213,174 -146,948 215,862 147,586 -3,326 0 Transfers to stage 3 -8,628 0 -7,249 0 15,877 0 Methodology modifications -238 0 -506 -156 -1 -901 Write offs 0 0 0 0 -2,251 -2,251 31/12/2023 5,265,233 0 712,112 254,440 42,080 6,273,865 Accumulated impairments Stage 1 Stage 2 Stage 3 Total (\u20ac 1,000) Individual Collective Individual Collective 31/12/2022 -4,805 0 -2,045 -176 -20,377 -27,403 Impact from collective staging 78 -78 323 -323 0 0 Recognition -4,202 -29 -891 -48 -811 -5,981 Derecognition 1,439 1 751 0 2,146 4,336 Repayments 1,836 43 318 146 0 2,343 Transfers to Stage 1 -698 -520 638 515 65 0 Transfers to Stage 2 94 119 -253 -334 374 0 Transfers to Stage 3 24 0 201 0 -225 0 Impact on ECL by Stage Transfer 602 460 -979 -906 -3,084 -3,907 Other adjustments to credit risk 531 4 198 314 1,243 2,291 Methodology modifications 3 0 -24 0 -139 -159 Model modifications 447 0 40 0 0 487 Write-offs 0 0 0 0 2,252 2,252 31/12/2023 -4,651 0 -1,722 -812 -18,557 -25,741",
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"s8_notes__6__130": {
"value": "Note 15: Inventories and construction contracts (\u20ac 1,000) 2023 2022 I. Inventories, net amount 415,779 389,711 Gross carrying amount 418,266 391,376 Raw materials and consumables 65,180 62,879 Goods in progress 86,756 63,361 Finished products 9,775 5,213 Goods purchased for sale 1,779 1,468 Immovable property acquired or constructed for resale 254,776 258,453 Prepayments 0 0 Depreciation and impairments (-) -2,488 -1,664 Impairment on inventory through income statement during the financial year 452 38 Impairment on inventory reversed in the income statement during the financial year 387 185 II. Construction contracts Amounts due from (to) customers under construction contracts, net 119,367 5,940 Amounts due from customers under construction contracts 780,222 532,289 Amounts due to customers under construction contracts -660,854 -526,349 Prepayments received (CFE-DEME) -94,859 -79,734 CFE\u2019s real estate development projects, Nextensa\u2019s landholdings, and the port-related developments in Vietnam by Deep C Holding are the main components within \u2018Inventories\u2019. \u2022 CFE\u2019s inventories are essentially real estate projects developed by BPI and its fully consolidated participations. \u2022 The inventory of Nextensa consists mainly of the land bank of Tour & Taxis on which about 130,000 m\u00b2 of mixed residential/offices can still be developed in the future on Zone A and B. \u2022 In 2023, Deep C Holding accelerated the development of the DEEP C Industrial Zones in Haiphong (Vietnam). At present its affiliate Infra Asia Investments already owns a land portfolio of approximately 3,400 hectares near the new deep-sea port of Lach Huyen. This represents around 21% of all the available industrial land in northern Vietnam. The construction & project contracts of CFE, DEME and Agidens are valued according to the \u2018Percentage of Completion\u2019-method, whereby results are recognized in accordance with the progress of the work. Expected losses are immediately recognized as an expense through in the income statement. The execution of projects always entails a certain operational risk, but also means that certain estimates of profitability need to be made at the end of such a project. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts. The increase in construction contracts is entirely attributable to DEME and in line with its increased level of activity. This increase was not impacted by business combinations. DEME estimates the pace of execution of its current contracts as follows: 58% in 2024, followed by 29% in 2025, 9% in 2026 and 4% beyond. The current construction contracts of CFE will generate a turnover of 1.032 million euros in the next years, of which 519 million euros is estimated in 2024. Nextensa\u2019s real estate development projects are also contained in this balance sheet item, as the results of the pre-sold entities that are still under construction are also recognized according to the \u2018Percentage of Completion\u2019 method. On the Tour & Taxis site, the Park Lane II project consists of 11 compact buildings and 346 flats. More than 215 flats of this project have already been reserved or sold. The progress of the work is defined based on the expenditures versus the estimated cost price of the entire project.",
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"s8_notes__6__131": {
"value": "Note 16: Minorities (\u20ac 1,000) Minority % Minority share in the Minority share in the AvH balance sheet profit for the period 2023 2022 2023 2022 2023 2022 I. Marine Engineering & Contracting DEME Group 37.88% 37.88% 855,362 769,598 68,938 43,831 CFE 37.88% 37.88% 70,284 68,995 4,161 10,648 Deep C Holding (Infra Asia Investments) (1) 18.94% 18.94% 35,304 20,365 3,795 3,164 II. Private Banking Bank Van Breda (2) 21.25% 21.25% 159,500 141,372 16,543 13,199 III. Real Estate Nextensa (3) 38.34% 41.47% 330,228 358,602 9,588 29,473 IV. AvH & Growth Capital Agidens 15.02% 15.02% 3,748 3,392 1 -74 Other 8,686 6,499 4,881 1,666 Total 1,463,112 1,368,824 107,908 101,907 (1) In April, RG International Limited acquired a 10% stake in DEEP C (\u2018Infra Asia Investments\u2019) through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. AvH/CFE\u2019s direct stake in Deep C Holding remained unchanged. (2) In 2018 the shareholder structure of Delen Private Bank and Bank Van Breda was simplified. AvH now holds, via the 100%-affiliate FinAx, a direct stake of 78.75% in Delen Private Bank, equity accounted directly. (3) In 2023, AvH increased its participation in Nextensa from 58.53% to 61.66%. Summarized income statement \u2013 2023 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens Revenue 3,285,422 1,248,470 240,942 46,025 126,405 70,584 Profit (loss) from operating activities 241,263 28,201 118,155 9,020 49,839 839 Finance result -23,269 -2,010 -5,741 -14,333 -156 Profit (loss) before tax 221,211 31,031 118,155 13,815 33,771 684 Profit (loss) of the period 171,593 22,726 84,675 11,782 24,242 5 At the level of the individual company 171,593 22,726 84,675 11,782 24,242 5 - Minority interests 8,831 -53 0 2,142 -249 0 - Share of the group 162,762 22,779 84,675 9,640 24,492 5 At the level of AvH (a) 167,514 10,959 83,225 10,868 25,170 5 - Minority interests 68,938 4,161 16,543 3,795 9,588 1 - Share of the group 98,576 6,798 66,682 7,074 15,582 5 (a) Including a limited number of consolidation adjustments Summarized income statement \u2013 2022 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens Revenue 2,654,725 1,167,221 194,602 58,027 135,999 59,745 Profit (loss) from operating activities 155,236 42,358 90,048 14,827 51,165 487 Finance result -24,311 -217 -3,822 -8,511 -444 Profit (loss) before tax 146,752 47,359 90,048 14,885 86,828 43 Profit (loss) of the period 115,391 38,398 68,325 9,732 71,208 -492 At the level of the individual company 115,391 38,398 68,325 9,732 71,208 -492 - Minority interests 2,671 -36 0 1,629 -102 0 - Share of the group 112,720 38,434 68,325 8,104 71,310 -492 At the level of AvH (a) 111,313 28,166 67,005 9,732 71,989 -492 - Minority interests 43,831 10,648 13,199 3,164 29,473 -74 - Share of the group 67,482 17,518 53,806 6,569 42,516 -418 (a) Including a limited number of consolidation adjustments Summarized statement of comprehensive income \u2013 2023 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens At the level of the individual company 134,323 18,340 112,205 4,999 20,875 43 Profit (loss) of the period 171,593 22,726 84,675 11,782 24,242 5 - Minority interests 8,831 -53 0 2,142 -249 0 - Share of the group 162,762 22,779 84,675 9,640 24,492 5 Other comprehensive income -37,270 -4,386 27,530 -6,783 -3,368 38 - Minority interests -316 - Share of the group -36,954 -4,386 27,530 -6,783 -3,368 38 At the level of AvH 130,560 9,304 110,226 4,085 21,803 43 Profit (loss) of the period 167,514 10,959 83,225 10,868 25,170 5 - Minority interests 68,938 4,161 16,543 3,795 9,588 1 - Share of the group 98,576 6,798 66,682 7,074 15,582 5 Other comprehensive income -36,954 -1,655 27,001 -6,783 -3,368 38 - Minority interests -13,998 -627 5,738 -1,285 -1,490 6 - Share of the group -22,956 -1,028 21,263 -5,499 -1,878 32 Summarized statement of comprehensive income \u2013 2022 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens At the level of the individual company 218,416 54,249 22,374 12,095 87,639 -504 Profit (loss) of the period 115,391 38,398 68,325 9,732 71,208 -492 - Minority interests 2,671 -36 0 1,629 -102 0 - Share of the group 112,720 38,434 68,325 8,104 71,310 -492 Other comprehensive income 103,025 15,851 -45,951 2,363 16,431 -12 - Minority interests 498 - Share of the group 102,527 15,851 -45,951 2,363 16,431 -12 At the level of AvH 213,840 33,651 20,365 12,095 88,420 -504 Profit (loss) of the period 111,313 28,166 67,005 9,732 71,989 -492 - Minority interests 43,831 10,648 13,199 3,164 29,473 -74 - Share of the group 67,482 17,518 53,806 6,569 42,516 -418 Other comprehensive income 102,528 5,485 -46,640 2,363 16,431 -12 - Minority interests 38,850 2,080 -9,911 448 6,815 -2 - Share of the group 63,678 3,405 -36,729 1,915 9,617 -10 Summarized balance sheet \u2013 2023 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens Non-current assets 3,106,348 471,203 5,106,337 115,241 1,486,064 20,129 Current assets 1,653,710 709,383 3,393,884 164,915 295,225 35,616 Non-current liabilities 835,687 272,184 955,270 93,889 618,568 6,780 Current liabilities 1,963,561 672,009 6,783,011 66,555 318,204 24,004 Equity 1,960,810 236,393 761,940 119,712 844,516 24,961 - Group Share 1,910,473 236,770 761,940 89,406 834,048 24,961 - Minority interests 50,337 -377 0 30,306 10,468 0 Dividend distributed to minority interests -15,257 -3,679 -5,801 0 -10,617 -138 Summarized balance sheet \u2013 2022 (\u20ac 1,000) DEME Group CFE Bank Van Breda Deep C Holding Nextensa Agidens Non-current assets 2,969,289 372,143 5,134,536 109,734 1,471,663 18,529 Current assets 1,540,489 685,936 2,522,491 150,831 296,738 28,784 Non-current liabilities 1,015,460 209,731 882,087 104,858 693,493 6,895 Current liabilities 1,718,053 623,822 6,100,799 55,709 225,393 17,830 Equity 1,776,265 224,526 674,141 99,998 849,516 22,589 - Group Share 1,753,947 224,653 674,141 83,514 838,798 22,589 - Minority interests 22,318 -127 0 16,483 10,718 0 Dividend distributed to minority interests -504 0 -5,525 0 -10,212 0",
