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"value": "\n
\n
\nNotes to the financial statement
\n\n1. General information
\n
\nThe Van de Velde Group designs, develops, manufactures and markets
\nfashionable luxury lingerie together with its subsidiaries. The company
\nis a limited liability company, with its shares listed on Euronext Brussels.
\nThe company\u2019s main office is located in Wichelen, Belgium.
\nThe consolidated financial statements were authorized for issue by the
\nBoard of Directors on 1 March 2023, subject to approval of the statutory
\nnon-consolidated accounts by the shareholders at the Ordinary General
\nMeeting to be held on 26 April 2023. In compliance with Belgian law, the
\nconsolidated accounts will be presented for informational purposes to the
\nshareholders of Van de Velde NV at the same meeting. The consolidated
\nfinancial statements are not subject to amendment, except confirming
\nchanges to reflect decisions, if any, of the shareholders with respect to
\nthe statutory non-consolidated financial statements affecting the con-
\nsolidated financial statements.
\nThis annual report is in accordance with article 3:32 of Belgium\u2019s
\nCompanies Code. The various components as prescribed by article 3:32
\nare split across the various chapters in this annual report.
\n
\n\n\n
\n
\n
\n
\n2. Summary of significant accounting policies
\n
\n\n\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\nThe amounts in the financial statements are presented in thousands of
\neuro unless stated otherwise. The financial statements were prepared
\nin accordance with the historical cost principle, except for valuation at
\nfair value of derivative financial instruments.
\n
\n\n\n
\n
\nUse of estimates
\nThe preparation of financial statements in conformity with IFRS requires
\nthat management makes certain estimates and assumptions that affect
\nthe amounts reported in the financial statements and accompanying
\nnotes.
\nEstimates made on each reporting date reflect the conditions that existed
\non those dates (e.g. market prices, interest rates and foreign exchange
\nrates). Although these estimates are based on management\u2019s best
\nknowledge of current events and actions that the Group may undertake,
\nactual results may differ from those estimates.
\nThe most important application of estimates relates to:
\n\n
\n\n
\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n\n
\n\n\n
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\n
\n\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans and other long-term employee
\nbenefits as well as the cash value of the pension liability are determined
\nby actuarial calculations. To this end, various assumptions are used that
\ncould differ from the actual developments in the future. As a consequence
\nof the complexity of the actuarial calculations and the long-term character
\nof the liabilities, the employee liabilities are highly sensitive to changes
\nin the assumptions. The main actuarial assumptions and the sensitivity
\nanalysis are included in note 15.
\n
\n\n
\n
\n\n\nDetermination of the lease term of contracts with extension
\nand termination options
\nThe Group determines the lease term as the non-cancellable term of the
\nlease, together with any periods covered by an option to extend the lease
\nif it is reasonably certain that it will be exercised, or periods covered by an
\noption to terminate the lease if it is reasonably certain that it will not be
\nexercised. The Group has several leases with extension and termination
\noptions. The Group assesses whether or not it is reasonably certain to
\nexercise the option to extend or terminate the lease. That is, it takes into
\naccount all relevant factors that create an economic incentive to exercise
\neither the extension or the termination. Every six months, management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan.
\n
\n\n
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2021:
\n\u2022
\nAmendments to IAS 16 Property, plant and equipment - Proceeds
\nbefore intended use, applicable from 1 January 2022
\n\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and contin-
\ngent assets - onerous contracts - cost of fulfilling a contract, effective
\n1 January 2022
\n\u2022 Amendments to IFRS 3 Business Combinations - References to the
\nconceptual framework, effective 1 January 2022
\n\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022
\nThe above changes did not have any impact on the annual consolidated
\naccounts of the Group.
\n
\n\n\n
\nConsolidation principles
\n\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same
\nreporting date and using the Group accounting policies. Intragroup
\nbalances, transactions, income and expenses are eliminated in full.
\n
\n\nAssociated companies
\nAssociated companies are companies in which Van de Velde NV directly
\nor indirectly has a significant influence. This is assumed to be the case
\nwhen the Group holds at least 20 % of the voting rights attached to the
\nshares. The financial statements of these companies are prepared in
\naccordance with the same accounting policies used for the Group. The
\nconsolidated financial statements contain the share of the Group in the
\nresult of associated companies in accordance with the equity method
\nfrom the day that the significant influence is acquired until the day it ends.
\nIf the share of the Group in the losses of the associated companies is
\ngreater than the carrying amount of the participation, the carrying amount
\nis set at zero and additional losses are recognized only insofar as the
\nGroup has assumed additional obligations.
\nParticipations in associated companies are revalued if there are indica-
\ntions of possible impairment or of the disappearance of the reasons for
\nearlier impairments.
\nThe participations valued in the balance sheet in accordance with the
\nequity method also include the carrying amount of related goodwill.
\n
\n
\n\n\nForeign currencies
\nForeign currency transactions
\nThe reporting currency of the Group is the euro. Foreign currency transac-
\ntions are recorded at the exchange rate on the transaction date. Monetary
\nassets and liabilities denominated in foreign currencies are converted at
\nthe exchange rate on the balance sheet date. Gains and losses resulting
\nfrom the settlement of foreign currency transactions and from the con-
\nversion of monetary assets and liabilities denominated in foreign curren-
\ncies are recognized in the income statement. Non- monetary assets and
\nliabilities denominated in foreign currencies are converted at the foreign
\nexchange rate on the date of the transaction.
\nFinancial statements of foreign activities
\nVan de Velde\u2019s foreign operations outside the euro zone are considered
\nto be foreign activities. Accordingly, assets and liabilities are converted to
\neuro at foreign exchange rates on the balance sheet date. Income state-
\nments of foreign entities are converted to euro at the average exchange
\nrates of that currency over the past 12 months. The components of share-
\nholders\u2019 equity are converted at historical rates. Exchange differences
\narising from the conversion of shareholders\u2019 equity to euro at year-end
\nexchange rates are recorded in \u2018Other comprehensive income\u2019. On sale or
\ndisposal of a foreign operation, the deferred cumulative amount recog-
\nnized in equity relating to that particular foreign operation is recognized
\nin the income statement.
\nThe Group treats goodwill and intangible assets with an indefinite useful
\nlife, arising from business combinations, as a monetary item. As a result,
\nthese assets are converted based on the exchange rate in effect on the
\nbalance sheet date.
\n
\n\n\n
\n\nIntangible assets
\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They
\nare therefore expensed when incurred. Development costs within the
\nGroup in relation to research and development of software are capitalized
\nunder software. The depreciation begins when the intangible assets are
\navailable for use, and this by a straight-line depreciation over a period of
\nfive years. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n\n
\n
\n(3)
\n\n
\n\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van de
\nVelde are recognized at cost (purchase price plus all directly attributable
\ncosts) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates to
\nnew registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n
\n\n
\n\n\n
\n\nGoodwill
\n
\n(1)
\n Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair
\nvalue of the Group\u2019s share of the net identifiable assets of the acquired
\nsubsidiary/associate at the date of acquisition. Goodwill is tested annu-
\nally for impairment or more frequently if events or changes in circum-
\nstances indicate that the asset might be impaired. Goodwill is treated
\nby the Group as an asset of the parent and is considered as a monetary
\nitem. As a result, these assets are converted based on the rate in force
\nat the balance sheet date. Goodwill is recorded at cost less accumulated
\nimpairment losses.
\n(2)
\n Negative goodwill
\nIf the Group\u2019s interest in the net fair value of the identifiable assets, liabili-
\nties and contingent liabilities exceeds the cost of the business combi-
\nnation, Van de Velde will immediately recognize any positive difference
\nthrough profit or loss.
\n
\n\n
\n\n
\n\n\n
\nTangible fixed assets
\n(1)
\n Initial expenditure
\nTangible fixed assets are recognized at cost less accumulated deprecia-
\ntion and accumulated impairment losses. Cost is determined as being
\nthe purchase price plus other directly attributable acquisition costs, such
\nas non-refundable tax and transport.
\n(2)
\n Subsequent expenditure
\nSubsequent expenditures are capitalized only when it increases the future
\neconomic benefits embodied in the item of property, plant and equipment.
\nOtherwise, it is recognized in profit or loss when incurred.
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\nBuildings 15-25 years
\nProduction machinery and equipment 2-10 years
\nElectronic office equipment
\n(1)
\n 3-5 years
\nFurniture
\n(1)
\n 5-10 years
\nVehicles
\n(1)
\n 3-5 years
\nLand is not depreciated as it is deemed to have an indefinite life,
\n
\n
\n
\n\n
\n
\n
\n\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefi-
\nnite useful life and goodwill, regardless of whether there is any indication
\nof impairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money
\nand the risks specific to the asset. For an asset that does not generate
\nlargely independent cash inflows, the recoverable amount is determined
\nfor the cash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n
\n\n\n
\n\nInvestments in associates
\nIn 2021, Van de Velde changed the method of converting the share in
\nthe net asset of Top Form International Ltd. to bring it in line with the
\nrequirement of IAS 21 39 a and c, with the underlying share in the net
\nasset of Top Form International Ltd. being converted at the closing rate,
\nand the conversion differences included in other comprehensive income.
\n(1) in note 5, this is included in plant, machinery and equpment.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nInventories
\nRaw materials, work in progress, merchandise and finished goods are
\nvalued at the lower of cost or net realizable value. Cost of inventories
\ncomprises all purchase costs, conversion costs and other costs incurred
\nin bringing the inventories to their present location and present condition.
\nThe valuation method for the stocks is the first in first out (FIFO) method.
\nPurchasing costs include:
\n\u2022 Purchase price, plus
\n\u2022 Import duties and other taxes (if not recoverable), plus
\n\u2022
\nTransport, handling and other costs directly attributable to the acqui-
\nsition of the goods, less
\n\u2022 Trade discounts, rebates and other similar items.
\nConversion costs include:
\n\u2022 Costs directly related to the units of production, plus
\n\u2022
\nA systematic allocation of fixed and variable indirect production costs.
\nThe provision for obsolescence is calculated consistently throughout the
\nGroup based on the age and expected future sales of the items at hand.
\n
\n\n\n
\n\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expeses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recog-
\nnition of value adjustments to unrealized results (FVTOCI). The clas-
\nsification is based on two criteria: the business model of the Group for
\nthe management of the assets; and whether the contractual cash flows
\nof the instruments represent \u2018principal and interest payments only\u2019 on
\nthe outstanding principal. Trade receivables and other financial assets
\nare held to collect contractual cash flows and lead to cash flows that
\nrepresent only payments of principal and interest. These are classified
\nand valued as debt instruments at amortized cost as explained in the
\n\u2018Revenue from contracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n(b)
\n\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\n
\nLeases
\nThe Group assesses at contract inception whether a contract is, or con-
\ntains, a lease. That is, if the contract conveys the right to control the use
\nof an identified asset for a period of time in exchange for consideration.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for
\nall leases, except for short-term leases (<12 months) and leases of low-
\nvalue assets (<\u20ac 5,000). The Group recognizes lease liabilities to make
\nlease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\ni) Right-of-use assets
\n\nThe Group recognizes right-of-use assets at the commencement date of
\nthe lease (i.e., the date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less any accumulated depreciation
\nand impairment losses, and adjusted for any remeasurement of lease
\nliabilities. The cost of right-of-use assets is valued at the initial value of
\nthe obligation. The cost increases with the lease payments on or before
\nthe start of the lease, decreases with the lease benefits, increases with
\nthe initial direct costs of the lessee and increases with the estimate of the
\ncosts for restoring the asset to its original condition. Right-of-use assets
\nare depreciated on a straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the assets, as follows:
\n\u2022 Plant and machinery maximum 10 years
\n\u2022 Motor vehicles maximum 5 years
\nIf ownership of the leased asset transfers to the Group at the end of
\nthe lease term or the cost reflects the exercise of a purchase option,
\ndepreciation is calculated using the estimated useful life of the asset.
\n
\n\nThe right-of-use assets are also subject to impairment. Refer to the
\naccounting policies in section(s) Impairment of non-financial assets.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognizes lease
\nliabilities measured at the present value of lease payments to be made
\nover the lease term. The lease payments include fixed payments less
\nany lease incentives receivable, variable lease payments that depend
\non an index or a rate, and amounts expected to be paid under residual
\nvalue guarantees.
\nThe lease payments also include the exercise price of a purchase
\noption reasonably certain to be exercised by the Group and payments
\nof penalties for terminating the lease, if the lease term reflects the Group
\nexercising the option to terminate. Every six months, the management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan. Variable lease payments
\nthat do not depend on an index or a rate are recognized as expenses in
\nthe period in which the event that triggers the payment occurs.
\nTo determine the current value of the lease payments, the group will
\ndiscount future lease payments at the incremental interest rate on the
\nstart date (i.e. the interest that the lessee would pay if he took out a loan
\nwith the bank for a similar asset over a similar duration). After the com-
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\nmencement date, the amount of lease liabilities is increased to reflect
\nthe accretion of interest and reduced for the lease payments made. In
\naddition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease pay-
\nments (e.g. changes to future payments resulting from a change in an
\nindex or rate used to determine such lease payments) or a change in the
\nassessment of an option to purchase the underlying asset.
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-
\nterm leases of machinery and equipment (i.e., those leases that have a
\nlease term of 12 months or less from the commencement date and do
\nnot contain a purchase option). The Group also applies the exemption
\nfor leases for which the underlying assets have a low value (value below
\n\u20ac 5,000).
\n
\n\n\n\nDerivative financial instruments
\n\nHedges
\n\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n\n
\n\n
\n\n\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n
\n\n\nShare capital
\n(1)
\n Change in capital
\nWhen there is an increase or decrease in Van de Velde\u2019s share capital, all
\ndirectly attributable costs relating to that event are deducted from equity
\nand not recognized in profit or loss when incurred.
\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n\n\nProvisions
\nProvisions are recognized when Van de Velde has a present legal or
\nconstructive obligation as a result of past events, and it is probable that
\nan outflow will be required to settle the obligation and a reliable estimate
\nof the amount of the obligation can be made. If the effect is material,
\nprovisions are determined by discounting the expected future cash flows
\nat a rate that reflects current market assessments of the time value of
\nmoney and, where appropriate, the risks specific to the liability.
\n
\n\n\nEmployee benefits
\n(1)
\n Pension plan
\nVan de Velde has group insurance plans for its Belgian employees and
\ngroup insurance plans for its employees elsewhere. Under IAS 19 all
\npension plans are recognized as defined contribution plans or defined
\npension plans. A defined contribution plan is a pension plan in which a
\ncompany pays fixed contributions to a separate company and has no
\nlegal or actual obligation to pay further contributions if the pension fund
\nhas inadequate assets to pay the benefits related to the years of service
\nin the current or previous periods to all employees. A defined pension
\nplan is a pension plan that is not a defined contribution plan.
\nThe pension plans in foreign countries are defined contribution plans.
\nThe costs connected with these are recognized through profit and loss
\nwhen incurred. Retirement plans in Belgium are defined retirement plans.
\nA liability was recognized in the balance sheet with regard to the Belgian
\npension schemes equal to the sum of the cash value of the gross liabili-
\nties on account of defined pension entitlements (including the tax due
\non contributions relating to pension costs) as at the balance sheet date,
\nless the market value of the fund investments. An independent actuary
\nmakes on an annual basis an actuarial calculation of this gross liability
\nusing the projected unit credit method.
\nThe interest expense is calculated by applying a discount rate to the asset
\nor the liability of the defined pension entitlements. This interest expense
\nis recognized through profit and loss. In establishing an appropriate dis-
\ncount rate, the company bases itself on the interest rates applicable to
\nhigh-grade corporate bonds in cash, which correspond to the currency in
\nwhich the liability is expected to be paid in accordance with the expected
\nduration of the defined pension liability.
\nRevaluations, including actuarial gains and losses and the return on
\nfund investments (excluding net interest expense), are recognized in
\nother comprehensive income when they occur. Revaluations must not
\nbe reclassified to profit and loss in later periods.
\nPast service pension cost is recognized through profit and loss when the
\nplan is changed or when the related restructuring or termination benefits
\nbecome payable by the company, whichever occurs first.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n(2)
\n Share-based payments
\nThe fair value of the share options awarded under the Group\u2019s share
\noption plan is established on the grant date, with due consideration for
\nthe terms and conditions under which the options are granted and using
\na valuation technique corresponding to generally accepted valuation
\nmethods for establishing the price of financial instruments and with due
\nconsideration for all relevant factors and assumptions. The fair value of
\nthe share options is recognized as personnel expenses for the period
\nuntil the beneficiary acquires the option unconditionally (i.e. vesting date).
\nThis concerns equity settled option plans being incorporated into equity.
\n
\n\n\nIncome tax
\nIncome tax on the profit or loss for the year comprises current and
\ndeferred tax. Income tax is recognized in the income statement except
\ninsofar as it relates to items included in shareholders\u2019 equity. In that case,
\nincome tax is included in shareholders\u2019 equity.
\nCurrent tax is the expected tax payable on the taxable income for the year,
\nusing applicable tax rates on the balance sheet date, and any adjustments
\nto tax payables with respect to previous years.
\nFor financial reporting purposes, deferred income tax is calculated using
\nthe liability method based on temporary differences at the balance sheet
\ndate between the tax bases of assets and liabilities and their carrying
\namounts.
\nDeferred income tax assets are recognized only insofar as it is probable
\nthat taxable profit will be available against which the deductible tempo-
\nrary differences, the carry-forward of unused tax credits and unused tax
\nlosses can be utilized.
\nDeferred income tax assets and liabilities are measured at the tax rates
\nthat are expected to apply in the year in which the asset is realized or
\nthe liability is settled, based on tax rates (and tax laws) that have been
\nimplemented or substantively implemented at the balance sheet date.
\nDeferred tax assets and deferred tax liabilities are offset when a legally
\nenforceable right exists to set off current tax assets against current tax
\nliabilities and the deferred taxes relate to the same taxable entity and the
\nsame taxation authority.
\n
\n\n\n
\n\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other payables
\nare non-interest bearing and have an average term of six months.
\n
\n\n
\n\n\nRevenue from contracts with customers
\nIFRS 15 provides a five-step model for the administrative processing
\nof revenue from contracts with customers. Under IFRS 15, revenue is
\nrecognized in an amount that reflects the consideration to which the
\nentity expects to be entitled in exchange for those goods or services.
\n(1)
\n Goods sold
\nThe two biggest revenue streams of the Group are revenue from whole-
\nsale and revenue from retail. Within these revenue streams, it is usually
\nexpected that the sale of the goods represents the only performance obli-
\ngation. Furthermore, the revenue is recognized when the control over the
\narticle is transferred to the customer, usually upon delivery of the goods.
\nAllowed discounts for cash payments are charged to the profit and loss
\naccount at the moment of the collection of the claim. This discount is
\nincluded as a reduction in turnover. Van de Velde has applied the practical
\nexpedient for allowed discounts for cash payments. That is, the promised
\namount of consideration is not adjusted for the effects of a significant
\nfinancing component if the period between the transfer of the promised
\ngood or service and the payment is one year or less.
\nSales of products in the physical and digital stores are recorded when
\nthe sale is settled. The sale is recorded in revenue excluding taxes on
\nsales and value added taxes and includes discounts and commercial
\npromotions.
\nThe necessary provisions for returns are recognized and revised every
\nsix months based on historical data.
\n(2)
\n Gift cards and store credits
\nThe Group\u2019s retail network sells gift cards and issues credits to its cus-
\ntomers when merchandise is returned. The cards and credits either do
\nnot expire or have an expiry date of up to 24 months. In line with IFRS 15,
\nthe Group recognizes sales from gift cards when they are redeemed by
\nthe customer. The unused gift cards and credits are included in the profit
\nand loss account in accordance with internally determined percentages.
\nThis recognition represents the estimate of the management of which
\nthe probability of use by the customer is estimated to be minimal. This
\nprofit is included in turnover.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n
\n\n\nGovernment grants
\nA government grant is recognized when there is reasonable assurance
\nthat it will be received and that the company will comply with the attached
\nconditions. Grants that compensate the company for expenses incurred
\nare recognized as revenue in the income statement on a systematic basis
\nin the same periods in which the expenses are incurred. Grants that
\ncompensate the company for the cost of an asset are, spread out over
\nthe depreciation period of the asset in question, included in the income
\nstatement under other operating income.
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n
\n\nExpenses
\n\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n
\n\n
\n\n\n(2)
\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred
\nif they do not meet the criteria for capitalization. If the development
\nexpenditure meets the criteria, it will be capitalized.
\n
\n\n
\n\n\nNew and amended standards and interpretations,
\neffective after year end 2022
\n
\nThe Group has not early-adopted any standards or interpretations issued
\nbut not yet effective as at 31 December 2022.
\nStandards and interpretations issued but not yet effective up to the date
\nof issuance of the Group\u2019s financial statements are listed below. Van de
\nVelde expects no material impact on the Group consolidated financial
\nstatements:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current (the 2020 amend-
\nments and 2022 amendments), effective1 January 2024
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective 1
\nJanuary 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a single transaction, effective 1 January
\n2023
\n\u2022
\nAmendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and
\nLeaseback, effective 1 January 2024
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of
\nIFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January
\n2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n3.\u2002Goodwill and intangible assets with indefinite useful life
\n\n(a) Goodwill
\nGoodwill is allocated and tested for impairment at the cash-generating unit level that is expected to benefit from synergies of the combination the
\ngoodwill resulted from.
\nThe carrying value of goodwill (after impairment and other adjustments) was allocated to each of the cash-generating units (in thousand euro)
\nas follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 6,357 26,189 1,820 2,797 37,163
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -88 0 -88
\nAt 31/12/2022 6,357 26,189 1,732 2,797 37,075
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 6,357 26,189 0 0 32,546
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 6,357 26,189 0 0 32,546
\nAt 31/12/2022
\nAccumulated acquisitions 6,357 26,189 1,732 2,797 37,075
\nAccumulated adjustments 6,357 26,189 0 0 32,546
\nGoodwill, net 31/12/2022 0 0 1,732 2,797 4,529
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n(b) Brand names with indefinite useful life
\nThe carrying value of brands with indefinite useful life (after impairment and other adjustments) was allocated to each of the cash-generating units
\n(in thousand euro) as follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 11,000 7,784 7,014 0 25,798
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -344 0 -344
\nAt 31/12/2022 11,000 7,784 6,670 0 25,454
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 5,531 7,784 0 0 13,315
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 5,531 7,784 0 0 13,315
\nAt 31/12/2022
\nAccumulated acquisitions 11,000 7,784 6,670 0 25,454
\nAccumulated adjustments 5,531 7,784 0 0 13,315
\nBrand names with indefinite useful life, net 31/12/2022 5,469 0 6,670 0 12,139
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nBrands with indefinite useful life are:
\n\u2022 The Andres Sarda brand acquired in 2008. In 2012 an impairment charge of 5,531 thousand euro was recognized on this brand.
\n\u2022 The Intimacy brand and concept acquired in 2010. This brand and concept is fully written off in 2014 (7,784 thousand euro).
\n\u2022 The Rigby & Peller brand and concept acquired in 2011, the fair value of which was determined as part of a business combination.
\n
\nThese brands are considered to have an indefinite useful life because the Group sees them as a fully fledged extension of its existing brand portfolio.
\n
\n\n
\n\n
\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2022:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail Total
\nGoodwill 0 0 1,732 2,797 4,529
\nBrands with indefinite useful life 5,469 0 6,670 0 12,139
\nTotal intangible assets 5,469 0 8,402 2,797 16,668
\n
\n\nResult of the impairment test
\nIn 2022 the impairment test showed that the realizable value for all cash-
\ngenerating units (Andres Sarda, Rigby & Peller and Re-tail) exceeded the
\ncarrying value and hence no impairment was required.
\nMethodology applied to the impairment test
\nThis test aims to compare the realizable value and the carrying value of
\neach cash-generating unit:
\n\u2022
\nA model-based approach determines the realizable value based on the
\ncalculated value-in-use, being the present value of the future expected
\ncash flows from these cash-generating units:
\n \u2606
\nFor the first two years in the forecast period (2023-2024), the
\ngrowth plan as approved by the Board of Directors is used as
\nthe basis.
\n \u2606 For the subsequent years (2025-2026), a cash flow projection is
\ndrawn up based on realistic assumptions.
\n\u2022 For Sarda, the 2023-2028 strategic plan was taken as the basis. This
\nstrategic plan was approved by the Board of Directors on 13 June
\n2022.
\n\u2022
\nThe discount rate used to calculate the present value of the future
\nexpected cash flows is based on the market assessments and is
\nexplained below.
\nThe calculation of the value-in-use for all cash-generating units is most
\nsensitive to the following assumptions:
\n\u2022 Turnover assumptions for the forecast period;
\n\u2022 EBITDA
\n(1)
\n development and EBITDA margins applied to the turnover
\nforecast;
\n\u2022
\nGrowth rate used to extrapolate cash flows beyond the forecast period;
\n\u2022 Discount rate.
\nThe assumptions related to turnover and EBITDA developments are based
\non available internal data as well as historical percentages on the basis
\nof experience, which are determined for each of the cash-generating
\nunits separately. The growth rate and discount rates are checked against
\nexternal sources insofar as possible and relevant.
\nTurnover assumptions for the forecast period
\nFor the three cash-generating units, the growth plan as approved by
\nthe Board of Directors is the starting point for the first two years in the
\nforecast period (2023-2024).
\nFor Andres Sarda we expect turnover growth during the period 2026-2028.
\nFor the planning period (2023-2026) moderate turnover growth on a
\nlike-for-like basis has been applied to the cash-generating units Rigby
\n& Peller and Re-tail.
\nFully aligned with the segment reporting, the turnover estimates for the
\ncash-generating units Rigby & Peller and Re-tail include the D2C turnover
\nrealized by the stores as well as the B2B turnover for the Van de Velde
\nproducts sold by these retail channels. Furthermore, the estimate for
\nRigby & Peller also takes into account the digital sales generated outside
\nthe United Kingdom under the Rigby & Peller brand name.
\n(1) Operating profit before depreciation and amortization.
\n
\n\n
\n\n
\n\n
\n\n
\n\nEBITDA development and EBITDA margins applied to the
\nturnover forecast
\nA development towards the target EBITDA margin is assumed for Andres
\nSarda. The improved margin for Andres Sarda should mainly be achieved
\nthrough turnover growth in the B2B business and continued penetration
\nof Andres Sarda in Van de Velde\u2019s own stores. The cost evolution will also
\nbe monitored very strictly.
\nA gradual increase in the EBITDA percentage towards the target EBITDA
\npercentage for a (partially) integrated retail chain is assumed for the cash-
\ngenerating units Rigby & Peller and Re-tail. This is achieved by means
\nof a high gross margin, limited cost increases and the target market
\nshare of Van de Velde products. The contributions to EBITDA of digital
\nsales under the Rigby & Peller brand in Germany and the United States
\nof America were also included in the valuation.
\nGrowth rate used to extrapolate cash flows beyond the
\nforecast period
\nThe long-term percentage applied to extrapolate cash flows beyond the
\nforecast period is assessed in line with the expected long-term inflation
\nfor all cash-generating units (2 %).
\nDiscount rate
\nThe discount rates represent the current market assessment of the
\nrisks specific to the Van de Velde Group on the one hand and the cash-
\ngenerating units on the other. The discount rates are estimated on the
\nbasis of the weighted average cost of capital after tax and are for the
\nthree cash-generating units in a range between 8.5 % and 9.5 %. This
\ncorresponds to a cost of capital before tax of between 10.6 % and 11.9 %.
\nSensitivity to changes in assumptions
\nWith regard to the assessment of the value of the cash-generating unit
\nAndres Sarda, Rigby & Peller and Re-tail, management is of the opinion,
\nbased on the sensitivity analysis, that a change to the basic assump-
\ntions would not currently lead to the book value of the unit exceeding the
\nrealizable value. The tested sensitivities related to the following aspects:
\n\u2022 Lower than planned turnover growth (of -4 % or -5 %) during the plan-
\nning period (2023-2028);
\n\u2022
\nA reduction in the long-term percentage (from 2 % to 1 %) used to
\nextrapolate the expected turnover;
\n\u2022 An increase in the weighted average cost of capital of 8 % or 9 % to
\n12 % on average.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n4.\u2002Intangible assets
\n\n000 euro Total
\nBrands with finite
\nuseful life
\nBrands with indefinite
\nuseful life
\nDistribution rights and
\nsimilar rights
\nSoftware
\nKey
\nmoney
\nIntangible assets, gross
\nAt 01/01/2021 59,112 4,601 25,518 3,734 24,942 317
\nInvestments 2,274 142 0 0 2,132 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments 280 0 280 0 0 0
\nAt 31/12/2021 61,666 4,743 25,798 3,734 27,074 317
\nAmortization and impairment
\nAt 01/01/2021 36,703 4,217 13,315 3,734 15,190 247
\nAmortization 4,687 170 0 0 4,466 51
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2021 41,390 4,387 13,315 3,734 19,656 298
\nIntangible assets, net 31/12/2021 20,276 356 12,483 0 7,418 19
\nIntangible assets, gross
\nAt 01/01/2022 61,666 4,743 25,798 3,734 27,074 317
\nInvestments 3,918 58 0 0 3,860 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments -340 0 -344 0 4 0
\nAt 31/12/2022 65,244 4,801 25,454 3,734 30,938 317
\nAmortization and impairment
\nAt 01/01/2022 41,390 4,387 13,315 3,734 19,656 298
\nAmortization 3,279 173 0 0 3,099 7
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2022 44,669 4,560 13,315 3,734 22,755 305
\nIntangible assets, net 31/12/2022 20,575 241 12,139 0 8,183 12
\n
\n\n
\nThe expenses of brands with a finite useful life relate among other things
\nto registration costs of developed in-house brands.
\nThe investments in software in 2022 concern the further development of
\nthe digital platforms as well as the implementation of a new warehouse
\nmanagement system. There were also additional investments in the
\nfurther expansion of the Customer Data Platform.
\nKey money relates to stores in Germany, Spain and The Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities undertaken to acquire new scientific
\nor technical knowledge and understanding, is recognized as expense
\nwhen incurred.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n5.\u2002Tangible fixed assets
\n\nLand and
\nInstallations, machinery and
\nAssets under
\n000 euro Total
\nbuildings
\nequipment
\nconstruction
\nTangible fixed assets, gross
\nAt 01/01/2021 93,312 42,850 50,460 2
\nInvestments 2,374 755 1,590 29
\nTransfer 0 0 2 -2
\nDisposals -2,735 0 -2,735 0
\nExchange adjustments 146 0 146 0
\nAt 31/12/2021 93,097 43,605 49,463 29
\nDepreciation and impairment
\nAt 01/01/2021 68,491 25,509 42,982 0
\nDepreciation 4,217 1,305 2,912 0
\nDisposals -2,608 0 -2,608 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2021 70,100 26,814 43,286 0
\nTangible fixed assets, net 31/12/2021 22,997 16,791 6,177 29
\nTangible fixed assets, gross
\nAt 01/01/2022 93,097 43,605 49,463 29
\nInvestments 4,156 526 904 2,726
\nTransfer 0 0 0 0
\nDisposals -1,000 -450 -550 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 96,253 43,681 49,817 2,755
\nDepreciation and impairment
\nAt 01/01/2022 70,100 26,814 43,286 0
\nDepreciation 3,506 1,717 1,789 0
\nDisposals -984 -446 -538 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 72,622 28,085 44,537 0
\nTangible fixed assets, net 31/12/2022 23,631 15,596 5,280 2,755
\n
\n\nThe investments in tangible fixed assets mainly concern various investments in the improvement and maintenance of buildings. The investments
\nin machines mostly involve investments in the distribution centre. We also initiated the expansion of our production plant in Tunisia.
\nBy 2022, 3% of the investments contribute to climate-change mitigation. We refer to chapter 9 of the annual brochure for the full sustainability report.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n6.\u2002Investments in associates
\nInvestments in associates consist of the following Group interests:
\n\u2022 25.7 % in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, pre-
\ndominantly for major European and American fashion brands. The
\ncompany is listed on the Hong Kong Stock Exchange. Van de Velde
\ninvested in Top Form in 2007 and has held 25.66 % of shares since
\n2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 0.2 million euro lower than at the end of 2021.
\nNet carrying amount
\nTop Form Ltd.
