{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ONT": "http://ontex.com/2024-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://ontex.com/2024-12-31/549300AQESC6JJOPW253-2024-12-31.xsd" ] }, "facts": { "f1__s9__6__14-1": { "value": "FIN-1 Statement of the Board of Directors The Board of Directors of Ontex Group NV certifies in the name and on behalf of Ontex Group NV, that to the best of their knowledge, \u2022 the consolidated financial statements, established in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union, give a true and fair view of the assets, financial position and results of Ontex Group NV and of the entities included in the consolidation;FIN-4.1.2 Basis of preparation These consolidated financial statements of the Ontex Group NV for the year ended December 31, 2024 have been prepared in compliance with IFRS (\u201cInternational Financial Reporting Standards\u201d) as adopted by the European Union. These include all IFRS standards and IFRIC interpretations issued and e\ufb00ective as at December 31, 2024. The new standards, amendments to standards and interpretations that are mandatory for the first time for the financial year beginning January 1, 2024, did not have a significant impact. No new standards, amendments to standards or interpretations were early adopted. These financial statements are prepared on an accrual basis and on the assumption that the entity is in going concern and will continue in operation in the foreseeable future. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note FIN-4.4. IFRS accounting standards to be adopted as from 2024 and onwards The following relevant new standards and amendments to existing standards have been published and endorsed by the European Union and are mandatory for the first time for the financial periods beginning on or after January 1, 2024: Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as current or non-current a\ufb00ect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They: \u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all a\ufb00ected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should a\ufb00ect the classification of a liability; \u2022 Clarify that classification is una\ufb00ected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; \u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, a\ufb00ect the corresponding liability\u2019s classification. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The amendment describes the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash \ufb02ows and exposure to liquidity risk. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognizing any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognized when they occur as these relate to the right of use terminated and not the right of use retained. The above-mentioned standards did not have an impact on the financial statements. Relevant IFRS accounting pronouncements to be adopted as from 2025 onwards A number of new standards, amendments to existing standards and annual improvement cycles have been published and are mandatory for the first time for reporting periods beginning on or after January 1, 2025 and have not been early adopted. Those which may be the most relevant to the Ontex Group\u2019s consolidated financial statements are set out below,. Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange Rates: Lack of Exchangeability (e\ufb00ective January 1, 2025). IAS 21 previously did not cover how to determine exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by the company is not observable. The narrow scope amendments add specific requirements on: \u2022 determining when a currency is exchangeable into another and when it is not; \u2022 determining the exchange rate to apply in case a currency is not exchangeable; \u2022 additional disclosures to provide when a currency is not exchangeable. Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments (e\ufb00ective on January 1, 2026). On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity (e\ufb00ective on January 1, 2026). On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7: \u2022 clarify the application of the \u2018own-use\u2019 requirements; \u2022 permit hedge accounting if these contracts are used as hedging instruments; and \u2022 new disclosure requirements to enable investors to understand the e\ufb00ect of these contracts on a company\u2019s financial performance and cash \ufb02ows. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective on January 1, 2027). The IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of profit or loss; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its \u2018operating profit or loss\u2019. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. The changes in presentation and disclosure required by IFRS 18 might require system and process changes. The above-mentioned amendment to IAS 21 is not expected to have a significant impact on the consolidated financial statements. The impact of the amendments to IFRS 9 and IFRS 7 as well as the standard IFRS 18 still needs to be assessed. Financial reporting in hyperin\ufb02ationary economies In 2022, the Turkish economy faced further high in\ufb02ation resulting in the three-year cumulative in\ufb02ation of Turkey to exceed 100%, thereby triggering the requirement to transition to hyperin\ufb02ation accounting as prescribed by IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies. IAS 29 requires to report the results of the company\u2019s operations in Turkey as if these were highly in\ufb02ationary as of January 1, 2022. The standard is applied as of 2022, and has been consistently applied in 2023 and 2024, except for the impact on equity which is fully presented in the cumulative translation reserves as of 2023. Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperin\ufb02ationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into euro at the period closing exchange rate. As a result, the statement of financial position and net results of subsidiaries operating in hyperin\ufb02ation economies are stated in terms of the measuring unit current at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__11": { "value": "Ontex Group NV", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__6": { "value": "Ontex Group", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__5": { "value": "Ontex Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__15": { "value": "FIN-2.1 Corporate information The consolidated financial statements of Ontex Group NV for the year ended December 31, 2024 were authorized for issue in accordance with a resolution of the Board of Directors on March 14, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__12": { "value": "FIN-2.2 Business activities Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex\u2019s innovative products are distributed in more than 110 countries through leading retailer brands, lifestyle brands and Ontex brands. Employing approximately 7,000 passionate people all over the world, Ontex has a presence in 14 countries, with its headquarters in Aalst, Belgium", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__10": { "value": "Employing approximately 7,000 passionate people all over the world, Ontex has a presence in 14 countries, with its headquarters in Aalst, Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__8": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__7": { "value": "Ontex Group NV is a 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"value": "FIN-4.1 Summary of significant accounting policies FIN-4.1.1 Introduction The accounting policies used to prepare the consolidated financial statements for the period from January 1, 2024 to December 31, 2024 are consistent with those applied in the audited consolidated financial statements for the year ended December 31, 2023 of Ontex Group NV. The accounting policies have been consistently applied to all the periods presented. FIN-4.1.2 Basis of preparation These consolidated financial statements of the Ontex Group NV for the year ended December 31, 2024 have been prepared in compliance with IFRS (\u201cInternational Financial Reporting Standards\u201d) as adopted by the European Union. These include all IFRS standards and IFRIC interpretations issued and e\ufb00ective as at December 31, 2024. The new standards, amendments to standards and interpretations that are mandatory for the first time for the financial year beginning January 1, 2024, did not have a significant impact. No new standards, amendments to standards or interpretations were early adopted. These financial statements are prepared on an accrual basis and on the assumption that the entity is in going concern and will continue in operation in the foreseeable future. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note FIN-4.4. IFRS accounting standards to be adopted as from 2024 and onwards The following relevant new standards and amendments to existing standards have been published and endorsed by the European Union and are mandatory for the first time for the financial periods beginning on or after January 1, 2024: Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as current or non-current a\ufb00ect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They: \u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all a\ufb00ected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should a\ufb00ect the classification of a liability; \u2022 Clarify that classification is una\ufb00ected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; \u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, a\ufb00ect the corresponding liability\u2019s classification. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The amendment describes the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash \ufb02ows and exposure to liquidity risk. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognizing any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognized when they occur as these relate to the right of use terminated and not the right of use retained. The above-mentioned standards did not have an impact on the financial statements. Relevant IFRS accounting pronouncements to be adopted as from 2025 onwards A number of new standards, amendments to existing standards and annual improvement cycles have been published and are mandatory for the first time for reporting periods beginning on or after January 1, 2025 and have not been early adopted. Those which may be the most relevant to the Ontex Group\u2019s consolidated financial statements are set out below,. Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange Rates: Lack of Exchangeability (e\ufb00ective January 1, 2025). IAS 21 previously did not cover how to determine exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by the company is not observable. The narrow scope amendments add specific requirements on: \u2022 determining when a currency is exchangeable into another and when it is not; \u2022 determining the exchange rate to apply in case a currency is not exchangeable; \u2022 additional disclosures to provide when a currency is not exchangeable. Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments (e\ufb00ective on January 1, 2026). On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity (e\ufb00ective on January 1, 2026). On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7: \u2022 clarify the application of the \u2018own-use\u2019 requirements; \u2022 permit hedge accounting if these contracts are used as hedging instruments; and \u2022 new disclosure requirements to enable investors to understand the e\ufb00ect of these contracts on a company\u2019s financial performance and cash \ufb02ows. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective on January 1, 2027). The IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of profit or loss; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its \u2018operating profit or loss\u2019. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. The changes in presentation and disclosure required by IFRS 18 might require system and process changes. The above-mentioned amendment to IAS 21 is not expected to have a significant impact on the consolidated financial statements. The impact of the amendments to IFRS 9 and IFRS 7 as well as the standard IFRS 18 still needs to be assessed. Financial reporting in hyperin\ufb02ationary economies In 2022, the Turkish economy faced further high in\ufb02ation resulting in the three-year cumulative in\ufb02ation of Turkey to exceed 100%, thereby triggering the requirement to transition to hyperin\ufb02ation accounting as prescribed by IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies. IAS 29 requires to report the results of the company\u2019s operations in Turkey as if these were highly in\ufb02ationary as of January 1, 2022. The standard is applied as of 2022, and has been consistently applied in 2023 and 2024, except for the impact on equity which is fully presented in the cumulative translation reserves as of 2023. Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperin\ufb02ationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into euro at the period closing exchange rate. As a result, the statement of financial position and net results of subsidiaries operating in hyperin\ufb02ation economies are stated in terms of the measuring unit current at the end of the reporting period.FIN-4.1.3 Consolidation Subsidiaries Subsidiaries are all entities over which the Group has control. Control is established when the Group is exposed, or has the rights, to variable returns from its involvement with the subsidiary and has the ability to a\ufb00ect those returns through its power over the subsidiary. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities assumed and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary in the case of a bargain purchase, the di\ufb00erence is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated but considered an impairment indicator of the asset transferred. Transactions with non-controlling interests The Group treats the transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the di\ufb00erence between any consideration paid and the relevant share acquired of the carrying value of the net assets of the subsidiary is recorded in equity. Gains and losses on disposal to non-controlling interests are also recorded in equity. When the Group ceases to have control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequent accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes. FIN-4.1.5 Foreign currencies Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Group\u2019s presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.1.6 Intangible assets An intangible asset is recognized on the statement of financial position when the following conditions are met: (1) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights; (2) it is probable that the expected future economic benefits that are attributable to the asset will \ufb02ow to the Group; (3) the Group can control the resource; and (4) the cost of the asset can be measured reliably. Intangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.1.7 Property, plant and equipment Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and less any accumulated impairment loss. Acquisition cost includes any directly attributable cost of bringing the asset to working condition for its intended use. Borrowing costs that are directly attributable to the acquisition, construction and/or production of a qualifying asset are capitalized as part of the cost of the asset. Expenditure on repair and maintenance which serve only to maintain, but not increase, the value of fixed assets is charged to the income statement. However, expenditure on major repair and major maintenance, which increases the future economic benefits that will be generated by the fixed asset, is identified as a separate element of the acquisition cost. The cost of property, plant and equipment is broken down into major components. These major components, which are replaced at regular intervals and consequently have a useful life that is di\ufb00erent from that of the fixed asset in which they are incorporated, are depreciated over their specific useful lives. In the event of replacement, the component is replaced and removed from the statement of financial position, and the new asset is depreciated up until the next major repair or maintenance. The depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine. FIN-4.1.8 Leases The Group leases several properties, machinery, vehicles and IT equipment. Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (less any lease incentives), \u2022 variable lease payments that are based on an index or rate, \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate, i.e. the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability, \u2022 any lease payments made at or before the commencement date less any lease incentives received, \u2022 any initial direct costs, and \u2022 an estimate of the costs related to the dismantling and removal of the underlying asset. If it is reasonably certain that the Group will exercise a purchase option, the asset shall be depreciated on a straight-line basis over its useful life (see note FIN-4.1.7). In all other circumstances the asset is depreciated on a straight-line basis over the shorter of the useful life of the asset or the lease term. For short-term leases (lease term of 12 months or less) or leases of low-value items (mainly IT equipment and small o\ufb03ce furniture) to which the Group applies the recognition exemptions available in IFRS 16, lease payments are recognized on a straight-line basis as an expense over the lease term. Some property leases contain variable payment terms that are linked to the use of the property (mainly warehouses). Variable lease payments that depend on the use are recognized in profit or loss in the period in which the condition that triggers those payments occurs. FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. FIN-4.1.10 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises the production costs, like raw materials, direct labor, and also the indirect production costs (production overheads based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.1.12 Revenue recognition Ontex Group\u2019s core activity is the sale of goods with as only performance obligation the delivery of goods. As such, the Group recognizes revenue at a point in time when control of the goods is transferred to the customer, generally on delivery of the goods. The Group sells its products to its customers directly, through distributors or agents. This can result in a di\ufb00erent moment to recognize revenue. Following delivery to distributors, the distributor has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. Next to the sale of goods, distinct services \u2013 mainly customer training or customer assistance services \u2013 are rendered predominantly over the period that the corresponding goods are sold to the customer. Transportation (shipping) is not be considered as a separate performance obligation as control over the goods is only transferred to the customer after the shipment. Payment terms can di\ufb00er depending on the customer, based on the credit risk and prior payment behavior of the customer. In addition, the geographical location of the company and the customer have an e\ufb00ect on the payment terms. There are no significant financing components in the transaction prices and the considerations are paid in cash. Customer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. FIN-4.1.13 Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value and financial assets at amortized cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash \ufb02ows. Management determines the classification of its financial assets at initial recognition. Regular purchases and sales of financial assets are recognized on the trade date \u2013 the date on which the Group commits to purchase or sell an asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortized cost using the e\ufb00ective interest method, less any impairment if they are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest. The e\ufb00ective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Trade and other receivables after and within one year are recognized initially at fair value and subsequently measured at amortized cost, i.e. at the net present value of the receivable amount, using the e\ufb00ective interest rate method, less allowances for impairment. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables. The Group derecognizes a financial asset only when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the di\ufb00erence between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The di\ufb00erence between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. FIN-4.1.14 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Financial instruments are either classified as financial liabilities or equity. The financial instrument is included in equity if, and only if, the instrument does not include a contractual obligation to deliver cash or another financial asset or to exchange financial assets or liabilities under conditions that are potentially unfavorable to the Group, and if the instrument will or may be settled in a fixed number of the Group\u2019s own equity instruments. FIN-4.1.16 Government grants Grants from governments are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the assets to which they relate and are credited to the income statement on a straight-line basis over the expected lives of the related assets. FIN-4.1.17 Employee benefits Short-term employee benefits Short-term employee benefits are recorded as an expense in the income statement in the period in which the services have been rendered. Any unpaid compensation is included in \u2018Employee benefit liabilities\u2019 in the statement of financial position. Post-employment benefits Group companies operate various pension schemes. Most of the schemes are unfunded. Some schemes are funded through payments to insurance companies or pension funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Past-service costs are immediately recognized in the income statement. The net interest cost relating to the defined benefit plans is recognized within financial expenses. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Long-term employee benefits Unfunded obligations arising from long-term benefits are provided for using the projected unit credit method. Termination benefits Early termination obligations are recognized as a liability when the Group is \u2018demonstrably committed\u2019 to terminating the employment before the normal retirement date. The Group is \u2018demonstrably committed\u2019 when, and only when, it has a detailed formal plan for the early termination without realistic possibility of withdrawal. Where such benefits are long term, they are discounted using the same rate as above for defined benefit obligations. FIN-4.1.18 Share-based payments The Group operates an equity settled share-based compensation plan, consisting of stock options (hereafter \u2018options\u2019) (until 2020), restricted stock units (\u2018RSU\u2019) (until 2020) and performance stock units (\u2018PSU\u2019) (exclusively since 2021). For grants of options, RSU\u2019s and PSU\u2019s, the fair value of the employee services received is measured by reference to the fair value of the shares or options granted on the date of the grant. The Group recognizes the fair value of the services received in exchange for the grant of the options as an expense and a corresponding increase in equity on a straight-line basis over the vesting period. The fair value of the options granted is determined using option pricing models, which take into account the exercise price of the option, the share price at date of grant of the option, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. Vesting conditions included in the terms of the grant are not taken into account in estimating fair value except where those terms relate to market conditions. Non-market vesting conditions are considered by adjusting the number of shares or options included in the measurement of the cost of employee services so that ultimately the amount recognized in the income statement re\ufb02ects the number of vested shares or options. At each statement of financial position date, the entity revises its estimates of the number of instruments that are expected to become exercisable and recognizes the impact of revision of original estimates, if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period. When the instruments are exercised, the proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The social security contributions payable in connection with the grant of the instruments is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction. FIN-4.1.19 Provisions and contingent liabilities Provisions are recognized when (1) the Group has a present legal or constructive obligation as a result of past events; (2) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and (3) the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as finance cost. If the Group has an onerous contract, it will be recognized as a provision. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognized for future operating losses. A provision for restructuring is only recorded if the Group demonstrates a constructive obligation to restructure at the statement of financial position date. The constructive obligation should be demonstrated by: (a) a detailed formal plan identifying the main features of the restructuring; and (b) raising a valid expectation to those a\ufb00ected that it will carry out the restructuring by starting to implement the plan or by announcing its main features to those a\ufb00ected. Contingent liabilities are disclosed when there is a possible obligation depending on the occurrence of an uncertain event, or when there is a present obligation but the payment is not probable or the amount cannot be reliably measured. FIN-4.1.20 Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group\u2019s subsidiaries operate and generate taxable income. In line with paragraph 46 of IAS 12 Income taxes, management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. This evaluation is made for tax periods open for audit by the competent authorities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary di\ufb00erences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not recognized for: \u2022 the initial recognition of goodwill; and \u2022 the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction a\ufb00ects neither accounting nor taxable profit or loss. Deferred tax is recognized on temporary di\ufb00erences arising on investments in subsidiaries and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary di\ufb00erence is controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax liabilities are generally recognized for taxable temporary di\ufb00erences. Deferred tax assets are generally recognized for tax losses and tax attributes to the extent that it is probable that taxable profits will be available against which those deductible temporary di\ufb00erences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that su\ufb03cient taxable profits will be available to allow all or part of the asset to be recovered. Deferred taxes are calculated at the level of each fiscal entity in the Group. The Group is able to o\ufb00set deferred tax assets and liabilities only if the deferred tax balances relate to income taxes levied by the same taxation authority. FIN-4.1.21 Financial liabilities Financial liabilities (including borrowings and trade and other payables) are classified as at amortized cost, except for derivative instruments (see FIN-4.1.22 below). Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any di\ufb00erence between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the e\ufb00ective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate. Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of financial position when there is a legally enforceable right to o\ufb00set the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings). FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss. FIN-4.1.24 Operating segments The Group\u2019s activities are in one segment. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results (defined as Adjusted EBITDA) and operating plans, and make resource allocation decisions on a company-wide basis; therefore, the Group operates as one segment. FIN-4.1.25 Statement of cash \ufb02ows The cash \ufb02ows of the Group are presented using the indirect method. This method reconciles the movement in cash for the reporting period by adjusting net profit of the year for any non-cash items and changes in working capital, and identifying investing and financing cash \ufb02ows for the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__17-1": { "value": "FIN-4.1.1 Introduction The accounting policies used to prepare the consolidated financial statements for the period from January 1, 2024 to December 31, 2024 are consistent with those applied in the audited consolidated financial statements for the year ended December 31, 2023 of Ontex Group NV. The accounting policies have been consistently applied to all the periods presented.FIN-4.1.2 Basis of preparation These consolidated financial statements of the Ontex Group NV for the year ended December 31, 2024 have been prepared in compliance with IFRS (\u201cInternational Financial Reporting Standards\u201d) as adopted by the European Union. These include all IFRS standards and IFRIC interpretations issued and e\ufb00ective as at December 31, 2024. The new standards, amendments to standards and interpretations that are mandatory for the first time for the financial year beginning January 1, 2024, did not have a significant impact. No new standards, amendments to standards or interpretations were early adopted. These financial statements are prepared on an accrual basis and on the assumption that the entity is in going concern and will continue in operation in the foreseeable future. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note FIN-4.4. FIN-4.1.3 Consolidation Subsidiaries Subsidiaries are all entities over which the Group has control. Control is established when the Group is exposed, or has the rights, to variable returns from its involvement with the subsidiary and has the ability to a\ufb00ect those returns through its power over the subsidiary. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities assumed and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary in the case of a bargain purchase, the di\ufb00erence is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated but considered an impairment indicator of the asset transferred. Transactions with non-controlling interests The Group treats the transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the di\ufb00erence between any consideration paid and the relevant share acquired of the carrying value of the net assets of the subsidiary is recorded in equity. Gains and losses on disposal to non-controlling interests are also recorded in equity. When the Group ceases to have control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequent accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__20": { "value": "FIN-4.1.2 Basis of preparation These consolidated financial statements of the Ontex Group NV for the year ended December 31, 2024 have been prepared in compliance with IFRS (\u201cInternational Financial Reporting Standards\u201d) as adopted by the European Union. These include all IFRS standards and IFRIC interpretations issued and e\ufb00ective as at December 31, 2024. The new standards, amendments to standards and interpretations that are mandatory for the first time for the financial year beginning January 1, 2024, did not have a significant impact. No new standards, amendments to standards or interpretations were early adopted. These financial statements are prepared on an accrual basis and on the assumption that the entity is in going concern and will continue in operation in the foreseeable future. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note FIN-4.4. IFRS accounting standards to be adopted as from 2024 and onwards The following relevant new standards and amendments to existing standards have been published and endorsed by the European Union and are mandatory for the first time for the financial periods beginning on or after January 1, 2024: Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as current or non-current a\ufb00ect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They: \u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all a\ufb00ected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should a\ufb00ect the classification of a liability; \u2022 Clarify that classification is una\ufb00ected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services; \u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, a\ufb00ect the corresponding liability\u2019s classification. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements. The amendment describes the characteristics for which reporters will have to provide additional disclosures regarding the impact of supplier finance arrangements on liabilities, cash \ufb02ows and exposure to liquidity risk. Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognizing any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognized when they occur as these relate to the right of use terminated and not the right of use retained. The above-mentioned standards did not have an impact on the financial statements. Relevant IFRS accounting pronouncements to be adopted as from 2025 onwards A number of new standards, amendments to existing standards and annual improvement cycles have been published and are mandatory for the first time for reporting periods beginning on or after January 1, 2025 and have not been early adopted. Those which may be the most relevant to the Ontex Group\u2019s consolidated financial statements are set out below,. Amendments to IAS 21 The E\ufb00ects of Changes in Foreign Exchange Rates: Lack of Exchangeability (e\ufb00ective January 1, 2025). IAS 21 previously did not cover how to determine exchange rates in case there is long-term lack of exchangeability and the spot rate to be applied by the company is not observable. The narrow scope amendments add specific requirements on: \u2022 determining when a currency is exchangeable into another and when it is not; \u2022 determining the exchange rate to apply in case a currency is not exchangeable; \u2022 additional disclosures to provide when a currency is not exchangeable. Amendments to IFRS 9 and to IFRS 7: the Classification and Measurement of Financial Instruments (e\ufb00ective on January 1, 2026). On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to: \u2022 clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; \u2022 clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; \u2022 add new disclosures for certain instruments with contractual terms that can change cash \ufb02ows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets); and \u2022 update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). Amendments to IFRS 9 and to IFRS 7: Contracts Referencing Nature-dependent Electricity (e\ufb00ective on January 1, 2026). On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7: \u2022 clarify the application of the \u2018own-use\u2019 requirements; \u2022 permit hedge accounting if these contracts are used as hedging instruments; and \u2022 new disclosure requirements to enable investors to understand the e\ufb00ect of these contracts on a company\u2019s financial performance and cash \ufb02ows. IFRS 18 Presentation and Disclosure in Financial Statements (e\ufb00ective on January 1, 2027). The IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to: \u2022 the structure of the statement of profit or loss; \u2022 required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and \u2022 enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its \u2018operating profit or loss\u2019. IFRS 18 will apply for reporting periods beginning on or after January 1, 2027 and also applies to comparative information. The changes in presentation and disclosure required by IFRS 18 might require system and process changes. The above-mentioned amendment to IAS 21 is not expected to have a significant impact on the consolidated financial statements. The impact of the amendments to IFRS 9 and IFRS 7 as well as the standard IFRS 18 still needs to be assessed. Financial reporting in hyperin\ufb02ationary economies In 2022, the Turkish economy faced further high in\ufb02ation resulting in the three-year cumulative in\ufb02ation of Turkey to exceed 100%, thereby triggering the requirement to transition to hyperin\ufb02ation accounting as prescribed by IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies. IAS 29 requires to report the results of the company\u2019s operations in Turkey as if these were highly in\ufb02ationary as of January 1, 2022. The standard is applied as of 2022, and has been consistently applied in 2023 and 2024, except for the impact on equity which is fully presented in the cumulative translation reserves as of 2023. Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperin\ufb02ationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into euro at the period closing exchange rate. As a result, the statement of financial position and net results of subsidiaries operating in hyperin\ufb02ation economies are stated in terms of the measuring unit current at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__23-1": { "value": "FIN-4.1.2 Basis of preparationFinancial reporting in hyperin\ufb02ationary economies In 2022, the Turkish economy faced further high in\ufb02ation resulting in the three-year cumulative in\ufb02ation of Turkey to exceed 100%, thereby triggering the requirement to transition to hyperin\ufb02ation accounting as prescribed by IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies. IAS 29 requires to report the results of the company\u2019s operations in Turkey as if these were highly in\ufb02ationary as of January 1, 2022. The standard is applied as of 2022, and has been consistently applied in 2023 and 2024, except for the impact on equity which is fully presented in the cumulative translation reserves as of 2023. Under IAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperin\ufb02ationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into euro at the period closing exchange rate. As a result, the statement of financial position and net results of subsidiaries operating in hyperin\ufb02ation economies are stated in terms of the measuring unit current at the end of the reporting period.Hyperin\ufb02ation In 2022, the Turkish economy faced further rapid in\ufb02ation resulting in the three-year cumulative in\ufb02ation of Turkey to exceed 100%, thereby triggering the requirement to transition to hyperin\ufb02ation accounting as prescribed by IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies as of January 1, 2022. The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperin\ufb02ationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperin\ufb02ationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These re-measured accounts are used for conversion into euro at the period closing exchange rate. Consequently, Ontex has applied hyperin\ufb02ation accounting for its Turkish subsidiary in these financial statements applying the IAS 29 rules as follows: \u2022 Hyperin\ufb02ation accounting was applied as of January 1, 2022 and was continuously applied during 2023 and 2024; \u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of Turkey were restated using o\ufb03cial Consumer Price Index (\u2018CPI\u2019) published by the Turkish Statistic Institute TUIK. The hyperin\ufb02ation impacts resulting from changes in the general purchasing power until December 31, 2021 were reported in cumulative translation reserves and the impacts of changes in the general purchasing power from January 1, 2022 are reported through the income statement on a dedicated account for hyperin\ufb02ation monetary adjustments in the finance line. This impact on the finance line in 2024, in combination with the application of the CPI on the income statement, amounted to \u20ac-12.2 million (2023: \u20ac-10.0 million). The CPI index at December 31, 2024 amounted to 2,684.55 which means an increase of 44% versus December 31, 2023; and \u2022 Next to adjusting the income statement at the end of each reporting period using the change in the consumer price index, it is also converted at the closing exchange rate of each period (rather than the monthly average rate for non-hyperin\ufb02ationary economies), of which the impact is o\ufb00set in the finance line. This impact in 2024 amounted to \u20ac2.0 million (2023: \u20ac1.2 million). In 2024, the Turkish operations after hyperin\ufb02ation accounting represented 34.4% (2023: 17.0%) of the company\u2019s revenue from discontinued operations. The increase is explained by the sale of the Mexican, Algerian and Pakistani business during 2023 and 2024. The hyperin\ufb02ation impact on the net assets held for sale presented above of \u20ac154.8 million, amounts to \u20ac15.3 million (2023: \u20ac14.