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"s8_notes__6__132-1": {
"value": "1. Lessor Bank Van Breda is active in the sector of car finance and finance leasing of cars via its division Van Breda Car Finance. We refer to Note 14 for more information. 2. Lessee (\u20ac 1,000) 2023 2022 Assets Tangible assets 172,643 148,174 Land and buildings 111,205 92,710 Plant, machinery and equipment 12,594 17,969 Furniture and vehicles 48,844 37,495 Investment property 2,284 2,309 Total - Assets 174,927 150,483 Liabilities Equity - group share -2,097 -1,476 Financial debts 177,024 151,959 Non-current lease debts 133,969 112,180 Current lease debts 43,055 39,778 Total - Liabilities 174,927 150,483 As a result of the application of IFRS 16 Leases, the group recognized on December 31, 2023 a right-of-use asset of 174.9 million euros and a lease obligation of 177.0 million euros, of which 92% is attributable to DEME and CFE. The increase on assets of 24 million euros is mainly explained by investments (77 million euros) on the one hand and depreciation expense (49 million euros) and divestments (3 million euros) on the other. We refer to: \u2022 Acquisitions of right-of-use assets during 2023 amounted to 77.1 million euros (Note 9 Tangible assets). \u2022 Cashflow statement (Note 6. Segment information). There are no material leases concluded at reporting date that did not commence as of December 31, 2023. The amount of renewal options and termination options not reflected in the lease liabilities is immaterial. (\u20ac 1,000) 2023 2022 Income statement Reversal of rental charges 48,614 44,588 Depreciation -46,269 -43,995 Interest expenses -2,971 -2,036 The depreciation cost primarily relates to land and buildings. The expenses related to short-term lease contracts and low value lease contracts are considered immaterial. There are no expenses incurred which relate to variable lease payments. Income derived from sub-leasing right-of-use assets is considered immaterial. ",
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"s8_notes__6__135": {
"value": "Note 18: Provisions Provisions for Legal Provisions for negative Warranty Environmental Provisions for Other (\u20ac 1,000) proceeding contractual equity Total provisions provisions restructuring provisions provisions obligations method values Provisions - financial year 2022 Provisions, opening balance 16,012 6,349 0 1,933 5,768 12,595 38,162 80,819 Additional provisions 6,545 1,480 0 659 11,342 0 1,448 21,475 Increase of existing provisions 670 10 0 0 0 0 0 679 Increase through business combinations 0 0 0 0 0 0 0 0 Amounts of provisions used (-) -1,884 -733 0 -155 -4,142 0 -3,461 -10,373 Reversal of unused amounts of provisions (-) 0 -13 0 0 -552 0 -2,945 -3,510 Decrease through business disposals (-) 0 -42 0 0 0 0 -25 -67 Foreign currency exchange increase (decrease) -33 0 0 0 0 0 -107 -140 Transfer from (to) other items 37,378 0 0 0 0 4,080 2,754 44,212 Other increase (decrease) 0 0 0 0 0 0 -2,827 -2,827 Provisions, ending balance 58,688 7,051 0 2,437 12,416 16,675 33,000 130,268 Provisions for Legal Provisions for negative Warranty Environmental Provisions for Other (\u20ac 1,000) proceeding contractual equity Total provisions provisions restructuring provisions provisions obligations method values Provisions - financial year 2023 Provisions, opening balance 58,688 7,051 0 2,437 12,416 16,675 33,000 130,268 Additional provisions 14,392 2,861 0 780 912 0 1,622 20,567 Increase of existing provisions 0 0 0 0 0 0 0 0 Increase through business combinations 0 0 0 0 0 0 0 0 Amounts of provisions used (-) -2,612 -3,316 0 -1,275 -722 0 -2,273 -10,198 Reversal of unused amounts of provisions (-) -1,139 -72 0 0 -808 0 -2,500 -4,519 Decrease through business disposals (-) 0 0 0 0 0 0 -21 -21 Foreign currency exchange increase (decrease) 146 0 0 0 0 0 347 493 Transfer from (to) other items 0 2,624 0 -1,000 0 10,197 143 11,963 Other increase (decrease) 0 0 0 0 0 0 106 106 Provisions, ending balance 69,474 9,147 0 942 11,798 26,872 30,425 148,659 Provisions increased by 18.4 million euros; mainly within the segment \u201cMarine Engineering & Contracting\u201d and a.o. due to 10.2 million euros of additional provisions for negative equity of participations accounted for under the equity method. Other LT provisions within the consolidated accounts of CFE have increased by 13.0 million euros, but are largely compensated by a decrease of 13.5 million euros in provisions < 1 year. The acquisition of control over CFE at year-end 2013 gave rise to the recognition of a contingent liability for risks of 60.3 million euros in connection with CFE\u2019s construction and real estate development activities. In the course of 2014-2022, 47.8 million euros (group share 28.9 million euros) was reversed because the risks in question at CFE were either no longer present or were reported in CFE\u2019s own financial statements. In 2023, AvH further reduced the provision for contingent liabilities by 2.5 million euros (AvH share: 1.5 million euros) to 10 million euros (AvH share: 6.0 million euros). This reversal is justified by the disappearance of the underlying risks for which the provision had been constituted at year-end 2013. When disposing of participating interests and/or activities, AvH and its subholdings are regularly required to provide certain warranties and representations. These may give rise to claims - legitimate or otherwise - from buyers for compensation on that basis. AvH and its subholdings received no such claims in 2023. Several group companies of AvH (such as DEME, CFE, Agidens...) are actively involved in the execution of projects. This always entails a certain operational risk, but also means that certain estimates of profitability need to be made at the end of such a project. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts. At current no contingent liabilities are recorded related to the impact of climate change. Following contingent assets and liabilities are related to DEME: \u2022 Since 2018, DEME has been involved in discussions with Rijkswaterstaat in the Netherlands related to the execution by one of its subsidiaries of the Juliana Canal widening project. Following intense discussions, a settlement (included in the H1 2023 result of DEME) has been reached. As such this matter can be closed. \u2022 In September 2023, certain companies of the DEME-group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. At the introductory hearing on 6 December 2023, the Court of First Instance Oost-Vlaanderen, Ghent Division, has set a calendar for exchange of submissions. The DEME companies will now, for the first time, have the chance to submit substantive arguments regarding the charges brought by the Public Prosecutor. This means that so far, there has been no assessment of the case on the merits, which will require extensive debate, both in written submissions and oral arguments. In the current circumstances, it is therefore premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages against the Claimant, which, as stated above, has definitively waived its civil complaint.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__141": {