\n000 euro
\nAt 01/01/2021 12,525
\nResults of the fiscal year -438
\nCapital increase 1,167
\nDividend received 0
\nShare in other comprehensive income (con-
\nversion impact) -463
\nConversion profit and losses 954
\nAt 31/12/2021 13,745
\nAt 01/01/2022 13,745
\nResults of the fiscal year -697
\nCapital increase 0
\nDividend received 0
\nShare in the revaluation reserve 107
\nShare in other comprehensive income (con-
\nversion impact) -438
\nConversion profit and losses 839
\nAt 31/12/2022 13,556
\n
\nKey figures per participation are as follows:
\nTop Form Ltd.
\nTop Form Ltd.
\nKey figures 000 euro
\n(31/12/2022)
\n(31/12/2021)
\nTangible fixed assets 19,804 19,420
\nOther fixed assets 23,708 25,593
\nRight of use asset 3,075 2,574
\nCurrent assets 50,888 59,800
\nNon current liabilities 6,210 6,029
\nCurrent liabilities 31,603 41,793
\nLease liabilities 1,168 1,441
\nTotal net assets 58,494 58,124
\nUnrealized result in equity 10,529 11,490
\nTurnover 149,355 170,714
\nProfit/(Loss) attributable to
\nowners of the company -1,255 -2,244
\n
\nThe figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2022 (first half of fiscal year 2022-2023). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\nReconciliation net book value Top Form Ltd.
\n(31/12/2022)
\nParticipation percentage 25.66 %
\nTotal equity (in 000 HKD) 438,481
\nParticipation in equity (in 000 HKD) 112,514
\nCumulative exchange differences (in 000 euro) 3,813
\nInvestment in association (book value) (in 000 euro) 13,556
\nThe book value of the 25.66 % participation in Top Form was 13,556 thou-
\nsand euro at 31 December 2022 and the value of this participation based
\non the share price on that date was 3,722 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\nThe transformation of Top Form (including major relocations within Asia
\nand the transition in the customer portfolio) had a substantial negative
\nimpact on the results of Top Form. This was intensified by the conse-
\nquences of covid-19 in the fiscal year ending on 30 June 2020, as the
\nmajority of Top Forms customers were forced to close stores worldwide.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2022, and
\nrelative to the total number of trading days on the Hong Kong Stock
\nExchange, a vast majority of trading days saw no trading in the stock
\nin 2022.
\nIn the first half of Top Form\u2019s fiscal year 2022-2023, ending 31 December
\n2022, there was a loss of m\u20ac 2.1. The loss is a result of declining sales
\nin the United States. Customers in the United States are currently strug-
\ngling with high inventories and declining consumer demand. Based on
\nall input available when the year was closed, Van de Velde continues to
\nfeel that the share in the underlying equity continues to reflect the value
\nof the participation in Top Form most accurately. Also based on the
\nother impairment indicators included in IAS 28 paragraph 41, there are
\nno indicators that an impairment would be necessary on 31 December
\n2022. This was also confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66 %) in the under-
\nlying recoverable amount of Top Form, with the recoverable amount
\ndetermined on the basis of the present value of the future expected cash
\nflows from the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2023-2026, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 12 % was used;
\n\u2022 Turnover estimates used a growth between 5 % and 7 %;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5 %.
\nThe headroom in the base case scenario is 2,967 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced to 3% and 5%. The headroom in this test is
\nnegative at -1,334 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1 %. The headroom in this case is
\n978 thousand euro.
\n\u2022 The discounting rate was increased to 13 %. The headroom is 1,191
\nthousand euro in this case.
\nThe sensitivity tests described above show adequate headroom in two
\nof the three sensitivity tests. As a result, the recoverable amount of Van
\nde Velde\u2019s participation in Top Form, based on the calculations and tests,
\nis higher than the carrying amount included in the balance sheet as per
\n31 december 2022.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\n7.\u2002Other fixed assets
\nOther fixed assets consist of the following:
\n000 euro 2022 2021
\nSecurity deposits for VAT 218 217
\nOther security deposits 945 780
\nOther participating interests 75 75
\nPrepaid rent expenses 0 0
\nBorrowings 144 117
\nOther fixed assets, net 1,382 1,189
\n
\n\n
\n\n
\n
\n
\n\n8.\u2002Grants
\nA grant of 407 thousand euro was received in 2020, 2019, 2018 and
\n2017 in tranches from VLAIO (the Flemish Agency for Innovation and
\nEntrepreneurship) in relation to an ongoing research and development
\nproject. The grant is recognized in the income statement pro rata the
\ndepreciation of the underlying asset for which the grant was received.
\nIn both 2021 and 2022, 81 thousand euros of the grant was recognized
\nin the income statement.
\n
\n\n\n
\n9.\u2002Inventories
\nInventories by major components are as follows:
\n000 euro 2022 2021
\nFinished and merchandise goods 30,009 24,473
\nWork in progress 18,530 10,728
\nRaw materials 14,271 13,663
\nInventories, gross 62,810 48,864
\nLess: Allowance for obsolescence -8,652 -5,659
\nInventories, net 54,158 43,205
\nThe allowance for obsolescence in 2022 concerns finished products
\n(5,274 thousand euro) and raw materials (3,379 thousand euro). The
\nallowance for obsolescence in 2021 concerns finished products (2,674
\nthousand euro) and raw materials (2,985 thousand euro).
\nThe allowance for obsolescence and the additional write-downs is
\nrecorded in the income statement under \u2018Cost of materials\u2019.
\n\nThe cost of materials is as follows:
\n000 euro 2022 2021
\nPurchase of raw materials 45,044 39,720
\nChange in inventories -13,946 -3,807
\nChange in allowance for obsolescence 2,993 -48
\nCost of materials 34,091 35,865
\n
\n\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n\n
\n\n
\n10.\u2002Trade and other receivables
\nAccounts receivable are as follows:
\n000 euro 2022 2021
\nTrade receivables, gross 14,732 13,753
\nLess: allowance for doubtful debtors -385 -495
\nTrade receivables, net 14,347 13,258
\nTrade and other receivables are non-interest bearing. Standard payment
\nterms are country-defined. In addition to payment terms, Van de Velde
\nalso applies customer-defined credit limits in order to assure proper fol-
\nlow-up. In the event of overdue invoices, a reminder procedure is initiated.
\nIn 2022 there was a loss of 145 thousand euro with respect to trade
\nreceivables (193 thousand euro in 2021). This loss is recognized in the
\nincome statement under \u2018Turnover\u2019.
\n\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10 % of the consolidated turnover. Under
\nIFRS 9 Van de Velde has an obligation to recognize expected losses on
\ntrade receivables. The application of this IFRS standard was included in
\nthe recognized impairment at an amount equal to 86 thousand euro (86
\nthousand euro in 2021). The total reduction in the allowance for doubt-
\nful debtors, -110 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for doubt-
\nful debtors:
\n000 euro 2022 2021
\nAt 1 January -495 -688
\nApplied losses 145 193
\nAdditions -35 0
\nAt 31 December -385 -495
\nThe aging analysis of the trade receivables at year end is as follows:
\n000 euro
\nTotal
\nNot past due
\nPast due
\n1 - 60 days
\nPast due
\n60-90 days
\nPast due
\n2022 14,732 11,242 2,237 777 476
\n2021 13,753 10,420 1,954 686 693
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n\n11.\u2002Other current assets
\nOther current assets consist of the following:
\n000 euro 2022 2021
\nPrepaid expenses
\n (1)
\n2,006 1,786
\nTax receivables (VAT & corporate income tax) 6,170 2,092
\nFX forward contracts (note 20) 178 0
\nOther current assets, net 8,354 3,878
\n(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nThe increase in taxes receivable relates to corporate income tax to be
\nrecovered for the years 2021 and 2022, as a result of an overpayment
\nin instalments.
\n
\n\n
\n\n
\n\n\n
\n\n12.\u2002Cash and cash equivalents
\nCash and cash equivalents consist of the following:
\n000 euro 2022 2021
\nCash at banks and in hand 39,524 68,546
\nMarketable securities 20,000 5,000
\nCash and cash equivalents 59,524 73,546
\nThe marketable securities consist entirely of saving accounts at financial
\ninstitutions.
\nCash and cash equivalents recognized in the cash flow statement com-
\nprise the same elements as presented above.
\n
\n\n
\n\n\n
\n\n
\n13.\u2002Share capital
\n000 euro 2022 2021
\nNominative shares 7,562,672 7,562,477
\nDematerialized shares 5,759,808 5,760,003
\nTotal number of shares 13,322,480 13,322,480
\nOn 31 December 2022 Van de Velde NV\u2019s share capital was 1,936 thou-
\nsand euro (fully paid), represented by 13,322,480 shares with no nominal
\nvalue and all with the same rights insofar as they are not treasury shares,
\nwhose rights have been suspended or cancelled. The Board of Directors
\nof Van de Velde NV is authorized to raise the subscribed capital one or
\nmore times by a total amount of 1,936 thousand euro under the conditions
\nstated in the Articles of Association. This authorization is valid for five
\nyears after publication in the annexes to Belgisch Staatsblad/ Moniteur
\nbelge (10 May 2022).
\nThe distributions from retained earnings of Van de Velde NV, the parent
\ncompany, is limited to a legal reserve, which was built up in previous
\nyears, in accordance with Belgium\u2019s Companies Code, to 10 % of the
\nsubscribed capital.
\n\nTreasury shares
\nThe Extraordinary General Meeting of Shareholders of 11 December 2019
\ngave the Board of Directors the power to acquire the company\u2019s own
\nshares. This power is valid for a period of (i) three years, commencing
\non 3 January 2020, if the acquisition is necessary to prevent a serious
\nimminent disadvantage and (ii) five years, commencing on 11 December
\n2019, if the Board of Directors acquires the legally permissible number
\nof treasury shares at a price equal to the price at which they are quoted
\non Euronext Brussels, in accordance with article 7:215 of the Code of
\nCompanies and associations.
\nOn 23 February 2022, the Governing Council adopted a share buy-back
\nprogramme for up to 15 million euro. This buy-back programme started
\non 1 March 2022 and has an expected duration of one year.
\nAt the end of 2021 Van de Velde NV held 194,040 treasury shares.
\nIn 2022, 141,849 of its own shares were acquired by Van de Velde NV.
\nDuring 2022 no options were exercised under the option plan.
\nAt the end of 2022, Van de Velde NV held 335,889 treasury shares totalling
\n9,668 thousand euro. The treasury shares held by Van de Velde NV will,
\non the one hand, be offered to management under an option programme
\nthat has been running since 2010 and, on the other hand, be used to
\nreduce the excessive cash pile.
\n000 euro 2022 2021
\nShare capital 1,936 1,936
\nTreasury shares -9,668 -4,755
\nShare premium 743 743
\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n
\n\n14.\u2002Provisions
\n000 euro Provisions
\nAt 01/01/2021 156
\nArising during the year 307
\nUtilized 0
\nReversal 0
\nProvisions 31/12/2021 463
\nAt 01/01/2022 463
\nArising during the year 16
\nUtilized 0
\nReversal -240
\nProvisions 31/12/2022 239
\nIn 2022, the provision of 240 thousand euros for the settlement of the
\ncovid-related support received in the Netherlands was fully reversed.
\nIn addition, there was an increase of 16 thousand euro on the existing
\nprovision for sales agents.
\n
\n\n\n
\n\n15.\u2002Pensions
\nVan de Velde has five defined pension plans in Belgium. These plans are
\nclarified on a cumulative basis, as they are situated in the same geo-
\ngraphical location and have the same attributes and risk characteristics,
\ni.e. defined retirement plans.
\nAs well as the Belgian pension plans, the company also has pension
\nplans for its staff in foreign countries. These pension plans are defined
\ncontribution plans. In 2022, the pension provision on the balance sheet
\nwas 24 thousand euro (24 thousand euro in 2021).
\nThe pension plan in Belgium is subject to Belgian legislation and is a group
\ninsurance plan with guaranteed return (Tak 21). Since 2016, an annual
\nactuarial valuation occurred on 31 December by an independent actuary.
\nThe pension plan in Belgium is financed. If the fund investments are
\nlower than the minimum guarantee set by law, the insurer will notify the
\nemployer. The latter can then pay an additional contribution into the plan.
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe adjusted actuarial calculation on 31 December 2021 and 31 December 2022 shows the following results:
\nAt 01/01/2021
\nDefined pension entitlement liability -12,307 -976 -55 2,037 -26 245 -11,082
\nMarket value of the fund investments 10,082 0 47 -772 734 -245 9,846
\nNet liability in the balance sheet -2,225 -976 -8 1,265 708 0 -1,236
\nAt 01/01/2022
\nDefined pension entitlement liability -11,082 -749 -110 4,395 0 189 -7,356
\nMarket value of the fund investments 9,846 0 101 -4,405 747 -189 6,100
\nNet liability in the balance sheet -1,236 -749 -9 -10 747 0 -1,256
\n(1) The \u2018Return\u2019 column includes the interest cost to the defined pension rights and the expected return on the asset.
\n(2) For the 2022 financial year, the change in calculation method allocated to other comprehensive income consists of -53 thousand euro in experience adjustments and 4,448 thousand euro in
\nfinancial adjustments. For the 2021 financial year, the change in calculation method allocated to other comprehensive income consists of 185 thousand euro in experience adjustments, 951
\nthousand euro in financial adjustments and 901 thousand euro in demographic adjustments.
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n| 57 |
\nAt 31/12/2021
\nAt 31/12/2022
\n
\n\n
\n\n
\n\n
\n\nThe investments primarily relate to qualifying insurance policies (99.9 %
\nof all investments). The expected contribution by the employer for the
\nyear ending 31 December 2022 is 747 thousand euro.
\nThe main actuarial assumptions used in the valuation of the pension
\nplans are shown in the table below:
\n2022 2021
\nAnnual pay rises (excluding inflation)
\nage 20-24: 6.60 % 6.60 %
\nage 25-29: 5.10 % 5.10 %
\nage 30-34: 2.60 % 2.60 %
\nage 35-39: 2.10 % 2.10 %
\nage 40-44: 3.10 % 3.10 %
\nfrom age 45: 1.60 % 1.60 %
\nAnnual inflation 2.30 % 1.90 %
\nAnnual discount rate 4.00 % 1.00 %
\nPension age in years 65 65
\nTotal number of members 1,015 985
\nAverage age in years 44.7 44.4
\nEstimated duration in years 16.82 17.79
\nThe table below shows the effect of the discount rate on the defined pension entitlement liability:
\nDiscount rate 3.50 % 4.00 % 4.50 %
\nDefined pension entitlement liability 7,873 7,356 6,881
\nMarket value of the investment funds 6,493 6,100 5,734
\nThe table below shows the effect of the withdrawals from the plan on the defined pension entitlement liability:
\nWithdrawals from the plan Employer table 0.00 %
\nDefined pension entitlement 7,356 8,729
\nThe sensitivity analysis in the above tables is determined on the basis of a method that shows the impact on the liability due to the defined pension
\nentitlements as a consequence of reasonable changes to significant assumptions occurring at the end of the period. This analysis is based on a
\nchange to a significant assumption that keeps all other assumptions constant. The sensitivity analysis may not be representative of actual changes
\nin the defined pension entitlement liability because it is unlikely that changes to the assumptions could occur in isolation.
\nThe expected duration of the non-discounted pension payments is broken
\ndown in the table below:
\nExpected benefits
\nWithin 12 months
\n(fiscal year ending 31 December 2023) 60
\nBetween 2 and 5 years 904
\nBetween 5 and 10 years 3,083
\nTotal expected benefits 4,047
\nThe cash value of pension liabilities depends on a number of factors that
\nare determined actuarially on the basis of a number of assumptions.
\nThe assumptions used when calculating the net pension costs (income)
\ninclude the discount rate. Changes in the assumptions impact the carry-
\ning value of the pension liabilities.
\nVan de Velde determines the appropriate discount rate at the end of
\neach year. This is the interest rate that must be applied to determine
\nthe cash value of the estimated future cash flows required to meet the
\npension liabilities. When determining the appropriate discount rate, Van
\nde Velde uses the interest rate of high-value corporate bonds expressed
\nin the currency in which the pensions will be paid out and with a dura-
\ntion comparable to the duration of the corresponding pension liabilities.
\nOther important assumptions for pension liabilities, such as the expected
\nannual growth rate of salaries and expected withdrawals, are based partly
\non current market conditions and partly on proprietary parameters.
\nValuation trend
\nValuation trend
\nOriginal
\n-0,5 %
\n+0,5 %
\nOriginal Sensitivity
\n
\n\n
\n\n\n
\n\n
\n\n
\n16.\u2002Other operating income and other
\nexpenses
\n\nOther operating income and other expenses consist of the following:
\n000 euro 2022 2021
\nIncome from passed on costs 3,883 3,227
\nIncome from recovered costs 1,167 1,286
\nOther income 386 580
\nTotal other operating income 5,436 5,093
\nSubcontracting costs 27,083 20,504
\nDistribution costs 10,786 9,662
\nSales and marketing costs 21,556 19,525
\nGeneral administration costs 18,236 14,766
\nTotal other expenses 77,661 64,457
\n
\n\nOther operating income consists mainly of charged export duties and
\ntransport costs, and the recovered costs include primarily recovered per-
\nsonnel and insurance costs. The increase in revenue from charged costs
\nis a result of a higher turnover. The decrease in income from recovered
\ncosts is the result of an exceptional intervention in personnel costs in
\n2021 due to covid.
\nThe increase in expenses (subcontracting, distribution, sales, and
\nmarketing) are mainly the result of higher sales volumes and marketing
\nefforts.
\nThe General administration costs mainly consists out of rent, utilities,
\ninterim work and external consultants. The increase is a result of inflation.
\n
\n
\n\n
\n
\n\n
\n
\n\n\n
\n\n17.\u2002Deferred taxes assets and liabilities
\nThe deferred taxes, valued at the theoretical tax rate of 25 %, consist of the following:
\n000 euro
\nDeferred tax liabilities
\non fixed assets
\nDeferred tax assets on
\nassets/liabilities
\nDeferred tax assets on
\ntransferrable losses
\nTotal
\nAt 01/01/2021 2,282 -1,354 -227 701
\nChanges -324 103 0 -221
\nAt 31/12/2021 1,958 -1,251 -227 480
\nAt 01/01/2022 1,958 -1,251 -227 480
\nChanges -89 -251 0 -340
\nAt 31/12/2022 1,869 -1,502 -227 140
\nThe net deferred tax liability of 140 thousand euro mainly concerns the following:
\n\u2022 With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must be spread over its life in a syste-
\nmatic way. In the statutory financial statements we use the double declining depreciation method on assets purchased until 31 December 2019,
\nwhich is restated in the consolidation. The deferred tax on this at the end of 2022 was 1,869 thousand euro.
\n\u2022
\nThe deferred taxes of 1,197 thousand euro were recorded on a revaluation of stock. Deferred taxes of 258 thousand euro are also recognized
\nunder IAS 19 with regard to the pension liability at Van de Velde. Finally the deferred tax assets of 47 thousand euro concern the settlement of
\nthe partnership agreement with Private Shop.
\n\u2022 The deferred tax assets of 227 thousand euro on transferrable losses concern our German retail division. For our division in the United States,
\nIntimacy Management Company LLC, it was decided not to provide for a deferred tax asset as there is no certainty that we will be able to use
\nthis in the future against future profits. The current estimated unrecognized latency is 1,716 thousand euro.
\n\u2022 The decrease of 340 thousand euro was recognized in the profit and loss account at -337 thousand euro, while 2 thousand euro was recognized
\nin equity (see note 23).
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n18.\u2002Trade and other payables
\nTrade and other payables consist of the following:
\n000 euro 2022 2021
\nTrade payables 11,258 11,228
\nPayroll, social charges 5,005 4,785
\nGift cards and credits issued 190 293
\nAccrued charges
\n(1)
\n7,800 8,384
\nDeferred income 622 675
\nFX forward contracts (note 20) 719 0
\nTrade and other payables 25,594 25,365
\n(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n\n\n
\n\n19.\u2002Other current liabilities and taxes
\npayable
\n000 euro 2022 2021
\nOther current liabilities: taxes (VAT payable,
\nlocal taxes, withholding taxes) 1,763 1,676
\nTaxes payable: corporate income taxes 1,404 1,571
\nCurrent liabilities and tax liabilities are in line with 2021. On the one hand,
\nthere is a limited increase in outstanding VAT debt in 2022 as a result
\nof growth in turnover. On the other hand, there is a limited decrease in
\nestimated tax liabilities. The 2022 effective tax rate is similar to the 2021
\none (note 23).
\n
\n\n
\n\n\n
\n\n
\n\n
\n\n
\n\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n\n
\n
\n22.\u2002Personnel expenses
\n\nPersonnel expenses are as follows:
\n000 euro 2022 2021
\nWages 9,108 8,617
\nSalaries 28,988 28,088
\nSocial security contributions 8,275 7,838
\nOther personnel expenses 841 468
\nPersonnel expenses 47,213 45,011
\n
\n\n\nWorkforce at balance sheet date 2022 2021
\nWhite collars 528 555
\nBlue collars 982 952
\nTotal 1,510 1,507
\n
\n\n
\n\n\n
\n\nShare-based payments
\nThe fair value of the options on the grant date is recognized for the period until the beneficiary acquires the option unconditionally in accordance
\nwith the gradual acquisition method.
\nThe impact of IFRS 2 on the result of the year 2022 was 237 thousand euro versus 128 thousand euro in 2021. The option plans were valued using
\nthe Black-Scholes-Merton model for call options. The following assumptions were used to determine the weighted average fair value at grant date:
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nAward date
\n(1)
\n29.09.16 03.10.17 n/a 15.10.19 09.10.20 01.10.21 08.03.22 04.10.22
\nDividend right as of the grant date no no n/a no no no no no
\nContractual term of the options 5-10 5-10 n/a 7-10 5-10 5-10 10 5-10
\nExercise price 63.02 45.13 n/a 23.36 22.60 28.75 32.40 32.40
\nExpected volatility 35.00 % 35.00 % n/a 35.00 % 35.00 % 35.00 % 35.00 % 35.00 %
\nRisk-free interest rate -0.269 % -0.143 % n/a -0.234 % -0.580 % -0.322 % 1.141 % 1.917 %
\n-0.242 % -0.398 % n/a -0.415 % -0.785 % -0.580 % 1.888 %
\nFair value of the share in options (in euro) 16.40 11.23 n/a 7.67 5.32 8.25 10.03 9.09
\n(1) The exchange of property will take place on the 60th day after the award date and is called the grant date.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\nThe share option plan has changed as follows:
\nNumber of shares and options Option plan 2010-2020
\nOutstanding at 01/01/2021 92,000
\nExercisable at 01/01/2021 22,000
\nMovements during the year
\nAccepted 35,000
\nForfeited 0
\nExercised 0
\nExpired 6,000
\nOutstanding at 31/12/2021 121,000
\nExercisable at 31/12/2021 36,000
\nMovements during the year
\nAccepted 67,000
\nForfeited 30,000
\nExercised 0
\nExpired 1,000
\nOutstanding at 31/12/2022 157,000
\nExercisable at 31/12/2022 35,000
\n
\n\n
\n\n\n23.\u2002Income taxes
\nThe major components of income tax expense for the years ending 31
\nDecember 2022 and 2021 are:
\n000 euro 2022 2021
\nCurrent income tax 9,560 8,832
\nCurrent income tax charge 9,349 8,247
\nAdjustments in respect of current income
\ntax of previous years 210 585
\nDeferred income tax -337 -537
\nRelating to the origination and reversal of
\ntemporary differences -337 -537
\nIncome tax expense reported in the conso-
\nlidated income statement 9,222 8,295
\nTaxes reported in the other comprehensive
\nincome 2 316
\nThe reconciliation of income tax expense applicable to income before
\ntaxes at the statutory income tax rate and income tax expense at the
\nGroup\u2019s effective income tax rate for each of the past two years ending
\n31 December is as follows:
\n000 euro 2022 2021
\nProfit before taxes
\n(1)
\n46,738 40,781
\nParent\u2019s statutory tax rate of 25 % 11,684 10,195
\nHigher income tax rates in other countries 0 0
\nLower income tax rates in other countries -911 -219
\nUtilization tax losses and unrecognized
\nlosses -202 0
\nDisallowed expenses 237 215
\nTax credits -1,586 -1,896
\nTotal income taxes 9,222 8,295
\nEffective income tax rate 19.73 % 20.34 %
\n(1) Profit before taxes excluding the share in the result of associates and impairment
\ncharges.
\nThe effective tax rate in 2022 is 19.73 % compared to 20.34 % in 2021.
\n
\n
\n\n\n24.\u2002Earnings per share
\nBasic earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, excluding the
\nshares purchased by the Group and held as treasury shares (note 13).
\nDiluted earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, both adjusted for
\nthe effects of dilutive potential ordinary shares (stock options).
\n2022 2021
\nProfit attributable to shareholders (in
\n000 euro) 36,819 32,048
\nWeighted average number of ordinary
\nshares 13,064,354 13,169,650
\nDilutive effect of stock options 30,856 3,230
\nWeighted average number of shares
\nafter impact of dilution 13,095,210 13,172,880
\nBasic earnings per share (euro) 2.82 2.43
\nDiluted earnings per share (euro) 2.81 2.43
\nIn 2022, the options awarded over the period 2019 - 2022 had a dilutive
\neffect. In 2021 only the options awarded over the period 2019 and 2020
\nhad a dilutive effect.
\n
\n\n
\n\n
\n
\n\n25.\u2002Dividends paid and proposed
\n000 euro 2022 2021
\nDividend paid 26,645 13,323
\n- in 2022:
\n-2.00 euro per share for fiscal year 2021.
\n- in 2021:
\n-1.00 euro per share for fiscal year 2020.
\nDividend proposed 29,309 26,645
\n- 2.20
\n
\neuro per share for fiscal year 2022.
\n- No dividend rights are attached to treasury shares.
\n
\n\n\n26.\u2002Commitments and contingent leases
\nThe Group has lease contracts for various assets such as vehicles and buildings used in its activities. The Group depreciates these assets on a
\nstraight-line basis over the shorter of the following periods: lease term in the contract or estimated useful life of the assets, with a maximum of
\n5 years for cars and a maximum of 10 years for buildings.
\nThere are several lease contracts that include extension and termination options and variable lease payments. The contracts with variable lease
\npayments are revenue-based. One variable lease payment of 184 thousand euros was applicable in 2022 compared to 154 thousand euros in 2021.
\nWe estimate the future outflow for this contract at 509 thousand euros, spread over a period of four years. The other contracts with variable lease
\npayments are currently expected to generate no additional outflow. There are currently no known future obligations under the extension and termina-
\ntion options that are not included in the current liabilities on the balance sheet.
\nThe Group also has certain leases of assets with short lease terms and leases of assets with low value. The Group applies the \u2018short-term lease\u2019 and
\n\u2018lease of low-value assets\u2019 recognition exemptions for these leases. Contracts that do not relate to an identifiable asset also fall outside the scope
\nas well as the variable rental obligations according to turnover.
\n
\n\n
\n\n
\n\n
\n\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\nRight-of-use on rental agree-
\nRight-of-use on rental agreements or
\n000 euro Total
\nments for buildings
\npassenger vehicles
\nRight-of-use assets, gross
\nAt 01/01/2021 25,146 21,751 3,395
\nAdditions 1,763 658 1,105
\nRemeasurement -1,599 -1,659 60
\nOther adjustments 0 0 0
\nDisposal -4,202 -3,655 -547
\nExchange rate effects 982 980 2
\nAt 31/12/2021 22,090 18,075 4,015
\nDepreciation and impairment
\nAt 01/01/2021 10,436 9,112 1,324
\nDepreciations recorded 4,333 3,300 1,033
\nImpairment 0 0 0
\nOther adjustments 0 0 0
\nDisposal -3,401 -2,876 -525
\nExchange rate effects 482 483 -1
\nAt 31/12/2021 11,850 10,019 1,831
\nRight-of-use assets, net at 31/12/2021 10,240 8,056 2,184
\nRight-of-use assets, gross
\nAt 01/01/2022 22,090 18,075 4,015
\nAdditions 695 64 631
\nRemeasurement 463 463 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects 83 87 -4
\nAt 31/12/2022 21,619 17,418 4,201
\nDepreciation and impairment
\nAt 01/01/2022 11,850 10,019 1,831
\nDepreciations recorded 3,855 2,730 1,125
\nImpairment -502 -502 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects -25 -24 -1
\nAt 31/12/2022 13,467 10,953 2,514
\nRight-of-use assets, net at 31/12/2022 8,152 6,466 1,686
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe investments in 2022 relate to the relocation of the showroom in Sweden as well as new car lease contracts replacing expired contracts.
\nThe revaluations concern the impact of rental contracts that were renegotiated and adjustments of the presumed rental agreement term compared to
\n2021. In 2022, this mainly relates to an agreement extension of a store in the United States of America and to a renewed agreement for the early closing
\nof a store in the United Kingdom. The renewed agreement results in a partial reversal of impairment losses for an amount of 502 thousand euros.
\nIn 2022, one store was closed in the Netherlands and one in Germany.
\nThe provision for lease liabilities relates to a provision for costs necessary to restore the leased assets to their original condition upon termination
\nof the contract.
\nThe table below summarizes the maturity profile of the Group\u2019s financial liabilities:
\n000 euro 3 to 12 months 1 to 5 years More than 5 years Total
\n2022 3,773 5,123 1,296 10,192
\n2021 4,014 8,100 784 12,898
\n
\nSet out below are the carrying amounts of long- and short-term lease liabilities and the movements during the period:
\n000 euro 2022 2021
\nAt 01/01 12,201 16,571
\nAdditions 528 1,862
\nOther changes (revaluations and exchange rate effect) 579 -1,360
\nPayments -4,409 -4,872
\nAt 31/12 8,900 12,201
\nCurrent 3,350 3,776
\nNon-current 5,549 8,425
\n
\nThe following are the amounts of IFRS16 in profit and loss:
\n000 euro 2022 2021
\nDepreciation expense of right-of-use assets 3,855 4,333
\nImpairment lease liabilities -502 0
\nMovement ARO obligations 0 -190
\nInterest expense on lease liabilities -318 -454
\nExchange rate differences on lease obligations 0 -5
\nExpense relating to short-term leases (included in \u2018other expenses\u2019) 8 8
\nExpense relating to leases of low-value assets (included in \u2018other expenses\u2019) 26 14
\nRent costs related to termination fees minus realized rent reductions (included in \u2018other expenses\u2019) 753 4
\nVariable rent costs based on turnover 184 154
\n
\n\n
\n\n
\n\n
\n27.\u2002Related party disclosures
\n\nFull consolidation
\n
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\nName Address (%) Equity interest 2022 Change on previous year
\nVAN DE VELDE NV Lageweg 4
\nParent company
\n9260 SCHELLEBELLE, Belgium
\nBtw-nr. BE 0448.746.744
\nVAN DE VELDE GMBH & Co KG Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE
\nBlumenstra\u00dfe 24
\n100 0
\nVERWALTUNGS GMBH
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE TERMELO
\nSelyem U.4
\n100 0
\nES KERESKEDELMI KFT
\n7100 SZEKSZARD, Hungary
\nVAN DE VELDE UK LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nMARIE JO GMBH Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE IBERICA SL Calle Santa Eulalia, 5
\n100 0
\n08012 BARCELONA, Spain
\nVAN DE VELDE CONFECTION SARL Route De Sousse BP 25
\n100 0
\n4020 KONDAR, Tunisia
\nVAN DE VELDE FINLAND OY 1B25A, Fashion Center, H\u00e4rk\u00e4haankuja 14
\n100 0
\n01730 Vantaa, Finland
\nVAN DE VELDE NORTH AMERICA INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nVAN DE VELDE DENMARK APS Lejrvejen 8
\n100 0
\n6330 PADBORG, Denmark
\nVAN DE VELDE RETAIL INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nINTIMACY MANAGEMENT
\n1252 Madison Avenue
\n100 0
\nCOMPANY LLC
\nNY 10128, NEW YORK,
\nUnited States of America
\nRIGBY & PELLER LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nVAN DE VELDE NEDERLAND BV Beethovenstraat 28
\n100 0
\n1077 JH AMSTERDAM, the Netherlands
\nSales of goods and services are at arm\u2019s length between Group companies.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\nCompanies to which the equity method is applied
\n
\nThe equity method is applied to the following companies:
\nName Address (%) Equity interest 2022 Change on previous year
\nTOP FORM INTERNATIONAL LTD 7/F., Port 33, 33 Tseuk Luk Street,
\nSan Po Kong, Kowloon, Hong Kong
\n25.7 0
\nTop Form International Ltd (\u201cTFI\u201d)
\nIn 2022 transactions between the Group and TFI totalled 16,797 thousand US dollar. On 31 December 2022 the Group had trade payables to TFI in
\nthe amount of 1,503 thousand US dollar. In 2021 transactions between the Group and TFI totalled 6,925 thousand US dollar. On 31 December 2021
\nthe Group had trade payables to TFI in the amount of 346 thousand US dollar.