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__21-1": { "value": "FIN-4.1.2 Basis of preparationThese financial statements are prepared on an accrual basis and on the assumption that the entity is in going concern and will continue in operation in the foreseeable future.FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. FIN-4.4.1 Liquidity situation The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The new revolving credit facility is subject to one financial covenant, being a leverage covenant. The leverage ratio of net financial debt over the last-twelve-months adjusted EBITDA is not to exceed 3.50 throughout all reporting periods. Management has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period.FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9All borrowings are denominated in \u20ac as of December 31, 2024. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. It carries an interest rate based on EURIBOR 1 month plus a margin. The margin is subject to the leverage ratio and equals 1.60% at a leverage of 2.46 at the end of 2024. At December 31, 2024, an amount of \u20ac24.0 million was utilized on the revolving credit facility, versus \u20ac115.0 million at December 31, 2023. Ontex\u2019s main financing consists of its \u20ac580.0 million High Yield bond (\u2018Senior Notes\u2019), with a coupon of 3.50% fixed rate maturing in July 2026. The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.17.1 Collateral for borrowings The Group is subject to regular information covenants, and certain financial ratios are monitored. At year-end 2024 and 2023, all covenants were met. No assets have been pledged in the context of the syndicated term loans. However, certain subsidiaries act as guarantors for these loans. For local borrowings, some machinery are pledged. FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__25": { "value": "FIN-4.1.3 Consolidation Subsidiaries Subsidiaries are all entities over which the Group has control. Control is established when the Group is exposed, or has the rights, to variable returns from its involvement with the subsidiary and has the ability to a\ufb00ect those returns through its power over the subsidiary. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration agreement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities assumed and contingent liabilities assumed in a business combination are measured initially at their fair values at acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The excess of the consideration of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary in the case of a bargain purchase, the di\ufb00erence is recognized directly in the income statement. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated but considered an impairment indicator of the asset transferred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__26-1": { "value": "FIN-4.1.3 ConsolidationTransactions with non-controlling interests The Group treats the transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the di\ufb00erence between any consideration paid and the relevant share acquired of the carrying value of the net assets of the subsidiary is recorded in equity. Gains and losses on disposal to non-controlling interests are also recorded in equity. When the Group ceases to have control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequent accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__34-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.1.6 Intangible assets An intangible asset is recognized on the statement of financial position when the following conditions are met: (1) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights; (2) it is probable that the expected future economic benefits that are attributable to the asset will \ufb02ow to the Group; (3) the Group can control the resource; and (4) the cost of the asset can be measured reliably. Intangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6Capitalized IT implementation costs represent internally developed and externally purchased software for own use. The amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2The Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019. No intangible assets have been pledged in the context of financial liabilities. FIN-4.9.1 Goodwill History At the end of 2010, Ontex was acquired from Candover by Goldman Sachs Capital Partners and TPG Capital, both holding 50% of the shares of the new Ontex top-holding company. At the time of the acquisition, the net assets of Ontex were negative which resulted in the generation of goodwill of \u20ac841.5 million. In 2013, Ontex acquired Serenity, a company operating in the adult incontinence market in Italy. This acquisition resulted in the recognition of a goodwill of \u20ac18.6 million. In February 2016, Ontex acquired Grupo Mabe, a leading Mexican manufacturer of disposable personal hygiene products. This major acquisition resulted in the recognition of a goodwill for \u20ac236.1 million, which was denominated in Mexican peso and US dollars. In March 2017, Ontex has completed the acquisition of the personal hygiene business of Hypermarcas (renamed to \u201cOntex Brazil\u201d). This resulted in a goodwill of \u20ac128.3 million, which was denominated in Brazilian real. Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. Following this strategy, \u20ac170.6 million of goodwill was reclassified to assets held for sale. Goodwill impairment The Group has determined the following cash-generating units for the purpose of the goodwill impairment testing: \u2022 Europe \u2022 Russia \u2022 North America Annual impairment reviews are performed during the fourth quarter of each year for all CGUs, except if there would be factors indicating a risk for impairment loss. These reviews compare the carrying value of each CGU with the recoverable amount of the CGU\u2019s assets calculated using a discounted cash \ufb02ow model. If the recoverable amount is less than the carrying value of the CGU, an impairment loss is recognized immediately in the income statement. The test at year-end did not lead to any impairment, nor in 2023. The judgments and estimates considered in the context of the impairment tests are disclosed in note FIN-4.4.4. Goodwill allocated to the CGUs as at December 31 was as follows: Full year in \u20ac million 2024 2023 Europe 743.1 743.1 North America 56.3 53.0 Goodwill allocated to the CGU's 799.4 796.0 The recoverable amount of a CGU is determined by means of value-in-use calculations. These calculations are based on pre-tax cash \ufb02ow projections (prepared in euros) using key parameters from the consolidated financial budget approved by Ontex\u2019 Board of Directors, the Group\u2019s Strategic Plan through 2027 and 2028 figures based on the average growth rate in the Strategic Plan. Cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. The key assumptions for the value-in-use calculations used to determine the recoverable amount are those regarding the discount rates, estimated changes to selling prices, product o\ufb00erings, direct costs, operating margins and terminal growth rates. Climate-related matters were considered but did not have a material impact on the value-in-use calculation as explained in note FIN-4.4.4. The discount rate is a measure based on industry average weighted cost of capital and risk-free rates weighted for the di\ufb00erent regions in which the CGU\u2019s are operating. Changes in selling practices and direct costs are based on past practices and expectations of future changes in the market. The calculation uses cash \ufb02ow projections based on key parameters from the consolidated financial budget approved by the Board of Directors, the Group\u2019s Strategic Plan through 2027, and pre-tax discount rates for each CGU, as described in note FIN-4.4.4, based on current market assessments of the time value of money and the risks specific to the Group. The development of the financial budget and Strategic Plan relies on a number of assumptions, including: \u2022 The market growth, the evolution of the Group\u2019s market share, competitive landscape and innovation trends in the di\ufb00erent markets as well as strategic initiatives \u2022 The product mix \u2022 The expected evolution of various direct and indirect expenses \u2022 The estimated future capital expenditure The assumptions were derived mainly from: \u2022 Available historic data \u2022 External market research \u2022 Internal market expectations based on trend reports, etc. The key assumptions used are reviewed and updated on a yearly basis by the Group\u2019s management. Taking into account the excess of the cash-generating unit\u2019s recoverable amount over its carrying amount, and based on sensitivity testing performed, management is of the opinion that any reasonably possible changes in key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed the recoverable amount at December 31, 2024. The Group has performed a sensitivity analysis by reducing the risk-adjusted cash \ufb02ow projections and by increasing the pre-tax discount rate as disclosed in note FIN-4.4.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__33-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.8 Disposal group held for sale and discontinued operationsthe impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13.FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6FIN-4.9.1 Goodwill History At the end of 2010, Ontex was acquired from Candover by Goldman Sachs Capital Partners and TPG Capital, both holding 50% of the shares of the new Ontex top-holding company. At the time of the acquisition, the net assets of Ontex were negative which resulted in the generation of goodwill of \u20ac841.5 million. In 2013, Ontex acquired Serenity, a company operating in the adult incontinence market in Italy. This acquisition resulted in the recognition of a goodwill of \u20ac18.6 million. In February 2016, Ontex acquired Grupo Mabe, a leading Mexican manufacturer of disposable personal hygiene products. This major acquisition resulted in the recognition of a goodwill for \u20ac236.1 million, which was denominated in Mexican peso and US dollars. In March 2017, Ontex has completed the acquisition of the personal hygiene business of Hypermarcas (renamed to \u201cOntex Brazil\u201d). This resulted in a goodwill of \u20ac128.3 million, which was denominated in Brazilian real. Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. Following this strategy, \u20ac170.6 million of goodwill was reclassified to assets held for sale. Goodwill impairment The Group has determined the following cash-generating units for the purpose of the goodwill impairment testing: \u2022 Europe \u2022 Russia \u2022 North America Annual impairment reviews are performed during the fourth quarter of each year for all CGUs, except if there would be factors indicating a risk for impairment loss. These reviews compare the carrying value of each CGU with the recoverable amount of the CGU\u2019s assets calculated using a discounted cash \ufb02ow model. If the recoverable amount is less than the carrying value of the CGU, an impairment loss is recognized immediately in the income statement. The test at year-end did not lead to any impairment, nor in 2023. The judgments and estimates considered in the context of the impairment tests are disclosed in note FIN-4.4.4. Goodwill allocated to the CGUs as at December 31 was as follows: Full year in \u20ac million 2024 2023 Europe 743.1 743.1 North America 56.3 53.0 Goodwill allocated to the CGU's 799.4 796.0 The recoverable amount of a CGU is determined by means of value-in-use calculations. These calculations are based on pre-tax cash \ufb02ow projections (prepared in euros) using key parameters from the consolidated financial budget approved by Ontex\u2019 Board of Directors, the Group\u2019s Strategic Plan through 2027 and 2028 figures based on the average growth rate in the Strategic Plan. Cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. The key assumptions for the value-in-use calculations used to determine the recoverable amount are those regarding the discount rates, estimated changes to selling prices, product o\ufb00erings, direct costs, operating margins and terminal growth rates. Climate-related matters were considered but did not have a material impact on the value-in-use calculation as explained in note FIN-4.4.4. The discount rate is a measure based on industry average weighted cost of capital and risk-free rates weighted for the di\ufb00erent regions in which the CGU\u2019s are operating. Changes in selling practices and direct costs are based on past practices and expectations of future changes in the market. The calculation uses cash \ufb02ow projections based on key parameters from the consolidated financial budget approved by the Board of Directors, the Group\u2019s Strategic Plan through 2027, and pre-tax discount rates for each CGU, as described in note FIN-4.4.4, based on current market assessments of the time value of money and the risks specific to the Group. The development of the financial budget and Strategic Plan relies on a number of assumptions, including: \u2022 The market growth, the evolution of the Group\u2019s market share, competitive landscape and innovation trends in the di\ufb00erent markets as well as strategic initiatives \u2022 The product mix \u2022 The expected evolution of various direct and indirect expenses \u2022 The estimated future capital expenditure The assumptions were derived mainly from: \u2022 Available historic data \u2022 External market research \u2022 Internal market expectations based on trend reports, etc. The key assumptions used are reviewed and updated on a yearly basis by the Group\u2019s management. Taking into account the excess of the cash-generating unit\u2019s recoverable amount over its carrying amount, and based on sensitivity testing performed, management is of the opinion that any reasonably possible changes in key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed the recoverable amount at December 31, 2024. The Group has performed a sensitivity analysis by reducing the risk-adjusted cash \ufb02ow projections and by increasing the pre-tax discount rate as disclosed in note FIN-4.4.4. FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__32-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.4.3 Business combinations For business combinations, the Group must make assumptions and estimates to determine the purchase price allocation of the business being acquired. To do so, the Group must determine the acquisition-date fair value of the identifiable assets acquired and liabilities assumed. These assumptions and estimates have an impact on the asset and liability amounts recorded in the consolidated statement of financial position on the acquisition date. In addition, the estimated useful lives of the acquired property, plant and equipment, the identification of other intangible assets and the determination of the indefinite or finite useful lives of other intangible assets acquired requires significant judgments and will have an impact on the Group\u2019s profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__31-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.1.6 Intangible assets An intangible asset is recognized on the statement of financial position when the following conditions are met: (1) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights; (2) it is probable that the expected future economic benefits that are attributable to the asset will \ufb02ow to the Group; (3) the Group can control the resource; and (4) the cost of the asset can be measured reliably. Intangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__30-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__29-1": { "value": "FIN-4.1.4 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The goodwill recognized in the statement of financial position is allocated to three Cash-Generating Units (CGUs). These CGUs are Europe, Russia and North America. They represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.FIN-4.4.3 Business combinations For business combinations, the Group must make assumptions and estimates to determine the purchase price allocation of the business being acquired. To do so, the Group must determine the acquisition-date fair value of the identifiable assets acquired and liabilities assumed. These assumptions and estimates have an impact on the asset and liability amounts recorded in the consolidated statement of financial position on the acquisition date. In addition, the estimated useful lives of the acquired property, plant and equipment, the identification of other intangible assets and the determination of the indefinite or finite useful lives of other intangible assets acquired requires significant judgments and will have an impact on the Group\u2019s profit or loss. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__35": { "value": "FIN-4.1.5 Foreign currencies Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Group\u2019s presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__46-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__44-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.1.21 Financial liabilitiesThe e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate.FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__42-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.1.21 Financial liabilitiesThe e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate.FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__40-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.5.4 Interest rate risk\u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__38-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816FIN-4.5.4 Interest rate risk\u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__36-1": { "value": "FIN-4.1.5 Foreign currenciesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses that relate to interest-bearing debts and cash and cash equivalents are presented in the income statement within \u2018Net finance cost\u2019. All other foreign exchange gains and losses are presented in the income statement within \u2018Other operating income/(expenses), net\u2019. For the purpose of presenting consolidated financial statements, assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate at the end of the reporting period. Items of income and expense are translated at the monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative e\ufb00ect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions), and equity items are translated at historical rates. The resulting exchange rate di\ufb00erences are recognized in other comprehensive income and accumulated in a separate component of equity. The principal exchange rates that have been used are as follows: Currency December 31 2024 2023 Closing Rate Av Rate Year Closing Rate Av Rate Year AUD 1.6772 1.6399 1.6263 1.6285 BRL 6.4253 5.8268 5.3618 5.4016 CZK 25.1850 25.1189 24.7240 24.0007 GBP 0.8292 0.8466 0.8691 0.8699 MXN 21.5504 19.8249 18.7231 19.1897 PLN 4.2750 4.3057 4.3395 4.5421 RUB 122.4011 100.8206 100.0297 92.6806 DZD 141.4406 145.5379 148.6338 147.5233 USD 1.0389 1.0821 1.1050 1.0816", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__61-1": { "value": "FIN-4.1.6 Intangible assets An intangible asset is recognized on the statement of financial position when the following conditions are met: (1) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights; (2) it is probable that the expected future economic benefits that are attributable to the asset will \ufb02ow to the Group; (3) the Group can control the resource; and (4) the cost of the asset can be measured reliably. Intangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.1.16 Government grants Grants from governments are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the assets to which they relate and are credited to the income statement on a straight-line basis over the expected lives of the related assets. FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6Capitalized IT implementation costs represent internally developed and externally purchased software for own use. The amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2The Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019. No intangible assets have been pledged in the context of financial liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__49": { "value": "FIN-4.1.6 Intangible assets An intangible asset is recognized on the statement of financial position when the following conditions are met: (1) the asset is identifiable, i.e. either separable (if it can be sold, transferred, licensed) or it results from contractual or legal rights; (2) it is probable that the expected future economic benefits that are attributable to the asset will \ufb02ow to the Group; (3) the Group can control the resource; and (4) the cost of the asset can be measured reliably. Intangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__62-1": { "value": "FIN-4.1.6 Intangible assetsIntangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.1.7 Property, plant and equipmentThe depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine.FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6The amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5The depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 Leases Land, land improvements Plant, machinery Furniture and in \u20ac million and buildings and equipment vehicles Total Period ended December 31, 2024 Opening carrying amount 92.3 2.3 10.6 105.2 Additions 3.5 2.0 7.5 13.0 Depreciation expense (14.6) (1.2) (5.4) (21.2) Modifications to lease liabilities 3.7 0.1 0.0 3.7 Exchange di\ufb00erences 0.3 (0.0) (0.1) 0.1 Closing carrying amount 85.2 3.0 12.7 100.9 At December 31, 2024 Cost 158.0 6.3 23.4 187.8 Accumulated depreciation and impairment (72.8) (3.3) (10.7) (86.8) Carrying amount 85.2 3.0 12.7 100.9 Period ended December 31, 2023 Opening carrying amount 100.1 2.5 7.5 110.1 Additions 0.3 0.7 7.2 8.2 Disposals 0.0 0.0 0.1 0.1 Depreciation expense (15.5) (1.2) (4.7) (21.5) Impairment (2.9) 0.0 0.0 (2.9) Modifications to lease liabilities 10.5 0.3 0.6 11.4 Exchange di\ufb00erences (0.1) 0.0 (0.1) (0.2) Closing carrying amount 92.3 2.3 10.6 105.3 At December 31, 2023 Cost 157.4 5.3 21.8 184.5 Accumulated depreciation and impairment (65.0) (3.1) (11.2) (79.3) Carrying amount 92.3 2.3 10.6 105.2The consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__58-1": { "value": "FIN-4.1.6 Intangible assetsBorrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset.FIN-4.1.7 Property, plant and equipmentBorrowing costs that are directly attributable to the acquisition, construction and/or production of a qualifying asset are capitalized as part of the cost of the asset.FIN-4.1.8 Leases The Group leases several properties, machinery, vehicles and IT equipment. Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (less any lease incentives), \u2022 variable lease payments that are based on an index or rate, \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate, i.e. the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability, \u2022 any lease payments made at or before the commencement date less any lease incentives received, \u2022 any initial direct costs, and \u2022 an estimate of the costs related to the dismantling and removal of the underlying asset. If it is reasonably certain that the Group will exercise a purchase option, the asset shall be depreciated on a straight-line basis over its useful life (see note FIN-4.1.7). In all other circumstances the asset is depreciated on a straight-line basis over the shorter of the useful life of the asset or the lease term. For short-term leases (lease term of 12 months or less) or leases of low-value items (mainly IT equipment and small o\ufb03ce furniture) to which the Group applies the recognition exemptions available in IFRS 16, lease payments are recognized on a straight-line basis as an expense over the lease term. Some property leases contain variable payment terms that are linked to the use of the property (mainly warehouses). Variable lease payments that depend on the use are recognized in profit or loss in the period in which the condition that triggers those payments occurs. FIN-4.1.21 Financial liabilitiesBorrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any di\ufb00erence between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__56-1": { "value": "FIN-4.1.6 Intangible assetsMaintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred.FIN-4.1.7 Property, plant and equipmentExpenditure on repair and maintenance which serve only to maintain, but not increase, the value of fixed assets is charged to the income statement. However, expenditure on major repair and major maintenance, which increases the future economic benefits that will be generated by the fixed asset, is identified as a separate element of the acquisition cost. The cost of property, plant and equipment is broken down into major components. These major components, which are replaced at regular intervals and consequently have a useful life that is di\ufb00erent from that of the fixed asset in which they are incorporated, are depreciated over their specific useful lives. In the event of replacement, the component is replaced and removed from the statement of financial position, and the new asset is depreciated up until the next major repair or maintenance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__54-1": { "value": "FIN-4.1.6 Intangible assetsIntangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.1.7 Property, plant and equipmentThe depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__52-1": { "value": "FIN-4.1.6 Intangible assetsDevelopment costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__50-1": { "value": "FIN-4.1.6 Intangible assetsIntangible assets are carried at acquisition cost (including the costs directly attributable to the transaction) less any accumulated amortizations and less any accumulated impairment losses. Within the Group, internally generated intangibles represent IT projects and product/process development projects. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the project so that it will be available for use \u2022 management intends to complete the project and use or sell it \u2022 there is an ability to use or sell the project \u2022 it can be demonstrated how the project will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the project are available, and \u2022 the expenditure attributable to the project during its development can be reliably measured. The Group\u2019s systems allow a reliable measure of expenses directly attributable to the di\ufb00erent IT and product/process development projects. Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Externally acquired software is carried at acquisition cost less any accumulated amortization and less any accumulated impairment loss. Maintenance costs as well as the costs of minor upgrades whose objective is to maintain (rather than increase) the level of performance of the asset are expensed as incurred. Borrowing costs that are directly attributable to the acquisition, construction and or production of a qualifying intangible asset are capitalized as part of the cost of the asset. Intangible assets are amortized on a systematic basis over their useful life, using the straight-line method. The applicable useful lives are: Intangible assets Brands 20 years IT implementation costs 5 years Capitalized development costs 3 to 5 years Licenses 3 to 5 years Acquired concessions, patents, know-how, and other similar rights 5 years Amortization commences only when the asset is available for use. FIN-4.1.7 Property, plant and equipmentExpenditure on repair and maintenance which serve only to maintain, but not increase, the value of fixed assets is charged to the income statement. However, expenditure on major repair and major maintenance, which increases the future economic benefits that will be generated by the fixed asset, is identified as a separate element of the acquisition cost. The cost of property, plant and equipment is broken down into major components. These major components, which are replaced at regular intervals and consequently have a useful life that is di\ufb00erent from that of the fixed asset in which they are incorporated, are depreciated over their specific useful lives. In the event of replacement, the component is replaced and removed from the statement of financial position, and the new asset is depreciated up until the next major repair or maintenance. The depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine.FIN-4.1.20 Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group\u2019s subsidiaries operate and generate taxable income. In line with paragraph 46 of IAS 12 Income taxes, management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. This evaluation is made for tax periods open for audit by the competent authorities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary di\ufb00erences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not recognized for: \u2022 the initial recognition of goodwill; and \u2022 the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction a\ufb00ects neither accounting nor taxable profit or loss. Deferred tax is recognized on temporary di\ufb00erences arising on investments in subsidiaries and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary di\ufb00erence is controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax liabilities are generally recognized for taxable temporary di\ufb00erences. Deferred tax assets are generally recognized for tax losses and tax attributes to the extent that it is probable that taxable profits will be available against which those deductible temporary di\ufb00erences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that su\ufb03cient taxable profits will be available to allow all or part of the asset to be recovered. Deferred taxes are calculated at the level of each fiscal entity in the Group. The Group is able to o\ufb00set deferred tax assets and liabilities only if the deferred tax balances relate to income taxes levied by the same taxation authority. FIN-4.2.1 EBITDA adjustments Income and expenses classified under the heading \u201cEBITDA adjustments\u201d are those items that are considered by management not to relate to transactions, projects and adjustments to the value of assets and liabilities taking place in the ordinary course of activities of the Company. EBITDA adjustments are presented separately, due to their size or nature, so as to allow users of the consolidated financial statements of the Company to get a better understanding of the normalized performance of the Company. EBITDA adjustments relate to: \u2022 acquisition- and divestment-related expenses; \u2022 changes to the measurement of contingent considerations in the context of business combinations; \u2022 changes to the Group structure, business restructuring costs, including costs related to the liquidation of subsidiaries and the closure, opening or relocations of factories; \u2022 impairment of assets and major litigations. EBITDA adjustments of the Group for the years ended December 31 are composed of the following items presented in the consolidated income statement and can be reconciled in note FIN-4.24: \u2022 income/(expenses) related to changes to Group structure; and \u2022 income/(expenses) related to impairments and major litigations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__75-1": { "value": "FIN-4.1.7 Property, plant and equipment Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and less any accumulated impairment loss. Acquisition cost includes any directly attributable cost of bringing the asset to working condition for its intended use. Borrowing costs that are directly attributable to the acquisition, construction and/or production of a qualifying asset are capitalized as part of the cost of the asset. Expenditure on repair and maintenance which serve only to maintain, but not increase, the value of fixed assets is charged to the income statement. However, expenditure on major repair and major maintenance, which increases the future economic benefits that will be generated by the fixed asset, is identified as a separate element of the acquisition cost. The cost of property, plant and equipment is broken down into major components. These major components, which are replaced at regular intervals and consequently have a useful life that is di\ufb00erent from that of the fixed asset in which they are incorporated, are depreciated over their specific useful lives. In the event of replacement, the component is replaced and removed from the statement of financial position, and the new asset is depreciated up until the next major repair or maintenance. The depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine.FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.1.16 Government grants Grants from governments are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the assets to which they relate and are credited to the income statement on a straight-line basis over the expected lives of the related assets. FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5The additions to property, plant and equipment represent mainly investments in capacity extension, investments in innovation, investments to improve the e\ufb03ciency and IT investments. Impairment losses in 2024 amount to \u20ac10.4 million and are mostly related to the Belgian restructuring with the closure of the Eeklo plant and the reorganization of the Buggenhout plant, leading to the cancellation of some production lines, while others were moved to di\ufb00erent plants within the Group. This had an overall impact of \u20ac6.4 million. In 2023, no material impairments were needed. The depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9No pledges have been set on the items of property, plant and equipment, except for some machinery in the context of local borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__64": { "value": "FIN-4.1.7 Property, plant and equipment Property, plant and equipment are carried at acquisition cost less any accumulated depreciation and less any accumulated impairment loss. Acquisition cost includes any directly attributable cost of bringing the asset to working condition for its intended use. Borrowing costs that are directly attributable to the acquisition, construction and/or production of a qualifying asset are capitalized as part of the cost of the asset. Expenditure on repair and maintenance which serve only to maintain, but not increase, the value of fixed assets is charged to the income statement. However, expenditure on major repair and major maintenance, which increases the future economic benefits that will be generated by the fixed asset, is identified as a separate element of the acquisition cost. The cost of property, plant and equipment is broken down into major components. These major components, which are replaced at regular intervals and consequently have a useful life that is di\ufb00erent from that of the fixed asset in which they are incorporated, are depreciated over their specific useful lives. In the event of replacement, the component is replaced and removed from the statement of financial position, and the new asset is depreciated up until the next major repair or maintenance. The depreciable amount is allocated on a systematic basis over the useful life of the asset, using the straight-line method. The depreciable amount is the acquisition cost, less residual value, if any. The applicable useful lives are: Property, plant and equipment Land N/A Land improvements and buildings 30 years Plants, machinery and equipment 10 to 15 years Furniture and vehicles 4 to 8 years Other tangible assets 5 years IT equipment 3 to 5 years The useful life of the machines is reviewed regularly. Each time a significant upgrade is performed, such upgrade extends the useful life of the machine. The cost of the upgrade is added to the carrying amount of the machine and the new carrying amount is depreciated prospectively over the remaining estimated useful life of the machine.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__79-1": { "value": "FIN-4.1.8 Leases The Group leases several properties, machinery, vehicles and IT equipment. Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (less any lease incentives), \u2022 variable lease payments that are based on an index or rate, \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate, i.e. the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability, \u2022 any lease payments made at or before the commencement date less any lease incentives received, \u2022 any initial direct costs, and \u2022 an estimate of the costs related to the dismantling and removal of the underlying asset. If it is reasonably certain that the Group will exercise a purchase option, the asset shall be depreciated on a straight-line basis over its useful life (see note FIN-4.1.7). In all other circumstances the asset is depreciated on a straight-line basis over the shorter of the useful life of the asset or the lease term. For short-term leases (lease term of 12 months or less) or leases of low-value items (mainly IT equipment and small o\ufb03ce furniture) to which the Group applies the recognition exemptions available in IFRS 16, lease payments are recognized on a straight-line basis as an expense over the lease term. Some property leases contain variable payment terms that are linked to the use of the property (mainly warehouses). Variable lease payments that depend on the use are recognized in profit or loss in the period in which the condition that triggers those payments occurs. FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.11 Leases Land, land improvements Plant, machinery Furniture and in \u20ac million and buildings and equipment vehicles Total Period ended December 31, 2024 Opening carrying amount 92.3 2.3 10.6 105.2 Additions 3.5 2.0 7.5 13.0 Depreciation expense (14.6) (1.2) (5.4) (21.2) Modifications to lease liabilities 3.7 0.1 0.0 3.7 Exchange di\ufb00erences 0.3 (0.0) (0.1) 0.1 Closing carrying amount 85.2 3.0 12.7 100.9 At December 31, 2024 Cost 158.0 6.3 23.4 187.8 Accumulated depreciation and impairment (72.8) (3.3) (10.7) (86.8) Carrying amount 85.2 3.0 12.7 100.9 Period ended December 31, 2023 Opening carrying amount 100.1 2.5 7.5 110.1 Additions 0.3 0.7 7.2 8.2 Disposals 0.0 0.0 0.1 0.1 Depreciation expense (15.5) (1.2) (4.7) (21.5) Impairment (2.9) 0.0 0.0 (2.9) Modifications to lease liabilities 10.5 0.3 0.6 11.4 Exchange di\ufb00erences (0.1) 0.0 (0.1) (0.2) Closing carrying amount 92.3 2.3 10.6 105.3 At December 31, 2023 Cost 157.4 5.3 21.8 184.5 Accumulated depreciation and impairment (65.0) (3.1) (11.2) (79.3) Carrying amount 92.3 2.3 10.6 105.2The Group leases mainly plants and warehouses (lease terms between 3 and 25 years), machinery (lease terms of 5 years on average) and company cars (lease terms between 4 and 5 years). For the lease of land and buildings, the Group is exposed to potential future increases in variable lease payments based on an index, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximize operational \ufb02exibility in terms of managing the assets used in the group\u2019s operations. As at December 31, 2024, potential future cash out\ufb02ows of \u20ac15.4 million (undiscounted) have not been included in the lease liability because it is not reasonably certain that the leases will be extended (or not terminated) (2023: \u20ac9.3 million). The consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 The lease liabilities are detailed in note FIN-4.17. FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__78-1": { "value": "FIN-4.1.8 Leases The Group leases several properties, machinery, vehicles and IT equipment. Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (less any lease incentives), \u2022 variable lease payments that are based on an index or rate, \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate, i.e. the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability, \u2022 any lease payments made at or before the commencement date less any lease incentives received, \u2022 any initial direct costs, and \u2022 an estimate of the costs related to the dismantling and removal of the underlying asset. If it is reasonably certain that the Group will exercise a purchase option, the asset shall be depreciated on a straight-line basis over its useful life (see note FIN-4.1.7). In all other circumstances the asset is depreciated on a straight-line basis over the shorter of the useful life of the asset or the lease term. For short-term leases (lease term of 12 months or less) or leases of low-value items (mainly IT equipment and small o\ufb03ce furniture) to which the Group applies the recognition exemptions available in IFRS 16, lease payments are recognized on a straight-line basis as an expense over the lease term. Some property leases contain variable payment terms that are linked to the use of the property (mainly warehouses). Variable lease payments that depend on the use are recognized in profit or loss in the period in which the condition that triggers those payments occurs. FIN-4.1.21 Financial liabilities Financial liabilities (including borrowings and trade and other payables) are classified as at amortized cost, except for derivative instruments (see FIN-4.1.22 below). Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any di\ufb00erence between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the e\ufb00ective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate. Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of financial position when there is a legally enforceable right to o\ufb00set the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings).FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__77": { "value": "FIN-4.1.8 Leases The Group leases several properties, machinery, vehicles and IT equipment. Leases are recognized as a right-of-use asset and corresponding liability at the date of which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (less any lease incentives), \u2022 variable lease payments that are based on an index or rate, \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined, or the Group\u2019s incremental borrowing rate, i.e. the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right-of-use asset. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability, \u2022 any lease payments made at or before the commencement date less any lease incentives received, \u2022 any initial direct costs, and \u2022 an estimate of the costs related to the dismantling and removal of the underlying asset. If it is reasonably certain that the Group will exercise a purchase option, the asset shall be depreciated on a straight-line basis over its useful life (see note FIN-4.1.7). In all other circumstances the asset is depreciated on a straight-line basis over the shorter of the useful life of the asset or the lease term. For short-term leases (lease term of 12 months or less) or leases of low-value items (mainly IT equipment and small o\ufb03ce furniture) to which the Group applies the recognition exemptions available in IFRS 16, lease payments are recognized on a straight-line basis as an expense over the lease term. Some property leases contain variable payment terms that are linked to the use of the property (mainly warehouses). Variable lease payments that depend on the use are recognized in profit or loss in the period in which the condition that triggers those payments occurs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__85-1": { "value": "FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.1.10 InventoriesSpare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. FIN-4.1.13 Financial assetsThe Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables.FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.8 Disposal group held for sale and discontinued operationsDisposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6Goodwill impairment The Group has determined the following cash-generating units for the purpose of the goodwill impairment testing: \u2022 Europe \u2022 Russia \u2022 North America Annual impairment reviews are performed during the fourth quarter of each year for all CGUs, except if there would be factors indicating a risk for impairment loss. These reviews compare the carrying value of each CGU with the recoverable amount of the CGU\u2019s assets calculated using a discounted cash \ufb02ow model. If the recoverable amount is less than the carrying value of the CGU, an impairment loss is recognized immediately in the income statement. The test at year-end did not lead to any impairment, nor in 2023. The judgments and estimates considered in the context of the impairment tests are disclosed in note FIN-4.4.4. Goodwill allocated to the CGUs as at December 31 was as follows: Full year in \u20ac million 2024 2023 Europe 743.1 743.1 North America 56.3 53.0 Goodwill allocated to the CGU's 799.4 796.0 The recoverable amount of a CGU is determined by means of value-in-use calculations. These calculations are based on pre-tax cash \ufb02ow projections (prepared in euros) using key parameters from the consolidated financial budget approved by Ontex\u2019 Board of Directors, the Group\u2019s Strategic Plan through 2027 and 2028 figures based on the average growth rate in the Strategic Plan. Cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. The key assumptions for the value-in-use calculations used to determine the recoverable amount are those regarding the discount rates, estimated changes to selling prices, product o\ufb00erings, direct costs, operating margins and terminal growth rates. Climate-related matters were considered but did not have a material impact on the value-in-use calculation as explained in note FIN-4.4.4. The discount rate is a measure based on industry average weighted cost of capital and risk-free rates weighted for the di\ufb00erent regions in which the CGU\u2019s are operating. Changes in selling practices and direct costs are based on past practices and expectations of future changes in the market. The calculation uses cash \ufb02ow projections based on key parameters from the consolidated financial budget approved by the Board of Directors, the Group\u2019s Strategic Plan through 2027, and pre-tax discount rates for each CGU, as described in note FIN-4.4.4, based on current market assessments of the time value of money and the risks specific to the Group. The development of the financial budget and Strategic Plan relies on a number of assumptions, including: \u2022 The market growth, the evolution of the Group\u2019s market share, competitive landscape and innovation trends in the di\ufb00erent markets as well as strategic initiatives \u2022 The product mix \u2022 The expected evolution of various direct and indirect expenses \u2022 The estimated future capital expenditure The assumptions were derived mainly from: \u2022 Available historic data \u2022 External market research \u2022 Internal market expectations based on trend reports, etc. The key assumptions used are reviewed and updated on a yearly basis by the Group\u2019s management. Taking into account the excess of the cash-generating unit\u2019s recoverable amount over its carrying amount, and based on sensitivity testing performed, management is of the opinion that any reasonably possible changes in key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed the recoverable amount at December 31, 2024. The Group has performed a sensitivity analysis by reducing the risk-adjusted cash \ufb02ow projections and by increasing the pre-tax discount rate as disclosed in note FIN-4.4.4. FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5Impairment losses in 2024 amount to \u20ac10.4 million and are mostly related to the Belgian restructuring with the closure of the Eeklo plant and the reorganization of the Buggenhout plant, leading to the cancellation of some production lines, while others were moved to di\ufb00erent plants within the Group. This had an overall impact of \u20ac6.4 million. In 2023, no material impairments were needed.FIN-4.11 Leases Land, land improvements Plant, machinery Furniture and in \u20ac million and buildings and equipment vehicles Total Period ended December 31, 2024 Opening carrying amount 92.3 2.3 10.6 105.2 Additions 3.5 2.0 7.5 13.0 Depreciation expense (14.6) (1.2) (5.4) (21.2) Modifications to lease liabilities 3.7 0.1 0.0 3.7 Exchange di\ufb00erences 0.3 (0.0) (0.1) 0.1 Closing carrying amount 85.2 3.0 12.7 100.9 At December 31, 2024 Cost 158.0 6.3 23.4 187.8 Accumulated depreciation and impairment (72.8) (3.3) (10.7) (86.8) Carrying amount 85.2 3.0 12.7 100.9 Period ended December 31, 2023 Opening carrying amount 100.1 2.5 7.5 110.1 Additions 0.3 0.7 7.2 8.2 Disposals 0.0 0.0 0.1 0.1 Depreciation expense (15.5) (1.2) (4.7) (21.5) Impairment (2.9) 0.0 0.0 (2.9) Modifications to lease liabilities 10.5 0.3 0.6 11.4 Exchange di\ufb00erences (0.1) 0.0 (0.1) (0.2) Closing carrying amount 92.3 2.3 10.6 105.3 At December 31, 2023 Cost 157.4 5.3 21.8 184.5 Accumulated depreciation and impairment (65.0) (3.1) (11.2) (79.3) Carrying amount 92.3 2.3 10.6 105.2FIN-4.12 Inventories Inventories can be split as follows: December 31 in \u20ac million 2024 2023 Raw materials 128.2 122.8 Work in progress 1.4 1.0 Finished goods 175.1 137.2 Other 6.6 6.2 Write-down on inventories (18.3) (14.4) Inventories 292.9 252.8FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__81-1": { "value": "FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.1.10 InventoriesSpare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5Impairment losses in 2024 amount to \u20ac10.4 million and are mostly related to the Belgian restructuring with the closure of the Eeklo plant and the reorganization of the Buggenhout plant, leading to the cancellation of some production lines, while others were moved to di\ufb00erent plants within the Group. This had an overall impact of \u20ac6.4 million. In 2023, no material impairments were needed.FIN-4.11 Leases Land, land improvements Plant, machinery Furniture and in \u20ac million and buildings and equipment vehicles Total Period ended December 31, 2024 Opening carrying amount 92.3 2.3 10.6 105.2 Additions 3.5 2.0 7.5 13.0 Depreciation expense (14.6) (1.2) (5.4) (21.2) Modifications to lease liabilities 3.7 0.1 0.0 3.7 Exchange di\ufb00erences 0.3 (0.0) (0.1) 0.1 Closing carrying amount 85.2 3.0 12.7 100.9 At December 31, 2024 Cost 158.0 6.3 23.4 187.8 Accumulated depreciation and impairment (72.8) (3.3) (10.7) (86.8) Carrying amount 85.2 3.0 12.7 100.9 Period ended December 31, 2023 Opening carrying amount 100.1 2.5 7.5 110.1 Additions 0.3 0.7 7.2 8.2 Disposals 0.0 0.0 0.1 0.1 Depreciation expense (15.5) (1.2) (4.7) (21.5) Impairment (2.9) 0.0 0.0 (2.9) Modifications to lease liabilities 10.5 0.3 0.6 11.4 Exchange di\ufb00erences (0.1) 0.0 (0.1) (0.2) Closing carrying amount 92.3 2.3 10.6 105.3 At December 31, 2023 Cost 157.4 5.3 21.8 184.5 Accumulated depreciation and impairment (65.0) (3.1) (11.2) (79.3) Carrying amount 92.3 2.3 10.6 105.2FIN-4.12 Inventories Inventories can be split as follows: December 31 in \u20ac million 2024 2023 Raw materials 128.2 122.8 Work in progress 1.4 1.0 Finished goods 175.1 137.2 Other 6.6 6.2 Write-down on inventories (18.3) (14.4) Inventories 292.9 252.8FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__80-1": { "value": "FIN-4.1.9 Impairment of non-financial assets, other than goodwill Intangible assets with indefinite useful lives and intangible assets not yet available for use are not subject to amortization, but are tested annually for impairment. Other assets which