"value": "Note 20: Banks \u2013 debts to credit institutions, clients and securities (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Debts to credit institutions and central banks 49,601 116,334 49,604 116,379 Debts to clients 7,469,535 6,504,730 7,491,001 6,553,495 - of which subordinated 0 560 0 560 Securities including bonds 111,459 171,599 111,315 164,769 - of which subordinated 0 47,155 0 40,236 Banks - changes in fair value of the hedged credit portfolio 0 89,733 0 89,733 7,630,595 6,882,396 7,651,919 6,924,377 (\u20ac 1,000) 2023 2022 Debts to credit institutions and central banks Current accounts / overnight deposits 46,067 104,845 Deposits with agreed maturity 3,537 11,534 Accrued interests 0 0 Total 49,604 116,379 Debts to clients Current accounts / overnight deposits 3,151,095 4,197,238 Deposits with agreed maturity 3,506,038 1,248,652 Special deposits 45,805 56,798 Regulated deposits 788,063 1,050,247 Subordinated certificats 0 560 Total 7,491,001 6,553,495 Securities including bonds Debt certificates 111,315 124,533 Subordinated bonds 0 40,236 Total 111,315 164,769 Banks - changes in fair value of the hedged credit portfolio 0 89,733 Total debts to credit institutions, clients and securities 7,651,919 6,924,377 The full consolidation of Bank Van Breda results in the recording of specific bank receivables and debts in the balance sheet of AvH. These items were grouped for maximum transparency of the balance sheet. Liquidity risk Bank Van Breda Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank\u2019s sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds. The bank\u2019s financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023. Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive: \u2022 The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to holdsufficient high-quality liquid assets. The regulator imposes a limit of at least 100%. \u2022 The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period.The Basel III-guidelines impose a limit of at least 100% as from 2018. At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority. The bank\u2019s liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses. In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account. (\u20ac 1,000) < 1 month 1-3 months3-12 months1-5 years5-10 years> 10 yearsIndefinite 31/12/2023 Assets 1,911,000 186,000 872,000 3,020,000 1,782,000 625,000 43,000 Liabilities -1,435,000-1,359,000-2,207,000-1,532,000-831,000-241,000-64,000Derivatives 3,000 4,000 14,000 14,000 5,000 0 0 Liquidity Gap 479,000 -1,169,000-1,321,0001,502,000 956,000 384,000 -21,00031/12/2022 Assets 1,078,000 161,000 900,000 2,903,000 1,816,000 652,000 39,000 Liabilities -1,000,000-790,000-1,925,000-1,675,000-1,101,000-343,000-51,000Derivatives 1,000 2,000 16,000 55,000 23,000 0 0 Liquidity Gap 79,000 -627,000-1,009,0001,283,000 738,000 309,000 -12,000Interest rate risk Bank Van Breda Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates. The bank opts to keep the interest rate risk at a relatively low level: \u2022 The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels). \u2022 Equity value sensitivity is the exposure of the company\u2019s economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank\u2019s (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities. Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve. Impact of an immediate increase of the yield curve with 100 base points (1%) on: 2023 2022 The interest result -920 2,827 (earnings sensitivity) The faire value of the equity -63,586 -53,698 (equity value sensitivity) (= BPV) For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible. (\u20ac 1,000) \u2264 1 month 1-3 months 3-12 months 1-5 years 5-10 years > 10 years Indefinite 31/12/2023 Assets 1,985,000 365,000 992,000 2,953,000 1,575,000 521,000 43,000 Liabilities -1,435,000 -1,359,000 -2,206,000 -1,532,000 -831,000 -241,000 -64,000 Derivatives 375,000 665,000 -60,000 -370,000 -570,000 -40,000 0 Interest Gap 925,000 -329,000 -1,274,000 1,051,000 174,000 240,000 -21,000 31/12/2022 Assets 1,143,000 307,000 957,000 2,916,000 1,625,000 546,000 48,000 Liabilities -1,045,000 -789,000 -1,943,000 -1,662,000 -1,056,000 -338,000 -38,000 Derivatives 325,000 570,000 -60,000 -370,000 -410,000 -55,000 0 Interest Gap 423,000 88,000 -1,046,000 884,000 159,000 153,000 10,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__140": {
"value": "Note 20: Banks \u2013 debts to credit institutions, clients and securities (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Debts to credit institutions and central banks 49,601 116,334 49,604 116,379 Debts to clients 7,469,535 6,504,730 7,491,001 6,553,495 - of which subordinated 0 560 0 560 Securities including bonds 111,459 171,599 111,315 164,769 - of which subordinated 0 47,155 0 40,236 Banks - changes in fair value of the hedged credit portfolio 0 89,733 0 89,733 7,630,595 6,882,396 7,651,919 6,924,377 (\u20ac 1,000) 2023 2022 Debts to credit institutions and central banks Current accounts / overnight deposits 46,067 104,845 Deposits with agreed maturity 3,537 11,534 Accrued interests 0 0 Total 49,604 116,379 Debts to clients Current accounts / overnight deposits 3,151,095 4,197,238 Deposits with agreed maturity 3,506,038 1,248,652 Special deposits 45,805 56,798 Regulated deposits 788,063 1,050,247 Subordinated certificats 0 560 Total 7,491,001 6,553,495 Securities including bonds Debt certificates 111,315 124,533 Subordinated bonds 0 40,236 Total 111,315 164,769 Banks - changes in fair value of the hedged credit portfolio 0 89,733 Total debts to credit institutions, clients and securities 7,651,919 6,924,377 The full consolidation of Bank Van Breda results in the recording of specific bank receivables and debts in the balance sheet of AvH. These items were grouped for maximum transparency of the balance sheet. Liquidity risk Bank Van Breda Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank\u2019s sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds. The bank\u2019s financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023. Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive: \u2022 The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to holdsufficient high-quality liquid assets. The regulator imposes a limit of at least 100%. \u2022 The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period.The Basel III-guidelines impose a limit of at least 100% as from 2018. At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority. The bank\u2019s liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses. In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account. (\u20ac 1,000) < 1 month 1-3 months3-12 months1-5 years5-10 years> 10 yearsIndefinite 31/12/2023 Assets 1,911,000 186,000 872,000 3,020,000 1,782,000 625,000 43,000 Liabilities -1,435,000-1,359,000-2,207,000-1,532,000-831,000-241,000-64,000Derivatives 3,000 4,000 14,000 14,000 5,000 0 0 Liquidity Gap 479,000 -1,169,000-1,321,0001,502,000 956,000 384,000 -21,00031/12/2022 Assets 1,078,000 161,000 900,000 2,903,000 1,816,000 652,000 39,000 Liabilities -1,000,000-790,000-1,925,000-1,675,000-1,101,000-343,000-51,000Derivatives 1,000 2,000 16,000 55,000 23,000 0 0 Liquidity Gap 79,000 -627,000-1,009,0001,283,000 738,000 309,000 -12,000Interest rate risk Bank Van Breda Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates. The bank opts to keep the interest rate risk at a relatively low level: \u2022 The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels). \u2022 Equity value sensitivity is the exposure of the company\u2019s economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank\u2019s (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities. Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve. Impact of an immediate increase of the yield curve with 100 base points (1%) on: 2023 2022 The interest result -920 2,827 (earnings sensitivity) The faire value of the equity -63,586 -53,698 (equity value sensitivity) (= BPV) For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible. (\u20ac 1,000) \u2264 1 month 1-3 months 3-12 months 1-5 years 5-10 years > 10 years Indefinite 31/12/2023 Assets 1,985,000 365,000 992,000 2,953,000 1,575,000 521,000 43,000 Liabilities -1,435,000 -1,359,000 -2,206,000 -1,532,000 -831,000 -241,000 -64,000 Derivatives 375,000 665,000 -60,000 -370,000 -570,000 -40,000 0 Interest Gap 925,000 -329,000 -1,274,000 1,051,000 174,000 240,000 -21,000 31/12/2022 Assets 1,143,000 307,000 957,000 2,916,000 1,625,000 546,000 48,000 Liabilities -1,045,000 -789,000 -1,943,000 -1,662,000 -1,056,000 -338,000 -38,000 Derivatives 325,000 570,000 -60,000 -370,000 -410,000 -55,000 0 Interest Gap 423,000 88,000 -1,046,000 884,000 159,000 153,000 10,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__139": {