\n
\n\n
\n\n\n
\nRelationships with shareholders
\n43.73 % of the shares of Van de Velde NV are held by the general public.
\nThese shares are traded on Euronext Brussels. Van de Velde Holding
\nNV, which groups the interests of the Laureys and Van de Velde families,
\nholds the remainder of the shares.
\n\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration
\nof 47,500 euro for his chairmanship of the Board of Directors, the
\nNomination and Remuneration Committee and for his membership of
\nthe Strategic Committee. The other non-executive members (excluding
\nthe managing director) receive an annual remuneration of 20,000 euro
\nfor their membership of the Board of Directors. All members of the Board
\nof Directors (excluding the managing director) receive 5,000 euro for
\ntheir membership of the Nomination and Remuneration Committee and
\nthe Audit and Risk Committee respectively, while the chairman receives
\na remuneration of 7,500 euro. The total remuneration for the directors
\n(excluding the managing director) was 230.0 thousand euro in 2022 and
\n145.0 thousand euro in 2021. The directors have not received any loan
\nor advance from the Group.
\nManagement Committee and Management
\nTeam Remuneration
\nFor the year ended 31 December 2022, a total amount of 2,191 thousand
\neuro (1,575 thousand euro in 2021) was awarded to the members of
\nthe Management Committee and the Management Team, including the
\nmanaging director. See the remuneration report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022
\nBasic remuneration: base salary earned in their position during the
\nyear under review;
\n\u2022
\nVariable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, deferred payment or a com-
\nplementary pension plan;
\n\u2022
\nGroup insurance premiums: insurance premium (invalidity, death,
\npension plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitaliza-
\ntion insurance;
\n\u2022 Exceptional remuneration concerns a retention bonus or severence
\npayment.
\n000 euro 2022 2021
\nBasic remuneration 1,918 985
\nVariable remuneration 727 459
\nGroup insurance premiums 47 6
\nOther benefits 106 7
\nExceptional remuneration 120 118
\nTotal 2,918 1,575
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Committee and Management Team
\nthrough the share option plan. In 2022 the members of the Management
\nTeam had the opportunity to participate in a share option plan by which
\nthey were granted 5,000 options (same in 2021 for the members of the
\nManagement Committee). No calculated costs are linked to the options
\naccepted by the members of the Management Team in 2022.
\n
\n
\n\n
\n
\n\n\n28.\u2002Segment information
\nIn 2022, Van de Velde decided to change the segments. The former
\nwholesale and retail segments were replaced by the B2B and the D2C
\nsegment. Van de Velde distinguishes two operational segments based
\non the \u201cmanagement approach\u201d: the B2B (business to business) and
\nthe D2C (direct to consumer) distribution channel. This \u201cmanagement
\napproach\u201d stipulates that external segment reporting be based, amongst
\nother things, on, internal organization, management structure and inter-
\nnal financial reporting. The management evaluates the performance of
\nboth segments at EBITDA-level to make decisions on the allocation of
\nresources and the evaluation of the achievements.
\nThe result of a segment includes the costs and revenues directly
\ngenerated by the segment. Non direct costs or revenues are reasonably
\nattributed to a segment, based on activities or volumes.
\nAssets and liabilities that can be reasonably attributed to segments
\n(goodwill and other fixed assets as well as stock and trade receivables)
\nare attributed. An important part of the assets and liabilities cannot be
\nattributed to segments and is managed at Group level. The valuation
\nprinciples of the operational segments are the same as the most impor-
\ntant policies of the Group.
\n
\n\n
\n\n
\n\n
\nVan de Velde does not have any transactions with a single customer in
\nwholesale or retail worth more than 10 % of total turnover.
\nThe selling price determines whether sales are attributed to the B2B or
\nD2C segment.
\nThe B2B segment refers to sales realized at wholesale price. Today this
\nconcerns the business with independent retail partners, e-tail partners,
\nfranchisees, marketplaces and department stores.
\nThe D2C segment refers to sales realized at retail price. Today this con-
\ncerns the business from our own store network, our own websites and
\nthe concession sales in department stores.
\nThe comparable figures for 2021 are restated to align the following tables
\nwith the new segments.
\n\nSegment Income Statement 2022 2021 (Restated)
\n000 euro B2B D2C Unallocated Total B2B D2C Unallocated Total
\nSegment revenues 168,657 43,088 0 211,745 156,687 38,564 0 195,251
\nSegment costs -117,806 -35,723 0 -153,529 -108,005 -32,235 0 -140,240
\nDepreciation 0 0 -10,139 -10,139 0 0 -13,237 -13,237
\nSegment results 50,851 7,365 -10,139 48,077 48,682 6,329 -13,237 41,774
\nNet finance profit -1,340 -993
\nResult from associates -697 -438
\nIncome taxes -9,222 -8,295
\nNet income 36,819 32,048
\n
\n\nSegment Balance Sheet 2022 2021 (Restated)
\n000 euro B2B D2C Total B2C D2C Total
\nSegment assets 62,568 18,805 81,373 50,553 20,999 71,552
\nUnallocated assets 127,062 135,625
\nConsolidated total assets 62,568 18,805 208,435 50,553 20,999 207,177
\nSegment liabilities 23,925 14,256 38,181 23,829 17,977 41,806
\nUnallocated liabilities 170,254 165,371
\nConsolidated total liabilities 23,925 14,256 208,435 23,829 17,977 207,177
\n
\n\n
\n\n
\n
\n\nBreakdown by region - turnover 2022 2021
\n000 euro Eurozone Elsewhere Total Eurozone Elsewhere Total
\nTurnover 151,333 60,412 211,745 140,588 54,663 195,251
\nThe most important markets accounting for more than 10 % of turnover are stated below in descending order of turnover:
\n\u2022 Germany, Belgium and the Netherlands for the Eurozone;
\n\u2022 United States, United Kingdom and Switzerland for Elsewhere.
\nFurther information about the assets of the company - location (000 euro) Belgium Elsewhere Total
\nTangible fixed assets 19,816 3,815 23,631
\nIntangible assets 13,820 6,755 20,575
\nRight-of-use assets 1,106 7,047 8,153
\nInventories 51,293 2,865 54,158
\n
\n\n
\n\n29.\u2002Events after balance sheet
\nNo events after the balance sheet date had a major impact on the situation of the company.
\n
\n\n
\n\n
\n\n
\n30.\u2002Business risks with respect
\nto IFRS7
\nBesides the general strategic risks, Van de Velde has identified the fol-
\nlowing risks with respect to IFRS 7:
\nCurrency risk
\nDue to its international character, the Group is confronted with various
\nexchange rate risks on sale and purchase transactions.
\nIn terms of currency risk, between 25 % and 30 % of Group turnover is
\ngenerated in currencies other than the euro. In addition, a significant
\nproportion of purchases and expenses are traded in foreign currency
\n(e.g. purchases of raw materials and subcontractors, as well as local
\nexpenses within the retail network).
\nWhere possible, currency risks are managed by offsetting transactions in
\nthe same currency or by fixing exchange rates through forward contracts.
\nThese risks are managed at the level of the parent company. The Group
\nis aware that exchange risks cannot always be fully hedged.
\nForeign operations increase the currency risk of the Group. Financial
\ninstruments are not used to hedge this risk.
\nClosing rate Average rate
\nCAD 1.4420 1.3710
\nCHF 0.9833 1.0012
\nAUD 1.5699 1.5158
\nNOK 0.8826 0.8556
\nGBP 1.0648 1.0518
\nUSD 3.3344 3.2429
\nThe Group performed a sensitivity analysis in 2022 on the outstanding
\ntrade receivables and trade payables of the Group, at the balance sheet
\ndate converted with a sensitivity of 10 %.
\n000 euro 10 % -10 %
\nCAD 70 -70
\nCHF 78 -78
\nAUD 60 -60
\nGBP 75 -75
\n283 -283
\nThe Group performed a sensitivity analysis in 2022 on the equity com-
\nponents in the foreign currency of the Group, at the balance sheet date
\nconverted with a sensitivity of 10 %.
\n000 euro 10 % -10 %
\nGBP 380 -380
\nUSD 1,520 -1,520
\nTND 1,849 -1,849
\n3,749 -3,749
\n\nCredit risk
\nAs a consequence of the large diversified customer portfolio, the Group
\ndoes not have a significant concentration of credit risks. The Group has
\ndeveloped strategies and additional procedures to monitor and limit
\ncredit risk at its customers. B2B sales are generated through around
\n3,900 independent retailers and a small number of luxury department
\nstores. No single customer accounts for more than 2.8 % of the annual
\nturnover of the Group.
\nFurthermore, the insolvency risk is covered by credit insurance. In accord-
\nance with IFRS9, the Group applies the ECL model to its trade receivables.
\nFor further explanation in this regard, we refer to note 10.
\nWith respect to eCommerce activities, the credit risk is limited by using
\ncountry-specific payment methods, and there is collaboration with an
\nexternal partner who monitors the creditworthiness of potential eCom-
\nmerce customers.
\n
\n\nMacro-economic risk
\nThe impact of the macro-economic environment is monitored by
\nManagement and actions are taken where necessary.
\nFor 2022, inflation driven by increased gas prices was the main macro-
\neconomic risk. Inflation affects supply through costs and demand through
\npurchasing power. Pricing takes into account both rising costs and declin-
\ning purchasing power.
\nThe macro-economic factors impact the impairment exercise on good-
\nwill, on brand names with indefinite useful lives and on participations
\nin associated companies, as well as on the calculation of the pension
\nprovision, in particular :
\n\u2022
\nincreased interest rates and uncertainties in the market impact the
\ndiscount rates to be applied;
\n\u2022
\ncurrent market conditions are reflected in the WACC & discount rates
\napplied in the impairment analyses and in the assumptions applied
\nto the actuarial calculation of the pension provision;
\n\u2022
\nthe impact of inflation & increased interest costs were included in the
\nbudgets used in the impairment exercises as well as in the sensitivity
\nanalyses.
\n
\n\n
\n\n
\n
\n
\n\n
\n\nLiquidity and cash flow risk
\nThe liquidity and cash flow risk is rather limited thanks to the large opera-
\ntional cash flow and the net cash position (59.5 million euro). Credit lines
\nworth more than 10 million euro are also available. The Group has no
\nborrowings with fixed repayments.
\n
\n\n
\n\n\nRisk of interruptions in the supply chain
\nAdequate measures have been taken in several areas to minimize inter-
\nruptions in the supply chain and deal with any such interruptions that do
\noccur. Examples of such measures are:
\n\u2022
\nThe IT department has designed a disaster recovery plan to minimize
\nthe risk of damage from the failure of the computer infrastructure.
\nAdditionally, investments are made to limit the risk of failure of the
\ncomputer infrastructure itself.
\n\u2022 The risks of interruption in deliveries by a supplier and the possible
\nalternatives (if available) have been identified and are regularly moni-
\ntored. The creditworthiness of suppliers is also monitored.
\n\u2022 As far as possible, the concentration risk at suppliers is managed by
\nsufficient diversification. The ten leading material suppliers account
\nfor approximately 60 % of purchase costs of material. The largest
\nsupplier accounts for approximately 26 % of purchase costs and the
\nsecond and third largest supplier for 6 % , whereas all other suppliers
\naccount for no more than 4 %.
\n\u2022
\nAssembly capacity is mainly spread over Tunisia, China and Thailand.
\n\u2022 The raw materials warehouse and the distribution centre are located
\nat the same site. These warehouses are in separate buildings and
\nboth comply with high safety standards.
\n\u2022 Transparent chain management has been set up in which provisions
\nand/or any interruptions are proactively identified so that action can
\nbe taken.
\nMoreover, business risks as a consequence of a potential interruption
\nare covered by insurance. Adequate measures have been taken in con-
\nsultation with insurers who also regularly inspect the various locations.
\nRisk of overvalued stock
\nVan de Velde\u2019s business model entails risks with regard to raw materi-
\nals and finished products. Raw materials are ordered and production is
\nlaunched before we have full insight into the orders. As far as possible,
\nVan de Velde attempts to concentrate this risk at the level of raw materi-
\nals rather than finished products.
\nVan de Velde also applies a strict policy regarding write-downs on
\ninventories:
\n\u2022
\nThe value of finished products for which sales are declining is written
\ndown at the end of the season or during the following season. These
\nfinished products are fully written off in the subsequent year.
\n\u2022
\nIf there is no further need for additional production, the related raw
\nmaterials are written off completely.
\nProduct risk
\nSales are spread over about 47,000 stock references, more than 13,000
\nof which are changed every season. Therefore, sales do not depend on
\nthe success of any one model.
\nCompliance and regulatory risks
\nVan de Velde Group is subject to federal, regional and local laws and regu-
\nlations in each country in which it operates. Such laws and regulations
\nrelate to a wide variety of matters, such as data security, privacy, product
\nliability, health and safety, import and export, occupational accidents,
\nemployment practices and the relationship with associates (regarding
\novertime and workplace safety among other things), tax matters, unfair
\ncompetitive practices and similar regulations.
\nCompliance with, or changes in, these laws could reduce the revenues and
\nprofitability of the Group and could affect its business, financial conditions
\nor the results of operations.
\nVan de Velde Group has been subject to and may in the future be subject
\nto allegations of violating certain laws and/or regulations. Such allega-
\ntions or investigations or proceedings may require the Group to devote
\nsignificant management resources to defending itself. In the event that
\nsuch allegations are proven, Van de Velde may be subject to significant
\nfines, damages awards and other expenses, and its reputation may be
\nharmed.
\nVan de Velde Group actively strives to ensure compliance with all laws
\nand regulations to which it is subject. A degree of insurance has been
\ntaken out to cover some of the above-mentioned risks.
\nOther operational risks
\nThe Group is also faced with other operational risks which (if possible)
\nare monitored and for which (if available) correcting actions are taken.
\n
\n
\n\n
\n",
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"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag350": {
"value": "\n1. General information
\n
\nThe Van de Velde Group designs, develops, manufactures and markets
\nfashionable luxury lingerie together with its subsidiaries. The company
\nis a limited liability company, with its shares listed on Euronext Brussels.
\nThe company\u2019s main office is located in Wichelen, Belgium.
\nThe consolidated financial statements were authorized for issue by the
\nBoard of Directors on 1 March 2023, subject to approval of the statutory
\nnon-consolidated accounts by the shareholders at the Ordinary General
\nMeeting to be held on 26 April 2023. In compliance with Belgian law, the
\nconsolidated accounts will be presented for informational purposes to the
\nshareholders of Van de Velde NV at the same meeting. The consolidated
\nfinancial statements are not subject to amendment, except confirming
\nchanges to reflect decisions, if any, of the shareholders with respect to
\nthe statutory non-consolidated financial statements affecting the con-
\nsolidated financial statements.
\nThis annual report is in accordance with article 3:32 of Belgium\u2019s
\nCompanies Code. The various components as prescribed by article 3:32
\nare split across the various chapters in this annual report.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Van de Velde",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag329": {
"value": "fashionable luxury lingerie together with its subsidiariesdesigns, develops, manufactures and markets",
"dimensions": {
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"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag365": {
"value": "limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"Tag352": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag342": {
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"dimensions": {
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"language": "en",
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"Tag328": {
"value": "\n
\n
\n
\n
\n2. Summary of significant accounting policies
\n
\n\n\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\nThe amounts in the financial statements are presented in thousands of
\neuro unless stated otherwise. The financial statements were prepared
\nin accordance with the historical cost principle, except for valuation at
\nfair value of derivative financial instruments.
\n
\n\n\n
\n
\nUse of estimates
\nThe preparation of financial statements in conformity with IFRS requires
\nthat management makes certain estimates and assumptions that affect
\nthe amounts reported in the financial statements and accompanying
\nnotes.
\nEstimates made on each reporting date reflect the conditions that existed
\non those dates (e.g. market prices, interest rates and foreign exchange
\nrates). Although these estimates are based on management\u2019s best
\nknowledge of current events and actions that the Group may undertake,
\nactual results may differ from those estimates.
\nThe most important application of estimates relates to:
\n\n
\n\n
\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n\n
\n\n\n
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\n
\n\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans and other long-term employee
\nbenefits as well as the cash value of the pension liability are determined
\nby actuarial calculations. To this end, various assumptions are used that
\ncould differ from the actual developments in the future. As a consequence
\nof the complexity of the actuarial calculations and the long-term character
\nof the liabilities, the employee liabilities are highly sensitive to changes
\nin the assumptions. The main actuarial assumptions and the sensitivity
\nanalysis are included in note 15.
\n
\n\n
\n
\n\n\nDetermination of the lease term of contracts with extension
\nand termination options
\nThe Group determines the lease term as the non-cancellable term of the
\nlease, together with any periods covered by an option to extend the lease
\nif it is reasonably certain that it will be exercised, or periods covered by an
\noption to terminate the lease if it is reasonably certain that it will not be
\nexercised. The Group has several leases with extension and termination
\noptions. The Group assesses whether or not it is reasonably certain to
\nexercise the option to extend or terminate the lease. That is, it takes into
\naccount all relevant factors that create an economic incentive to exercise
\neither the extension or the termination. Every six months, management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan.
\n
\n\n
\n
\n\n
\n
\n
\n
\n\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2021:
\n\u2022
\nAmendments to IAS 16 Property, plant and equipment - Proceeds
\nbefore intended use, applicable from 1 January 2022
\n\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and contin-
\ngent assets - onerous contracts - cost of fulfilling a contract, effective
\n1 January 2022
\n\u2022 Amendments to IFRS 3 Business Combinations - References to the
\nconceptual framework, effective 1 January 2022
\n\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022
\nThe above changes did not have any impact on the annual consolidated
\naccounts of the Group.
\n
\n\n\n
\nConsolidation principles
\n\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same
\nreporting date and using the Group accounting policies. Intragroup
\nbalances, transactions, income and expenses are eliminated in full.
\n
\n\nAssociated companies
\nAssociated companies are companies in which Van de Velde NV directly
\nor indirectly has a significant influence. This is assumed to be the case
\nwhen the Group holds at least 20 % of the voting rights attached to the
\nshares. The financial statements of these companies are prepared in
\naccordance with the same accounting policies used for the Group. The
\nconsolidated financial statements contain the share of the Group in the
\nresult of associated companies in accordance with the equity method
\nfrom the day that the significant influence is acquired until the day it ends.
\nIf the share of the Group in the losses of the associated companies is
\ngreater than the carrying amount of the participation, the carrying amount
\nis set at zero and additional losses are recognized only insofar as the
\nGroup has assumed additional obligations.
\nParticipations in associated companies are revalued if there are indica-
\ntions of possible impairment or of the disappearance of the reasons for
\nearlier impairments.
\nThe participations valued in the balance sheet in accordance with the
\nequity method also include the carrying amount of related goodwill.
\n
\n
\n\n\nForeign currencies
\nForeign currency transactions
\nThe reporting currency of the Group is the euro. Foreign currency transac-
\ntions are recorded at the exchange rate on the transaction date. Monetary
\nassets and liabilities denominated in foreign currencies are converted at
\nthe exchange rate on the balance sheet date. Gains and losses resulting
\nfrom the settlement of foreign currency transactions and from the con-
\nversion of monetary assets and liabilities denominated in foreign curren-
\ncies are recognized in the income statement. Non- monetary assets and
\nliabilities denominated in foreign currencies are converted at the foreign
\nexchange rate on the date of the transaction.
\nFinancial statements of foreign activities
\nVan de Velde\u2019s foreign operations outside the euro zone are considered
\nto be foreign activities. Accordingly, assets and liabilities are converted to
\neuro at foreign exchange rates on the balance sheet date. Income state-
\nments of foreign entities are converted to euro at the average exchange
\nrates of that currency over the past 12 months. The components of share-
\nholders\u2019 equity are converted at historical rates. Exchange differences
\narising from the conversion of shareholders\u2019 equity to euro at year-end
\nexchange rates are recorded in \u2018Other comprehensive income\u2019. On sale or
\ndisposal of a foreign operation, the deferred cumulative amount recog-
\nnized in equity relating to that particular foreign operation is recognized
\nin the income statement.
\nThe Group treats goodwill and intangible assets with an indefinite useful
\nlife, arising from business combinations, as a monetary item. As a result,
\nthese assets are converted based on the exchange rate in effect on the
\nbalance sheet date.
\n
\n\n\n
\n\nIntangible assets
\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They
\nare therefore expensed when incurred. Development costs within the
\nGroup in relation to research and development of software are capitalized
\nunder software. The depreciation begins when the intangible assets are
\navailable for use, and this by a straight-line depreciation over a period of
\nfive years. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n(3)
\n\n
\n\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van de
\nVelde are recognized at cost (purchase price plus all directly attributable
\ncosts) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates to
\nnew registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n
\n\n
\n\n\n
\n\nGoodwill
\n
\n(1)
\n Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair
\nvalue of the Group\u2019s share of the net identifiable assets of the acquired
\nsubsidiary/associate at the date of acquisition. Goodwill is tested annu-
\nally for impairment or more frequently if events or changes in circum-
\nstances indicate that the asset might be impaired. Goodwill is treated
\nby the Group as an asset of the parent and is considered as a monetary
\nitem. As a result, these assets are converted based on the rate in force
\nat the balance sheet date. Goodwill is recorded at cost less accumulated
\nimpairment losses.
\n(2)
\n Negative goodwill
\nIf the Group\u2019s interest in the net fair value of the identifiable assets, liabili-
\nties and contingent liabilities exceeds the cost of the business combi-
\nnation, Van de Velde will immediately recognize any positive difference
\nthrough profit or loss.
\n
\n\n
\n\n
\n\n\n
\nTangible fixed assets
\n(1)
\n Initial expenditure
\nTangible fixed assets are recognized at cost less accumulated deprecia-
\ntion and accumulated impairment losses. Cost is determined as being
\nthe purchase price plus other directly attributable acquisition costs, such
\nas non-refundable tax and transport.
\n(2)
\n Subsequent expenditure
\nSubsequent expenditures are capitalized only when it increases the future
\neconomic benefits embodied in the item of property, plant and equipment.
\nOtherwise, it is recognized in profit or loss when incurred.
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\nBuildings 15-25 years
\nProduction machinery and equipment 2-10 years
\nElectronic office equipment
\n(1)
\n 3-5 years
\nFurniture
\n(1)
\n 5-10 years
\nVehicles
\n(1)
\n 3-5 years
\nLand is not depreciated as it is deemed to have an indefinite life,
\n
\n
\n
\n\n
\n
\n
\n\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefi-
\nnite useful life and goodwill, regardless of whether there is any indication
\nof impairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money
\nand the risks specific to the asset. For an asset that does not generate
\nlargely independent cash inflows, the recoverable amount is determined
\nfor the cash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n
\n\n\n
\n\nInvestments in associates
\nIn 2021, Van de Velde changed the method of converting the share in
\nthe net asset of Top Form International Ltd. to bring it in line with the
\nrequirement of IAS 21 39 a and c, with the underlying share in the net
\nasset of Top Form International Ltd. being converted at the closing rate,
\nand the conversion differences included in other comprehensive income.
\n(1) in note 5, this is included in plant, machinery and equpment.
\n
\n\n
\n\n
\n\n
\n
\n
\n\nInventories
\nRaw materials, work in progress, merchandise and finished goods are
\nvalued at the lower of cost or net realizable value. Cost of inventories
\ncomprises all purchase costs, conversion costs and other costs incurred
\nin bringing the inventories to their present location and present condition.
\nThe valuation method for the stocks is the first in first out (FIFO) method.
\nPurchasing costs include:
\n\u2022 Purchase price, plus
\n\u2022 Import duties and other taxes (if not recoverable), plus
\n\u2022
\nTransport, handling and other costs directly attributable to the acqui-
\nsition of the goods, less
\n\u2022 Trade discounts, rebates and other similar items.
\nConversion costs include:
\n\u2022 Costs directly related to the units of production, plus
\n\u2022
\nA systematic allocation of fixed and variable indirect production costs.
\nThe provision for obsolescence is calculated consistently throughout the
\nGroup based on the age and expected future sales of the items at hand.
\n
\n\n\n
\n\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expeses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recog-
\nnition of value adjustments to unrealized results (FVTOCI). The clas-
\nsification is based on two criteria: the business model of the Group for
\nthe management of the assets; and whether the contractual cash flows
\nof the instruments represent \u2018principal and interest payments only\u2019 on
\nthe outstanding principal. Trade receivables and other financial assets
\nare held to collect contractual cash flows and lead to cash flows that
\nrepresent only payments of principal and interest. These are classified
\nand valued as debt instruments at amortized cost as explained in the
\n\u2018Revenue from contracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n(b)
\n\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\n
\nLeases
\nThe Group assesses at contract inception whether a contract is, or con-
\ntains, a lease. That is, if the contract conveys the right to control the use
\nof an identified asset for a period of time in exchange for consideration.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for
\nall leases, except for short-term leases (<12 months) and leases of low-
\nvalue assets (<\u20ac 5,000). The Group recognizes lease liabilities to make
\nlease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\ni) Right-of-use assets
\n\nThe Group recognizes right-of-use assets at the commencement date of
\nthe lease (i.e., the date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less any accumulated depreciation
\nand impairment losses, and adjusted for any remeasurement of lease
\nliabilities. The cost of right-of-use assets is valued at the initial value of
\nthe obligation. The cost increases with the lease payments on or before
\nthe start of the lease, decreases with the lease benefits, increases with
\nthe initial direct costs of the lessee and increases with the estimate of the
\ncosts for restoring the asset to its original condition. Right-of-use assets
\nare depreciated on a straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the assets, as follows:
\n\u2022 Plant and machinery maximum 10 years
\n\u2022 Motor vehicles maximum 5 years
\nIf ownership of the leased asset transfers to the Group at the end of
\nthe lease term or the cost reflects the exercise of a purchase option,
\ndepreciation is calculated using the estimated useful life of the asset.
\n
\n\nThe right-of-use assets are also subject to impairment. Refer to the
\naccounting policies in section(s) Impairment of non-financial assets.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognizes lease
\nliabilities measured at the present value of lease payments to be made
\nover the lease term. The lease payments include fixed payments less
\nany lease incentives receivable, variable lease payments that depend
\non an index or a rate, and amounts expected to be paid under residual
\nvalue guarantees.
\nThe lease payments also include the exercise price of a purchase
\noption reasonably certain to be exercised by the Group and payments
\nof penalties for terminating the lease, if the lease term reflects the Group
\nexercising the option to terminate. Every six months, the management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan. Variable lease payments
\nthat do not depend on an index or a rate are recognized as expenses in
\nthe period in which the event that triggers the payment occurs.
\nTo determine the current value of the lease payments, the group will
\ndiscount future lease payments at the incremental interest rate on the
\nstart date (i.e. the interest that the lessee would pay if he took out a loan
\nwith the bank for a similar asset over a similar duration). After the com-
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\nmencement date, the amount of lease liabilities is increased to reflect
\nthe accretion of interest and reduced for the lease payments made. In
\naddition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease pay-
\nments (e.g. changes to future payments resulting from a change in an
\nindex or rate used to determine such lease payments) or a change in the
\nassessment of an option to purchase the underlying asset.
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-
\nterm leases of machinery and equipment (i.e., those leases that have a
\nlease term of 12 months or less from the commencement date and do
\nnot contain a purchase option). The Group also applies the exemption
\nfor leases for which the underlying assets have a low value (value below
\n\u20ac 5,000).
\n
\n\n\n\nDerivative financial instruments
\n\nHedges
\n\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n\n
\n\n
\n\n\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n
\n\n\nShare capital
\n(1)
\n Change in capital
\nWhen there is an increase or decrease in Van de Velde\u2019s share capital, all
\ndirectly attributable costs relating to that event are deducted from equity
\nand not recognized in profit or loss when incurred.
\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n\n\nProvisions
\nProvisions are recognized when Van de Velde has a present legal or
\nconstructive obligation as a result of past events, and it is probable that
\nan outflow will be required to settle the obligation and a reliable estimate
\nof the amount of the obligation can be made. If the effect is material,
\nprovisions are determined by discounting the expected future cash flows
\nat a rate that reflects current market assessments of the time value of
\nmoney and, where appropriate, the risks specific to the liability.
\n
\n\n\nEmployee benefits
\n(1)
\n Pension plan
\nVan de Velde has group insurance plans for its Belgian employees and
\ngroup insurance plans for its employees elsewhere. Under IAS 19 all
\npension plans are recognized as defined contribution plans or defined
\npension plans. A defined contribution plan is a pension plan in which a
\ncompany pays fixed contributions to a separate company and has no
\nlegal or actual obligation to pay further contributions if the pension fund
\nhas inadequate assets to pay the benefits related to the years of service
\nin the current or previous periods to all employees. A defined pension
\nplan is a pension plan that is not a defined contribution plan.
\nThe pension plans in foreign countries are defined contribution plans.
\nThe costs connected with these are recognized through profit and loss
\nwhen incurred. Retirement plans in Belgium are defined retirement plans.
\nA liability was recognized in the balance sheet with regard to the Belgian
\npension schemes equal to the sum of the cash value of the gross liabili-
\nties on account of defined pension entitlements (including the tax due
\non contributions relating to pension costs) as at the balance sheet date,
\nless the market value of the fund investments. An independent actuary
\nmakes on an annual basis an actuarial calculation of this gross liability
\nusing the projected unit credit method.
\nThe interest expense is calculated by applying a discount rate to the asset
\nor the liability of the defined pension entitlements. This interest expense
\nis recognized through profit and loss. In establishing an appropriate dis-
\ncount rate, the company bases itself on the interest rates applicable to
\nhigh-grade corporate bonds in cash, which correspond to the currency in
\nwhich the liability is expected to be paid in accordance with the expected
\nduration of the defined pension liability.
\nRevaluations, including actuarial gains and losses and the return on
\nfund investments (excluding net interest expense), are recognized in
\nother comprehensive income when they occur. Revaluations must not
\nbe reclassified to profit and loss in later periods.
\nPast service pension cost is recognized through profit and loss when the
\nplan is changed or when the related restructuring or termination benefits
\nbecome payable by the company, whichever occurs first.
\n
\n\n
\n\n
\n
\n
\n
\n\n(2)
\n Share-based payments
\nThe fair value of the share options awarded under the Group\u2019s share
\noption plan is established on the grant date, with due consideration for
\nthe terms and conditions under which the options are granted and using
\na valuation technique corresponding to generally accepted valuation
\nmethods for establishing the price of financial instruments and with due
\nconsideration for all relevant factors and assumptions. The fair value of
\nthe share options is recognized as personnel expenses for the period
\nuntil the beneficiary acquires the option unconditionally (i.e. vesting date).
\nThis concerns equity settled option plans being incorporated into equity.
\n
\n\n\nIncome tax
\nIncome tax on the profit or loss for the year comprises current and
\ndeferred tax. Income tax is recognized in the income statement except
\ninsofar as it relates to items included in shareholders\u2019 equity. In that case,
\nincome tax is included in shareholders\u2019 equity.
\nCurrent tax is the expected tax payable on the taxable income for the year,
\nusing applicable tax rates on the balance sheet date, and any adjustments
\nto tax payables with respect to previous years.
\nFor financial reporting purposes, deferred income tax is calculated using
\nthe liability method based on temporary differences at the balance sheet
\ndate between the tax bases of assets and liabilities and their carrying
\namounts.
\nDeferred income tax assets are recognized only insofar as it is probable
\nthat taxable profit will be available against which the deductible tempo-
\nrary differences, the carry-forward of unused tax credits and unused tax
\nlosses can be utilized.
\nDeferred income tax assets and liabilities are measured at the tax rates
\nthat are expected to apply in the year in which the asset is realized or
\nthe liability is settled, based on tax rates (and tax laws) that have been
\nimplemented or substantively implemented at the balance sheet date.
\nDeferred tax assets and deferred tax liabilities are offset when a legally
\nenforceable right exists to set off current tax assets against current tax
\nliabilities and the deferred taxes relate to the same taxable entity and the
\nsame taxation authority.
\n
\n\n\n
\n\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other payables
\nare non-interest bearing and have an average term of six months.