"value": "Note 20: Banks \u2013 debts to credit institutions, clients and securities (\u20ac 1,000) Fair value Book value 2023 2022 2023 2022 Debts to credit institutions and central banks 49,601 116,334 49,604 116,379 Debts to clients 7,469,535 6,504,730 7,491,001 6,553,495 - of which subordinated 0 560 0 560 Securities including bonds 111,459 171,599 111,315 164,769 - of which subordinated 0 47,155 0 40,236 Banks - changes in fair value of the hedged credit portfolio 0 89,733 0 89,733 7,630,595 6,882,396 7,651,919 6,924,377 (\u20ac 1,000) 2023 2022 Debts to credit institutions and central banks Current accounts / overnight deposits 46,067 104,845 Deposits with agreed maturity 3,537 11,534 Accrued interests 0 0 Total 49,604 116,379 Debts to clients Current accounts / overnight deposits 3,151,095 4,197,238 Deposits with agreed maturity 3,506,038 1,248,652 Special deposits 45,805 56,798 Regulated deposits 788,063 1,050,247 Subordinated certificats 0 560 Total 7,491,001 6,553,495 Securities including bonds Debt certificates 111,315 124,533 Subordinated bonds 0 40,236 Total 111,315 164,769 Banks - changes in fair value of the hedged credit portfolio 0 89,733 Total debts to credit institutions, clients and securities 7,651,919 6,924,377 The full consolidation of Bank Van Breda results in the recording of specific bank receivables and debts in the balance sheet of AvH. These items were grouped for maximum transparency of the balance sheet. Liquidity risk Bank Van Breda Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank\u2019s sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds. The bank\u2019s financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023. Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive: \u2022 The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to holdsufficient high-quality liquid assets. The regulator imposes a limit of at least 100%. \u2022 The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period.The Basel III-guidelines impose a limit of at least 100% as from 2018. At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority. The bank\u2019s liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses. In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account. (\u20ac 1,000) < 1 month 1-3 months3-12 months1-5 years5-10 years> 10 yearsIndefinite 31/12/2023 Assets 1,911,000 186,000 872,000 3,020,000 1,782,000 625,000 43,000 Liabilities -1,435,000-1,359,000-2,207,000-1,532,000-831,000-241,000-64,000Derivatives 3,000 4,000 14,000 14,000 5,000 0 0 Liquidity Gap 479,000 -1,169,000-1,321,0001,502,000 956,000 384,000 -21,00031/12/2022 Assets 1,078,000 161,000 900,000 2,903,000 1,816,000 652,000 39,000 Liabilities -1,000,000-790,000-1,925,000-1,675,000-1,101,000-343,000-51,000Derivatives 1,000 2,000 16,000 55,000 23,000 0 0 Liquidity Gap 79,000 -627,000-1,009,0001,283,000 738,000 309,000 -12,000Interest rate risk Bank Van Breda Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates. The bank opts to keep the interest rate risk at a relatively low level: \u2022 The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels). \u2022 Equity value sensitivity is the exposure of the company\u2019s economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank\u2019s (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities. Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve. Impact of an immediate increase of the yield curve with 100 base points (1%) on: 2023 2022 The interest result -920 2,827 (earnings sensitivity) The faire value of the equity -63,586 -53,698 (equity value sensitivity) (= BPV) For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible. (\u20ac 1,000) \u2264 1 month 1-3 months 3-12 months 1-5 years 5-10 years > 10 years Indefinite 31/12/2023 Assets 1,985,000 365,000 992,000 2,953,000 1,575,000 521,000 43,000 Liabilities -1,435,000 -1,359,000 -2,206,000 -1,532,000 -831,000 -241,000 -64,000 Derivatives 375,000 665,000 -60,000 -370,000 -570,000 -40,000 0 Interest Gap 925,000 -329,000 -1,274,000 1,051,000 174,000 240,000 -21,000 31/12/2022 Assets 1,143,000 307,000 957,000 2,916,000 1,625,000 546,000 48,000 Liabilities -1,045,000 -789,000 -1,943,000 -1,662,000 -1,056,000 -338,000 -38,000 Derivatives 325,000 570,000 -60,000 -370,000 -410,000 -55,000 0 Interest Gap 423,000 88,000 -1,046,000 884,000 159,000 153,000 10,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__145": {
"value": "Note 21: Taxes 1. Recognized deferred tax assets and liabilities (\u20ac 1,000) Assets 2023 Liabilities 2023 Net 2023 Assets 2022 Liabilities 2022 Net 2022 Intangible assets 0 21,132 -21,132 0 21,132 -21,132 Tangible assets 24,494 37,410 -12,916 23,365 37,683 -14,318 Investment property 0 34,127 -34,127 0 33,726 -33,726 Financial fixed assets 0 7,358 -7,358 0 1,626 -1,626 Investments 4,789 0 4,789 13,953 0 13,953 Employee benefits 14,857 343 14,514 17,648 705 16,943 Provisions 8,839 3,711 5,129 4,878 464 4,414 Financial derivative instruments 524 7,863 -7,338 1,057 21,216 -20,159 Working capital items 45,047 48,963 -3,916 43,099 65,556 -22,457 Tax losses and tax credits / deduction for investment 74,087 0 74,087 71,450 -9,852 81,302 Set-off -22,196 -22,196 0 -20,621 -20,621 0 Total 150,442 138,710 11,732 154,829 151,635 3,195 Deferred taxes are mainly due to the revaluation of assets and liabilities as a result of business combinations. The Group regularly assesses its uncertain tax positions. In accordance with IFRIC 23, and where appropriate, provisions are made which are recorded under the deferred tax liabilities. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. DEME engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using all legal remedies of defending the position before Court. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23. The estimates are based on facts and circumstances existing at the end of the reporting period. At the end of 2023, deferred tax liabilities relating to uncertain tax positions (UTP) amount to 22.6 million euros and the major UTP relate to ongoing potential tax litigations in the Philippines, Belgium, the Netherlands and India. The item \u2018Set-off\u2019 reflects the set-off between deferred tax assets and liabilities per entity at DEME. 2. Unrecognized deferred tax assets (\u20ac 1,000) 2023 2022 Unrecognized receivables following tax losses 215,255 118,286 Tax credits 7,443 Deferred depreciations 5,495 Investment deductions 2,787 Other unrecognized deferred tax assets 0 0 Total 230,980 118,286 On December 31,2023, unrecognised deferred tax assets were extended to include dividend received deductions, tax credits, deferred depreciations and investment deductions. The unrecognised receivables following tax losses consist of 86 million euros of tax losses and 129 million euros of dividend received deductions. Unrecognized deferred tax assets are largely attributable to DEME and CFE. 3. Current and deferred tax expenses (income) (\u20ac 1,000) 2023 2022 Current income tax expense, net Current period tax expense -120,291 -89,723 Adjustments to current tax of prior periods 5,443 4,395 Total -114,848 -85,328 Deferred taxes, net Origination and reversal of temporary differences 12,672 3,154 Additions (use) of tax losses -186 245 Other deferred taxes -121 -150 Total 12,365 3,250 Total current and deferred tax (expenses) income -102,483 -82,078 4. Reconciliation of statutory tax to effective tax (\u20ac 1,000) 2023 2022 Profit (loss) before taxes 609,585 889,590 Profit (loss) of participations accounted for using the equity method (-) -223,378 -243,874 Profit (loss) before taxes, excluding result from participations accounted for using the equity method 386,207 645,716 Statutory tax rate (%) 25.00% 25.00% Tax expense using the statutory tax rate -96,552 -161,429 Tax effect of rates in other jurisdictions 10,866 427 Tax effect of tax-exempt revenues 35,957 99,041 Tax effect of non-deductible expenses -18,445 -15,029 Tax effect of tax losses -28,748 -4,930 Tax effect from (under) or over provisions in prior periods 230 -2,847 Other increase (decrease) -5,792 2,689 Tax expense using the effective tax rate -102,483 -82,078 Profit (loss) before taxes 609,585 889,590 Profit (loss) of participations accounted for using the equity method (-) -223,378 -243,874 Profit (loss) before taxes, excluding result from participations accounted for using the equity method 386,207 645,716 Effective tax rate (%) 26.54% 12.71% Income taxes represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a post-tax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros). In 2022, a substantial part of the result consisted of gains on the disposal of participations which AvH held over the long term and are exempt from tax. 5. Pillar Two Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the AvH Group operates (ao. Belgium). The legislation will be effective for the AvH Group\u2019s financial year beginning 1 January 2024. The AvH Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the AvH Group\u2019s potential exposure to Pillar Two top-up-taxes. The assessment of the potential exposure to Pillar Two top-up-taxes is based on the most recent tax filings, country-by-country reporting and financial information for the constituent entities in the Group. Based on the assessment, the Transitional Safe Harbour relief will be applicable up to 80% of the jurisdictions in scope. Based on the assessment, the AVH Group has identified potential exposure to Pillar Two top-up-taxes in certain jurisdictions. The exact exposure can currently not reasonably be estimated, a.o. since the outcome of the assessment will still be influenced by the outcome of the expected OECD Administrative Guidance to be published in the course of 2024. However, based on historical data, the AvH Group currently does not expect that such exposure may be significant in view of the consolidated financial statements. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar two income taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__144": {