\n
\n\n
\n\n\nRevenue from contracts with customers
\nIFRS 15 provides a five-step model for the administrative processing
\nof revenue from contracts with customers. Under IFRS 15, revenue is
\nrecognized in an amount that reflects the consideration to which the
\nentity expects to be entitled in exchange for those goods or services.
\n(1)
\n Goods sold
\nThe two biggest revenue streams of the Group are revenue from whole-
\nsale and revenue from retail. Within these revenue streams, it is usually
\nexpected that the sale of the goods represents the only performance obli-
\ngation. Furthermore, the revenue is recognized when the control over the
\narticle is transferred to the customer, usually upon delivery of the goods.
\nAllowed discounts for cash payments are charged to the profit and loss
\naccount at the moment of the collection of the claim. This discount is
\nincluded as a reduction in turnover. Van de Velde has applied the practical
\nexpedient for allowed discounts for cash payments. That is, the promised
\namount of consideration is not adjusted for the effects of a significant
\nfinancing component if the period between the transfer of the promised
\ngood or service and the payment is one year or less.
\nSales of products in the physical and digital stores are recorded when
\nthe sale is settled. The sale is recorded in revenue excluding taxes on
\nsales and value added taxes and includes discounts and commercial
\npromotions.
\nThe necessary provisions for returns are recognized and revised every
\nsix months based on historical data.
\n(2)
\n Gift cards and store credits
\nThe Group\u2019s retail network sells gift cards and issues credits to its cus-
\ntomers when merchandise is returned. The cards and credits either do
\nnot expire or have an expiry date of up to 24 months. In line with IFRS 15,
\nthe Group recognizes sales from gift cards when they are redeemed by
\nthe customer. The unused gift cards and credits are included in the profit
\nand loss account in accordance with internally determined percentages.
\nThis recognition represents the estimate of the management of which
\nthe probability of use by the customer is estimated to be minimal. This
\nprofit is included in turnover.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n
\n\n\nGovernment grants
\nA government grant is recognized when there is reasonable assurance
\nthat it will be received and that the company will comply with the attached
\nconditions. Grants that compensate the company for expenses incurred
\nare recognized as revenue in the income statement on a systematic basis
\nin the same periods in which the expenses are incurred. Grants that
\ncompensate the company for the cost of an asset are, spread out over
\nthe depreciation period of the asset in question, included in the income
\nstatement under other operating income.
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n\n
\n\nExpenses
\n\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n
\n\n
\n\n\n(2)
\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred
\nif they do not meet the criteria for capitalization. If the development
\nexpenditure meets the criteria, it will be capitalized.
\n
\n\n
\n\n\nNew and amended standards and interpretations,
\neffective after year end 2022
\n
\nThe Group has not early-adopted any standards or interpretations issued
\nbut not yet effective as at 31 December 2022.
\nStandards and interpretations issued but not yet effective up to the date
\nof issuance of the Group\u2019s financial statements are listed below. Van de
\nVelde expects no material impact on the Group consolidated financial
\nstatements:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current (the 2020 amend-
\nments and 2022 amendments), effective1 January 2024
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective 1
\nJanuary 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a single transaction, effective 1 January
\n2023
\n\u2022
\nAmendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and
\nLeaseback, effective 1 January 2024
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of
\nIFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January
\n2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\n
\n\n
\n",
"dimensions": {
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"Tag379": {
"value": "\n\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n\nThe amounts in the financial statements are presented in thousands of
\neuro unless stated otherwise. The financial statements were prepared
\nin accordance with the historical cost principle, except for valuation at
\nfair value of derivative financial instruments.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag340": {
"value": "\nThe accompanying consolidated financial statements have been prepared
\nin compliance with \u2018International Financial Reporting Standards (IFRS)\u2019,
\nas adopted for use in the European Union as of the balance sheet date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag334": {
"value": "\n
\n
\nUse of estimates
\nThe preparation of financial statements in conformity with IFRS requires
\nthat management makes certain estimates and assumptions that affect
\nthe amounts reported in the financial statements and accompanying
\nnotes.
\nEstimates made on each reporting date reflect the conditions that existed
\non those dates (e.g. market prices, interest rates and foreign exchange
\nrates). Although these estimates are based on management\u2019s best
\nknowledge of current events and actions that the Group may undertake,
\nactual results may differ from those estimates.
\nThe most important application of estimates relates to:
\n\n
\n\n
\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n\n
\n\n\n
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\n
\n\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans and other long-term employee
\nbenefits as well as the cash value of the pension liability are determined
\nby actuarial calculations. To this end, various assumptions are used that
\ncould differ from the actual developments in the future. As a consequence
\nof the complexity of the actuarial calculations and the long-term character
\nof the liabilities, the employee liabilities are highly sensitive to changes
\nin the assumptions. The main actuarial assumptions and the sensitivity
\nanalysis are included in note 15.
\n
\n\n
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag374": {
"value": "\n
\n\n
\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefi-
\nnite useful life and goodwill, regardless of whether there is any indication
\nof impairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money
\nand the risks specific to the asset. For an asset that does not generate
\nlargely independent cash inflows, the recoverable amount is determined
\nfor the cash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag361": {
"value": "\n
\nImpairment of intangible fixed assets with indefinite useful
\nlife (including goodwill)
\nIntangible fixed assets with indefinite useful life including goodwill are
\nsubject to an annual impairment test. This test requires an estimation of
\nthe value-in-use of these assets. The estimate of the value-in-use requires
\nan estimate of the expected future cash flows related to these assets
\nand the choice of an appropriate discount rate to determine the present
\nvalue of these cash flows. For the estimate of the future cash flows, the
\nmanagement must make a number of assumptions and estimates, such
\nas expectations with regard to growth in revenues, development of profit
\nmargin and operating costs, period and amount of investments, develop-
\nment of working capital, growth percentages for the long term and the
\nchoice of a discount rate that takes into account the specific risks. More
\ndetails are given in note 3.
\n
\n\n
\n\nImpairment of assets
\nThe carrying amount of Van de Velde\u2019s fixed assets, other than deferred
\ntax assets, financial assets and other non-current assets are reviewed on
\neach balance sheet date to determine whether there is any indication of
\nimpairment. If any such indication exists, the asset\u2019s recoverable amount
\nis estimated. An impairment test is conducted annually on intangible
\nassets that are not yet available for use, intangible assets with an indefi-
\nnite useful life and goodwill, regardless of whether there is any indication
\nof impairment. An impairment loss is recognized in profit or loss whenever
\nthe carrying amount of an asset exceeds its recoverable amount.
\n(1)
\n Calculation of recoverable amount
\nThe realizable value of an asset is the greater of its fair value less cost
\nto sell and value-in-use. In assessing value-in-use, the estimated future
\ncash flows are discounted to their present value using a discount rate
\nthat reflects current market assessments of the time value of money
\nand the risks specific to the asset. For an asset that does not generate
\nlargely independent cash inflows, the recoverable amount is determined
\nfor the cash-generating unit to which the asset belongs.
\n(2)
\n Reversal of impairment
\nImpairment losses on goodwill and intangible fixed assets with indefinite
\nuseful life are not reversed. For any other assets, an impairment loss is
\nreversed if there has been a change in the estimates used to determine
\nthe recoverable amount. An impairment loss is reversed only to the extent
\nthat the asset\u2019s carrying amount does not exceed the carrying amount
\nthat would have been determined, net of depreciation or amortization, if
\nno impairment loss had been recognized.
\n
\n\n
\n\n
\n(b)
\n\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n\n
\n
\n",
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},
"Tag337": {
"value": "\n
\n\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\n
\n\nEmployee benefits \u2013 pensions
\nThe costs of the defined pension plans and other long-term employee
\nbenefits as well as the cash value of the pension liability are determined
\nby actuarial calculations. To this end, various assumptions are used that
\ncould differ from the actual developments in the future. As a consequence
\nof the complexity of the actuarial calculations and the long-term character
\nof the liabilities, the employee liabilities are highly sensitive to changes
\nin the assumptions. The main actuarial assumptions and the sensitivity
\nanalysis are included in note 15.
\n
\n\nEmployee benefits
\n(1)
\n Pension plan
\nVan de Velde has group insurance plans for its Belgian employees and
\ngroup insurance plans for its employees elsewhere. Under IAS 19 all
\npension plans are recognized as defined contribution plans or defined
\npension plans. A defined contribution plan is a pension plan in which a
\ncompany pays fixed contributions to a separate company and has no
\nlegal or actual obligation to pay further contributions if the pension fund
\nhas inadequate assets to pay the benefits related to the years of service
\nin the current or previous periods to all employees. A defined pension
\nplan is a pension plan that is not a defined contribution plan.
\nThe pension plans in foreign countries are defined contribution plans.
\nThe costs connected with these are recognized through profit and loss
\nwhen incurred. Retirement plans in Belgium are defined retirement plans.
\nA liability was recognized in the balance sheet with regard to the Belgian
\npension schemes equal to the sum of the cash value of the gross liabili-
\nties on account of defined pension entitlements (including the tax due
\non contributions relating to pension costs) as at the balance sheet date,
\nless the market value of the fund investments. An independent actuary
\nmakes on an annual basis an actuarial calculation of this gross liability
\nusing the projected unit credit method.
\nThe interest expense is calculated by applying a discount rate to the asset
\nor the liability of the defined pension entitlements. This interest expense
\nis recognized through profit and loss. In establishing an appropriate dis-
\ncount rate, the company bases itself on the interest rates applicable to
\nhigh-grade corporate bonds in cash, which correspond to the currency in
\nwhich the liability is expected to be paid in accordance with the expected
\nduration of the defined pension liability.
\nRevaluations, including actuarial gains and losses and the return on
\nfund investments (excluding net interest expense), are recognized in
\nother comprehensive income when they occur. Revaluations must not
\nbe reclassified to profit and loss in later periods.
\nPast service pension cost is recognized through profit and loss when the
\nplan is changed or when the related restructuring or termination benefits
\nbecome payable by the company, whichever occurs first.
\n
\n\n(2)
\n Share-based payments
\nThe fair value of the share options awarded under the Group\u2019s share
\noption plan is established on the grant date, with due consideration for
\nthe terms and conditions under which the options are granted and using
\na valuation technique corresponding to generally accepted valuation
\nmethods for establishing the price of financial instruments and with due
\nconsideration for all relevant factors and assumptions. The fair value of
\nthe share options is recognized as personnel expenses for the period
\nuntil the beneficiary acquires the option unconditionally (i.e. vesting date).
\nThis concerns equity settled option plans being incorporated into equity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag344": {
"value": "\nEmployee benefits \u2013 share-based payments
\nThe Group values the costs of the share option programmes on the basis
\nof the fair value of the instruments on the grant date. The estimate of the
\nfair value of the share-based payments requires a valuation depending on
\nthe terms and conditions of the grant. The valuation model also requires
\ninput data, such as the expected life of the option, the volatility and the
\ndividend yield. The assumptions and the model used to estimate the fair
\nvalue for share-based payments are explained in note 22.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag378": {
"value": "\nDetermination of the lease term of contracts with extension
\nand termination options
\nThe Group determines the lease term as the non-cancellable term of the
\nlease, together with any periods covered by an option to extend the lease
\nif it is reasonably certain that it will be exercised, or periods covered by an
\noption to terminate the lease if it is reasonably certain that it will not be
\nexercised. The Group has several leases with extension and termination
\noptions. The Group assesses whether or not it is reasonably certain to
\nexercise the option to extend or terminate the lease. That is, it takes into
\naccount all relevant factors that create an economic incentive to exercise
\neither the extension or the termination. Every six months, management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan.
\n
\n\n
\nLeases
\nThe Group assesses at contract inception whether a contract is, or con-
\ntains, a lease. That is, if the contract conveys the right to control the use
\nof an identified asset for a period of time in exchange for consideration.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for
\nall leases, except for short-term leases (<12 months) and leases of low-
\nvalue assets (<\u20ac 5,000). The Group recognizes lease liabilities to make
\nlease payments and right-of-use assets representing the right to use the
\nunderlying assets.
\ni) Right-of-use assets
\n\nThe Group recognizes right-of-use assets at the commencement date of
\nthe lease (i.e., the date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less any accumulated depreciation
\nand impairment losses, and adjusted for any remeasurement of lease
\nliabilities. The cost of right-of-use assets is valued at the initial value of
\nthe obligation. The cost increases with the lease payments on or before
\nthe start of the lease, decreases with the lease benefits, increases with
\nthe initial direct costs of the lessee and increases with the estimate of the
\ncosts for restoring the asset to its original condition. Right-of-use assets
\nare depreciated on a straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the assets, as follows:
\n\u2022 Plant and machinery maximum 10 years
\n\u2022 Motor vehicles maximum 5 years
\nIf ownership of the leased asset transfers to the Group at the end of
\nthe lease term or the cost reflects the exercise of a purchase option,
\ndepreciation is calculated using the estimated useful life of the asset.
\n
\n\nThe right-of-use assets are also subject to impairment. Refer to the
\naccounting policies in section(s) Impairment of non-financial assets.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognizes lease
\nliabilities measured at the present value of lease payments to be made
\nover the lease term. The lease payments include fixed payments less
\nany lease incentives receivable, variable lease payments that depend
\non an index or a rate, and amounts expected to be paid under residual
\nvalue guarantees.
\nThe lease payments also include the exercise price of a purchase
\noption reasonably certain to be exercised by the Group and payments
\nof penalties for terminating the lease, if the lease term reflects the Group
\nexercising the option to terminate. Every six months, the management,
\ntogether with the Executive Board, evaluates the options for granting and
\nterminating leases based on the strategic plan. Variable lease payments
\nthat do not depend on an index or a rate are recognized as expenses in
\nthe period in which the event that triggers the payment occurs.
\nTo determine the current value of the lease payments, the group will
\ndiscount future lease payments at the incremental interest rate on the
\nstart date (i.e. the interest that the lessee would pay if he took out a loan
\nwith the bank for a similar asset over a similar duration). After the com-
\n
\n\nmencement date, the amount of lease liabilities is increased to reflect
\nthe accretion of interest and reduced for the lease payments made. In
\naddition, the carrying amount of lease liabilities is remeasured if there
\nis a modification, a change in the lease term, a change in the lease pay-
\nments (e.g. changes to future payments resulting from a change in an
\nindex or rate used to determine such lease payments) or a change in the
\nassessment of an option to purchase the underlying asset.
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-
\nterm leases of machinery and equipment (i.e., those leases that have a
\nlease term of 12 months or less from the commencement date and do
\nnot contain a purchase option). The Group also applies the exemption
\nfor leases for which the underlying assets have a low value (value below
\n\u20ac 5,000).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag332": {
"value": "\nChange in accounting policies
\nThe accounting policies adopted are consistent with those of the previous
\nfiscal year, except for the following new or revised IFRS standards and
\nIFRIC interpretations effective as of 1 January 2021:
\n\u2022
\nAmendments to IAS 16 Property, plant and equipment - Proceeds
\nbefore intended use, applicable from 1 January 2022
\n\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and contin-
\ngent assets - onerous contracts - cost of fulfilling a contract, effective
\n1 January 2022
\n\u2022 Amendments to IFRS 3 Business Combinations - References to the
\nconceptual framework, effective 1 January 2022
\n\u2022 Annual Improvements Cycle - 2018-2020, effective 1 January 2022
\nThe above changes did not have any impact on the annual consolidated
\naccounts of the Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag357": {
"value": "\n
\nConsolidation principles
\n\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same
\nreporting date and using the Group accounting policies. Intragroup
\nbalances, transactions, income and expenses are eliminated in full.
\n
\n\nAssociated companies
\nAssociated companies are companies in which Van de Velde NV directly
\nor indirectly has a significant influence. This is assumed to be the case
\nwhen the Group holds at least 20 % of the voting rights attached to the
\nshares. The financial statements of these companies are prepared in
\naccordance with the same accounting policies used for the Group. The
\nconsolidated financial statements contain the share of the Group in the
\nresult of associated companies in accordance with the equity method
\nfrom the day that the significant influence is acquired until the day it ends.
\nIf the share of the Group in the losses of the associated companies is
\ngreater than the carrying amount of the participation, the carrying amount
\nis set at zero and additional losses are recognized only insofar as the
\nGroup has assumed additional obligations.
\nParticipations in associated companies are revalued if there are indica-
\ntions of possible impairment or of the disappearance of the reasons for
\nearlier impairments.
\nThe participations valued in the balance sheet in accordance with the
\nequity method also include the carrying amount of related goodwill.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag377": {
"value": "\nSubsidiaries
\nVan de Velde NV has direct or indirect control over an entity if and only
\nif it has all the following:
\n\u2022 Power over the investee;
\n\u2022 Exposure, or rights, to variable returns from its involvement with the
\ninvestee; and
\n\u2022 The ability to use its power over the investee to affect the amount of
\nthe investor\u2019s returns.
\nThe financial statements of subsidiaries are included in the consolidated
\nfinancial statements of the Group from the date that control commences
\nuntil the date that control ceases. They are prepared as of the same
\nreporting date and using the Group accounting policies. Intragroup
\nbalances, transactions, income and expenses are eliminated in full.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag360": {
"value": "\nForeign currencies
\nForeign currency transactions
\nThe reporting currency of the Group is the euro. Foreign currency transac-
\ntions are recorded at the exchange rate on the transaction date. Monetary
\nassets and liabilities denominated in foreign currencies are converted at
\nthe exchange rate on the balance sheet date. Gains and losses resulting
\nfrom the settlement of foreign currency transactions and from the con-
\nversion of monetary assets and liabilities denominated in foreign curren-
\ncies are recognized in the income statement. Non- monetary assets and
\nliabilities denominated in foreign currencies are converted at the foreign
\nexchange rate on the date of the transaction.
\nFinancial statements of foreign activities
\nVan de Velde\u2019s foreign operations outside the euro zone are considered
\nto be foreign activities. Accordingly, assets and liabilities are converted to
\neuro at foreign exchange rates on the balance sheet date. Income state-
\nments of foreign entities are converted to euro at the average exchange
\nrates of that currency over the past 12 months. The components of share-
\nholders\u2019 equity are converted at historical rates. Exchange differences
\narising from the conversion of shareholders\u2019 equity to euro at year-end
\nexchange rates are recorded in \u2018Other comprehensive income\u2019. On sale or
\ndisposal of a foreign operation, the deferred cumulative amount recog-
\nnized in equity relating to that particular foreign operation is recognized
\nin the income statement.
\nThe Group treats goodwill and intangible assets with an indefinite useful
\nlife, arising from business combinations, as a monetary item. As a result,
\nthese assets are converted based on the exchange rate in effect on the
\nbalance sheet date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n\nIntangible assets
\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They
\nare therefore expensed when incurred. Development costs within the
\nGroup in relation to research and development of software are capitalized
\nunder software. The depreciation begins when the intangible assets are
\navailable for use, and this by a straight-line depreciation over a period of
\nfive years. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n
\n\n
\n\n
\n
\n(3)
\n\n
\n\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van de
\nVelde are recognized at cost (purchase price plus all directly attributable
\ncosts) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates to
\nnew registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n
\n\n
\n\n\n
\n\nGoodwill
\n
\n(1)
\n Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair
\nvalue of the Group\u2019s share of the net identifiable assets of the acquired
\nsubsidiary/associate at the date of acquisition. Goodwill is tested annu-
\nally for impairment or more frequently if events or changes in circum-
\nstances indicate that the asset might be impaired. Goodwill is treated
\nby the Group as an asset of the parent and is considered as a monetary
\nitem. As a result, these assets are converted based on the rate in force
\nat the balance sheet date. Goodwill is recorded at cost less accumulated
\nimpairment losses.
\n(2)
\n Negative goodwill
\nIf the Group\u2019s interest in the net fair value of the identifiable assets, liabili-
\nties and contingent liabilities exceeds the cost of the business combi-
\nnation, Van de Velde will immediately recognize any positive difference
\nthrough profit or loss.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag373": {
"value": "\nIntangible assets
\n(1)
\n Research and development
\nThe nature of the development costs within the Van de Velde Group,
\nprimarily product and process innovation, is such that they do not meet
\nthe criteria set out in IAS 38 for recognition as intangible assets. They
\nare therefore expensed when incurred. Development costs within the
\nGroup in relation to research and development of software are capitalized
\nunder software. The depreciation begins when the intangible assets are
\navailable for use, and this by a straight-line depreciation over a period of
\nfive years. When the activation starts, the conditions of IAS38 are fulfilled.
\n(2)
\n Acquired brands
\nBrands acquired as part of business combinations are deemed to be
\nintangible assets with an indefinite useful life. These are measured at the
\nvalue established as part of the allocation of fair value of the identifiable
\nassets, obligations and contingent obligations on the acquisition date,
\nless accumulated impairment losses. These brands are not amortized
\nbut are tested annually for impairment (for more details, see note 3). The
\ncorrectness of classification as intangible assets with indefinite useful
\nlife is also evaluated.
\n
\n\n
\n\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van de
\nVelde are recognized at cost (purchase price plus all directly attributable
\ncosts) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates to
\nnew registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag356": {
"value": "\n Other intangible assets
\nOther intangible assets (software and online platform) acquired by Van de
\nVelde are recognized at cost (purchase price plus all directly attributable
\ncosts) less accumulated amortization and accumulated impairment
\nlosses. Expenses for the registration of trade names and designs are
\nrecorded as brands with finite useful life to the extent that this relates to
\nnew registrations in the country of registration. Other expenditures on
\ninternally generated goodwill and brands are recognized in the income
\nstatement when incurred. Amortization begins when the intangible asset
\nis available using the straight-line method. The useful life of intangible
\nassets with a finite life is generally estimated at three to five years. Other
\nintangible assets include acquired distribution rights and similar rights,
\nwhich are amortized over a period of five years. The rules of IAS 38 are
\nmet at the moment of activation of other intangible assets.
\n
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\nBuildings 15-25 years
\nProduction machinery and equipment 2-10 years
\nElectronic office equipment
\n(1)
\n 3-5 years
\nFurniture
\n(1)
\n 5-10 years
\nVehicles
\n(1)
\n 3-5 years
\nLand is not depreciated as it is deemed to have an indefinite life,
\n
\n
\n
\n\nThe Group recognizes right-of-use assets at the commencement date of
\nthe lease (i.e., the date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less any accumulated depreciation
\nand impairment losses, and adjusted for any remeasurement of lease
\nliabilities. The cost of right-of-use assets is valued at the initial value of
\nthe obligation. The cost increases with the lease payments on or before
\nthe start of the lease, decreases with the lease benefits, increases with
\nthe initial direct costs of the lessee and increases with the estimate of the
\ncosts for restoring the asset to its original condition. Right-of-use assets
\nare depreciated on a straight-line basis over the shorter of the lease term
\nand the estimated useful lives of the assets, as follows:
\n\u2022 Plant and machinery maximum 10 years
\n\u2022 Motor vehicles maximum 5 years
\nIf ownership of the leased asset transfers to the Group at the end of
\nthe lease term or the cost reflects the exercise of a purchase option,
\ndepreciation is calculated using the estimated useful life of the asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n
\n\nGoodwill
\n
\n(1)
\n Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair
\nvalue of the Group\u2019s share of the net identifiable assets of the acquired
\nsubsidiary/associate at the date of acquisition. Goodwill is tested annu-
\nally for impairment or more frequently if events or changes in circum-
\nstances indicate that the asset might be impaired. Goodwill is treated
\nby the Group as an asset of the parent and is considered as a monetary
\nitem. As a result, these assets are converted based on the rate in force
\nat the balance sheet date. Goodwill is recorded at cost less accumulated
\nimpairment losses.
\n(2)
\n Negative goodwill
\nIf the Group\u2019s interest in the net fair value of the identifiable assets, liabili-
\nties and contingent liabilities exceeds the cost of the business combi-
\nnation, Van de Velde will immediately recognize any positive difference
\nthrough profit or loss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag348": {
"value": "\nGoodwill
\n
\n(1)
\n Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair
\nvalue of the Group\u2019s share of the net identifiable assets of the acquired
\nsubsidiary/associate at the date of acquisition. Goodwill is tested annu-
\nally for impairment or more frequently if events or changes in circum-
\nstances indicate that the asset might be impaired. Goodwill is treated
\nby the Group as an asset of the parent and is considered as a monetary
\nitem. As a result, these assets are converted based on the rate in force
\nat the balance sheet date. Goodwill is recorded at cost less accumulated
\nimpairment losses.
\n(2)
\n Negative goodwill
\nIf the Group\u2019s interest in the net fair value of the identifiable assets, liabili-
\nties and contingent liabilities exceeds the cost of the business combi-
\nnation, Van de Velde will immediately recognize any positive difference
\nthrough profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag347": {
"value": "\n
\nTangible fixed assets
\n(1)
\n Initial expenditure
\nTangible fixed assets are recognized at cost less accumulated deprecia-
\ntion and accumulated impairment losses. Cost is determined as being
\nthe purchase price plus other directly attributable acquisition costs, such
\nas non-refundable tax and transport.
\n(2)
\n Subsequent expenditure
\nSubsequent expenditures are capitalized only when it increases the future
\neconomic benefits embodied in the item of property, plant and equipment.
\nOtherwise, it is recognized in profit or loss when incurred.
\n\n(3)
\n Depreciation
\nThe depreciable amount equals the cost of the asset less its residual
\nvalue. Depreciation starts from the date the asset is ready for use, using
\nthe straight-line method over the estimated useful life of the asset.
\nResidual value and useful life are reviewed at least at each fiscal year end.
\nThe depreciation rates used are as follows:
\nBuildings 15-25 years
\nProduction machinery and equipment 2-10 years
\nElectronic office equipment
\n(1)
\n 3-5 years
\nFurniture
\n(1)
\n 5-10 years
\nVehicles
\n(1)
\n 3-5 years
\nLand is not depreciated as it is deemed to have an indefinite life,
\n
\n
\n
\n\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag338": {
"value": "\n
\n\nInvestments in associates
\nIn 2021, Van de Velde changed the method of converting the share in
\nthe net asset of Top Form International Ltd. to bring it in line with the
\nrequirement of IAS 21 39 a and c, with the underlying share in the net
\nasset of Top Form International Ltd. being converted at the closing rate,
\nand the conversion differences included in other comprehensive income.
\n(1) in note 5, this is included in plant, machinery and equpment.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag366": {
"value": "\nInvestments in associates
\nIn 2021, Van de Velde changed the method of converting the share in
\nthe net asset of Top Form International Ltd. to bring it in line with the
\nrequirement of IAS 21 39 a and c, with the underlying share in the net
\nasset of Top Form International Ltd. being converted at the closing rate,
\nand the conversion differences included in other comprehensive income.
\n(1) in note 5, this is included in plant, machinery and equpment.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag358": {
"value": "\nInventories
\nRaw materials, work in progress, merchandise and finished goods are
\nvalued at the lower of cost or net realizable value. Cost of inventories
\ncomprises all purchase costs, conversion costs and other costs incurred
\nin bringing the inventories to their present location and present condition.
\nThe valuation method for the stocks is the first in first out (FIFO) method.
\nPurchasing costs include:
\n\u2022 Purchase price, plus
\n\u2022 Import duties and other taxes (if not recoverable), plus
\n\u2022
\nTransport, handling and other costs directly attributable to the acqui-
\nsition of the goods, less
\n\u2022 Trade discounts, rebates and other similar items.
\nConversion costs include:
\n\u2022 Costs directly related to the units of production, plus
\n\u2022
\nA systematic allocation of fixed and variable indirect production costs.
\nThe provision for obsolescence is calculated consistently throughout the
\nGroup based on the age and expected future sales of the items at hand.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n
\n\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expeses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recog-
\nnition of value adjustments to unrealized results (FVTOCI). The clas-
\nsification is based on two criteria: the business model of the Group for
\nthe management of the assets; and whether the contractual cash flows
\nof the instruments represent \u2018principal and interest payments only\u2019 on
\nthe outstanding principal. Trade receivables and other financial assets
\nare held to collect contractual cash flows and lead to cash flows that
\nrepresent only payments of principal and interest. These are classified
\nand valued as debt instruments at amortized cost as explained in the
\n\u2018Revenue from contracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n(b)
\n\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\nDerivative financial instruments
\n\nHedges
\n\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n\n
\n\n
\n\n\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n\n
\n\n
\n\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other payables
\nare non-interest bearing and have an average term of six months.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag343": {
"value": "\n
\nTrade and other receivables
\nTrade receivables are recognized at cost less impairment losses. If there
\nis objective evidence that an impairment loss has been incurred on trade
\nreceivables, the impairment loss recognized is the difference between the
\ncarrying amount and the present value of estimated future cash flows.
\nAll trade receivables are individually assessed for excess impairment
\naccording to the ECL model. The excess impairment is incorporated in
\nthe \u2018general administration\u2019 section under other expeses.
\n(a)
\n Classification and valuation
\nUnder IFRS 9, debt instruments are subsequently valued at fair value
\nthrough profit or loss (FVTPL), amortized cost or fair value with recog-
\nnition of value adjustments to unrealized results (FVTOCI). The clas-
\nsification is based on two criteria: the business model of the Group for
\nthe management of the assets; and whether the contractual cash flows
\nof the instruments represent \u2018principal and interest payments only\u2019 on
\nthe outstanding principal. Trade receivables and other financial assets
\nare held to collect contractual cash flows and lead to cash flows that
\nrepresent only payments of principal and interest. These are classified
\nand valued as debt instruments at amortized cost as explained in the
\n\u2018Revenue from contracts with customers\u2019 section.
\nThe Group has not designated financial obligations as FVTPL. There are
\nno changes in the classification and valuation of the Group\u2019s financial
\nliabilities.
\n\n
\n(b)
\n\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag367": {
"value": "\n
\n\n Impairment
\nIFRS 9 requires the Group to recognize a provision for expected credit
\nlosses (ECLs) for all debt instruments that are not held at fair value
\nthrough profit or loss and contract assets. ECLs are based on the
\ndifference between the contractual cash flow that follows from the con-
\ntract and all cash flows that the Group expects to receive, discounted on
\nthe basis of the effective interest rate. For trade receivables, the Group
\nuses the simplified application for the calculation of the ECLs whereby an
\nimpairment is recognized on the basis of historical credit losses, adjusted
\nfor economic or credit conditions that are such that the actual losses are
\ngreater or less than suggested by historical trends.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag376": {
"value": "\nDerivative financial instruments
\n\nHedges
\n\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag339": {
"value": "\nHedges
\n\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag375": {
"value": "\n
\n\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag331": {
"value": "\nVan de Velde applies derivative financial instruments only in order to
\nreduce the exposure to foreign currency risk. These financial instruments
\nare entered into in accordance with the aims and principles laid down by
\ngeneral management, which prohibits the use of such financial instru-
\nments for speculation purposes.
\nDerivative financial instruments are initially measured at fair value.
\nAlthough they provide effective economic hedges, they do not qualify
\nfor hedge accounting under the specific requirements in IAS 39 (Financial
\nInstruments: Recognition and Measurement). As a result, at reporting
\ndate all derivatives are measured at fair value with changes in fair value
\nrecognized immediately in the income statement. The fair value of deriva-
\ntives is calculated by discounting the expected future cash flows at the
\nprevailing interest rates. All spot purchases and sales of financial assets
\nare recognized on the settlement date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag353": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents include bank balances, available cash and
\nshort-term deposits. Interest income is recognized based on the effective
\ninterest rate of the asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag355": {
"value": "\nShare capital
\n(1)
\n Change in capital
\nWhen there is an increase or decrease in Van de Velde\u2019s share capital, all
\ndirectly attributable costs relating to that event are deducted from equity
\nand not recognized in profit or loss when incurred.
\n(2)
\n Dividends
\nDividends are recognized as a liability in the period in which they are
\napproved by the General Meeting.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag370": {
"value": "\nProvisions
\nProvisions are recognized when Van de Velde has a present legal or
\nconstructive obligation as a result of past events, and it is probable that
\nan outflow will be required to settle the obligation and a reliable estimate
\nof the amount of the obligation can be made. If the effect is material,
\nprovisions are determined by discounting the expected future cash flows
\nat a rate that reflects current market assessments of the time value of
\nmoney and, where appropriate, the risks specific to the liability.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag349": {
"value": "\nIncome tax
\nIncome tax on the profit or loss for the year comprises current and
\ndeferred tax. Income tax is recognized in the income statement except
\ninsofar as it relates to items included in shareholders\u2019 equity. In that case,
\nincome tax is included in shareholders\u2019 equity.
\nCurrent tax is the expected tax payable on the taxable income for the year,
\nusing applicable tax rates on the balance sheet date, and any adjustments
\nto tax payables with respect to previous years.
\nFor financial reporting purposes, deferred income tax is calculated using
\nthe liability method based on temporary differences at the balance sheet
\ndate between the tax bases of assets and liabilities and their carrying
\namounts.
\nDeferred income tax assets are recognized only insofar as it is probable
\nthat taxable profit will be available against which the deductible tempo-
\nrary differences, the carry-forward of unused tax credits and unused tax
\nlosses can be utilized.
\nDeferred income tax assets and liabilities are measured at the tax rates
\nthat are expected to apply in the year in which the asset is realized or
\nthe liability is settled, based on tax rates (and tax laws) that have been
\nimplemented or substantively implemented at the balance sheet date.
\nDeferred tax assets and deferred tax liabilities are offset when a legally
\nenforceable right exists to set off current tax assets against current tax
\nliabilities and the deferred taxes relate to the same taxable entity and the
\nsame taxation authority.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag330": {
"value": "\nTrade and other payables
\nTrade and other payables are stated at cost, trade payables are non-
\ninterest bearing and are normally settled on 30-day terms. Other payables
\nare non-interest bearing and have an average term of six months.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag371": {
"value": "\nRevenue from contracts with customers
\nIFRS 15 provides a five-step model for the administrative processing
\nof revenue from contracts with customers. Under IFRS 15, revenue is
\nrecognized in an amount that reflects the consideration to which the
\nentity expects to be entitled in exchange for those goods or services.
\n(1)
\n Goods sold
\nThe two biggest revenue streams of the Group are revenue from whole-
\nsale and revenue from retail. Within these revenue streams, it is usually
\nexpected that the sale of the goods represents the only performance obli-
\ngation. Furthermore, the revenue is recognized when the control over the
\narticle is transferred to the customer, usually upon delivery of the goods.
\nAllowed discounts for cash payments are charged to the profit and loss
\naccount at the moment of the collection of the claim. This discount is
\nincluded as a reduction in turnover. Van de Velde has applied the practical
\nexpedient for allowed discounts for cash payments. That is, the promised
\namount of consideration is not adjusted for the effects of a significant
\nfinancing component if the period between the transfer of the promised
\ngood or service and the payment is one year or less.
\nSales of products in the physical and digital stores are recorded when
\nthe sale is settled. The sale is recorded in revenue excluding taxes on
\nsales and value added taxes and includes discounts and commercial
\npromotions.
\nThe necessary provisions for returns are recognized and revised every
\nsix months based on historical data.
\n(2)
\n Gift cards and store credits
\nThe Group\u2019s retail network sells gift cards and issues credits to its cus-
\ntomers when merchandise is returned. The cards and credits either do
\nnot expire or have an expiry date of up to 24 months. In line with IFRS 15,
\nthe Group recognizes sales from gift cards when they are redeemed by
\nthe customer. The unused gift cards and credits are included in the profit
\nand loss account in accordance with internally determined percentages.
\nThis recognition represents the estimate of the management of which
\nthe probability of use by the customer is estimated to be minimal. This
\nprofit is included in turnover.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag363": {
"value": "\n
\n\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\n
\n\n
\n\nExpenses
\n\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag368": {
"value": "\nFinancial income
\nFinancial income comprises dividend income and interest income.
\nRoyalties arising from the use by others of the company\u2019s resources are
\nrecognized when it is probable that the economic benefits associated
\nwith the transaction will flow to the company and the revenue can be
\nmeasured reliably. Dividend income is recognized in the income statement
\non the date that the dividend is approved by the General Meeting. Interest
\nincome is recognized based on the effective interest rate of the asset.
\n
\n\nExpenses
\n\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag372": {
"value": "\nGovernment grants
\nA government grant is recognized when there is reasonable assurance
\nthat it will be received and that the company will comply with the attached
\nconditions. Grants that compensate the company for expenses incurred
\nare recognized as revenue in the income statement on a systematic basis
\nin the same periods in which the expenses are incurred. Grants that
\ncompensate the company for the cost of an asset are, spread out over
\nthe depreciation period of the asset in question, included in the income
\nstatement under other operating income.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag335": {
"value": "\n\n
\n\nExpenses
\n\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n\n
\n\n
\n\n\n(2)
\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred
\nif they do not meet the criteria for capitalization. If the development
\nexpenditure meets the criteria, it will be capitalized.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag362": {
"value": "\n(1)
\n Interest expenses
\nAll interest and other costs incurred in connection with borrowings and
\nfinance lease liabilities are recognized in the income statement using the
\neffective interest rate method.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag364": {
"value": "\n(2)
\n Research and development, advertising and promotional
\ncosts, and system development costs
\nResearch, advertising and promotional costs are expensed in the year in
\nwhich these costs are incurred. Development costs and system develop-
\nment costs are expensed in the year in which these costs are incurred
\nif they do not meet the criteria for capitalization. If the development
\nexpenditure meets the criteria, it will be capitalized.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag345": {
"value": "\nNew and amended standards and interpretations,
\neffective after year end 2022
\n
\nThe Group has not early-adopted any standards or interpretations issued
\nbut not yet effective as at 31 December 2022.
\nStandards and interpretations issued but not yet effective up to the date
\nof issuance of the Group\u2019s financial statements are listed below. Van de
\nVelde expects no material impact on the Group consolidated financial
\nstatements:
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements \u2013
\nClassification of Liabilities as Current or Non-current (the 2020 amend-
\nments and 2022 amendments), effective1 January 2024
\n\u2022
\nAmendments to IAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies, effective 1
\nJanuary 2023
\n\u2022
\nAmendments to IAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates, effective
\n1 January 2023
\n\u2022
\nAmendments to IAS 12 Income Taxes: Deferred Tax related to Assets
\nand Liabilities arising from a single transaction, effective 1 January
\n2023
\n\u2022
\nAmendments to IFRS 16 Leases \u2013 Lease Liability in a Sale and
\nLeaseback, effective 1 January 2024
\n\u2022
\nAmendments to IFRS 17 Insurance contracts: Initial Application of
\nIFRS 17 and IFRS 9 \u2013 Comparative Information, effective 1 January
\n2023
\n\u2022 IFRS 17 Insurance Contracts, effective 1 January 2023
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n
\n
\n
\n3.\u2002Goodwill and intangible assets with indefinite useful life
\n\n(a) Goodwill
\nGoodwill is allocated and tested for impairment at the cash-generating unit level that is expected to benefit from synergies of the combination the
\ngoodwill resulted from.
\nThe carrying value of goodwill (after impairment and other adjustments) was allocated to each of the cash-generating units (in thousand euro)
\nas follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 6,357 26,189 1,820 2,797 37,163
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -88 0 -88
\nAt 31/12/2022 6,357 26,189 1,732 2,797 37,075
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 6,357 26,189 0 0 32,546
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 6,357 26,189 0 0 32,546
\nAt 31/12/2022
\nAccumulated acquisitions 6,357 26,189 1,732 2,797 37,075
\nAccumulated adjustments 6,357 26,189 0 0 32,546
\nGoodwill, net 31/12/2022 0 0 1,732 2,797 4,529
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n\n(b) Brand names with indefinite useful life
\nThe carrying value of brands with indefinite useful life (after impairment and other adjustments) was allocated to each of the cash-generating units
\n(in thousand euro) as follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 11,000 7,784 7,014 0 25,798
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -344 0 -344
\nAt 31/12/2022 11,000 7,784 6,670 0 25,454
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 5,531 7,784 0 0 13,315
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 5,531 7,784 0 0 13,315
\nAt 31/12/2022
\nAccumulated acquisitions 11,000 7,784 6,670 0 25,454
\nAccumulated adjustments 5,531 7,784 0 0 13,315
\nBrand names with indefinite useful life, net 31/12/2022 5,469 0 6,670 0 12,139
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\n
\n\n
\n
\n\nBrands with indefinite useful life are:
\n\u2022 The Andres Sarda brand acquired in 2008. In 2012 an impairment charge of 5,531 thousand euro was recognized on this brand.
\n\u2022 The Intimacy brand and concept acquired in 2010. This brand and concept is fully written off in 2014 (7,784 thousand euro).
\n\u2022 The Rigby & Peller brand and concept acquired in 2011, the fair value of which was determined as part of a business combination.
\n
\nThese brands are considered to have an indefinite useful life because the Group sees them as a fully fledged extension of its existing brand portfolio.
\n
\n\n
\n\n
\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2022:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail Total
\nGoodwill 0 0 1,732 2,797 4,529
\nBrands with indefinite useful life 5,469 0 6,670 0 12,139
\nTotal intangible assets 5,469 0 8,402 2,797 16,668
\n
\n\nResult of the impairment test
\nIn 2022 the impairment test showed that the realizable value for all cash-
\ngenerating units (Andres Sarda, Rigby & Peller and Re-tail) exceeded the
\ncarrying value and hence no impairment was required.
\nMethodology applied to the impairment test
\nThis test aims to compare the realizable value and the carrying value of
\neach cash-generating unit:
\n\u2022
\nA model-based approach determines the realizable value based on the
\ncalculated value-in-use, being the present value of the future expected
\ncash flows from these cash-generating units:
\n \u2606
\nFor the first two years in the forecast period (2023-2024), the
\ngrowth plan as approved by the Board of Directors is used as
\nthe basis.
\n \u2606 For the subsequent years (2025-2026), a cash flow projection is
\ndrawn up based on realistic assumptions.
\n\u2022 For Sarda, the 2023-2028 strategic plan was taken as the basis. This
\nstrategic plan was approved by the Board of Directors on 13 June
\n2022.
\n\u2022
\nThe discount rate used to calculate the present value of the future
\nexpected cash flows is based on the market assessments and is
\nexplained below.
\nThe calculation of the value-in-use for all cash-generating units is most
\nsensitive to the following assumptions:
\n\u2022 Turnover assumptions for the forecast period;
\n\u2022 EBITDA
\n(1)
\n development and EBITDA margins applied to the turnover
\nforecast;
\n\u2022
\nGrowth rate used to extrapolate cash flows beyond the forecast period;
\n\u2022 Discount rate.
\nThe assumptions related to turnover and EBITDA developments are based
\non available internal data as well as historical percentages on the basis
\nof experience, which are determined for each of the cash-generating
\nunits separately. The growth rate and discount rates are checked against
\nexternal sources insofar as possible and relevant.
\nTurnover assumptions for the forecast period
\nFor the three cash-generating units, the growth plan as approved by
\nthe Board of Directors is the starting point for the first two years in the
\nforecast period (2023-2024).
\nFor Andres Sarda we expect turnover growth during the period 2026-2028.
\nFor the planning period (2023-2026) moderate turnover growth on a
\nlike-for-like basis has been applied to the cash-generating units Rigby
\n& Peller and Re-tail.
\nFully aligned with the segment reporting, the turnover estimates for the
\ncash-generating units Rigby & Peller and Re-tail include the D2C turnover
\nrealized by the stores as well as the B2B turnover for the Van de Velde
\nproducts sold by these retail channels. Furthermore, the estimate for
\nRigby & Peller also takes into account the digital sales generated outside
\nthe United Kingdom under the Rigby & Peller brand name.
\n(1) Operating profit before depreciation and amortization.
\n
\n\n
\n\n
\n\nEBITDA development and EBITDA margins applied to the
\nturnover forecast
\nA development towards the target EBITDA margin is assumed for Andres
\nSarda. The improved margin for Andres Sarda should mainly be achieved
\nthrough turnover growth in the B2B business and continued penetration
\nof Andres Sarda in Van de Velde\u2019s own stores. The cost evolution will also
\nbe monitored very strictly.
\nA gradual increase in the EBITDA percentage towards the target EBITDA
\npercentage for a (partially) integrated retail chain is assumed for the cash-
\ngenerating units Rigby & Peller and Re-tail. This is achieved by means
\nof a high gross margin, limited cost increases and the target market
\nshare of Van de Velde products. The contributions to EBITDA of digital
\nsales under the Rigby & Peller brand in Germany and the United States
\nof America were also included in the valuation.
\nGrowth rate used to extrapolate cash flows beyond the
\nforecast period
\nThe long-term percentage applied to extrapolate cash flows beyond the
\nforecast period is assessed in line with the expected long-term inflation
\nfor all cash-generating units (2 %).
\nDiscount rate
\nThe discount rates represent the current market assessment of the
\nrisks specific to the Van de Velde Group on the one hand and the cash-
\ngenerating units on the other. The discount rates are estimated on the
\nbasis of the weighted average cost of capital after tax and are for the
\nthree cash-generating units in a range between 8.5 % and 9.5 %. This
\ncorresponds to a cost of capital before tax of between 10.6 % and 11.9 %.
\nSensitivity to changes in assumptions
\nWith regard to the assessment of the value of the cash-generating unit
\nAndres Sarda, Rigby & Peller and Re-tail, management is of the opinion,
\nbased on the sensitivity analysis, that a change to the basic assump-
\ntions would not currently lead to the book value of the unit exceeding the
\nrealizable value. The tested sensitivities related to the following aspects:
\n\u2022 Lower than planned turnover growth (of -4 % or -5 %) during the plan-
\nning period (2023-2028);
\n\u2022
\nA reduction in the long-term percentage (from 2 % to 1 %) used to
\nextrapolate the expected turnover;
\n\u2022 An increase in the weighted average cost of capital of 8 % or 9 % to
\n12 % on average.
\n
\n\n
\n\n
\n\n
\n\n
\n4.\u2002Intangible assets
\n\n000 euro Total
\nBrands with finite
\nuseful life
\nBrands with indefinite
\nuseful life
\nDistribution rights and
\nsimilar rights
\nSoftware
\nKey
\nmoney
\nIntangible assets, gross
\nAt 01/01/2021 59,112 4,601 25,518 3,734 24,942 317
\nInvestments 2,274 142 0 0 2,132 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments 280 0 280 0 0 0
\nAt 31/12/2021 61,666 4,743 25,798 3,734 27,074 317
\nAmortization and impairment
\nAt 01/01/2021 36,703 4,217 13,315 3,734 15,190 247
\nAmortization 4,687 170 0 0 4,466 51
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2021 41,390 4,387 13,315 3,734 19,656 298
\nIntangible assets, net 31/12/2021 20,276 356 12,483 0 7,418 19
\nIntangible assets, gross
\nAt 01/01/2022 61,666 4,743 25,798 3,734 27,074 317
\nInvestments 3,918 58 0 0 3,860 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments -340 0 -344 0 4 0
\nAt 31/12/2022 65,244 4,801 25,454 3,734 30,938 317
\nAmortization and impairment
\nAt 01/01/2022 41,390 4,387 13,315 3,734 19,656 298
\nAmortization 3,279 173 0 0 3,099 7
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2022 44,669 4,560 13,315 3,734 22,755 305
\nIntangible assets, net 31/12/2022 20,575 241 12,139 0 8,183 12
\n
\n\n
\nThe expenses of brands with a finite useful life relate among other things
\nto registration costs of developed in-house brands.
\nThe investments in software in 2022 concern the further development of
\nthe digital platforms as well as the implementation of a new warehouse
\nmanagement system. There were also additional investments in the
\nfurther expansion of the Customer Data Platform.
\nKey money relates to stores in Germany, Spain and The Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities undertaken to acquire new scientific
\nor technical knowledge and understanding, is recognized as expense
\nwhen incurred.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag333": {
"value": "\n(a) Goodwill
\nGoodwill is allocated and tested for impairment at the cash-generating unit level that is expected to benefit from synergies of the combination the
\ngoodwill resulted from.
\nThe carrying value of goodwill (after impairment and other adjustments) was allocated to each of the cash-generating units (in thousand euro)
\nas follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 6,357 26,189 1,820 2,797 37,163
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -88 0 -88
\nAt 31/12/2022 6,357 26,189 1,732 2,797 37,075
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 6,357 26,189 0 0 32,546
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 6,357 26,189 0 0 32,546
\nAt 31/12/2022
\nAccumulated acquisitions 6,357 26,189 1,732 2,797 37,075
\nAccumulated adjustments 6,357 26,189 0 0 32,546
\nGoodwill, net 31/12/2022 0 0 1,732 2,797 4,529
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2022:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail Total
\nGoodwill 0 0 1,732 2,797 4,529
\nBrands with indefinite useful life 5,469 0 6,670 0 12,139
\nTotal intangible assets 5,469 0 8,402 2,797 16,668
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag336": {
"value": "\n(b) Brand names with indefinite useful life
\nThe carrying value of brands with indefinite useful life (after impairment and other adjustments) was allocated to each of the cash-generating units
\n(in thousand euro) as follows:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail
\n(1)
\nTotal
\nCarrying value, gross
\nAt 01/01/2022 11,000 7,784 7,014 0 25,798
\nAcquisition through business combinations 0 0 0 0 0
\nExchange differences 0 0 -344 0 -344
\nAt 31/12/2022 11,000 7,784 6,670 0 25,454
\nImpairment and other adjustments (revaluation)
\nAt 01/01/2022 5,531 7,784 0 0 13,315
\nAdjustments 0 0 0 0 0
\nAt 31/12/2022 5,531 7,784 0 0 13,315
\nAt 31/12/2022
\nAccumulated acquisitions 11,000 7,784 6,670 0 25,454
\nAccumulated adjustments 5,531 7,784 0 0 13,315
\nBrand names with indefinite useful life, net 31/12/2022 5,469 0 6,670 0 12,139
\n(1) Re-tail refers to the former Donker stores and online store in the Netherlands, which subsequently became Lincherie stores under our own management.
\n
\n\nBrands with indefinite useful life are:
\n\u2022 The Andres Sarda brand acquired in 2008. In 2012 an impairment charge of 5,531 thousand euro was recognized on this brand.
\n\u2022 The Intimacy brand and concept acquired in 2010. This brand and concept is fully written off in 2014 (7,784 thousand euro).
\n\u2022 The Rigby & Peller brand and concept acquired in 2011, the fair value of which was determined as part of a business combination.
\n
\nThese brands are considered to have an indefinite useful life because the Group sees them as a fully fledged extension of its existing brand portfolio.
\n
\n\n
\n\n
\n4.\u2002Intangible assets
\n\n000 euro Total
\nBrands with finite
\nuseful life
\nBrands with indefinite
\nuseful life
\nDistribution rights and
\nsimilar rights
\nSoftware
\nKey
\nmoney
\nIntangible assets, gross
\nAt 01/01/2021 59,112 4,601 25,518 3,734 24,942 317
\nInvestments 2,274 142 0 0 2,132 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments 280 0 280 0 0 0
\nAt 31/12/2021 61,666 4,743 25,798 3,734 27,074 317
\nAmortization and impairment
\nAt 01/01/2021 36,703 4,217 13,315 3,734 15,190 247
\nAmortization 4,687 170 0 0 4,466 51
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2021 41,390 4,387 13,315 3,734 19,656 298
\nIntangible assets, net 31/12/2021 20,276 356 12,483 0 7,418 19
\nIntangible assets, gross
\nAt 01/01/2022 61,666 4,743 25,798 3,734 27,074 317
\nInvestments 3,918 58 0 0 3,860 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments -340 0 -344 0 4 0
\nAt 31/12/2022 65,244 4,801 25,454 3,734 30,938 317
\nAmortization and impairment
\nAt 01/01/2022 41,390 4,387 13,315 3,734 19,656 298
\nAmortization 3,279 173 0 0 3,099 7
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2022 44,669 4,560 13,315 3,734 22,755 305
\nIntangible assets, net 31/12/2022 20,575 241 12,139 0 8,183 12
\n
\n\n
\nThe expenses of brands with a finite useful life relate among other things
\nto registration costs of developed in-house brands.
\nThe investments in software in 2022 concern the further development of
\nthe digital platforms as well as the implementation of a new warehouse
\nmanagement system. There were also additional investments in the
\nfurther expansion of the Customer Data Platform.
\nKey money relates to stores in Germany, Spain and The Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities undertaken to acquire new scientific
\nor technical knowledge and understanding, is recognized as expense
\nwhen incurred.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag351": {
"value": "\n
\n\nImpairment test
\nIn the fourth quarter of every year, the Group conducts its annual impairment test for each cash-generating unit. The following intangible assets
\nallocated to each of the cash-generating units were subject to an impairment test in 2022:
\n000 euro Andres Sarda Intimacy Rigby & Peller Re-tail Total
\nGoodwill 0 0 1,732 2,797 4,529
\nBrands with indefinite useful life 5,469 0 6,670 0 12,139
\nTotal intangible assets 5,469 0 8,402 2,797 16,668
\n
\n\nResult of the impairment test
\nIn 2022 the impairment test showed that the realizable value for all cash-
\ngenerating units (Andres Sarda, Rigby & Peller and Re-tail) exceeded the
\ncarrying value and hence no impairment was required.
\nMethodology applied to the impairment test
\nThis test aims to compare the realizable value and the carrying value of
\neach cash-generating unit:
\n\u2022
\nA model-based approach determines the realizable value based on the
\ncalculated value-in-use, being the present value of the future expected
\ncash flows from these cash-generating units:
\n \u2606
\nFor the first two years in the forecast period (2023-2024), the
\ngrowth plan as approved by the Board of Directors is used as
\nthe basis.
\n \u2606 For the subsequent years (2025-2026), a cash flow projection is
\ndrawn up based on realistic assumptions.
\n\u2022 For Sarda, the 2023-2028 strategic plan was taken as the basis. This
\nstrategic plan was approved by the Board of Directors on 13 June
\n2022.
\n\u2022
\nThe discount rate used to calculate the present value of the future
\nexpected cash flows is based on the market assessments and is
\nexplained below.
\nThe calculation of the value-in-use for all cash-generating units is most
\nsensitive to the following assumptions:
\n\u2022 Turnover assumptions for the forecast period;
\n\u2022 EBITDA
\n(1)
\n development and EBITDA margins applied to the turnover
\nforecast;
\n\u2022
\nGrowth rate used to extrapolate cash flows beyond the forecast period;
\n\u2022 Discount rate.
\nThe assumptions related to turnover and EBITDA developments are based
\non available internal data as well as historical percentages on the basis
\nof experience, which are determined for each of the cash-generating
\nunits separately. The growth rate and discount rates are checked against
\nexternal sources insofar as possible and relevant.
\nTurnover assumptions for the forecast period
\nFor the three cash-generating units, the growth plan as approved by
\nthe Board of Directors is the starting point for the first two years in the
\nforecast period (2023-2024).
\nFor Andres Sarda we expect turnover growth during the period 2026-2028.
\nFor the planning period (2023-2026) moderate turnover growth on a
\nlike-for-like basis has been applied to the cash-generating units Rigby
\n& Peller and Re-tail.
\nFully aligned with the segment reporting, the turnover estimates for the
\ncash-generating units Rigby & Peller and Re-tail include the D2C turnover
\nrealized by the stores as well as the B2B turnover for the Van de Velde
\nproducts sold by these retail channels. Furthermore, the estimate for
\nRigby & Peller also takes into account the digital sales generated outside
\nthe United Kingdom under the Rigby & Peller brand name.
\n(1) Operating profit before depreciation and amortization.
\n
\n\nEBITDA development and EBITDA margins applied to the
\nturnover forecast
\nA development towards the target EBITDA margin is assumed for Andres
\nSarda. The improved margin for Andres Sarda should mainly be achieved
\nthrough turnover growth in the B2B business and continued penetration
\nof Andres Sarda in Van de Velde\u2019s own stores. The cost evolution will also
\nbe monitored very strictly.
\nA gradual increase in the EBITDA percentage towards the target EBITDA
\npercentage for a (partially) integrated retail chain is assumed for the cash-
\ngenerating units Rigby & Peller and Re-tail. This is achieved by means
\nof a high gross margin, limited cost increases and the target market
\nshare of Van de Velde products. The contributions to EBITDA of digital
\nsales under the Rigby & Peller brand in Germany and the United States
\nof America were also included in the valuation.
\nGrowth rate used to extrapolate cash flows beyond the
\nforecast period
\nThe long-term percentage applied to extrapolate cash flows beyond the
\nforecast period is assessed in line with the expected long-term inflation
\nfor all cash-generating units (2 %).
\nDiscount rate
\nThe discount rates represent the current market assessment of the
\nrisks specific to the Van de Velde Group on the one hand and the cash-
\ngenerating units on the other. The discount rates are estimated on the
\nbasis of the weighted average cost of capital after tax and are for the
\nthree cash-generating units in a range between 8.5 % and 9.5 %. This
\ncorresponds to a cost of capital before tax of between 10.6 % and 11.9 %.
\nSensitivity to changes in assumptions
\nWith regard to the assessment of the value of the cash-generating unit
\nAndres Sarda, Rigby & Peller and Re-tail, management is of the opinion,
\nbased on the sensitivity analysis, that a change to the basic assump-
\ntions would not currently lead to the book value of the unit exceeding the
\nrealizable value. The tested sensitivities related to the following aspects:
\n\u2022 Lower than planned turnover growth (of -4 % or -5 %) during the plan-
\nning period (2023-2028);
\n\u2022
\nA reduction in the long-term percentage (from 2 % to 1 %) used to
\nextrapolate the expected turnover;
\n\u2022 An increase in the weighted average cost of capital of 8 % or 9 % to
\n12 % on average.
\n
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66 %) in the under-
\nlying recoverable amount of Top Form, with the recoverable amount
\ndetermined on the basis of the present value of the future expected cash
\nflows from the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2023-2026, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 12 % was used;
\n\u2022 Turnover estimates used a growth between 5 % and 7 %;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5 %.
\nThe headroom in the base case scenario is 2,967 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced to 3% and 5%. The headroom in this test is
\nnegative at -1,334 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1 %. The headroom in this case is
\n978 thousand euro.
\n\u2022 The discounting rate was increased to 13 %. The headroom is 1,191
\nthousand euro in this case.
\nThe sensitivity tests described above show adequate headroom in two
\nof the three sensitivity tests. As a result, the recoverable amount of Van
\nde Velde\u2019s participation in Top Form, based on the calculations and tests,
\nis higher than the carrying amount included in the balance sheet as per
\n31 december 2022.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10 % of the consolidated turnover. Under
\nIFRS 9 Van de Velde has an obligation to recognize expected losses on
\ntrade receivables. The application of this IFRS standard was included in
\nthe recognized impairment at an amount equal to 86 thousand euro (86
\nthousand euro in 2021). The total reduction in the allowance for doubt-
\nful debtors, -110 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for doubt-
\nful debtors:
\n000 euro 2022 2021
\nAt 1 January -495 -688
\nApplied losses 145 193
\nAdditions -35 0
\nAt 31 December -385 -495
\nThe aging analysis of the trade receivables at year end is as follows:
\n000 euro
\nTotal
\nNot past due
\nPast due
\n1 - 60 days
\nPast due
\n60-90 days
\nPast due
\n2022 14,732 11,242 2,237 777 476
\n2021 13,753 10,420 1,954 686 693
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag279": {
"value": "\n
\n4.\u2002Intangible assets
\n\n000 euro Total
\nBrands with finite
\nuseful life
\nBrands with indefinite
\nuseful life
\nDistribution rights and
\nsimilar rights
\nSoftware
\nKey
\nmoney
\nIntangible assets, gross
\nAt 01/01/2021 59,112 4,601 25,518 3,734 24,942 317
\nInvestments 2,274 142 0 0 2,132 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments 280 0 280 0 0 0
\nAt 31/12/2021 61,666 4,743 25,798 3,734 27,074 317
\nAmortization and impairment
\nAt 01/01/2021 36,703 4,217 13,315 3,734 15,190 247
\nAmortization 4,687 170 0 0 4,466 51
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2021 41,390 4,387 13,315 3,734 19,656 298
\nIntangible assets, net 31/12/2021 20,276 356 12,483 0 7,418 19
\nIntangible assets, gross
\nAt 01/01/2022 61,666 4,743 25,798 3,734 27,074 317
\nInvestments 3,918 58 0 0 3,860 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments -340 0 -344 0 4 0
\nAt 31/12/2022 65,244 4,801 25,454 3,734 30,938 317
\nAmortization and impairment
\nAt 01/01/2022 41,390 4,387 13,315 3,734 19,656 298
\nAmortization 3,279 173 0 0 3,099 7
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2022 44,669 4,560 13,315 3,734 22,755 305
\nIntangible assets, net 31/12/2022 20,575 241 12,139 0 8,183 12
\n
\n\n
\nThe expenses of brands with a finite useful life relate among other things
\nto registration costs of developed in-house brands.
\nThe investments in software in 2022 concern the further development of
\nthe digital platforms as well as the implementation of a new warehouse
\nmanagement system. There were also additional investments in the
\nfurther expansion of the Customer Data Platform.
\nKey money relates to stores in Germany, Spain and The Netherlands. Key
\nmoney refers to the \u2018droit au bail\u2019 or the right to rent the shops in Germany,
\nthe Netherlands and Spain and is recognized at cost.
\nExpenditure on research activities undertaken to acquire new scientific
\nor technical knowledge and understanding, is recognized as expense
\nwhen incurred.
\n
\n\n
\n5.\u2002Tangible fixed assets
\n\nLand and
\nInstallations, machinery and
\nAssets under
\n000 euro Total
\nbuildings
\nequipment
\nconstruction
\nTangible fixed assets, gross
\nAt 01/01/2021 93,312 42,850 50,460 2
\nInvestments 2,374 755 1,590 29
\nTransfer 0 0 2 -2
\nDisposals -2,735 0 -2,735 0
\nExchange adjustments 146 0 146 0
\nAt 31/12/2021 93,097 43,605 49,463 29
\nDepreciation and impairment
\nAt 01/01/2021 68,491 25,509 42,982 0
\nDepreciation 4,217 1,305 2,912 0
\nDisposals -2,608 0 -2,608 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2021 70,100 26,814 43,286 0
\nTangible fixed assets, net 31/12/2021 22,997 16,791 6,177 29
\nTangible fixed assets, gross
\nAt 01/01/2022 93,097 43,605 49,463 29
\nInvestments 4,156 526 904 2,726
\nTransfer 0 0 0 0
\nDisposals -1,000 -450 -550 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 96,253 43,681 49,817 2,755
\nDepreciation and impairment
\nAt 01/01/2022 70,100 26,814 43,286 0
\nDepreciation 3,506 1,717 1,789 0
\nDisposals -984 -446 -538 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 72,622 28,085 44,537 0
\nTangible fixed assets, net 31/12/2022 23,631 15,596 5,280 2,755
\n
\n\nThe investments in tangible fixed assets mainly concern various investments in the improvement and maintenance of buildings. The investments
\nin machines mostly involve investments in the distribution centre. We also initiated the expansion of our production plant in Tunisia.
\nBy 2022, 3% of the investments contribute to climate-change mitigation. We refer to chapter 9 of the annual brochure for the full sustainability report.