"value": "Note 21: Taxes 1. Recognized deferred tax assets and liabilities (\u20ac 1,000) Assets 2023 Liabilities 2023 Net 2023 Assets 2022 Liabilities 2022 Net 2022 Intangible assets 0 21,132 -21,132 0 21,132 -21,132 Tangible assets 24,494 37,410 -12,916 23,365 37,683 -14,318 Investment property 0 34,127 -34,127 0 33,726 -33,726 Financial fixed assets 0 7,358 -7,358 0 1,626 -1,626 Investments 4,789 0 4,789 13,953 0 13,953 Employee benefits 14,857 343 14,514 17,648 705 16,943 Provisions 8,839 3,711 5,129 4,878 464 4,414 Financial derivative instruments 524 7,863 -7,338 1,057 21,216 -20,159 Working capital items 45,047 48,963 -3,916 43,099 65,556 -22,457 Tax losses and tax credits / deduction for investment 74,087 0 74,087 71,450 -9,852 81,302 Set-off -22,196 -22,196 0 -20,621 -20,621 0 Total 150,442 138,710 11,732 154,829 151,635 3,195 Deferred taxes are mainly due to the revaluation of assets and liabilities as a result of business combinations. The Group regularly assesses its uncertain tax positions. In accordance with IFRIC 23, and where appropriate, provisions are made which are recorded under the deferred tax liabilities. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. DEME engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using all legal remedies of defending the position before Court. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23. The estimates are based on facts and circumstances existing at the end of the reporting period. At the end of 2023, deferred tax liabilities relating to uncertain tax positions (UTP) amount to 22.6 million euros and the major UTP relate to ongoing potential tax litigations in the Philippines, Belgium, the Netherlands and India. The item \u2018Set-off\u2019 reflects the set-off between deferred tax assets and liabilities per entity at DEME. 2. Unrecognized deferred tax assets (\u20ac 1,000) 2023 2022 Unrecognized receivables following tax losses 215,255 118,286 Tax credits 7,443 Deferred depreciations 5,495 Investment deductions 2,787 Other unrecognized deferred tax assets 0 0 Total 230,980 118,286 On December 31,2023, unrecognised deferred tax assets were extended to include dividend received deductions, tax credits, deferred depreciations and investment deductions. The unrecognised receivables following tax losses consist of 86 million euros of tax losses and 129 million euros of dividend received deductions. Unrecognized deferred tax assets are largely attributable to DEME and CFE. 3. Current and deferred tax expenses (income) (\u20ac 1,000) 2023 2022 Current income tax expense, net Current period tax expense -120,291 -89,723 Adjustments to current tax of prior periods 5,443 4,395 Total -114,848 -85,328 Deferred taxes, net Origination and reversal of temporary differences 12,672 3,154 Additions (use) of tax losses -186 245 Other deferred taxes -121 -150 Total 12,365 3,250 Total current and deferred tax (expenses) income -102,483 -82,078 4. Reconciliation of statutory tax to effective tax (\u20ac 1,000) 2023 2022 Profit (loss) before taxes 609,585 889,590 Profit (loss) of participations accounted for using the equity method (-) -223,378 -243,874 Profit (loss) before taxes, excluding result from participations accounted for using the equity method 386,207 645,716 Statutory tax rate (%) 25.00% 25.00% Tax expense using the statutory tax rate -96,552 -161,429 Tax effect of rates in other jurisdictions 10,866 427 Tax effect of tax-exempt revenues 35,957 99,041 Tax effect of non-deductible expenses -18,445 -15,029 Tax effect of tax losses -28,748 -4,930 Tax effect from (under) or over provisions in prior periods 230 -2,847 Other increase (decrease) -5,792 2,689 Tax expense using the effective tax rate -102,483 -82,078 Profit (loss) before taxes 609,585 889,590 Profit (loss) of participations accounted for using the equity method (-) -223,378 -243,874 Profit (loss) before taxes, excluding result from participations accounted for using the equity method 386,207 645,716 Effective tax rate (%) 26.54% 12.71% Income taxes represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a post-tax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros). In 2022, a substantial part of the result consisted of gains on the disposal of participations which AvH held over the long term and are exempt from tax. 5. Pillar Two Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the AvH Group operates (ao. Belgium). The legislation will be effective for the AvH Group\u2019s financial year beginning 1 January 2024. The AvH Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the AvH Group\u2019s potential exposure to Pillar Two top-up-taxes. The assessment of the potential exposure to Pillar Two top-up-taxes is based on the most recent tax filings, country-by-country reporting and financial information for the constituent entities in the Group. Based on the assessment, the Transitional Safe Harbour relief will be applicable up to 80% of the jurisdictions in scope. Based on the assessment, the AVH Group has identified potential exposure to Pillar Two top-up-taxes in certain jurisdictions. The exact exposure can currently not reasonably be estimated, a.o. since the outcome of the assessment will still be influenced by the outcome of the expected OECD Administrative Guidance to be published in the course of 2024. However, based on historical data, the AvH Group currently does not expect that such exposure may be significant in view of the consolidated financial statements. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar two income taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__146-1": {
"value": "1. Equity settled stock option plan AvH as of 31 December 2023 Number options Number options Number options Grant date Balance Exercise price (\u20ac) Exercise period accepted exercised expired 2015 50,500 -50,500 0 100.23 01/01/2019 - 05/01/2023 2016 40,500 -40,500 0 130.95 01/01/2020 - 03/01/2024 2017 46,000 -8,000 38,000 128.30 01/01/2021 - 12/01/2025 2018 46,000 0 -500 45,500 148.64 01/01/2022 - 11/01/2026 2019 46,000 -8,000 38,000 132.52 01/01/2023 - 14/01/2027 2020 23,750 0 23,750 141.09 01/01/2024 - 13/01/2028 2021 55,000 0 55,000 124.67 01/01/2025 - 14/01/2029 2022 59,350 0 59,350 166.35 01/01/2026 - 13/01/2030 2023 80,000 0 80,000 160.91 01/01/2027 - 13/01/2031 447,100 -107,000 -500 339,600 AvH\u2019s stock option plan, which was approved in March 1999, is intended to provide long-term motivation for executive directors, members of the executive committee and management whose activities are essential to the success of the group. The options give them the right to acquire a corresponding number of shares in Ackermans & van Haaren. The remuneration committee is responsible for monitoring this plan and selecting the beneficiaries. The options are provided free of charge and their exercise period is 8 years. The total value of the outstanding options of 2017-2023 (measured at the fair value when granted) amounts to 10.9 million euros and is calculated by an external party according to an adjusted Black & Scholes model of which the main components are: Estimated expected Black & Scholes Value Year of grant Share price (\u20ac) Dividend yield Volatility Interest rate lifetime (\u20ac) 2015 101.35 2.19% 19.00% 0.47% 7.79 13.76 2016 131.95 1.28% 23.00% 0.59% 7.79 27.72 2017 129.40 1.40% 23.00% 0.34% 7.79 25.70 2018 149.20 1.30% 20.00% 0.68% 7.79 27.32 2019 135.50 1.43% 20.40% 0.52% 7.90 24.92 2020 141.80 1.77% 21.00% -0.01% 7.90 22.43 2021 129.50 1.35% 24.00% -0.36% 7.90 26.59 2022 174.30 1.00% 22.00% 0.25% 7.90 38.20 2023 163.90 1.31% 22.00% 2.66% 7.90 42.93 Movement schedule - Stock options 2023 2022 Opening balance 317,100 306,250 Number of options accepted 80,000 59,350 Number of options exercised -57,500 -48,500 Number of options expired 0 0 Ending balance 339,600 317,100 In 2023, 80,000 new stock options were granted with an exercise price of 160.91 euros per share. The fair value when granted was fixed at 3.4 million euros and is recorded in the profit and loss account over the vesting period of 4 years. In 2023 57,500 options were exercised (weighted average stock price of 158.24 euros). At the end of 2023, the total number of outstanding stock options was 339,600. To hedge the current (and future) obligations AvH had a total of 351,839 shares in portfolio at the end of 2022.2. Cash settled stock option plans at consolidated subsidiaries of AvH The beneficiaries of the option plans of Delen Private Bank, Bank Van Breda, Agidens, Biolectric and Turbo's Hoet Groep have a put option on the respective parent companies FinAx/Promofi and AvH Growth Capital (these companies have call options and a pre-emption right to prevent the shares from being transferred to third parties). These option plans concern shares which are not listed on a stock exchange and whose value is determined in the option plan. The valuation of the option price is (depending on the option plan) based on the growth of the equity, a multiple on the growth of the consolidated profit or a market valuation of the company. These option plans are accounted for in accordance with IFRS 2, and as such a liability is recorded in the balance sheet. The liabilities are reviewed as a result of an exercise, a regranting or modification of the parameters. These in- or decreases of the liability result respectively in a loss or profit in the income statement. The total liability of the option plans of the fully consolidated subsidiaries as of 31 December 2023 amounts to 19.5 million euros, included in the other non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__148": {
"value": "3. Treasury share Treasury shares as part of the stock option plan 2023 2022 Opening balance 317,100 345,250 Acquisition of treasury shares 12,239 20,350 Transfer from the share buyback programme 80,000 0 Disposal of treasury shares as a result of exercise of options -57,500 -48,500 Ending balance 351,839 317,100 Treasury shares as part of the liquidity contract 2023 2022 Opening balance 3,506 1,842 Acquisition of treasury shares 471,490 347,174 Disposal of treasury shares -443,883 -345,510 Ending balance 31,113 3,506 Treasury shares as part of the share buyback programme 2023 2022 Opening balance 70,633 0 Acquisition of treasury shares 417,781 70,633 Transfer to cover of stock option plan -80,000 0 Disposal of treasury shares 0 0 Ending balance 408,414 70,633 In October 2022, AvH announced the start of a share buyback programme of up to 70.0 million euros. The programme started on October 5, 2022 and its duration was extended by the Board of Directors until year end 2023. Since the start of this programme, 488,414 treasury shares have been bought, for a total amount of 70 million euros. Meanwhile 80,000 of these shares have been allocated to cover stock option plan obligations. On December 31, 2023, 339,600 options were outstanding on AvH shares. In order to hedge these (and future) obligations, AvH owned 351,839 treasury shares on that date. In addition, 471,490 AvH shares were purchased and 443,883 shares were sold in 2023 in the context of the contract that AvH entered into with Kepler Cheuvreux in order to support the liquidity of the AvH share. These transactions are initiated autonomously by Kepler Cheuvreux, but as they take place on behalf of AvH, the net purchase of 27,607 AvH shares has an impact on AvH\u2019s equity. On December 31, 2023, the number of treasury shares in the portfolio in the context of this liquidity agreement amounts to 31,113. In total, on December 31, 2023, the total number of treasury shares amounts to 791,366 (2.36% of the shares issued). ). In accordance with IFRS, the carrying amount of these treasury shares of 59.5 million euros additionally for 2023 is deducted from equity (see Statement of changes in consolidated equity). The board of directors has decided to proceed to the cancellation of 335,653 treasury shares (roughly 1% of the outstanding shares). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__151": {
"value": "Note 23: Rights and commitments not reflected in the balance sheet 1. Rights and commitments not reflected in the balance sheet, excluding CFE-DEME (\u20ac 1,000) 2023 2022 Amount of personal guarantees, given or irrevocably promised by the enterprises included in the consolidation, as security for debts or commitments 685,432 635,278 Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 302,949 303,463 Goods and values, not disclosed in the balance sheet, held by third parties in their own name but at risk to and for the benefit of the enterprise 0 0 Commitments to acquire fixed assets 115,804 96,816 Commitments to dispose of fixed assets 303,084 312,230 Rights and commitments not reflected in the balance sheet of banks (Bank Van Breda) - Loan commitments 454,939 610,220 - Financial guarantees 49,100 49,465 - Repo transactions + collateral 0 2,000 The personal guarantees in 2023 are represented by 108.8 million euros in guarantees for Nextensa real estate projects and 1.1 million euros in guarantees for Agidens projects. The balance of 575.6 million euros mainly concerns guarantees entered into by AvH & subholdings relating to the sale of participations. The real guarantees concern 181.7 million euros in guarantees put up by Nextensa regarding the financing of its activities in land and real estate development and 113.2 million euros in the scope of Deep C Holding development projects. On balance, there remains 3.4 million euros from Agidens (financing of the headquarter) and 4.7 million euros from Biolectric (regarding the acquisition loan). The commitments to acquire fixed assets concern options as part of stock option plans or options as part of shareholders\u2019 agreements for a total of 115.8 million euros. The commitments to dispose of fixed assets are for call options (including conditional options) on the assets of AvH & Growth Capital for the amount of 303.1 million euros. The off-balance-sheet commitments of Bank Van Breda consist primarily of the unused part of loans/credit lines granted. Bank guarantees, security loans and documentary credits have also been granted to clients. These off-balance-sheet commitments are also taken into account in the assessment of the credit risk. 2. Rights and commitments not reflected in the balance sheet CFE-DEME (\u20ac 1,000) 2023 2022 Commitments Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 0 0 Bank and insurance guarantees for commitments of enterprises included in the consolidation 2,011,504 1,623,964 Other commitments given 92,828 35,869 Total 2,104,332 1,659,833 Rights Bank guarantees received as security for commitments to enterprises included in the consolidation 104,990 180,335 Other commitments received 5,414 4,308 Total 110,404 184,643 Bank and insurance guarantees relate to guarantees given in connection with the performance of construction contracts. Guarantees are also given in the context of tenders. The \u2018Other commitments given\u2019 refer to the \u2018progress guarantee\u2019 (Breyne Act) at CFE.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__150": {
"value": "Note 23: Rights and commitments not reflected in the balance sheet 1. Rights and commitments not reflected in the balance sheet, excluding CFE-DEME (\u20ac 1,000) 2023 2022 Amount of personal guarantees, given or irrevocably promised by the enterprises included in the consolidation, as security for debts or commitments 685,432 635,278 Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 302,949 303,463 Goods and values, not disclosed in the balance sheet, held by third parties in their own name but at risk to and for the benefit of the enterprise 0 0 Commitments to acquire fixed assets 115,804 96,816 Commitments to dispose of fixed assets 303,084 312,230 Rights and commitments not reflected in the balance sheet of banks (Bank Van Breda) - Loan commitments 454,939 610,220 - Financial guarantees 49,100 49,465 - Repo transactions + collateral 0 2,000 The personal guarantees in 2023 are represented by 108.8 million euros in guarantees for Nextensa real estate projects and 1.1 million euros in guarantees for Agidens projects. The balance of 575.6 million euros mainly concerns guarantees entered into by AvH & subholdings relating to the sale of participations. The real guarantees concern 181.7 million euros in guarantees put up by Nextensa regarding the financing of its activities in land and real estate development and 113.2 million euros in the scope of Deep C Holding development projects. On balance, there remains 3.4 million euros from Agidens (financing of the headquarter) and 4.7 million euros from Biolectric (regarding the acquisition loan). The commitments to acquire fixed assets concern options as part of stock option plans or options as part of shareholders\u2019 agreements for a total of 115.8 million euros. The commitments to dispose of fixed assets are for call options (including conditional options) on the assets of AvH & Growth Capital for the amount of 303.1 million euros. The off-balance-sheet commitments of Bank Van Breda consist primarily of the unused part of loans/credit lines granted. Bank guarantees, security loans and documentary credits have also been granted to clients. These off-balance-sheet commitments are also taken into account in the assessment of the credit risk. 2. Rights and commitments not reflected in the balance sheet CFE-DEME (\u20ac 1,000) 2023 2022 Commitments Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 0 0 Bank and insurance guarantees for commitments of enterprises included in the consolidation 2,011,504 1,623,964 Other commitments given 92,828 35,869 Total 2,104,332 1,659,833 Rights Bank guarantees received as security for commitments to enterprises included in the consolidation 104,990 180,335 Other commitments received 5,414 4,308 Total 110,404 184,643 Bank and insurance guarantees relate to guarantees given in connection with the performance of construction contracts. Guarantees are also given in the context of tenders. The \u2018Other commitments given\u2019 refer to the \u2018progress guarantee\u2019 (Breyne Act) at CFE.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__149": {