\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\nRight-of-use on rental agree-
\nRight-of-use on rental agreements or
\n000 euro Total
\nments for buildings
\npassenger vehicles
\nRight-of-use assets, gross
\nAt 01/01/2021 25,146 21,751 3,395
\nAdditions 1,763 658 1,105
\nRemeasurement -1,599 -1,659 60
\nOther adjustments 0 0 0
\nDisposal -4,202 -3,655 -547
\nExchange rate effects 982 980 2
\nAt 31/12/2021 22,090 18,075 4,015
\nDepreciation and impairment
\nAt 01/01/2021 10,436 9,112 1,324
\nDepreciations recorded 4,333 3,300 1,033
\nImpairment 0 0 0
\nOther adjustments 0 0 0
\nDisposal -3,401 -2,876 -525
\nExchange rate effects 482 483 -1
\nAt 31/12/2021 11,850 10,019 1,831
\nRight-of-use assets, net at 31/12/2021 10,240 8,056 2,184
\nRight-of-use assets, gross
\nAt 01/01/2022 22,090 18,075 4,015
\nAdditions 695 64 631
\nRemeasurement 463 463 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects 83 87 -4
\nAt 31/12/2022 21,619 17,418 4,201
\nDepreciation and impairment
\nAt 01/01/2022 11,850 10,019 1,831
\nDepreciations recorded 3,855 2,730 1,125
\nImpairment -502 -502 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects -25 -24 -1
\nAt 31/12/2022 13,467 10,953 2,514
\nRight-of-use assets, net at 31/12/2022 8,152 6,466 1,686
\n
\n",
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"Tag286": {
"value": "\n000 euro Total
\nBrands with finite
\nuseful life
\nBrands with indefinite
\nuseful life
\nDistribution rights and
\nsimilar rights
\nSoftware
\nKey
\nmoney
\nIntangible assets, gross
\nAt 01/01/2021 59,112 4,601 25,518 3,734 24,942 317
\nInvestments 2,274 142 0 0 2,132 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments 280 0 280 0 0 0
\nAt 31/12/2021 61,666 4,743 25,798 3,734 27,074 317
\nAmortization and impairment
\nAt 01/01/2021 36,703 4,217 13,315 3,734 15,190 247
\nAmortization 4,687 170 0 0 4,466 51
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2021 41,390 4,387 13,315 3,734 19,656 298
\nIntangible assets, net 31/12/2021 20,276 356 12,483 0 7,418 19
\nIntangible assets, gross
\nAt 01/01/2022 61,666 4,743 25,798 3,734 27,074 317
\nInvestments 3,918 58 0 0 3,860 0
\nDisposals 0 0 0 0 0 0
\nOther adjustments 0 0 0 0 0 0
\nExchange adjustments -340 0 -344 0 4 0
\nAt 31/12/2022 65,244 4,801 25,454 3,734 30,938 317
\nAmortization and impairment
\nAt 01/01/2022 41,390 4,387 13,315 3,734 19,656 298
\nAmortization 3,279 173 0 0 3,099 7
\nImpairment 0 0 0 0 0 0
\nDisposals 0 0 0 0 0 0
\nExchange adjustments 0 0 0 0 0 0
\nAt 31/12/2022 44,669 4,560 13,315 3,734 22,755 305
\nIntangible assets, net 31/12/2022 20,575 241 12,139 0 8,183 12
\n
\n\nLand and
\nInstallations, machinery and
\nAssets under
\n000 euro Total
\nbuildings
\nequipment
\nconstruction
\nTangible fixed assets, gross
\nAt 01/01/2021 93,312 42,850 50,460 2
\nInvestments 2,374 755 1,590 29
\nTransfer 0 0 2 -2
\nDisposals -2,735 0 -2,735 0
\nExchange adjustments 146 0 146 0
\nAt 31/12/2021 93,097 43,605 49,463 29
\nDepreciation and impairment
\nAt 01/01/2021 68,491 25,509 42,982 0
\nDepreciation 4,217 1,305 2,912 0
\nDisposals -2,608 0 -2,608 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2021 70,100 26,814 43,286 0
\nTangible fixed assets, net 31/12/2021 22,997 16,791 6,177 29
\nTangible fixed assets, gross
\nAt 01/01/2022 93,097 43,605 49,463 29
\nInvestments 4,156 526 904 2,726
\nTransfer 0 0 0 0
\nDisposals -1,000 -450 -550 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 96,253 43,681 49,817 2,755
\nDepreciation and impairment
\nAt 01/01/2022 70,100 26,814 43,286 0
\nDepreciation 3,506 1,717 1,789 0
\nDisposals -984 -446 -538 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 72,622 28,085 44,537 0
\nTangible fixed assets, net 31/12/2022 23,631 15,596 5,280 2,755
\n
\n\nThe cost of materials is as follows:
\n000 euro 2022 2021
\nPurchase of raw materials 45,044 39,720
\nChange in inventories -13,946 -3,807
\nChange in allowance for obsolescence 2,993 -48
\nCost of materials 34,091 35,865
\n
\n\nOther operating income and other expenses consist of the following:
\n000 euro 2022 2021
\nIncome from passed on costs 3,883 3,227
\nIncome from recovered costs 1,167 1,286
\nOther income 386 580
\nTotal other operating income 5,436 5,093
\nSubcontracting costs 27,083 20,504
\nDistribution costs 10,786 9,662
\nSales and marketing costs 21,556 19,525
\nGeneral administration costs 18,236 14,766
\nTotal other expenses 77,661 64,457
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nPersonnel expenses are as follows:
\n000 euro 2022 2021
\nWages 9,108 8,617
\nSalaries 28,988 28,088
\nSocial security contributions 8,275 7,838
\nOther personnel expenses 841 468
\nPersonnel expenses 47,213 45,011
\n
\n\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\nRight-of-use on rental agree-
\nRight-of-use on rental agreements or
\n000 euro Total
\nments for buildings
\npassenger vehicles
\nRight-of-use assets, gross
\nAt 01/01/2021 25,146 21,751 3,395
\nAdditions 1,763 658 1,105
\nRemeasurement -1,599 -1,659 60
\nOther adjustments 0 0 0
\nDisposal -4,202 -3,655 -547
\nExchange rate effects 982 980 2
\nAt 31/12/2021 22,090 18,075 4,015
\nDepreciation and impairment
\nAt 01/01/2021 10,436 9,112 1,324
\nDepreciations recorded 4,333 3,300 1,033
\nImpairment 0 0 0
\nOther adjustments 0 0 0
\nDisposal -3,401 -2,876 -525
\nExchange rate effects 482 483 -1
\nAt 31/12/2021 11,850 10,019 1,831
\nRight-of-use assets, net at 31/12/2021 10,240 8,056 2,184
\nRight-of-use assets, gross
\nAt 01/01/2022 22,090 18,075 4,015
\nAdditions 695 64 631
\nRemeasurement 463 463 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects 83 87 -4
\nAt 31/12/2022 21,619 17,418 4,201
\nDepreciation and impairment
\nAt 01/01/2022 11,850 10,019 1,831
\nDepreciations recorded 3,855 2,730 1,125
\nImpairment -502 -502 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects -25 -24 -1
\nAt 31/12/2022 13,467 10,953 2,514
\nRight-of-use assets, net at 31/12/2022 8,152 6,466 1,686
\n
\n\n
\n",
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"Tag282": {
"value": "\n
\n\n
\n5.\u2002Tangible fixed assets
\n\nLand and
\nInstallations, machinery and
\nAssets under
\n000 euro Total
\nbuildings
\nequipment
\nconstruction
\nTangible fixed assets, gross
\nAt 01/01/2021 93,312 42,850 50,460 2
\nInvestments 2,374 755 1,590 29
\nTransfer 0 0 2 -2
\nDisposals -2,735 0 -2,735 0
\nExchange adjustments 146 0 146 0
\nAt 31/12/2021 93,097 43,605 49,463 29
\nDepreciation and impairment
\nAt 01/01/2021 68,491 25,509 42,982 0
\nDepreciation 4,217 1,305 2,912 0
\nDisposals -2,608 0 -2,608 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2021 70,100 26,814 43,286 0
\nTangible fixed assets, net 31/12/2021 22,997 16,791 6,177 29
\nTangible fixed assets, gross
\nAt 01/01/2022 93,097 43,605 49,463 29
\nInvestments 4,156 526 904 2,726
\nTransfer 0 0 0 0
\nDisposals -1,000 -450 -550 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 96,253 43,681 49,817 2,755
\nDepreciation and impairment
\nAt 01/01/2022 70,100 26,814 43,286 0
\nDepreciation 3,506 1,717 1,789 0
\nDisposals -984 -446 -538 0
\nExchange adjustments 0 0 0 0
\nAt 31/12/2022 72,622 28,085 44,537 0
\nTangible fixed assets, net 31/12/2022 23,631 15,596 5,280 2,755
\n
\n\nThe investments in tangible fixed assets mainly concern various investments in the improvement and maintenance of buildings. The investments
\nin machines mostly involve investments in the distribution centre. We also initiated the expansion of our production plant in Tunisia.
\nBy 2022, 3% of the investments contribute to climate-change mitigation. We refer to chapter 9 of the annual brochure for the full sustainability report.
\n
\n\n
\n",
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"Tag277": {
"value": "\n
\n\n
\n\n6.\u2002Investments in associates
\nInvestments in associates consist of the following Group interests:
\n\u2022 25.7 % in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, pre-
\ndominantly for major European and American fashion brands. The
\ncompany is listed on the Hong Kong Stock Exchange. Van de Velde
\ninvested in Top Form in 2007 and has held 25.66 % of shares since
\n2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 0.2 million euro lower than at the end of 2021.
\nNet carrying amount
\nTop Form Ltd.
\n000 euro
\nAt 01/01/2021 12,525
\nResults of the fiscal year -438
\nCapital increase 1,167
\nDividend received 0
\nShare in other comprehensive income (con-
\nversion impact) -463
\nConversion profit and losses 954
\nAt 31/12/2021 13,745
\nAt 01/01/2022 13,745
\nResults of the fiscal year -697
\nCapital increase 0
\nDividend received 0
\nShare in the revaluation reserve 107
\nShare in other comprehensive income (con-
\nversion impact) -438
\nConversion profit and losses 839
\nAt 31/12/2022 13,556
\n
\nKey figures per participation are as follows:
\nTop Form Ltd.
\nTop Form Ltd.
\nKey figures 000 euro
\n(31/12/2022)
\n(31/12/2021)
\nTangible fixed assets 19,804 19,420
\nOther fixed assets 23,708 25,593
\nRight of use asset 3,075 2,574
\nCurrent assets 50,888 59,800
\nNon current liabilities 6,210 6,029
\nCurrent liabilities 31,603 41,793
\nLease liabilities 1,168 1,441
\nTotal net assets 58,494 58,124
\nUnrealized result in equity 10,529 11,490
\nTurnover 149,355 170,714
\nProfit/(Loss) attributable to
\nowners of the company -1,255 -2,244
\n
\nThe figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2022 (first half of fiscal year 2022-2023). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\nReconciliation net book value Top Form Ltd.
\n(31/12/2022)
\nParticipation percentage 25.66 %
\nTotal equity (in 000 HKD) 438,481
\nParticipation in equity (in 000 HKD) 112,514
\nCumulative exchange differences (in 000 euro) 3,813
\nInvestment in association (book value) (in 000 euro) 13,556
\nThe book value of the 25.66 % participation in Top Form was 13,556 thou-
\nsand euro at 31 December 2022 and the value of this participation based
\non the share price on that date was 3,722 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nThe transformation of Top Form (including major relocations within Asia
\nand the transition in the customer portfolio) had a substantial negative
\nimpact on the results of Top Form. This was intensified by the conse-
\nquences of covid-19 in the fiscal year ending on 30 June 2020, as the
\nmajority of Top Forms customers were forced to close stores worldwide.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2022, and
\nrelative to the total number of trading days on the Hong Kong Stock
\nExchange, a vast majority of trading days saw no trading in the stock
\nin 2022.
\nIn the first half of Top Form\u2019s fiscal year 2022-2023, ending 31 December
\n2022, there was a loss of m\u20ac 2.1. The loss is a result of declining sales
\nin the United States. Customers in the United States are currently strug-
\ngling with high inventories and declining consumer demand. Based on
\nall input available when the year was closed, Van de Velde continues to
\nfeel that the share in the underlying equity continues to reflect the value
\nof the participation in Top Form most accurately. Also based on the
\nother impairment indicators included in IAS 28 paragraph 41, there are
\nno indicators that an impairment would be necessary on 31 December
\n2022. This was also confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66 %) in the under-
\nlying recoverable amount of Top Form, with the recoverable amount
\ndetermined on the basis of the present value of the future expected cash
\nflows from the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2023-2026, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 12 % was used;
\n\u2022 Turnover estimates used a growth between 5 % and 7 %;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5 %.
\nThe headroom in the base case scenario is 2,967 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced to 3% and 5%. The headroom in this test is
\nnegative at -1,334 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1 %. The headroom in this case is
\n978 thousand euro.
\n\u2022 The discounting rate was increased to 13 %. The headroom is 1,191
\nthousand euro in this case.
\nThe sensitivity tests described above show adequate headroom in two
\nof the three sensitivity tests. As a result, the recoverable amount of Van
\nde Velde\u2019s participation in Top Form, based on the calculations and tests,
\nis higher than the carrying amount included in the balance sheet as per
\n31 december 2022.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag289": {
"value": "\n
\n\n6.\u2002Investments in associates
\nInvestments in associates consist of the following Group interests:
\n\u2022 25.7 % in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, pre-
\ndominantly for major European and American fashion brands. The
\ncompany is listed on the Hong Kong Stock Exchange. Van de Velde
\ninvested in Top Form in 2007 and has held 25.66 % of shares since
\n2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 0.2 million euro lower than at the end of 2021.
\nNet carrying amount
\nTop Form Ltd.
\n000 euro
\nAt 01/01/2021 12,525
\nResults of the fiscal year -438
\nCapital increase 1,167
\nDividend received 0
\nShare in other comprehensive income (con-
\nversion impact) -463
\nConversion profit and losses 954
\nAt 31/12/2021 13,745
\nAt 01/01/2022 13,745
\nResults of the fiscal year -697
\nCapital increase 0
\nDividend received 0
\nShare in the revaluation reserve 107
\nShare in other comprehensive income (con-
\nversion impact) -438
\nConversion profit and losses 839
\nAt 31/12/2022 13,556
\n
\nKey figures per participation are as follows:
\nTop Form Ltd.
\nTop Form Ltd.
\nKey figures 000 euro
\n(31/12/2022)
\n(31/12/2021)
\nTangible fixed assets 19,804 19,420
\nOther fixed assets 23,708 25,593
\nRight of use asset 3,075 2,574
\nCurrent assets 50,888 59,800
\nNon current liabilities 6,210 6,029
\nCurrent liabilities 31,603 41,793
\nLease liabilities 1,168 1,441
\nTotal net assets 58,494 58,124
\nUnrealized result in equity 10,529 11,490
\nTurnover 149,355 170,714
\nProfit/(Loss) attributable to
\nowners of the company -1,255 -2,244
\n
\nThe figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2022 (first half of fiscal year 2022-2023). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\nReconciliation net book value Top Form Ltd.
\n(31/12/2022)
\nParticipation percentage 25.66 %
\nTotal equity (in 000 HKD) 438,481
\nParticipation in equity (in 000 HKD) 112,514
\nCumulative exchange differences (in 000 euro) 3,813
\nInvestment in association (book value) (in 000 euro) 13,556
\nThe book value of the 25.66 % participation in Top Form was 13,556 thou-
\nsand euro at 31 December 2022 and the value of this participation based
\non the share price on that date was 3,722 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n
\n\n
\n\n
\nThe transformation of Top Form (including major relocations within Asia
\nand the transition in the customer portfolio) had a substantial negative
\nimpact on the results of Top Form. This was intensified by the conse-
\nquences of covid-19 in the fiscal year ending on 30 June 2020, as the
\nmajority of Top Forms customers were forced to close stores worldwide.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2022, and
\nrelative to the total number of trading days on the Hong Kong Stock
\nExchange, a vast majority of trading days saw no trading in the stock
\nin 2022.
\nIn the first half of Top Form\u2019s fiscal year 2022-2023, ending 31 December
\n2022, there was a loss of m\u20ac 2.1. The loss is a result of declining sales
\nin the United States. Customers in the United States are currently strug-
\ngling with high inventories and declining consumer demand. Based on
\nall input available when the year was closed, Van de Velde continues to
\nfeel that the share in the underlying equity continues to reflect the value
\nof the participation in Top Form most accurately. Also based on the
\nother impairment indicators included in IAS 28 paragraph 41, there are
\nno indicators that an impairment would be necessary on 31 December
\n2022. This was also confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66 %) in the under-
\nlying recoverable amount of Top Form, with the recoverable amount
\ndetermined on the basis of the present value of the future expected cash
\nflows from the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2023-2026, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 12 % was used;
\n\u2022 Turnover estimates used a growth between 5 % and 7 %;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5 %.
\nThe headroom in the base case scenario is 2,967 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced to 3% and 5%. The headroom in this test is
\nnegative at -1,334 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1 %. The headroom in this case is
\n978 thousand euro.
\n\u2022 The discounting rate was increased to 13 %. The headroom is 1,191
\nthousand euro in this case.
\nThe sensitivity tests described above show adequate headroom in two
\nof the three sensitivity tests. As a result, the recoverable amount of Van
\nde Velde\u2019s participation in Top Form, based on the calculations and tests,
\nis higher than the carrying amount included in the balance sheet as per
\n31 december 2022.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag287": {
"value": "\n6.\u2002Investments in associates
\nInvestments in associates consist of the following Group interests:
\n\u2022 25.7 % in Top Form International Ltd.
\nTop Form is a company based in Hong Kong with operations in several
\nAsian countries. The main activity is the production of lingerie, pre-
\ndominantly for major European and American fashion brands. The
\ncompany is listed on the Hong Kong Stock Exchange. Van de Velde
\ninvested in Top Form in 2007 and has held 25.66 % of shares since
\n2011.
\nThe participation in the associated company Top Form International Ltd.
\nis 0.2 million euro lower than at the end of 2021.
\nNet carrying amount
\nTop Form Ltd.
\n000 euro
\nAt 01/01/2021 12,525
\nResults of the fiscal year -438
\nCapital increase 1,167
\nDividend received 0
\nShare in other comprehensive income (con-
\nversion impact) -463
\nConversion profit and losses 954
\nAt 31/12/2021 13,745
\nAt 01/01/2022 13,745
\nResults of the fiscal year -697
\nCapital increase 0
\nDividend received 0
\nShare in the revaluation reserve 107
\nShare in other comprehensive income (con-
\nversion impact) -438
\nConversion profit and losses 839
\nAt 31/12/2022 13,556
\n
\nKey figures per participation are as follows:
\nTop Form Ltd.
\nTop Form Ltd.
\nKey figures 000 euro
\n(31/12/2022)
\n(31/12/2021)
\nTangible fixed assets 19,804 19,420
\nOther fixed assets 23,708 25,593
\nRight of use asset 3,075 2,574
\nCurrent assets 50,888 59,800
\nNon current liabilities 6,210 6,029
\nCurrent liabilities 31,603 41,793
\nLease liabilities 1,168 1,441
\nTotal net assets 58,494 58,124
\nUnrealized result in equity 10,529 11,490
\nTurnover 149,355 170,714
\nProfit/(Loss) attributable to
\nowners of the company -1,255 -2,244
\n
\nThe figures for Top Form International Ltd. refer to the closing situation
\non 31 December 2022 (first half of fiscal year 2022-2023). Turnover and
\nnet result refer to the result over a period of 12 months.
\nReconciliation with the net book value:
\nReconciliation net book value Top Form Ltd.
\n(31/12/2022)
\nParticipation percentage 25.66 %
\nTotal equity (in 000 HKD) 438,481
\nParticipation in equity (in 000 HKD) 112,514
\nCumulative exchange differences (in 000 euro) 3,813
\nInvestment in association (book value) (in 000 euro) 13,556
\nThe book value of the 25.66 % participation in Top Form was 13,556 thou-
\nsand euro at 31 December 2022 and the value of this participation based
\non the share price on that date was 3,722 thousand euro. Van de Velde
\nmaintains the book value of the participation in Top Form based on the
\nshare in the underlying equity of Top Form rather than on the share price.
\n
\n\n
\nThe transformation of Top Form (including major relocations within Asia
\nand the transition in the customer portfolio) had a substantial negative
\nimpact on the results of Top Form. This was intensified by the conse-
\nquences of covid-19 in the fiscal year ending on 30 June 2020, as the
\nmajority of Top Forms customers were forced to close stores worldwide.
\nA combination of these events, together with a very low share trade
\nvolume and significant fluctuations in the share price, due to a limited
\nnumber of transactions, had an impact on the share price. Often, several
\nconsecutive days went by without any trading in the share in 2022, and
\nrelative to the total number of trading days on the Hong Kong Stock
\nExchange, a vast majority of trading days saw no trading in the stock
\nin 2022.
\nIn the first half of Top Form\u2019s fiscal year 2022-2023, ending 31 December
\n2022, there was a loss of m\u20ac 2.1. The loss is a result of declining sales
\nin the United States. Customers in the United States are currently strug-
\ngling with high inventories and declining consumer demand. Based on
\nall input available when the year was closed, Van de Velde continues to
\nfeel that the share in the underlying equity continues to reflect the value
\nof the participation in Top Form most accurately. Also based on the
\nother impairment indicators included in IAS 28 paragraph 41, there are
\nno indicators that an impairment would be necessary on 31 December
\n2022. This was also confirmed by an additional impairment test.
\n\nImpairment test
\nA test was also performed on the value of the participation in Top Form
\nat the same time as the impairment test on goodwill and brand names
\nwith indefinite useful life.
\nMethodology for impairment tests
\nThis test compares the value according to the equity method as included
\non the balance sheet with the Van de Velde share (25.66 %) in the under-
\nlying recoverable amount of Top Form, with the recoverable amount
\ndetermined on the basis of the present value of the future expected cash
\nflows from the activities of Top Form.
\nBudget and business plans prepared by Top Forms management for the
\nyears 2023-2026, as also approved by Top Forms board of directors and
\naudit committee, were used for this test. These budgets include planned
\ninvestments and changes in working capital.
\nIn accordance with the requirements of IFRS, confirmation was also
\nreceived that these budgets were prepared in accordance with the cur-
\nrent financial and operational structure of the group, without taking into
\naccount any future reorganization or improvements or adjustments of
\nthe asset.
\nThe main assumptions used in the calculation, which are also the most
\nsensitive for determining the recoverable amount are:
\n\u2022 A discounting rate of 12 % was used;
\n\u2022 Turnover estimates used a growth between 5 % and 7 %;
\n\u2022 Growth percentage used to extrapolate cash flows beyond the plan-
\nning period was set at 2.5 %.
\nThe headroom in the base case scenario is 2,967 thousand euro. The
\nabovementioned sensitivities were subjected to various sensitivity tests.
\nThe following changes were made to the calculation models:
\n\u2022 The turnover estimates used during the period to which the expecta-
\ntions relate were reduced to 3% and 5%. The headroom in this test is
\nnegative at -1,334 thousand euro.
\n\u2022
\nThe growth percentage used to extrapolate cash flows beyond the
\nplanning period was reduced to 1 %. The headroom in this case is
\n978 thousand euro.
\n\u2022 The discounting rate was increased to 13 %. The headroom is 1,191
\nthousand euro in this case.
\nThe sensitivity tests described above show adequate headroom in two
\nof the three sensitivity tests. As a result, the recoverable amount of Van
\nde Velde\u2019s participation in Top Form, based on the calculations and tests,
\nis higher than the carrying amount included in the balance sheet as per
\n31 december 2022.
\nBased on the various valuation models used, there is currently no need
\nto recognize an impairment on the financial assets as included on the
\nbalance sheet of Van de Velde NV.
\nThe abovementioned test is conducted annually to check for indications
\nof an impairment on the asset, or more frequently if additional indicators
\nof impairment should emerge.
\n
\n
\n\n
\n
\n\nCompanies to which the equity method is applied
\n
\nThe equity method is applied to the following companies:
\nName Address (%) Equity interest 2022 Change on previous year
\nTOP FORM INTERNATIONAL LTD 7/F., Port 33, 33 Tseuk Luk Street,
\nSan Po Kong, Kowloon, Hong Kong
\n25.7 0
\nTop Form International Ltd (\u201cTFI\u201d)
\nIn 2022 transactions between the Group and TFI totalled 16,797 thousand US dollar. On 31 December 2022 the Group had trade payables to TFI in
\nthe amount of 1,503 thousand US dollar. In 2021 transactions between the Group and TFI totalled 6,925 thousand US dollar. On 31 December 2021
\nthe Group had trade payables to TFI in the amount of 346 thousand US dollar.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag278": {
"value": "\n7.\u2002Other fixed assets
\nOther fixed assets consist of the following:
\n000 euro 2022 2021
\nSecurity deposits for VAT 218 217
\nOther security deposits 945 780
\nOther participating interests 75 75
\nPrepaid rent expenses 0 0
\nBorrowings 144 117
\nOther fixed assets, net 1,382 1,189
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag291": {
"value": "\n8.\u2002Grants
\nA grant of 407 thousand euro was received in 2020, 2019, 2018 and
\n2017 in tranches from VLAIO (the Flemish Agency for Innovation and
\nEntrepreneurship) in relation to an ongoing research and development
\nproject. The grant is recognized in the income statement pro rata the
\ndepreciation of the underlying asset for which the grant was received.
\nIn both 2021 and 2022, 81 thousand euros of the grant was recognized
\nin the income statement.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag290": {
"value": "\n
\n9.\u2002Inventories
\nInventories by major components are as follows:
\n000 euro 2022 2021
\nFinished and merchandise goods 30,009 24,473
\nWork in progress 18,530 10,728
\nRaw materials 14,271 13,663
\nInventories, gross 62,810 48,864
\nLess: Allowance for obsolescence -8,652 -5,659
\nInventories, net 54,158 43,205
\nThe allowance for obsolescence in 2022 concerns finished products
\n(5,274 thousand euro) and raw materials (3,379 thousand euro). The
\nallowance for obsolescence in 2021 concerns finished products (2,674
\nthousand euro) and raw materials (2,985 thousand euro).
\nThe allowance for obsolescence and the additional write-downs is
\nrecorded in the income statement under \u2018Cost of materials\u2019.
\n\nThe cost of materials is as follows:
\n000 euro 2022 2021
\nPurchase of raw materials 45,044 39,720
\nChange in inventories -13,946 -3,807
\nChange in allowance for obsolescence 2,993 -48
\nCost of materials 34,091 35,865
\n
\n\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag272": {
"value": "\n
\n\n
\n10.\u2002Trade and other receivables
\nAccounts receivable are as follows:
\n000 euro 2022 2021
\nTrade receivables, gross 14,732 13,753
\nLess: allowance for doubtful debtors -385 -495
\nTrade receivables, net 14,347 13,258
\nTrade and other receivables are non-interest bearing. Standard payment
\nterms are country-defined. In addition to payment terms, Van de Velde
\nalso applies customer-defined credit limits in order to assure proper fol-
\nlow-up. In the event of overdue invoices, a reminder procedure is initiated.
\nIn 2022 there was a loss of 145 thousand euro with respect to trade
\nreceivables (193 thousand euro in 2021). This loss is recognized in the
\nincome statement under \u2018Turnover\u2019.
\n\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10 % of the consolidated turnover. Under
\nIFRS 9 Van de Velde has an obligation to recognize expected losses on
\ntrade receivables. The application of this IFRS standard was included in
\nthe recognized impairment at an amount equal to 86 thousand euro (86
\nthousand euro in 2021). The total reduction in the allowance for doubt-
\nful debtors, -110 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for doubt-
\nful debtors:
\n000 euro 2022 2021
\nAt 1 January -495 -688
\nApplied losses 145 193
\nAdditions -35 0
\nAt 31 December -385 -495
\nThe aging analysis of the trade receivables at year end is as follows:
\n000 euro
\nTotal
\nNot past due
\nPast due
\n1 - 60 days
\nPast due
\n60-90 days
\nPast due
\n2022 14,732 11,242 2,237 777 476
\n2021 13,753 10,420 1,954 686 693
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n\n
\n\n
\n\n
\n\n12.\u2002Cash and cash equivalents
\nCash and cash equivalents consist of the following:
\n000 euro 2022 2021
\nCash at banks and in hand 39,524 68,546
\nMarketable securities 20,000 5,000
\nCash and cash equivalents 59,524 73,546
\nThe marketable securities consist entirely of saving accounts at financial
\ninstitutions.
\nCash and cash equivalents recognized in the cash flow statement com-
\nprise the same elements as presented above.
\n
\n\n
\n\n
\n\n18.\u2002Trade and other payables
\nTrade and other payables consist of the following:
\n000 euro 2022 2021
\nTrade payables 11,258 11,228
\nPayroll, social charges 5,005 4,785
\nGift cards and credits issued 190 293
\nAccrued charges
\n(1)
\n7,800 8,384
\nDeferred income 622 675
\nFX forward contracts (note 20) 719 0
\nTrade and other payables 25,594 25,365
\n(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag274": {
"value": "\n
\n10.\u2002Trade and other receivables
\nAccounts receivable are as follows:
\n000 euro 2022 2021
\nTrade receivables, gross 14,732 13,753
\nLess: allowance for doubtful debtors -385 -495
\nTrade receivables, net 14,347 13,258
\nTrade and other receivables are non-interest bearing. Standard payment
\nterms are country-defined. In addition to payment terms, Van de Velde
\nalso applies customer-defined credit limits in order to assure proper fol-
\nlow-up. In the event of overdue invoices, a reminder procedure is initiated.
\nIn 2022 there was a loss of 145 thousand euro with respect to trade
\nreceivables (193 thousand euro in 2021). This loss is recognized in the
\nincome statement under \u2018Turnover\u2019.
\n\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10 % of the consolidated turnover. Under
\nIFRS 9 Van de Velde has an obligation to recognize expected losses on
\ntrade receivables. The application of this IFRS standard was included in
\nthe recognized impairment at an amount equal to 86 thousand euro (86
\nthousand euro in 2021). The total reduction in the allowance for doubt-
\nful debtors, -110 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for doubt-
\nful debtors:
\n000 euro 2022 2021
\nAt 1 January -495 -688
\nApplied losses 145 193
\nAdditions -35 0
\nAt 31 December -385 -495
\nThe aging analysis of the trade receivables at year end is as follows:
\n000 euro
\nTotal
\nNot past due
\nPast due
\n1 - 60 days
\nPast due
\n60-90 days
\nPast due
\n2022 14,732 11,242 2,237 777 476
\n2021 13,753 10,420 1,954 686 693
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag284": {
"value": "\n
\n\nConcerning the trade receivables, there are no indications that the debtors
\nwill not fulfil their payment obligations. Neither are there any customers
\nthat account for more than 10 % of the consolidated turnover. Under
\nIFRS 9 Van de Velde has an obligation to recognize expected losses on
\ntrade receivables. The application of this IFRS standard was included in
\nthe recognized impairment at an amount equal to 86 thousand euro (86
\nthousand euro in 2021). The total reduction in the allowance for doubt-
\nful debtors, -110 thousand euro, is recognized in the income statement
\nunder \u2018Other expenses\u2019.
\nThe table below summarizes a global view of the allowances for doubt-
\nful debtors:
\n000 euro 2022 2021
\nAt 1 January -495 -688
\nApplied losses 145 193
\nAdditions -35 0
\nAt 31 December -385 -495
\nThe aging analysis of the trade receivables at year end is as follows:
\n000 euro
\nTotal
\nNot past due
\nPast due
\n1 - 60 days
\nPast due
\n60-90 days
\nPast due
\n2022 14,732 11,242 2,237 777 476
\n2021 13,753 10,420 1,954 686 693
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag283": {
"value": "\n
\n\n
\n\n11.\u2002Other current assets
\nOther current assets consist of the following:
\n000 euro 2022 2021
\nPrepaid expenses
\n (1)
\n2,006 1,786
\nTax receivables (VAT & corporate income tax) 6,170 2,092
\nFX forward contracts (note 20) 178 0
\nOther current assets, net 8,354 3,878
\n(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nThe increase in taxes receivable relates to corporate income tax to be
\nrecovered for the years 2021 and 2022, as a result of an overpayment
\nin instalments.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag285": {
"value": "\n
\n\n11.\u2002Other current assets
\nOther current assets consist of the following:
\n000 euro 2022 2021
\nPrepaid expenses
\n (1)
\n2,006 1,786
\nTax receivables (VAT & corporate income tax) 6,170 2,092
\nFX forward contracts (note 20) 178 0
\nOther current assets, net 8,354 3,878
\n(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nThe increase in taxes receivable relates to corporate income tax to be
\nrecovered for the years 2021 and 2022, as a result of an overpayment
\nin instalments.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag292": {
"value": "\n11.\u2002Other current assets
\nOther current assets consist of the following:
\n000 euro 2022 2021
\nPrepaid expenses
\n (1)
\n2,006 1,786
\nTax receivables (VAT & corporate income tax) 6,170 2,092
\nFX forward contracts (note 20) 178 0
\nOther current assets, net 8,354 3,878
\n(1) Pre-paid expenses mainly concern pre-paid maintenance costs.
\nThe increase in taxes receivable relates to corporate income tax to be
\nrecovered for the years 2021 and 2022, as a result of an overpayment
\nin instalments.
\n
\n\n19.\u2002Other current liabilities and taxes
\npayable
\n000 euro 2022 2021
\nOther current liabilities: taxes (VAT payable,
\nlocal taxes, withholding taxes) 1,763 1,676
\nTaxes payable: corporate income taxes 1,404 1,571
\nCurrent liabilities and tax liabilities are in line with 2021. On the one hand,
\nthere is a limited increase in outstanding VAT debt in 2022 as a result
\nof growth in turnover. On the other hand, there is a limited decrease in
\nestimated tax liabilities. The 2022 effective tax rate is similar to the 2021
\none (note 23).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag271": {
"value": "\n12.\u2002Cash and cash equivalents
\nCash and cash equivalents consist of the following:
\n000 euro 2022 2021
\nCash at banks and in hand 39,524 68,546
\nMarketable securities 20,000 5,000
\nCash and cash equivalents 59,524 73,546
\nThe marketable securities consist entirely of saving accounts at financial
\ninstitutions.