"value": "Note 23: Rights and commitments not reflected in the balance sheet 1. Rights and commitments not reflected in the balance sheet, excluding CFE-DEME (\u20ac 1,000) 2023 2022 Amount of personal guarantees, given or irrevocably promised by the enterprises included in the consolidation, as security for debts or commitments 685,432 635,278 Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 302,949 303,463 Goods and values, not disclosed in the balance sheet, held by third parties in their own name but at risk to and for the benefit of the enterprise 0 0 Commitments to acquire fixed assets 115,804 96,816 Commitments to dispose of fixed assets 303,084 312,230 Rights and commitments not reflected in the balance sheet of banks (Bank Van Breda) - Loan commitments 454,939 610,220 - Financial guarantees 49,100 49,465 - Repo transactions + collateral 0 2,000 The personal guarantees in 2023 are represented by 108.8 million euros in guarantees for Nextensa real estate projects and 1.1 million euros in guarantees for Agidens projects. The balance of 575.6 million euros mainly concerns guarantees entered into by AvH & subholdings relating to the sale of participations. The real guarantees concern 181.7 million euros in guarantees put up by Nextensa regarding the financing of its activities in land and real estate development and 113.2 million euros in the scope of Deep C Holding development projects. On balance, there remains 3.4 million euros from Agidens (financing of the headquarter) and 4.7 million euros from Biolectric (regarding the acquisition loan). The commitments to acquire fixed assets concern options as part of stock option plans or options as part of shareholders\u2019 agreements for a total of 115.8 million euros. The commitments to dispose of fixed assets are for call options (including conditional options) on the assets of AvH & Growth Capital for the amount of 303.1 million euros. The off-balance-sheet commitments of Bank Van Breda consist primarily of the unused part of loans/credit lines granted. Bank guarantees, security loans and documentary credits have also been granted to clients. These off-balance-sheet commitments are also taken into account in the assessment of the credit risk. 2. Rights and commitments not reflected in the balance sheet CFE-DEME (\u20ac 1,000) 2023 2022 Commitments Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments of enterprises included in the consolidation 0 0 Bank and insurance guarantees for commitments of enterprises included in the consolidation 2,011,504 1,623,964 Other commitments given 92,828 35,869 Total 2,104,332 1,659,833 Rights Bank guarantees received as security for commitments to enterprises included in the consolidation 104,990 180,335 Other commitments received 5,414 4,308 Total 110,404 184,643 Bank and insurance guarantees relate to guarantees given in connection with the performance of construction contracts. Guarantees are also given in the context of tenders. The \u2018Other commitments given\u2019 refer to the \u2018progress guarantee\u2019 (Breyne Act) at CFE.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__153": {
"value": "Note 24: Employment 1. Average number of persons employed 2023 2022 Employees 5,973 5,732 Workers 3,642 3,771 2. Personnel charges (\u20ac 1,000) 2023 2022 Remuneration and social charges -914,575 -795,125 Pension expenses (defined contribution and defined benefit plans) -25,358 -23,112 Share based payment -4,818 -2,045 Total -944,751 -820,282 In 2023 the headcount increased by 1%, mainly at DEME, while personnel charges increased by 15%, mainly driven by the higher inflation, the increased pension expenses and higher share based payment valuations. AvH, AvH Growth Capital en AvH Singapore count for 49 employees. A pro forma headcount of 21,887 is cited in the section '2023 at a glance' (page 8). This pro forma figure comprises the staff of all participations held by the AvH group, and therefore deviates from the average headcount reported above which is based on the IFRS consolidation, which was drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__154-1": {
"value": "2. Personnel charges (\u20ac 1,000) 2023 2022 Remuneration and social charges -914,575 -795,125 Pension expenses (defined contribution and defined benefit plans) -25,358 -23,112 Share based payment -4,818 -2,045 Total -944,751 -820,282 In 2023 the headcount increased by 1%, mainly at DEME, while personnel charges increased by 15%, mainly driven by the higher inflation, the increased pension expenses and higher share based payment valuations. AvH, AvH Growth Capital en AvH Singapore count for 49 employees. A pro forma headcount of 21,887 is cited in the section '2023 at a glance' (page 8). This pro forma figure comprises the staff of all participations held by the AvH group, and therefore deviates from the average headcount reported above which is based on the IFRS consolidation, which was drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.Note 26: Pension liabilities (\u20ac 1,000) 2023 2022 Defined benefit pension plans -68,226 -72,038 Other pension obligations (early retirement) -4,032 -5,164 Total pension obligations -72,257 -77,202 Total pension assets 1,371 2,820 Defined benefit pension plans (\u20ac 1,000) 2023 2022 1. Amounts as recorded in the balance sheet Net funded defined benefit plan (obligation) asset -66,855 -69,218 Present value of wholly or partially funded obligations (-) -291,577 -289,860 Fair value of plan assets 224,722 220,642 Defined benefit plan (obligation) asset, total -66,855 -69,218 Liabilities (-) -68,226 -72,038 Assets 1,371 2,820 Movements in plan assets (obligations) as recorded in the balance sheet Net defined benefit plan asset (obligation) recorded in the balance sheet, opening balance -69,218 -73,201 Increase (decrease) from business combinations/disposals 0 0 Net defined benefit cost recorded in the income statement -21,021 -22,034 Net defined benefit cost recorded in \u2018Other Comprehensive Income\u2019 -901 3,338 Contributions from employer / employee 25,898 22,515 Other increase (decrease) -1,613 164 Net defined benefit plan asset (obligation) recorded in the balance sheet, ending balance -66,855 -69,218 2a. Net cost recorded in the income statement -21,021 -22,034 Current service cost -19,436 -21,659 Interest cost -9,827 -3,269 Interest income on plan assets (-) 8,105 2,679 Past service cost 137 216 2b. Net cost recorded in \u2018Other Comprehensive Income\u2019 -901 3,338 Actuarial gains/(losses) recognised in \u2018Other Comprehensive Income\u2019 8,536 80,252 Return on plan assets, excluding interest income (-) -9,546 -75,978 Exchange differences 12 0 Other 97 -935 3a. Movements in defined benefit plan obligations Defined benefit plan obligations recorded in the balance sheet, opening balance -289,861 -358,746 Increase as a result of business combinations 0 0 Decrease as a result of business disposals 0 0 Current service cost -19,436 -21,659 Interest cost -9,827 -3,269 Contributions from employee -833 -922 Benefit payments (-) 17,248 11,900 Remeasurement (gains)/losses (net) 8,536 80,252 of which: actuarial (gains)/losses on DBO arising from changes in demographic assumptions 2,394 325 of which: actuarial (gains)/losses on DBO arising from changes in financial assumptions 3,388 102,473 of which: actuarial (gains)/losses on DBO arising from experience 2,754 -22,546 Past service cost 0 0 Exchange differences 0 170 Other increase (decrease) 2,596 2,414 Defined benefit plan obligations recorded in the balance sheet, ending balance -291,577 -289,861 3b. Movements in plan assets Fair value of the plan assets, opening balance 220,642 285,545 Increase as a result of business combinations 0 0 Decrease through business disposals 0 0 Return on plan assets excluding interest income -9,546 -75,978 Interest income on plan assets 8,105 2,679 Contributions from employer / employee 26,889 23,327 Benefit payments (-) -17,248 -11,900 Exchange differences 0 -170 Other increase (decrease) -4,121 -2,860 Fair value of the plan assets, ending balance 224,722 220,642 4. Principal actuarial assumptions Discount rate used 3.4% 3.5% Expected rate of salary increase 3.7% 3.7% Inflation 2.2% 2.2% Mortality tables MR/FR MR/FR 5. Other information Term (in years) 11.98 13.84 Average actual return on plan assets -0.60% -25.16% Expected contribution in next financial year 20,687 20,534 6. Sensitivity analysis Discount rate 25 base point increase -5.8% -3.8% 25 base point decrease 3.8% 2.4% Expected rate of salary increase 25 base point increase 0.3% 1.0% 25 base point decrease -2.4% -2.1% AvH took out \u2018defined benefit\u2019 as well as \u2018defined contribution\u2019 pension plans. These plans are underwritten by insurers in class 21 (life insurance policies with guaranteed interest rate). Belgian law requires that employers guarantee a minimum yield of 3.25% on their own contributions to defined contribution plans; this applies to all payments made up to 31/12/2015 and until retirement age. On January 1, 2016, the Act of December 18, 2015 came into effect. The WAP (Law on Supplementary Pensions) yield guaranteed by the employer is a \u2018variable\u2019 interest rate, linked to the yield on the bond market which will be defined each year as of January 1 on the basis of a formula specified in the Law on Supplementary Pensions. For the periods 2017 up to 2023, the guaranteed yield was 1.75%. The guarantee which the employer offers under the Law on Supplementary Pensions is a secondary guarantee: the employer only has to make up the difference if the yield guaranteed by the insurer on plan assets is lower than the legally guaranteed yield. In accordance with IAS 19R, an actuarial calculation is carried out according to the Projected Unit Credit method for the defined benefit plans. The plan assets are measured at the discounted value of the reserves, taking into account the interest rates guaranteed by the insurers. Actuarial gains and losses are reported as other comprehensive income in the equity (see the item \u2018Actuarial gains and losses on defined benefit pension plans\u2019 in the statement of changes in consolidated equity).3. Remuneration (\u20ac 1,000) 2023 2022 Remuneration of the directors Tanti\u00e8mes at the expense of AvH 836 630 Remuneration of the members of the executive committee Fixed remuneration 3,045 3,548 Variable remuneration 3,015 6,798 Share based payment 2,468 1,862 Group and hospitalisation insurance 871 572 Benefits in kind (company car) 30 38",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__158": {
"value": "Note 27: Related parties 1. Related parties, excluding CFE \u2013 DEMEFinancial Financial (\u20ac 1,000) 20232022year year I. Assets with related parties - balance sheetFinancial fixed assets 0 3,938 0 3,938 0 4,128 0 4,128 Receivables and warranties: gross amount 0 3,938 0 3,938 0 4,128 0 4,128 Receivables and warranties: impairments 0 0 0 0 0 0 0 0 Amounts receivable 37,240 10,292 4 47,535 21,705 11,966 4 33,675 Trade debtors 615 0 4 619 17 0 4 20 Other receivables: gross amount 36,624 10,292 0 46,916 21,689 11,966 0 33,654 Other receivables: impairments 0 0 0 0 0 0 0 0 Banks - receivables from credit institutions & clients 91 0 0 91 5,091 0 0 5,091 Deferred charges & accrued income 8,142 83 0 8,225 6,819 390 0 7,209 Total 45,473 14,313 4 59,789 33,616 16,484 4 50,103 II. Liabilities with related parties - balance sheetFinancial debts 0 0 0 0 0 0 0 0 Subordinated loans 0 0 0 0 0 0 0 0 Other financial debts 0 0 0 0 0 0 0 0 Other debts 19,347 150 0 19,497 155 150 0 305 Trade payables 243 0 0 243 152 0 0 152 Other amounts payable 19,104 150 0 19,254 3 150 0 153 Banks - debts to credit institutions, clients & securities 77,179 0 0 77,179 79,614 0 0 79,614 Accrued charges and deferred income 0 0 0 0 0 0 0 0 Total 96,526 150 0 96,676 79,769 150 0 79,919 III. Transactions with related parties -income statementRevenue 73,792 113 3 73,908 65,972 125 3 66,100 Rendering of services 3,794 23 3 3,820 2,887 35 3 2,925 Real estate revenue 10 0 0 10 20 0 0 20 Interest income of banking activities 0 0 0 0 0 0 0 0 Commissions receivable of banking activities 69,925 0 0 69,925 63,040 0 0 63,040 Revenue from construction contracts 0 0 0 0 0 0 0 0 Other operating revenue 64 90 0 153 25 90 0 115 Operating expenses (-) -6340 0 -634-1730 0 -173Raw materials, consum., services & subcontracted work (-) -6340 0 -634-1730 0 -173Interest expenses Bank Van Breda (-) 0 0 0 0 0 0 0 0 Impairment losses (-) 0 0 0 0 0 0 0 0 Financial result 4,251 832 0 5,083 3,689 996 0 4,685 Interest income 4,251 832 0 5,083 3,689 996 0 4,685 Interest expenses 0 0 0 0 0 0 0 0 The loans that AvH (and subholdings) have granted to participations that are not fully consolidated are included in the above table. The interest rate charged for these intra-group loans is at arm\u2019s length. The same applies for financing loans that Nextensa, Deep C Holding and Green Offshore grant to their equity-method participations, reported as \u2018other receivables\u2019. The advances received by Nextensa on developments at Cloche d'Or are included in the \u2018Other amounts payable\u2019. Through the full consolidation of Bank Van Breda and the inclusion of Delen Private Bank using the equity method, the commercial paper of Bank Van Breda held by Delen Private Bank (71.2 million euros) and the term deposits (6.0 million euros) are reported as a debt of Bank Van Breda to a related party. 2. Transactions with related parties \u2013 CFE \u2013 DEME \u2022 Ackermans & van Haaren (AvH) owns 15,725,684 shares of CFE and DEME Group as a result is the primary shareholder of both companies with 62.12% of the total number of shares. \u2022 Under the service contracts which DEME and CFE concluded with AvH (in 2001 and 2015 respectively), amounts were paid of 1.4 million euros and 0.4 million euros respectively. \u2022 Transactions with related parties concerned mainly transactions with companies in which CFE and DEME have a joint control or a significative influence. These transactions are concluded at arm\u2019s length. (\u20ac 1,000) 2023 2022 Assets with related parties CFE-DEME 271,678 213,973 Non current financial assets 184,255 162,467 Trade and other receivables 80,553 45,190 Other current assets 6,870 6,316 Liabilities with related parties CFE-DEME 64,842 48,296 Other non current liabilities 14,936 13,666 Trade and other liabilities 49,906 34,630 (\u20ac 1,000) 2023 2022 Revenues and expenses with related parties CFE-DEME 334,534 281,050 Revenue and revenue from auxiliary activities 329,651 303,068 Purchases and other operating expenses -5,719 -28,822 Net financial income/(expense) 10,602 6,804 3. Remuneration (\u20ac 1,000) 2023 2022 Remuneration of the directors Tanti\u00e8mes at the expense of AvH 836 630 Remuneration of the members of the executive committee Fixed remuneration 3,045 3,548 Variable remuneration 3,015 6,798 Share based payment 2,468 1,862 Group and hospitalisation insurance 871 572 Benefits in kind (company car) 30 384. The auditor EY received following fees related to: (\u20ac 1,000) AvH Subsidiaries (1) Total 2023 AvH Subsidiaries (1) Total 2022 The statutory mandate 79 3,517 3,595 71 3,227 3,298 Special missions - Other control missions 271 271 0 331 331 - Tax advice 34 334 369 6 416 422 - Other missions than statutory 10 132 141 9 86 95 Total 123 4,254 4,376 86 4,060 4,146 (1) Including jointly controlled subsidiaries accounted for using the equity method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__160": {
"value": "3. Remuneration (\u20ac 1,000) 2023 2022 Remuneration of the directors Tanti\u00e8mes at the expense of AvH 836 630 Remuneration of the members of the executive committee Fixed remuneration 3,045 3,548 Variable remuneration 3,015 6,798 Share based payment 2,468 1,862 Group and hospitalisation insurance 871 572 Benefits in kind (company car) 30 38",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__161": {
"value": "4. The auditor EY received following fees related to: (\u20ac 1,000) AvH Subsidiaries (1) Total 2023 AvH Subsidiaries (1) Total 2022 The statutory mandate 79 3,517 3,595 71 3,227 3,298 Special missions - Other control missions 271 271 0 331 331 - Tax advice 34 334 369 6 416 422 - Other missions than statutory 10 132 141 9 86 95 Total 123 4,254 4,376 86 4,060 4,146 (1) Including jointly controlled subsidiaries accounted for using the equity method. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__162": {
"value": "Note 28: Earnings per share 1. Continued and discontinued operations(\u20ac 1,000) 2023 2022 Net consolidated result, group share (\u20ac 1,000) 399,194 708,655 Weighted average number of shares (1) 32,905,602 33,127,739 Earnings per share (\u20ac) 12.13 21.39 Net consolidated result, group share (\u20ac 1,000) 399,194 708,655 Weighted average number of shares (1) 32,905,602 33,127,739 Impact stock options 19,903 34,772 Adjusted weighted average number of shares 32,925,504 33,162,510 Diluted earnings per share (\u20ac) 12.12 21.37 2. Continued activities(\u20ac 1,000) 2023 2022 Net consolidated result from continuing operations, group share (\u20ac 1,000) 399,194 705,834 Weighted average number of shares (1) 32,905,602 33,127,739 Earnings per share (\u20ac) 12.13 21.31 Net consolidated result from continuing operations, group share (\u20ac 1,000) 399,194 705,834 Weighted average number of shares (1) 32,905,602 33,127,739 Impact stock options 19,903 34,772 Adjusted weighted average number of shares 32,925,504 33,162,510 Diluted earnings per share (\u20ac) 12.12 21.28 (1) Based on number of shares issued, adjusted for treasury shares in portfolio",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__163": {
"value": "3.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__6__164": {
"value": "113889000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"s8_notes__6__174": {
"value": "Ackermans van Haaren",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__173": {
"value": "Ackermans van Haaren",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__166": {
"value": "Ackermans van Haaren",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__169": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__167": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__168": {
"value": "Limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__171": {
"value": "2000 Antwerp, Begijnenvest 113",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__170": {
"value": "2000 Antwerp, Begijnenvest 113",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493005E2GHATS0Z6J59",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}