\nCash and cash equivalents recognized in the cash flow statement com-
\nprise the same elements as presented above.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag288": {
"value": "\n
\n\n
\n13.\u2002Share capital
\n000 euro 2022 2021
\nNominative shares 7,562,672 7,562,477
\nDematerialized shares 5,759,808 5,760,003
\nTotal number of shares 13,322,480 13,322,480
\nOn 31 December 2022 Van de Velde NV\u2019s share capital was 1,936 thou-
\nsand euro (fully paid), represented by 13,322,480 shares with no nominal
\nvalue and all with the same rights insofar as they are not treasury shares,
\nwhose rights have been suspended or cancelled. The Board of Directors
\nof Van de Velde NV is authorized to raise the subscribed capital one or
\nmore times by a total amount of 1,936 thousand euro under the conditions
\nstated in the Articles of Association. This authorization is valid for five
\nyears after publication in the annexes to Belgisch Staatsblad/ Moniteur
\nbelge (10 May 2022).
\nThe distributions from retained earnings of Van de Velde NV, the parent
\ncompany, is limited to a legal reserve, which was built up in previous
\nyears, in accordance with Belgium\u2019s Companies Code, to 10 % of the
\nsubscribed capital.
\n\nTreasury shares
\nThe Extraordinary General Meeting of Shareholders of 11 December 2019
\ngave the Board of Directors the power to acquire the company\u2019s own
\nshares. This power is valid for a period of (i) three years, commencing
\non 3 January 2020, if the acquisition is necessary to prevent a serious
\nimminent disadvantage and (ii) five years, commencing on 11 December
\n2019, if the Board of Directors acquires the legally permissible number
\nof treasury shares at a price equal to the price at which they are quoted
\non Euronext Brussels, in accordance with article 7:215 of the Code of
\nCompanies and associations.
\nOn 23 February 2022, the Governing Council adopted a share buy-back
\nprogramme for up to 15 million euro. This buy-back programme started
\non 1 March 2022 and has an expected duration of one year.
\nAt the end of 2021 Van de Velde NV held 194,040 treasury shares.
\nIn 2022, 141,849 of its own shares were acquired by Van de Velde NV.
\nDuring 2022 no options were exercised under the option plan.
\nAt the end of 2022, Van de Velde NV held 335,889 treasury shares totalling
\n9,668 thousand euro. The treasury shares held by Van de Velde NV will,
\non the one hand, be offered to management under an option programme
\nthat has been running since 2010 and, on the other hand, be used to
\nreduce the excessive cash pile.
\n000 euro 2022 2021
\nShare capital 1,936 1,936
\nTreasury shares -9,668 -4,755
\nShare premium 743 743
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n13.\u2002Share capital
\n000 euro 2022 2021
\nNominative shares 7,562,672 7,562,477
\nDematerialized shares 5,759,808 5,760,003
\nTotal number of shares 13,322,480 13,322,480
\nOn 31 December 2022 Van de Velde NV\u2019s share capital was 1,936 thou-
\nsand euro (fully paid), represented by 13,322,480 shares with no nominal
\nvalue and all with the same rights insofar as they are not treasury shares,
\nwhose rights have been suspended or cancelled. The Board of Directors
\nof Van de Velde NV is authorized to raise the subscribed capital one or
\nmore times by a total amount of 1,936 thousand euro under the conditions
\nstated in the Articles of Association. This authorization is valid for five
\nyears after publication in the annexes to Belgisch Staatsblad/ Moniteur
\nbelge (10 May 2022).
\nThe distributions from retained earnings of Van de Velde NV, the parent
\ncompany, is limited to a legal reserve, which was built up in previous
\nyears, in accordance with Belgium\u2019s Companies Code, to 10 % of the
\nsubscribed capital.
\n\nTreasury shares
\nThe Extraordinary General Meeting of Shareholders of 11 December 2019
\ngave the Board of Directors the power to acquire the company\u2019s own
\nshares. This power is valid for a period of (i) three years, commencing
\non 3 January 2020, if the acquisition is necessary to prevent a serious
\nimminent disadvantage and (ii) five years, commencing on 11 December
\n2019, if the Board of Directors acquires the legally permissible number
\nof treasury shares at a price equal to the price at which they are quoted
\non Euronext Brussels, in accordance with article 7:215 of the Code of
\nCompanies and associations.
\nOn 23 February 2022, the Governing Council adopted a share buy-back
\nprogramme for up to 15 million euro. This buy-back programme started
\non 1 March 2022 and has an expected duration of one year.
\nAt the end of 2021 Van de Velde NV held 194,040 treasury shares.
\nIn 2022, 141,849 of its own shares were acquired by Van de Velde NV.
\nDuring 2022 no options were exercised under the option plan.
\nAt the end of 2022, Van de Velde NV held 335,889 treasury shares totalling
\n9,668 thousand euro. The treasury shares held by Van de Velde NV will,
\non the one hand, be offered to management under an option programme
\nthat has been running since 2010 and, on the other hand, be used to
\nreduce the excessive cash pile.
\n000 euro 2022 2021
\nShare capital 1,936 1,936
\nTreasury shares -9,668 -4,755
\nShare premium 743 743
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag273": {
"value": "\nTreasury shares
\nThe Extraordinary General Meeting of Shareholders of 11 December 2019
\ngave the Board of Directors the power to acquire the company\u2019s own
\nshares. This power is valid for a period of (i) three years, commencing
\non 3 January 2020, if the acquisition is necessary to prevent a serious
\nimminent disadvantage and (ii) five years, commencing on 11 December
\n2019, if the Board of Directors acquires the legally permissible number
\nof treasury shares at a price equal to the price at which they are quoted
\non Euronext Brussels, in accordance with article 7:215 of the Code of
\nCompanies and associations.
\nOn 23 February 2022, the Governing Council adopted a share buy-back
\nprogramme for up to 15 million euro. This buy-back programme started
\non 1 March 2022 and has an expected duration of one year.
\nAt the end of 2021 Van de Velde NV held 194,040 treasury shares.
\nIn 2022, 141,849 of its own shares were acquired by Van de Velde NV.
\nDuring 2022 no options were exercised under the option plan.
\nAt the end of 2022, Van de Velde NV held 335,889 treasury shares totalling
\n9,668 thousand euro. The treasury shares held by Van de Velde NV will,
\non the one hand, be offered to management under an option programme
\nthat has been running since 2010 and, on the other hand, be used to
\nreduce the excessive cash pile.
\n000 euro 2022 2021
\nShare capital 1,936 1,936
\nTreasury shares -9,668 -4,755
\nShare premium 743 743
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag275": {
"value": "\n14.\u2002Provisions
\n000 euro Provisions
\nAt 01/01/2021 156
\nArising during the year 307
\nUtilized 0
\nReversal 0
\nProvisions 31/12/2021 463
\nAt 01/01/2022 463
\nArising during the year 16
\nUtilized 0
\nReversal -240
\nProvisions 31/12/2022 239
\nIn 2022, the provision of 240 thousand euros for the settlement of the
\ncovid-related support received in the Netherlands was fully reversed.
\nIn addition, there was an increase of 16 thousand euro on the existing
\nprovision for sales agents.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag280": {
"value": "\n
\n\n15.\u2002Pensions
\nVan de Velde has five defined pension plans in Belgium. These plans are
\nclarified on a cumulative basis, as they are situated in the same geo-
\ngraphical location and have the same attributes and risk characteristics,
\ni.e. defined retirement plans.
\nAs well as the Belgian pension plans, the company also has pension
\nplans for its staff in foreign countries. These pension plans are defined
\ncontribution plans. In 2022, the pension provision on the balance sheet
\nwas 24 thousand euro (24 thousand euro in 2021).
\nThe pension plan in Belgium is subject to Belgian legislation and is a group
\ninsurance plan with guaranteed return (Tak 21). Since 2016, an annual
\nactuarial valuation occurred on 31 December by an independent actuary.
\nThe pension plan in Belgium is financed. If the fund investments are
\nlower than the minimum guarantee set by law, the insurer will notify the
\nemployer. The latter can then pay an additional contribution into the plan.
\n
\n\n
\n\n
\n\nThe adjusted actuarial calculation on 31 December 2021 and 31 December 2022 shows the following results:
\nAt 01/01/2021
\nDefined pension entitlement liability -12,307 -976 -55 2,037 -26 245 -11,082
\nMarket value of the fund investments 10,082 0 47 -772 734 -245 9,846
\nNet liability in the balance sheet -2,225 -976 -8 1,265 708 0 -1,236
\nAt 01/01/2022
\nDefined pension entitlement liability -11,082 -749 -110 4,395 0 189 -7,356
\nMarket value of the fund investments 9,846 0 101 -4,405 747 -189 6,100
\nNet liability in the balance sheet -1,236 -749 -9 -10 747 0 -1,256
\n(1) The \u2018Return\u2019 column includes the interest cost to the defined pension rights and the expected return on the asset.
\n(2) For the 2022 financial year, the change in calculation method allocated to other comprehensive income consists of -53 thousand euro in experience adjustments and 4,448 thousand euro in
\nfinancial adjustments. For the 2021 financial year, the change in calculation method allocated to other comprehensive income consists of 185 thousand euro in experience adjustments, 951
\nthousand euro in financial adjustments and 901 thousand euro in demographic adjustments.
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n| 57 |
\nAt 31/12/2021
\nAt 31/12/2022
\n
\n\n
\n\nThe investments primarily relate to qualifying insurance policies (99.9 %
\nof all investments). The expected contribution by the employer for the
\nyear ending 31 December 2022 is 747 thousand euro.
\nThe main actuarial assumptions used in the valuation of the pension
\nplans are shown in the table below:
\n2022 2021
\nAnnual pay rises (excluding inflation)
\nage 20-24: 6.60 % 6.60 %
\nage 25-29: 5.10 % 5.10 %
\nage 30-34: 2.60 % 2.60 %
\nage 35-39: 2.10 % 2.10 %
\nage 40-44: 3.10 % 3.10 %
\nfrom age 45: 1.60 % 1.60 %
\nAnnual inflation 2.30 % 1.90 %
\nAnnual discount rate 4.00 % 1.00 %
\nPension age in years 65 65
\nTotal number of members 1,015 985
\nAverage age in years 44.7 44.4
\nEstimated duration in years 16.82 17.79
\nThe table below shows the effect of the discount rate on the defined pension entitlement liability:
\nDiscount rate 3.50 % 4.00 % 4.50 %
\nDefined pension entitlement liability 7,873 7,356 6,881
\nMarket value of the investment funds 6,493 6,100 5,734
\nThe table below shows the effect of the withdrawals from the plan on the defined pension entitlement liability:
\nWithdrawals from the plan Employer table 0.00 %
\nDefined pension entitlement 7,356 8,729
\nThe sensitivity analysis in the above tables is determined on the basis of a method that shows the impact on the liability due to the defined pension
\nentitlements as a consequence of reasonable changes to significant assumptions occurring at the end of the period. This analysis is based on a
\nchange to a significant assumption that keeps all other assumptions constant. The sensitivity analysis may not be representative of actual changes
\nin the defined pension entitlement liability because it is unlikely that changes to the assumptions could occur in isolation.
\nThe expected duration of the non-discounted pension payments is broken
\ndown in the table below:
\nExpected benefits
\nWithin 12 months
\n(fiscal year ending 31 December 2023) 60
\nBetween 2 and 5 years 904
\nBetween 5 and 10 years 3,083
\nTotal expected benefits 4,047
\nThe cash value of pension liabilities depends on a number of factors that
\nare determined actuarially on the basis of a number of assumptions.
\nThe assumptions used when calculating the net pension costs (income)
\ninclude the discount rate. Changes in the assumptions impact the carry-
\ning value of the pension liabilities.
\nVan de Velde determines the appropriate discount rate at the end of
\neach year. This is the interest rate that must be applied to determine
\nthe cash value of the estimated future cash flows required to meet the
\npension liabilities. When determining the appropriate discount rate, Van
\nde Velde uses the interest rate of high-value corporate bonds expressed
\nin the currency in which the pensions will be paid out and with a dura-
\ntion comparable to the duration of the corresponding pension liabilities.
\nOther important assumptions for pension liabilities, such as the expected
\nannual growth rate of salaries and expected withdrawals, are based partly
\non current market conditions and partly on proprietary parameters.
\nValuation trend
\nValuation trend
\nOriginal
\n-0,5 %
\n+0,5 %
\nOriginal Sensitivity
\n
\n\n
\n
\n22.\u2002Personnel expenses
\n\nPersonnel expenses are as follows:
\n000 euro 2022 2021
\nWages 9,108 8,617
\nSalaries 28,988 28,088
\nSocial security contributions 8,275 7,838
\nOther personnel expenses 841 468
\nPersonnel expenses 47,213 45,011
\n
\n\n\nWorkforce at balance sheet date 2022 2021
\nWhite collars 528 555
\nBlue collars 982 952
\nTotal 1,510 1,507
\n
\n\n
\n\n
\n\nShare-based payments
\nThe fair value of the options on the grant date is recognized for the period until the beneficiary acquires the option unconditionally in accordance
\nwith the gradual acquisition method.
\nThe impact of IFRS 2 on the result of the year 2022 was 237 thousand euro versus 128 thousand euro in 2021. The option plans were valued using
\nthe Black-Scholes-Merton model for call options. The following assumptions were used to determine the weighted average fair value at grant date:
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nAward date
\n(1)
\n29.09.16 03.10.17 n/a 15.10.19 09.10.20 01.10.21 08.03.22 04.10.22
\nDividend right as of the grant date no no n/a no no no no no
\nContractual term of the options 5-10 5-10 n/a 7-10 5-10 5-10 10 5-10
\nExercise price 63.02 45.13 n/a 23.36 22.60 28.75 32.40 32.40
\nExpected volatility 35.00 % 35.00 % n/a 35.00 % 35.00 % 35.00 % 35.00 % 35.00 %
\nRisk-free interest rate -0.269 % -0.143 % n/a -0.234 % -0.580 % -0.322 % 1.141 % 1.917 %
\n-0.242 % -0.398 % n/a -0.415 % -0.785 % -0.580 % 1.888 %
\nFair value of the share in options (in euro) 16.40 11.23 n/a 7.67 5.32 8.25 10.03 9.09
\n(1) The exchange of property will take place on the 60th day after the award date and is called the grant date.
\n
\n\n
\n\n
\n\nThe share option plan has changed as follows:
\nNumber of shares and options Option plan 2010-2020
\nOutstanding at 01/01/2021 92,000
\nExercisable at 01/01/2021 22,000
\nMovements during the year
\nAccepted 35,000
\nForfeited 0
\nExercised 0
\nExpired 6,000
\nOutstanding at 31/12/2021 121,000
\nExercisable at 31/12/2021 36,000
\nMovements during the year
\nAccepted 67,000
\nForfeited 30,000
\nExercised 0
\nExpired 1,000
\nOutstanding at 31/12/2022 157,000
\nExercisable at 31/12/2022 35,000
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag276": {
"value": "\n15.\u2002Pensions
\nVan de Velde has five defined pension plans in Belgium. These plans are
\nclarified on a cumulative basis, as they are situated in the same geo-
\ngraphical location and have the same attributes and risk characteristics,
\ni.e. defined retirement plans.
\nAs well as the Belgian pension plans, the company also has pension
\nplans for its staff in foreign countries. These pension plans are defined
\ncontribution plans. In 2022, the pension provision on the balance sheet
\nwas 24 thousand euro (24 thousand euro in 2021).
\nThe pension plan in Belgium is subject to Belgian legislation and is a group
\ninsurance plan with guaranteed return (Tak 21). Since 2016, an annual
\nactuarial valuation occurred on 31 December by an independent actuary.
\nThe pension plan in Belgium is financed. If the fund investments are
\nlower than the minimum guarantee set by law, the insurer will notify the
\nemployer. The latter can then pay an additional contribution into the plan.
\n
\n\nThe adjusted actuarial calculation on 31 December 2021 and 31 December 2022 shows the following results:
\nAt 01/01/2021
\nDefined pension entitlement liability -12,307 -976 -55 2,037 -26 245 -11,082
\nMarket value of the fund investments 10,082 0 47 -772 734 -245 9,846
\nNet liability in the balance sheet -2,225 -976 -8 1,265 708 0 -1,236
\nAt 01/01/2022
\nDefined pension entitlement liability -11,082 -749 -110 4,395 0 189 -7,356
\nMarket value of the fund investments 9,846 0 101 -4,405 747 -189 6,100
\nNet liability in the balance sheet -1,236 -749 -9 -10 747 0 -1,256
\n(1) The \u2018Return\u2019 column includes the interest cost to the defined pension rights and the expected return on the asset.
\n(2) For the 2022 financial year, the change in calculation method allocated to other comprehensive income consists of -53 thousand euro in experience adjustments and 4,448 thousand euro in
\nfinancial adjustments. For the 2021 financial year, the change in calculation method allocated to other comprehensive income consists of 185 thousand euro in experience adjustments, 951
\nthousand euro in financial adjustments and 901 thousand euro in demographic adjustments.
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n(2)
\n(1)
\nPension cost allocated to realized
\nincome
\nReturn
\nGain/(loss) as a consequence of
\nchanges to calculation method allo-
\ncated to other comprehensive income
\nEmployer contribution
\nBenefits paid
\n| 57 |
\nAt 31/12/2021
\nAt 31/12/2022
\n
\n\n
\n\n
\n\nThe investments primarily relate to qualifying insurance policies (99.9 %
\nof all investments). The expected contribution by the employer for the
\nyear ending 31 December 2022 is 747 thousand euro.
\nThe main actuarial assumptions used in the valuation of the pension
\nplans are shown in the table below:
\n2022 2021
\nAnnual pay rises (excluding inflation)
\nage 20-24: 6.60 % 6.60 %
\nage 25-29: 5.10 % 5.10 %
\nage 30-34: 2.60 % 2.60 %
\nage 35-39: 2.10 % 2.10 %
\nage 40-44: 3.10 % 3.10 %
\nfrom age 45: 1.60 % 1.60 %
\nAnnual inflation 2.30 % 1.90 %
\nAnnual discount rate 4.00 % 1.00 %
\nPension age in years 65 65
\nTotal number of members 1,015 985
\nAverage age in years 44.7 44.4
\nEstimated duration in years 16.82 17.79
\nThe table below shows the effect of the discount rate on the defined pension entitlement liability:
\nDiscount rate 3.50 % 4.00 % 4.50 %
\nDefined pension entitlement liability 7,873 7,356 6,881
\nMarket value of the investment funds 6,493 6,100 5,734
\nThe table below shows the effect of the withdrawals from the plan on the defined pension entitlement liability:
\nWithdrawals from the plan Employer table 0.00 %
\nDefined pension entitlement 7,356 8,729
\nThe sensitivity analysis in the above tables is determined on the basis of a method that shows the impact on the liability due to the defined pension
\nentitlements as a consequence of reasonable changes to significant assumptions occurring at the end of the period. This analysis is based on a
\nchange to a significant assumption that keeps all other assumptions constant. The sensitivity analysis may not be representative of actual changes
\nin the defined pension entitlement liability because it is unlikely that changes to the assumptions could occur in isolation.
\nThe expected duration of the non-discounted pension payments is broken
\ndown in the table below:
\nExpected benefits
\nWithin 12 months
\n(fiscal year ending 31 December 2023) 60
\nBetween 2 and 5 years 904
\nBetween 5 and 10 years 3,083
\nTotal expected benefits 4,047
\nThe cash value of pension liabilities depends on a number of factors that
\nare determined actuarially on the basis of a number of assumptions.
\nThe assumptions used when calculating the net pension costs (income)
\ninclude the discount rate. Changes in the assumptions impact the carry-
\ning value of the pension liabilities.
\nVan de Velde determines the appropriate discount rate at the end of
\neach year. This is the interest rate that must be applied to determine
\nthe cash value of the estimated future cash flows required to meet the
\npension liabilities. When determining the appropriate discount rate, Van
\nde Velde uses the interest rate of high-value corporate bonds expressed
\nin the currency in which the pensions will be paid out and with a dura-
\ntion comparable to the duration of the corresponding pension liabilities.
\nOther important assumptions for pension liabilities, such as the expected
\nannual growth rate of salaries and expected withdrawals, are based partly
\non current market conditions and partly on proprietary parameters.
\nValuation trend
\nValuation trend
\nOriginal
\n-0,5 %
\n+0,5 %
\nOriginal Sensitivity
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag308": {
"value": "\n
\n\n
\n\n
\n16.\u2002Other operating income and other
\nexpenses
\n\nOther operating income and other expenses consist of the following:
\n000 euro 2022 2021
\nIncome from passed on costs 3,883 3,227
\nIncome from recovered costs 1,167 1,286
\nOther income 386 580
\nTotal other operating income 5,436 5,093
\nSubcontracting costs 27,083 20,504
\nDistribution costs 10,786 9,662
\nSales and marketing costs 21,556 19,525
\nGeneral administration costs 18,236 14,766
\nTotal other expenses 77,661 64,457
\n
\n\nOther operating income consists mainly of charged export duties and
\ntransport costs, and the recovered costs include primarily recovered per-
\nsonnel and insurance costs. The increase in revenue from charged costs
\nis a result of a higher turnover. The decrease in income from recovered
\ncosts is the result of an exceptional intervention in personnel costs in
\n2021 due to covid.
\nThe increase in expenses (subcontracting, distribution, sales, and
\nmarketing) are mainly the result of higher sales volumes and marketing
\nefforts.
\nThe General administration costs mainly consists out of rent, utilities,
\ninterim work and external consultants. The increase is a result of inflation.
\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag305": {
"value": "\n
\n\n
\n16.\u2002Other operating income and other
\nexpenses
\n\nOther operating income and other expenses consist of the following:
\n000 euro 2022 2021
\nIncome from passed on costs 3,883 3,227
\nIncome from recovered costs 1,167 1,286
\nOther income 386 580
\nTotal other operating income 5,436 5,093
\nSubcontracting costs 27,083 20,504
\nDistribution costs 10,786 9,662
\nSales and marketing costs 21,556 19,525
\nGeneral administration costs 18,236 14,766
\nTotal other expenses 77,661 64,457
\n
\n\nOther operating income consists mainly of charged export duties and
\ntransport costs, and the recovered costs include primarily recovered per-
\nsonnel and insurance costs. The increase in revenue from charged costs
\nis a result of a higher turnover. The decrease in income from recovered
\ncosts is the result of an exceptional intervention in personnel costs in
\n2021 due to covid.
\nThe increase in expenses (subcontracting, distribution, sales, and
\nmarketing) are mainly the result of higher sales volumes and marketing
\nefforts.
\nThe General administration costs mainly consists out of rent, utilities,
\ninterim work and external consultants. The increase is a result of inflation.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag293": {
"value": "\n
\n16.\u2002Other operating income and other
\nexpenses
\n\nOther operating income and other expenses consist of the following:
\n000 euro 2022 2021
\nIncome from passed on costs 3,883 3,227
\nIncome from recovered costs 1,167 1,286
\nOther income 386 580
\nTotal other operating income 5,436 5,093
\nSubcontracting costs 27,083 20,504
\nDistribution costs 10,786 9,662
\nSales and marketing costs 21,556 19,525
\nGeneral administration costs 18,236 14,766
\nTotal other expenses 77,661 64,457
\n
\n\nOther operating income consists mainly of charged export duties and
\ntransport costs, and the recovered costs include primarily recovered per-
\nsonnel and insurance costs. The increase in revenue from charged costs
\nis a result of a higher turnover. The decrease in income from recovered
\ncosts is the result of an exceptional intervention in personnel costs in
\n2021 due to covid.
\nThe increase in expenses (subcontracting, distribution, sales, and
\nmarketing) are mainly the result of higher sales volumes and marketing
\nefforts.
\nThe General administration costs mainly consists out of rent, utilities,
\ninterim work and external consultants. The increase is a result of inflation.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag301": {
"value": "\n
\n\n17.\u2002Deferred taxes assets and liabilities
\nThe deferred taxes, valued at the theoretical tax rate of 25 %, consist of the following:
\n000 euro
\nDeferred tax liabilities
\non fixed assets
\nDeferred tax assets on
\nassets/liabilities
\nDeferred tax assets on
\ntransferrable losses
\nTotal
\nAt 01/01/2021 2,282 -1,354 -227 701
\nChanges -324 103 0 -221
\nAt 31/12/2021 1,958 -1,251 -227 480
\nAt 01/01/2022 1,958 -1,251 -227 480
\nChanges -89 -251 0 -340
\nAt 31/12/2022 1,869 -1,502 -227 140
\nThe net deferred tax liability of 140 thousand euro mainly concerns the following:
\n\u2022 With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must be spread over its life in a syste-
\nmatic way. In the statutory financial statements we use the double declining depreciation method on assets purchased until 31 December 2019,
\nwhich is restated in the consolidation. The deferred tax on this at the end of 2022 was 1,869 thousand euro.
\n\u2022
\nThe deferred taxes of 1,197 thousand euro were recorded on a revaluation of stock. Deferred taxes of 258 thousand euro are also recognized
\nunder IAS 19 with regard to the pension liability at Van de Velde. Finally the deferred tax assets of 47 thousand euro concern the settlement of
\nthe partnership agreement with Private Shop.
\n\u2022 The deferred tax assets of 227 thousand euro on transferrable losses concern our German retail division. For our division in the United States,
\nIntimacy Management Company LLC, it was decided not to provide for a deferred tax asset as there is no certainty that we will be able to use
\nthis in the future against future profits. The current estimated unrecognized latency is 1,716 thousand euro.
\n\u2022 The decrease of 340 thousand euro was recognized in the profit and loss account at -337 thousand euro, while 2 thousand euro was recognized
\nin equity (see note 23).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag304": {
"value": "\n17.\u2002Deferred taxes assets and liabilities
\nThe deferred taxes, valued at the theoretical tax rate of 25 %, consist of the following:
\n000 euro
\nDeferred tax liabilities
\non fixed assets
\nDeferred tax assets on
\nassets/liabilities
\nDeferred tax assets on
\ntransferrable losses
\nTotal
\nAt 01/01/2021 2,282 -1,354 -227 701
\nChanges -324 103 0 -221
\nAt 31/12/2021 1,958 -1,251 -227 480
\nAt 01/01/2022 1,958 -1,251 -227 480
\nChanges -89 -251 0 -340
\nAt 31/12/2022 1,869 -1,502 -227 140
\nThe net deferred tax liability of 140 thousand euro mainly concerns the following:
\n\u2022 With regard to the deferred tax liability on fixed assets, the depreciation amount of a tangible fixed asset must be spread over its life in a syste-
\nmatic way. In the statutory financial statements we use the double declining depreciation method on assets purchased until 31 December 2019,
\nwhich is restated in the consolidation. The deferred tax on this at the end of 2022 was 1,869 thousand euro.
\n\u2022
\nThe deferred taxes of 1,197 thousand euro were recorded on a revaluation of stock. Deferred taxes of 258 thousand euro are also recognized
\nunder IAS 19 with regard to the pension liability at Van de Velde. Finally the deferred tax assets of 47 thousand euro concern the settlement of
\nthe partnership agreement with Private Shop.
\n\u2022 The deferred tax assets of 227 thousand euro on transferrable losses concern our German retail division. For our division in the United States,
\nIntimacy Management Company LLC, it was decided not to provide for a deferred tax asset as there is no certainty that we will be able to use
\nthis in the future against future profits. The current estimated unrecognized latency is 1,716 thousand euro.
\n\u2022 The decrease of 340 thousand euro was recognized in the profit and loss account at -337 thousand euro, while 2 thousand euro was recognized
\nin equity (see note 23).
\n
\n\n23.\u2002Income taxes
\nThe major components of income tax expense for the years ending 31
\nDecember 2022 and 2021 are:
\n000 euro 2022 2021
\nCurrent income tax 9,560 8,832
\nCurrent income tax charge 9,349 8,247
\nAdjustments in respect of current income
\ntax of previous years 210 585
\nDeferred income tax -337 -537
\nRelating to the origination and reversal of
\ntemporary differences -337 -537
\nIncome tax expense reported in the conso-
\nlidated income statement 9,222 8,295
\nTaxes reported in the other comprehensive
\nincome 2 316
\nThe reconciliation of income tax expense applicable to income before
\ntaxes at the statutory income tax rate and income tax expense at the
\nGroup\u2019s effective income tax rate for each of the past two years ending
\n31 December is as follows:
\n000 euro 2022 2021
\nProfit before taxes
\n(1)
\n46,738 40,781
\nParent\u2019s statutory tax rate of 25 % 11,684 10,195
\nHigher income tax rates in other countries 0 0
\nLower income tax rates in other countries -911 -219
\nUtilization tax losses and unrecognized
\nlosses -202 0
\nDisallowed expenses 237 215
\nTax credits -1,586 -1,896
\nTotal income taxes 9,222 8,295
\nEffective income tax rate 19.73 % 20.34 %
\n(1) Profit before taxes excluding the share in the result of associates and impairment
\ncharges.
\nThe effective tax rate in 2022 is 19.73 % compared to 20.34 % in 2021.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag309": {
"value": "\n18.\u2002Trade and other payables
\nTrade and other payables consist of the following:
\n000 euro 2022 2021
\nTrade payables 11,258 11,228
\nPayroll, social charges 5,005 4,785
\nGift cards and credits issued 190 293
\nAccrued charges
\n(1)
\n7,800 8,384
\nDeferred income 622 675
\nFX forward contracts (note 20) 719 0
\nTrade and other payables 25,594 25,365
\n(1) In addition to the accrued bonuses to employees and directors as well as discounts to
\ncustomers, accrued charges also include the cost of external employees.
\nThe evolution in the components of the working capital was explained
\nin the activity report.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag316": {
"value": "\n
\n\n19.\u2002Other current liabilities and taxes
\npayable
\n000 euro 2022 2021
\nOther current liabilities: taxes (VAT payable,
\nlocal taxes, withholding taxes) 1,763 1,676
\nTaxes payable: corporate income taxes 1,404 1,571
\nCurrent liabilities and tax liabilities are in line with 2021. On the one hand,
\nthere is a limited increase in outstanding VAT debt in 2022 as a result
\nof growth in turnover. On the other hand, there is a limited decrease in
\nestimated tax liabilities. The 2022 effective tax rate is similar to the 2021
\none (note 23).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag303": {
"value": "\n
\n\n
\n\n
\n\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag307": {
"value": "\n
\n\n
\n\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag314": {
"value": "\n
\n\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag306": {
"value": "\n20.\u2002Financial instruments
\nThe fair value of the financial assets and liabilities (including cash, trade
\nreceivables and trade liabilities) is essentially equal to the book value, with
\nthe exception of the derivatives, which are valued at fair value.
\nThe Group applies derivative financial instruments to limit the risks of
\nunfavourable exchange rate fluctuations originating from operations
\nand investments.
\nDerivatives that do not qualify for hedge accounting
\nThe company concluded FX forward contracts to manage transaction
\nrisks with a maturity date between 03/01/2023 and 01/06/2023. As
\nthese contracts do not meet the hedging criteria of IAS 39, they are,
\nif applicable, valued at fair value and recognized as trading contracts
\nthrough profit or loss.
\nOn 31 December 2022, the fair value of these FX forward contracts was
\n-541 thousand euro, comprising an unrealized income of 178 thousand
\neuro and an unrealized loss of 719 thousand euro.
\nIn summary, the various fair values are set out in the following table:
\n000 euro 2022 2021
\nDerivatives that do not qualify for hedge
\naccounting:
\nOther current assets 178 0
\nOther current liabilities -719 0
\nReal value -541 0
\nThe valuation technique used to determine the fair value is level 2-com-
\npliant, with the various levels and related valuation techniques defined
\nas follows:
\n\u2022 Level 1: quoted (and not adjusted) prices on active markets for iden-
\ntical assets and liabilities;
\n\u2022
\nLevel 2: other techniques, in which all inputs that have a major impact
\non the recognized fair value are observable (directly or indirectly);
\n\u2022
\nLevel 3: techniques, using inputs with a major impact on the fair value
\nand for which no observable market data is available.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag299": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag320": {
"value": "\n
\n\n
\n\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag295": {
"value": "\n
\n\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag317": {
"value": "\n
\n\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag318": {
"value": "\n
\n\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n21.\u2002Financial result
\nThe financial result breaks down as follows:
\n000 euro 2022 2021
\nInterest income 47 11
\nInterest costs -107 -105
\nInterest result, net -60 -94
\nExchange gains
\n(1)
\n3,153 1,621
\nExchange losses
\n(1)
\n-3,687 -1,655
\nExchange gains due to IFRS16 0 0
\nExchange losses due to IFRS16 0 -5
\nExchange result, net -535 -39
\nIncome from investments (dividends) 0 0
\nOther financial income 0 0
\nOther financial costs -427 -406
\nOther financial costs due to IFRS 16 -318 -454
\nFinancial result -1,340 -993
\n(1) Exchange rate differences (gains and losses) mainly relate to USD, CHF and GBP.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag296": {
"value": "\nWorkforce at balance sheet date 2022 2021
\nWhite collars 528 555
\nBlue collars 982 952
\nTotal 1,510 1,507
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag312": {
"value": "\nShare-based payments
\nThe fair value of the options on the grant date is recognized for the period until the beneficiary acquires the option unconditionally in accordance
\nwith the gradual acquisition method.
\nThe impact of IFRS 2 on the result of the year 2022 was 237 thousand euro versus 128 thousand euro in 2021. The option plans were valued using
\nthe Black-Scholes-Merton model for call options. The following assumptions were used to determine the weighted average fair value at grant date:
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2015
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nPLAN
\n2020
\nAward date
\n(1)
\n29.09.16 03.10.17 n/a 15.10.19 09.10.20 01.10.21 08.03.22 04.10.22
\nDividend right as of the grant date no no n/a no no no no no
\nContractual term of the options 5-10 5-10 n/a 7-10 5-10 5-10 10 5-10
\nExercise price 63.02 45.13 n/a 23.36 22.60 28.75 32.40 32.40
\nExpected volatility 35.00 % 35.00 % n/a 35.00 % 35.00 % 35.00 % 35.00 % 35.00 %
\nRisk-free interest rate -0.269 % -0.143 % n/a -0.234 % -0.580 % -0.322 % 1.141 % 1.917 %
\n-0.242 % -0.398 % n/a -0.415 % -0.785 % -0.580 % 1.888 %
\nFair value of the share in options (in euro) 16.40 11.23 n/a 7.67 5.32 8.25 10.03 9.09
\n(1) The exchange of property will take place on the 60th day after the award date and is called the grant date.
\n
\n\nThe share option plan has changed as follows:
\nNumber of shares and options Option plan 2010-2020
\nOutstanding at 01/01/2021 92,000
\nExercisable at 01/01/2021 22,000
\nMovements during the year
\nAccepted 35,000
\nForfeited 0
\nExercised 0
\nExpired 6,000
\nOutstanding at 31/12/2021 121,000
\nExercisable at 31/12/2021 36,000
\nMovements during the year
\nAccepted 67,000
\nForfeited 30,000
\nExercised 0
\nExpired 1,000
\nOutstanding at 31/12/2022 157,000
\nExercisable at 31/12/2022 35,000
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag319": {
"value": "\n24.\u2002Earnings per share
\nBasic earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, excluding the
\nshares purchased by the Group and held as treasury shares (note 13).
\nDiluted earnings per share are calculated by dividing the net income for
\nthe year attributable to ordinary shareholders by the weighted average
\nnumber of ordinary shares outstanding during the year, both adjusted for
\nthe effects of dilutive potential ordinary shares (stock options).
\n2022 2021
\nProfit attributable to shareholders (in
\n000 euro) 36,819 32,048
\nWeighted average number of ordinary
\nshares 13,064,354 13,169,650
\nDilutive effect of stock options 30,856 3,230
\nWeighted average number of shares
\nafter impact of dilution 13,095,210 13,172,880
\nBasic earnings per share (euro) 2.82 2.43
\nDiluted earnings per share (euro) 2.81 2.43
\nIn 2022, the options awarded over the period 2019 - 2022 had a dilutive
\neffect. In 2021 only the options awarded over the period 2019 and 2020
\nhad a dilutive effect.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag311": {
"value": "\n25.\u2002Dividends paid and proposed
\n000 euro 2022 2021
\nDividend paid 26,645 13,323
\n- in 2022:
\n-2.00 euro per share for fiscal year 2021.
\n- in 2021:
\n-1.00 euro per share for fiscal year 2020.
\nDividend proposed 29,309 26,645
\n- 2.20
\n
\neuro per share for fiscal year 2022.
\n- No dividend rights are attached to treasury shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag313": {
"value": "\n26.\u2002Commitments and contingent leases
\nThe Group has lease contracts for various assets such as vehicles and buildings used in its activities. The Group depreciates these assets on a
\nstraight-line basis over the shorter of the following periods: lease term in the contract or estimated useful life of the assets, with a maximum of
\n5 years for cars and a maximum of 10 years for buildings.
\nThere are several lease contracts that include extension and termination options and variable lease payments. The contracts with variable lease
\npayments are revenue-based. One variable lease payment of 184 thousand euros was applicable in 2022 compared to 154 thousand euros in 2021.
\nWe estimate the future outflow for this contract at 509 thousand euros, spread over a period of four years. The other contracts with variable lease
\npayments are currently expected to generate no additional outflow. There are currently no known future obligations under the extension and termina-
\ntion options that are not included in the current liabilities on the balance sheet.
\nThe Group also has certain leases of assets with short lease terms and leases of assets with low value. The Group applies the \u2018short-term lease\u2019 and
\n\u2018lease of low-value assets\u2019 recognition exemptions for these leases. Contracts that do not relate to an identifiable asset also fall outside the scope
\nas well as the variable rental obligations according to turnover.
\n
\n\n
\n\n
\n\nSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
\nRight-of-use on rental agree-
\nRight-of-use on rental agreements or
\n000 euro Total
\nments for buildings
\npassenger vehicles
\nRight-of-use assets, gross
\nAt 01/01/2021 25,146 21,751 3,395
\nAdditions 1,763 658 1,105
\nRemeasurement -1,599 -1,659 60
\nOther adjustments 0 0 0
\nDisposal -4,202 -3,655 -547
\nExchange rate effects 982 980 2
\nAt 31/12/2021 22,090 18,075 4,015
\nDepreciation and impairment
\nAt 01/01/2021 10,436 9,112 1,324
\nDepreciations recorded 4,333 3,300 1,033
\nImpairment 0 0 0
\nOther adjustments 0 0 0
\nDisposal -3,401 -2,876 -525
\nExchange rate effects 482 483 -1
\nAt 31/12/2021 11,850 10,019 1,831
\nRight-of-use assets, net at 31/12/2021 10,240 8,056 2,184
\nRight-of-use assets, gross
\nAt 01/01/2022 22,090 18,075 4,015
\nAdditions 695 64 631
\nRemeasurement 463 463 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects 83 87 -4
\nAt 31/12/2022 21,619 17,418 4,201
\nDepreciation and impairment
\nAt 01/01/2022 11,850 10,019 1,831
\nDepreciations recorded 3,855 2,730 1,125
\nImpairment -502 -502 0
\nOther adjustments 0 0 0
\nDisposal -1,711 -1,270 -441
\nExchange rate effects -25 -24 -1
\nAt 31/12/2022 13,467 10,953 2,514
\nRight-of-use assets, net at 31/12/2022 8,152 6,466 1,686
\n
\n\n
\n\n
\n\nThe investments in 2022 relate to the relocation of the showroom in Sweden as well as new car lease contracts replacing expired contracts.
\nThe revaluations concern the impact of rental contracts that were renegotiated and adjustments of the presumed rental agreement term compared to
\n2021. In 2022, this mainly relates to an agreement extension of a store in the United States of America and to a renewed agreement for the early closing
\nof a store in the United Kingdom. The renewed agreement results in a partial reversal of impairment losses for an amount of 502 thousand euros.
\nIn 2022, one store was closed in the Netherlands and one in Germany.
\nThe provision for lease liabilities relates to a provision for costs necessary to restore the leased assets to their original condition upon termination
\nof the contract.
\nThe table below summarizes the maturity profile of the Group\u2019s financial liabilities:
\n000 euro 3 to 12 months 1 to 5 years More than 5 years Total
\n2022 3,773 5,123 1,296 10,192
\n2021 4,014 8,100 784 12,898
\n
\nSet out below are the carrying amounts of long- and short-term lease liabilities and the movements during the period:
\n000 euro 2022 2021
\nAt 01/01 12,201 16,571
\nAdditions 528 1,862
\nOther changes (revaluations and exchange rate effect) 579 -1,360
\nPayments -4,409 -4,872
\nAt 31/12 8,900 12,201
\nCurrent 3,350 3,776
\nNon-current 5,549 8,425
\n
\nThe following are the amounts of IFRS16 in profit and loss:
\n000 euro 2022 2021
\nDepreciation expense of right-of-use assets 3,855 4,333
\nImpairment lease liabilities -502 0
\nMovement ARO obligations 0 -190
\nInterest expense on lease liabilities -318 -454
\nExchange rate differences on lease obligations 0 -5
\nExpense relating to short-term leases (included in \u2018other expenses\u2019) 8 8
\nExpense relating to leases of low-value assets (included in \u2018other expenses\u2019) 26 14
\nRent costs related to termination fees minus realized rent reductions (included in \u2018other expenses\u2019) 753 4
\nVariable rent costs based on turnover 184 154
\n
\n",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag310": {
"value": "\n
\n27.\u2002Related party disclosures
\n\nFull consolidation
\n
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\nName Address (%) Equity interest 2022 Change on previous year
\nVAN DE VELDE NV Lageweg 4
\nParent company
\n9260 SCHELLEBELLE, Belgium
\nBtw-nr. BE 0448.746.744
\nVAN DE VELDE GMBH & Co KG Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE
\nBlumenstra\u00dfe 24
\n100 0
\nVERWALTUNGS GMBH
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE TERMELO
\nSelyem U.4
\n100 0
\nES KERESKEDELMI KFT
\n7100 SZEKSZARD, Hungary
\nVAN DE VELDE UK LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nMARIE JO GMBH Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE IBERICA SL Calle Santa Eulalia, 5
\n100 0
\n08012 BARCELONA, Spain
\nVAN DE VELDE CONFECTION SARL Route De Sousse BP 25
\n100 0
\n4020 KONDAR, Tunisia
\nVAN DE VELDE FINLAND OY 1B25A, Fashion Center, H\u00e4rk\u00e4haankuja 14
\n100 0
\n01730 Vantaa, Finland
\nVAN DE VELDE NORTH AMERICA INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nVAN DE VELDE DENMARK APS Lejrvejen 8
\n100 0
\n6330 PADBORG, Denmark
\nVAN DE VELDE RETAIL INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nINTIMACY MANAGEMENT
\n1252 Madison Avenue
\n100 0
\nCOMPANY LLC
\nNY 10128, NEW YORK,
\nUnited States of America
\nRIGBY & PELLER LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nVAN DE VELDE NEDERLAND BV Beethovenstraat 28
\n100 0
\n1077 JH AMSTERDAM, the Netherlands
\nSales of goods and services are at arm\u2019s length between Group companies.
\n
\n\n
\n\n
\n\nCompanies to which the equity method is applied
\n
\nThe equity method is applied to the following companies:
\nName Address (%) Equity interest 2022 Change on previous year
\nTOP FORM INTERNATIONAL LTD 7/F., Port 33, 33 Tseuk Luk Street,
\nSan Po Kong, Kowloon, Hong Kong
\n25.7 0
\nTop Form International Ltd (\u201cTFI\u201d)
\nIn 2022 transactions between the Group and TFI totalled 16,797 thousand US dollar. On 31 December 2022 the Group had trade payables to TFI in
\nthe amount of 1,503 thousand US dollar. In 2021 transactions between the Group and TFI totalled 6,925 thousand US dollar. On 31 December 2021
\nthe Group had trade payables to TFI in the amount of 346 thousand US dollar.
\n
\n\n
\n\n
\nRelationships with shareholders
\n43.73 % of the shares of Van de Velde NV are held by the general public.
\nThese shares are traded on Euronext Brussels. Van de Velde Holding
\nNV, which groups the interests of the Laureys and Van de Velde families,
\nholds the remainder of the shares.
\n\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration
\nof 47,500 euro for his chairmanship of the Board of Directors, the
\nNomination and Remuneration Committee and for his membership of
\nthe Strategic Committee. The other non-executive members (excluding
\nthe managing director) receive an annual remuneration of 20,000 euro
\nfor their membership of the Board of Directors. All members of the Board
\nof Directors (excluding the managing director) receive 5,000 euro for
\ntheir membership of the Nomination and Remuneration Committee and
\nthe Audit and Risk Committee respectively, while the chairman receives
\na remuneration of 7,500 euro. The total remuneration for the directors
\n(excluding the managing director) was 230.0 thousand euro in 2022 and
\n145.0 thousand euro in 2021. The directors have not received any loan
\nor advance from the Group.
\nManagement Committee and Management
\nTeam Remuneration
\nFor the year ended 31 December 2022, a total amount of 2,191 thousand
\neuro (1,575 thousand euro in 2021) was awarded to the members of
\nthe Management Committee and the Management Team, including the
\nmanaging director. See the remuneration report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022
\nBasic remuneration: base salary earned in their position during the
\nyear under review;
\n\u2022
\nVariable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, deferred payment or a com-
\nplementary pension plan;
\n\u2022
\nGroup insurance premiums: insurance premium (invalidity, death,
\npension plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitaliza-
\ntion insurance;
\n\u2022 Exceptional remuneration concerns a retention bonus or severence
\npayment.
\n000 euro 2022 2021
\nBasic remuneration 1,918 985
\nVariable remuneration 727 459
\nGroup insurance premiums 47 6
\nOther benefits 106 7
\nExceptional remuneration 120 118
\nTotal 2,918 1,575
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Committee and Management Team
\nthrough the share option plan. In 2022 the members of the Management
\nTeam had the opportunity to participate in a share option plan by which
\nthey were granted 5,000 options (same in 2021 for the members of the
\nManagement Committee). No calculated costs are linked to the options
\naccepted by the members of the Management Team in 2022.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag302": {
"value": "\nFull consolidation
\n
\nThe consolidated financial statements include the financial statements of Van de Velde NV and the subsidiaries listed in the following table.
\nName Address (%) Equity interest 2022 Change on previous year
\nVAN DE VELDE NV Lageweg 4
\nParent company
\n9260 SCHELLEBELLE, Belgium
\nBtw-nr. BE 0448.746.744
\nVAN DE VELDE GMBH & Co KG Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE
\nBlumenstra\u00dfe 24
\n100 0
\nVERWALTUNGS GMBH
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE TERMELO
\nSelyem U.4
\n100 0
\nES KERESKEDELMI KFT
\n7100 SZEKSZARD, Hungary
\nVAN DE VELDE UK LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nMARIE JO GMBH Blumenstra\u00dfe 24
\n100 0
\n40212 DUSSELDORF, Germany
\nVAN DE VELDE IBERICA SL Calle Santa Eulalia, 5
\n100 0
\n08012 BARCELONA, Spain
\nVAN DE VELDE CONFECTION SARL Route De Sousse BP 25
\n100 0
\n4020 KONDAR, Tunisia
\nVAN DE VELDE FINLAND OY 1B25A, Fashion Center, H\u00e4rk\u00e4haankuja 14
\n100 0
\n01730 Vantaa, Finland
\nVAN DE VELDE NORTH AMERICA INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nVAN DE VELDE DENMARK APS Lejrvejen 8
\n100 0
\n6330 PADBORG, Denmark
\nVAN DE VELDE RETAIL INC 1252 Madison Avenue
\n100 0
\nNY 10128, NEW YORK,
\nUnited States of America
\nINTIMACY MANAGEMENT
\n1252 Madison Avenue
\n100 0
\nCOMPANY LLC
\nNY 10128, NEW YORK,
\nUnited States of America
\nRIGBY & PELLER LTD First Floor 22/22a Conduit Street
\n100 0
\nW1S 2XT, LONDON
\nUnited Kingdom
\nVAN DE VELDE NEDERLAND BV Beethovenstraat 28
\n100 0
\n1077 JH AMSTERDAM, the Netherlands
\nSales of goods and services are at arm\u2019s length between Group companies.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
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"value": "VAN DE VELDE NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag294": {
"value": "Lageweg 49260 SCHELLEBELLE, Belgium",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag300": {
"value": "NVVan de Velde Holding",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493009LLUCOLP3YH507",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nRelationship with key management personnel
\nSee the remuneration report in chapter 3.
\nDirector Remuneration
\nHerman Van de Velde NV received an annual gross remuneration
\nof 47,500 euro for his chairmanship of the Board of Directors, the
\nNomination and Remuneration Committee and for his membership of
\nthe Strategic Committee. The other non-executive members (excluding
\nthe managing director) receive an annual remuneration of 20,000 euro
\nfor their membership of the Board of Directors. All members of the Board
\nof Directors (excluding the managing director) receive 5,000 euro for
\ntheir membership of the Nomination and Remuneration Committee and
\nthe Audit and Risk Committee respectively, while the chairman receives
\na remuneration of 7,500 euro. The total remuneration for the directors
\n(excluding the managing director) was 230.0 thousand euro in 2022 and
\n145.0 thousand euro in 2021. The directors have not received any loan
\nor advance from the Group.
\nManagement Committee and Management
\nTeam Remuneration
\nFor the year ended 31 December 2022, a total amount of 2,191 thousand
\neuro (1,575 thousand euro in 2021) was awarded to the members of
\nthe Management Committee and the Management Team, including the
\nmanaging director. See the remuneration report in chapter 3 for more details.
\nThese total amounts include the following components:
\n\u2022
\nBasic remuneration: base salary earned in their position during the
\nyear under review;
\n\u2022
\nVariable remuneration: bonus acquired in the year under review. There
\nare various pay-out forms, including cash, deferred payment or a com-
\nplementary pension plan;
\n\u2022
\nGroup insurance premiums: insurance premium (invalidity, death,
\npension plan) paid by the Group;
\n\u2022 Other benefits are the private use of a company car and hospitaliza-
\ntion insurance;
\n\u2022 Exceptional remuneration concerns a retention bonus or severence
\npayment.
\n000 euro 2022 2021
\nBasic remuneration 1,918 985
\nVariable remuneration 727 459
\nGroup insurance premiums 47 6
\nOther benefits 106 7
\nExceptional remuneration 120 118
\nTotal 2,918 1,575
\nIn addition to these cash benefits, share-based benefits were granted to
\nthe members of the Management Committee and Management Team
\nthrough the share option plan. In 2022 the members of the Management
\nTeam had the opportunity to participate in a share option plan by which
\nthey were granted 5,000 options (same in 2021 for the members of the
\nManagement Committee). No calculated costs are linked to the options
\naccepted by the members of the Management Team in 2022.
\n
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag298": {
"value": "\n28.\u2002Segment information
\nIn 2022, Van de Velde decided to change the segments. The former
\nwholesale and retail segments were replaced by the B2B and the D2C
\nsegment. Van de Velde distinguishes two operational segments based
\non the \u201cmanagement approach\u201d: the B2B (business to business) and
\nthe D2C (direct to consumer) distribution channel. This \u201cmanagement
\napproach\u201d stipulates that external segment reporting be based, amongst
\nother things, on, internal organization, management structure and inter-
\nnal financial reporting. The management evaluates the performance of
\nboth segments at EBITDA-level to make decisions on the allocation of
\nresources and the evaluation of the achievements.
\nThe result of a segment includes the costs and revenues directly
\ngenerated by the segment. Non direct costs or revenues are reasonably
\nattributed to a segment, based on activities or volumes.
\nAssets and liabilities that can be reasonably attributed to segments
\n(goodwill and other fixed assets as well as stock and trade receivables)
\nare attributed. An important part of the assets and liabilities cannot be
\nattributed to segments and is managed at Group level. The valuation
\nprinciples of the operational segments are the same as the most impor-
\ntant policies of the Group.
\n
\n\n
\nVan de Velde does not have any transactions with a single customer in
\nwholesale or retail worth more than 10 % of total turnover.
\nThe selling price determines whether sales are attributed to the B2B or
\nD2C segment.
\nThe B2B segment refers to sales realized at wholesale price. Today this
\nconcerns the business with independent retail partners, e-tail partners,
\nfranchisees, marketplaces and department stores.
\nThe D2C segment refers to sales realized at retail price. Today this con-
\ncerns the business from our own store network, our own websites and
\nthe concession sales in department stores.
\nThe comparable figures for 2021 are restated to align the following tables
\nwith the new segments.
\n\nSegment Income Statement 2022 2021 (Restated)
\n000 euro B2B D2C Unallocated Total B2B D2C Unallocated Total
\nSegment revenues 168,657 43,088 0 211,745 156,687 38,564 0 195,251
\nSegment costs -117,806 -35,723 0 -153,529 -108,005 -32,235 0 -140,240
\nDepreciation 0 0 -10,139 -10,139 0 0 -13,237 -13,237
\nSegment results 50,851 7,365 -10,139 48,077 48,682 6,329 -13,237 41,774
\nNet finance profit -1,340 -993
\nResult from associates -697 -438
\nIncome taxes -9,222 -8,295
\nNet income 36,819 32,048
\n
\n\nSegment Balance Sheet 2022 2021 (Restated)
\n000 euro B2B D2C Total B2C D2C Total
\nSegment assets 62,568 18,805 81,373 50,553 20,999 71,552
\nUnallocated assets 127,062 135,625
\nConsolidated total assets 62,568 18,805 208,435 50,553 20,999 207,177
\nSegment liabilities 23,925 14,256 38,181 23,829 17,977 41,806
\nUnallocated liabilities 170,254 165,371
\nConsolidated total liabilities 23,925 14,256 208,435 23,829 17,977 207,177
\n
\n\nBreakdown by region - turnover 2022 2021
\n000 euro Eurozone Elsewhere Total Eurozone Elsewhere Total
\nTurnover 151,333 60,412 211,745 140,588 54,663 195,251
\nThe most important markets accounting for more than 10 % of turnover are stated below in descending order of turnover:
\n\u2022 Germany, Belgium and the Netherlands for the Eurozone;
\n\u2022 United States, United Kingdom and Switzerland for Elsewhere.
\nFurther information about the assets of the company - location (000 euro) Belgium Elsewhere Total
\nTangible fixed assets 19,816 3,815 23,631
\nIntangible assets 13,820 6,755 20,575
\nRight-of-use assets 1,106 7,047 8,153
\nInventories 51,293 2,865 54,158
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag322": {
"value": "\nSegment Income Statement 2022 2021 (Restated)
\n000 euro B2B D2C Unallocated Total B2B D2C Unallocated Total
\nSegment revenues 168,657 43,088 0 211,745 156,687 38,564 0 195,251
\nSegment costs -117,806 -35,723 0 -153,529 -108,005 -32,235 0 -140,240
\nDepreciation 0 0 -10,139 -10,139 0 0 -13,237 -13,237
\nSegment results 50,851 7,365 -10,139 48,077 48,682 6,329 -13,237 41,774
\nNet finance profit -1,340 -993
\nResult from associates -697 -438
\nIncome taxes -9,222 -8,295
\nNet income 36,819 32,048
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag324": {
"value": "\n29.\u2002Events after balance sheet
\nNo events after the balance sheet date had a major impact on the situation of the company.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag325": {
"value": "\n
\n30.\u2002Business risks with respect
\nto IFRS7
\nBesides the general strategic risks, Van de Velde has identified the fol-
\nlowing risks with respect to IFRS 7:
\nCurrency risk
\nDue to its international character, the Group is confronted with various
\nexchange rate risks on sale and purchase transactions.
\nIn terms of currency risk, between 25 % and 30 % of Group turnover is
\ngenerated in currencies other than the euro. In addition, a significant
\nproportion of purchases and expenses are traded in foreign currency
\n(e.g. purchases of raw materials and subcontractors, as well as local
\nexpenses within the retail network).
\nWhere possible, currency risks are managed by offsetting transactions in
\nthe same currency or by fixing exchange rates through forward contracts.
\nThese risks are managed at the level of the parent company. The Group
\nis aware that exchange risks cannot always be fully hedged.
\nForeign operations increase the currency risk of the Group. Financial
\ninstruments are not used to hedge this risk.
\nClosing rate Average rate
\nCAD 1.4420 1.3710
\nCHF 0.9833 1.0012
\nAUD 1.5699 1.5158
\nNOK 0.8826 0.8556
\nGBP 1.0648 1.0518
\nUSD 3.3344 3.2429
\nThe Group performed a sensitivity analysis in 2022 on the outstanding
\ntrade receivables and trade payables of the Group, at the balance sheet
\ndate converted with a sensitivity of 10 %.
\n000 euro 10 % -10 %
\nCAD 70 -70
\nCHF 78 -78
\nAUD 60 -60
\nGBP 75 -75
\n283 -283
\nThe Group performed a sensitivity analysis in 2022 on the equity com-
\nponents in the foreign currency of the Group, at the balance sheet date
\nconverted with a sensitivity of 10 %.
\n000 euro 10 % -10 %
\nGBP 380 -380
\nUSD 1,520 -1,520
\nTND 1,849 -1,849
\n3,749 -3,749
\n\nCredit risk
\nAs a consequence of the large diversified customer portfolio, the Group
\ndoes not have a significant concentration of credit risks. The Group has
\ndeveloped strategies and additional procedures to monitor and limit
\ncredit risk at its customers. B2B sales are generated through around
\n3,900 independent retailers and a small number of luxury department
\nstores. No single customer accounts for more than 2.8 % of the annual
\nturnover of the Group.
\nFurthermore, the insolvency risk is covered by credit insurance. In accord-
\nance with IFRS9, the Group applies the ECL model to its trade receivables.
\nFor further explanation in this regard, we refer to note 10.
\nWith respect to eCommerce activities, the credit risk is limited by using
\ncountry-specific payment methods, and there is collaboration with an
\nexternal partner who monitors the creditworthiness of potential eCom-
\nmerce customers.
\n
\n\nMacro-economic risk
\nThe impact of the macro-economic environment is monitored by
\nManagement and actions are taken where necessary.
\nFor 2022, inflation driven by increased gas prices was the main macro-
\neconomic risk. Inflation affects supply through costs and demand through
\npurchasing power. Pricing takes into account both rising costs and declin-
\ning purchasing power.
\nThe macro-economic factors impact the impairment exercise on good-
\nwill, on brand names with indefinite useful lives and on participations
\nin associated companies, as well as on the calculation of the pension
\nprovision, in particular :
\n\u2022
\nincreased interest rates and uncertainties in the market impact the
\ndiscount rates to be applied;
\n\u2022
\ncurrent market conditions are reflected in the WACC & discount rates
\napplied in the impairment analyses and in the assumptions applied
\nto the actuarial calculation of the pension provision;
\n\u2022
\nthe impact of inflation & increased interest costs were included in the
\nbudgets used in the impairment exercises as well as in the sensitivity
\nanalyses.
\n
\n\n
\n\nLiquidity and cash flow risk
\nThe liquidity and cash flow risk is rather limited thanks to the large opera-
\ntional cash flow and the net cash position (59.5 million euro). Credit lines
\nworth more than 10 million euro are also available. The Group has no
\nborrowings with fixed repayments.
\n
\n\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag326": {
"value": "\nCredit risk
\nAs a consequence of the large diversified customer portfolio, the Group
\ndoes not have a significant concentration of credit risks. The Group has
\ndeveloped strategies and additional procedures to monitor and limit
\ncredit risk at its customers. B2B sales are generated through around
\n3,900 independent retailers and a small number of luxury department
\nstores. No single customer accounts for more than 2.8 % of the annual
\nturnover of the Group.
\nFurthermore, the insolvency risk is covered by credit insurance. In accord-
\nance with IFRS9, the Group applies the ECL model to its trade receivables.
\nFor further explanation in this regard, we refer to note 10.
\nWith respect to eCommerce activities, the credit risk is limited by using
\ncountry-specific payment methods, and there is collaboration with an
\nexternal partner who monitors the creditworthiness of potential eCom-
\nmerce customers.
\n
\n",
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},
"Tag327": {
"value": "\nLiquidity and cash flow risk
\nThe liquidity and cash flow risk is rather limited thanks to the large opera-
\ntional cash flow and the net cash position (59.5 million euro). Credit lines
\nworth more than 10 million euro are also available. The Group has no
\nborrowings with fixed repayments.
\n
\n",
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"Tag323": {
"value": "\nRisk of interruptions in the supply chain
\nAdequate measures have been taken in several areas to minimize inter-
\nruptions in the supply chain and deal with any such interruptions that do
\noccur. Examples of such measures are:
\n\u2022
\nThe IT department has designed a disaster recovery plan to minimize
\nthe risk of damage from the failure of the computer infrastructure.
\nAdditionally, investments are made to limit the risk of failure of the
\ncomputer infrastructure itself.
\n\u2022 The risks of interruption in deliveries by a supplier and the possible
\nalternatives (if available) have been identified and are regularly moni-
\ntored. The creditworthiness of suppliers is also monitored.
\n\u2022 As far as possible, the concentration risk at suppliers is managed by
\nsufficient diversification. The ten leading material suppliers account
\nfor approximately 60 % of purchase costs of material. The largest
\nsupplier accounts for approximately 26 % of purchase costs and the
\nsecond and third largest supplier for 6 % , whereas all other suppliers
\naccount for no more than 4 %.
\n\u2022
\nAssembly capacity is mainly spread over Tunisia, China and Thailand.
\n\u2022 The raw materials warehouse and the distribution centre are located
\nat the same site. These warehouses are in separate buildings and
\nboth comply with high safety standards.
\n\u2022 Transparent chain management has been set up in which provisions
\nand/or any interruptions are proactively identified so that action can
\nbe taken.
\nMoreover, business risks as a consequence of a potential interruption
\nare covered by insurance. Adequate measures have been taken in con-
\nsultation with insurers who also regularly inspect the various locations.
\nRisk of overvalued stock
\nVan de Velde\u2019s business model entails risks with regard to raw materi-
\nals and finished products. Raw materials are ordered and production is
\nlaunched before we have full insight into the orders. As far as possible,
\nVan de Velde attempts to concentrate this risk at the level of raw materi-
\nals rather than finished products.
\nVan de Velde also applies a strict policy regarding write-downs on
\ninventories:
\n\u2022
\nThe value of finished products for which sales are declining is written
\ndown at the end of the season or during the following season. These
\nfinished products are fully written off in the subsequent year.
\n\u2022
\nIf there is no further need for additional production, the related raw
\nmaterials are written off completely.
\nProduct risk
\nSales are spread over about 47,000 stock references, more than 13,000
\nof which are changed every season. Therefore, sales do not depend on
\nthe success of any one model.
\nCompliance and regulatory risks
\nVan de Velde Group is subject to federal, regional and local laws and regu-
\nlations in each country in which it operates. Such laws and regulations
\nrelate to a wide variety of matters, such as data security, privacy, product
\nliability, health and safety, import and export, occupational accidents,
\nemployment practices and the relationship with associates (regarding
\novertime and workplace safety among other things), tax matters, unfair
\ncompetitive practices and similar regulations.
\nCompliance with, or changes in, these laws could reduce the revenues and
\nprofitability of the Group and could affect its business, financial conditions
\nor the results of operations.
\nVan de Velde Group has been subject to and may in the future be subject
\nto allegations of violating certain laws and/or regulations. Such allega-
\ntions or investigations or proceedings may require the Group to devote
\nsignificant management resources to defending itself. In the event that
\nsuch allegations are proven, Van de Velde may be subject to significant
\nfines, damages awards and other expenses, and its reputation may be
\nharmed.
\nVan de Velde Group actively strives to ensure compliance with all laws
\nand regulations to which it is subject. A degree of insurance has been
\ntaken out to cover some of the above-mentioned risks.
\nOther operational risks
\nThe Group is also faced with other operational risks which (if possible)
\nare monitored and for which (if available) correcting actions are taken.
\n
\n
\n",
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"footnote1": {
"value": "This includes depreciation and write-downs on fixed assets. Write-downs on current assets, however, are included in other expenses.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
},
"footnote2": {
"value": "The result from currency translation differences relates mainly to GBP and TND.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote3": {
"value": "The revaluation reserve of shares relates to a not realized revaluation reserve of Top Form International Ltd shares, when the interest in Top Form International Ltd. was not yet included in
\naccordance with the equity method, but as available-for-sale financial assets. This not realized reserve remains unchanged until the sale of the interest in Top Form International Ltd.
",
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}