are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.FIN-4.1.10 InventoriesSpare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. FIN-4.1.13 Financial assetsThe Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables.FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5FIN-4.11 Leases Land, land improvements Plant, machinery Furniture and in \u20ac million and buildings and equipment vehicles Total Period ended December 31, 2024 Opening carrying amount 92.3 2.3 10.6 105.2 Additions 3.5 2.0 7.5 13.0 Depreciation expense (14.6) (1.2) (5.4) (21.2) Modifications to lease liabilities 3.7 0.1 0.0 3.7 Exchange di\ufb00erences 0.3 (0.0) (0.1) 0.1 Closing carrying amount 85.2 3.0 12.7 100.9 At December 31, 2024 Cost 158.0 6.3 23.4 187.8 Accumulated depreciation and impairment (72.8) (3.3) (10.7) (86.8) Carrying amount 85.2 3.0 12.7 100.9 Period ended December 31, 2023 Opening carrying amount 100.1 2.5 7.5 110.1 Additions 0.3 0.7 7.2 8.2 Disposals 0.0 0.0 0.1 0.1 Depreciation expense (15.5) (1.2) (4.7) (21.5) Impairment (2.9) 0.0 0.0 (2.9) Modifications to lease liabilities 10.5 0.3 0.6 11.4 Exchange di\ufb00erences (0.1) 0.0 (0.1) (0.2) Closing carrying amount 92.3 2.3 10.6 105.3 At December 31, 2023 Cost 157.4 5.3 21.8 184.5 Accumulated depreciation and impairment (65.0) (3.1) (11.2) (79.3) Carrying amount 92.3 2.3 10.6 105.2FIN-4.12 Inventories Inventories can be split as follows: December 31 in \u20ac million 2024 2023 Raw materials 128.2 122.8 Work in progress 1.4 1.0 Finished goods 175.1 137.2 Other 6.6 6.2 Write-down on inventories (18.3) (14.4) Inventories 292.9 252.8FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__93-1": { "value": "FIN-4.1.10 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises the production costs, like raw materials, direct labor, and also the indirect production costs (production overheads based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. FIN-4.12 Inventories Inventories can be split as follows: December 31 in \u20ac million 2024 2023 Raw materials 128.2 122.8 Work in progress 1.4 1.0 Finished goods 175.1 137.2 Other 6.6 6.2 Write-down on inventories (18.3) (14.4) Inventories 292.9 252.8The Group mainly uses \ufb02u\ufb00, super-absorbers and non-woven fabrics. Other raw materials used by the Group for its production include polyethylene, adhesives and tapes as basic raw materials. The finished products are baby diapers, baby pants, towels, tampons, panty liners, incontinence products and trade goods. The cost of inventories recognized as an expense and included under \u2018Cost of sales\u2019 amounted to \u20ac1,316.7 million in 2024 (\u20ac1,327.3 million in 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__90": { "value": "FIN-4.1.10 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises the production costs, like raw materials, direct labor, and also the indirect production costs (production overheads based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Spare parts held by the Group are classified as property, plant and equipment if they are expected to be used in more than one period and if they are specific to a single machine. If they are not expected to be used in more than one period or if they can be used on several machines, they are classified as inventory. For the spare parts classified as inventory, the Group uses write-down rules based on the economic use of these spare parts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__94-1": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale.FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__95-1": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__96-1": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__97": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__98-1": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__99-1": { "value": "FIN-4.1.11 Non-current assets held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. For a sale to be highly probable, management should be committed to a plan to sell the asset (or disposal group), an active program to locate a buyer and complete the plan should be initiated, the asset (or disposal group) should be actively marketed at a price which is reasonable in relation to its current fair value, the sale should be expected to be completed within one year from the date of classification, and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group is a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction. The group includes goodwill acquired in a business combination if the group is a cash-generating unit to which goodwill has been allocated, or if it is an operation within such a cash-generating unit. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. Prior period consolidated statements of financial position are not restated to re\ufb02ect the new classification of a non-current asset (or disposal group) as held for sale. A discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale.FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__105-1": { "value": "FIN-4.1.12 Revenue recognition Ontex Group\u2019s core activity is the sale of goods with as only performance obligation the delivery of goods. As such, the Group recognizes revenue at a point in time when control of the goods is transferred to the customer, generally on delivery of the goods. The Group sells its products to its customers directly, through distributors or agents. This can result in a di\ufb00erent moment to recognize revenue. Following delivery to distributors, the distributor has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. Next to the sale of goods, distinct services \u2013 mainly customer training or customer assistance services \u2013 are rendered predominantly over the period that the corresponding goods are sold to the customer. Transportation (shipping) is not be considered as a separate performance obligation as control over the goods is only transferred to the customer after the shipment. Payment terms can di\ufb00er depending on the customer, based on the credit risk and prior payment behavior of the customer. In addition, the geographical location of the company and the customer have an e\ufb00ect on the payment terms. There are no significant financing components in the transaction prices and the considerations are paid in cash. Customer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.FIN-4.2.7 Alternative Performance Measures included in the Press releases and other Regulated information Like-for-Like (LFL) revenue Like-for-Like revenue is defined as revenue at constant currency excluding change in scope of consolidation or M&A and hyperin\ufb02ation. in \u20ac million 2023 Vol/mix Price Scope change 2024 LFL Forex 2024 Continuing Operations 1,794.7 101.8 (39.2) - 1,857.2 3.3 1,860.5 Discontinued Operations 546.8 (20.3) 1.1 (196.6) 331.0 (24.1) 306.9 Total Group 2,341.5 81.5 (38.1) (196.6) 2,188.2 (20.8) 2,167.4FIN-4.4.8 Revenue recognition For the accrual for volume discounts (to customers and from suppliers) some judgements are made on the impact of commercial decisions that will in\ufb02uence the final discount to be received or to be granted.FIN-4.6 Operating segments According to IFRS 8, reportable operating segments are identified based on the \u201cmanagement approach\u201d. This approach stipulates external segment reporting based on the Group\u2019s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group\u2019s activities are in one segment, \u201cHygienic Disposable Products\u201d. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results and operating plans, and make resource allocation decisions on a company-wide basis. Therefore, the Group operates as one segment. Enterprise-wide disclosures about product sales, geographic areas and revenue from major customers are presented below: FIN-4.6.1 Information by product group The key product categories are: \u2022 Baby Care products, principally baby diapers, baby pants and, to a lesser extent, wet wipes; \u2022 Adult Care products, such as adult pants, adult diapers, incontinence towels and bed protection; and \u2022 Feminine Care products, such as sanitary towels, panty liners and tampons. Full Year in \u20ac million 2024 2023 Adult Care 800.5 736.4 Baby Care 793.4 790.0 Feminine Care 236.6 241.3 Other 30.0 27.0 Total revenue 1,860.5 1,794.7 FIN-4.6.2 Information by country The sales in the country of domicile of Ontex Group NV (Belgium) represent less than 3% of Ontex Revenue. Sales to countries in our top five markets are presented in the table below. The sales in all other individual countries represent less than 10% of the Group\u2019s revenue. Full Year in \u20ac million 2024 2023 United Kingdom 316.2 303.9 Italy 252.7 219.3 USA 248.9 197.2 France 188.3 190.2 Poland 173.7 167.8 Other countries 680.7 716.2 Total revenue 1,860.5 1,794.7 The following table presents an overview of the non-current assets (property, plant and equipment (PP&E), right to use assets and intangible assets) located in the main countries. Goodwill is not included in the below table as this is not monitored on a country-basis, but at the divisional level. December 31 in \u20ac million 2024 2023 Belgium 133.5 123.5 Spain 89.9 72.3 Poland 87.9 83.7 United States 71.8 42.1 Mexico 56.9 68.0 Other countries 192.3 209.8 Total 632.3 599.4FIN-4.6.3 Revenue from major customers The Group does not have a single significant customer. In 2024 the largest customer represents 8.3% (2023: 8.5%) of the revenue. The 10 largest customers represent 37.9% of 2024 revenue (2023: 37.3%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__104-1": { "value": "FIN-4.1.12 Revenue recognition Ontex Group\u2019s core activity is the sale of goods with as only performance obligation the delivery of goods. As such, the Group recognizes revenue at a point in time when control of the goods is transferred to the customer, generally on delivery of the goods. The Group sells its products to its customers directly, through distributors or agents. This can result in a di\ufb00erent moment to recognize revenue. Following delivery to distributors, the distributor has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. Next to the sale of goods, distinct services \u2013 mainly customer training or customer assistance services \u2013 are rendered predominantly over the period that the corresponding goods are sold to the customer. Transportation (shipping) is not be considered as a separate performance obligation as control over the goods is only transferred to the customer after the shipment. Payment terms can di\ufb00er depending on the customer, based on the credit risk and prior payment behavior of the customer. In addition, the geographical location of the company and the customer have an e\ufb00ect on the payment terms. There are no significant financing components in the transaction prices and the considerations are paid in cash. Customer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.FIN-4.1.24 Operating segments The Group\u2019s activities are in one segment. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results (defined as Adjusted EBITDA) and operating plans, and make resource allocation decisions on a company-wide basis; therefore, the Group operates as one segment.FIN-4.2.7 Alternative Performance Measures included in the Press releases and other Regulated information Like-for-Like (LFL) revenue Like-for-Like revenue is defined as revenue at constant currency excluding change in scope of consolidation or M&A and hyperin\ufb02ation. in \u20ac million 2023 Vol/mix Price Scope change 2024 LFL Forex 2024 Continuing Operations 1,794.7 101.8 (39.2) - 1,857.2 3.3 1,860.5 Discontinued Operations 546.8 (20.3) 1.1 (196.6) 331.0 (24.1) 306.9 Total Group 2,341.5 81.5 (38.1) (196.6) 2,188.2 (20.8) 2,167.4FIN-4.4.8 Revenue recognition For the accrual for volume discounts (to customers and from suppliers) some judgements are made on the impact of commercial decisions that will in\ufb02uence the final discount to be received or to be granted.FIN-4.6 Operating segments According to IFRS 8, reportable operating segments are identified based on the \u201cmanagement approach\u201d. This approach stipulates external segment reporting based on the Group\u2019s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group\u2019s activities are in one segment, \u201cHygienic Disposable Products\u201d. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results and operating plans, and make resource allocation decisions on a company-wide basis. Therefore, the Group operates as one segment. Enterprise-wide disclosures about product sales, geographic areas and revenue from major customers are presented below: FIN-4.6.1 Information by product group The key product categories are: \u2022 Baby Care products, principally baby diapers, baby pants and, to a lesser extent, wet wipes; \u2022 Adult Care products, such as adult pants, adult diapers, incontinence towels and bed protection; and \u2022 Feminine Care products, such as sanitary towels, panty liners and tampons. Full Year in \u20ac million 2024 2023 Adult Care 800.5 736.4 Baby Care 793.4 790.0 Feminine Care 236.6 241.3 Other 30.0 27.0 Total revenue 1,860.5 1,794.7 FIN-4.6.2 Information by country The sales in the country of domicile of Ontex Group NV (Belgium) represent less than 3% of Ontex Revenue. Sales to countries in our top five markets are presented in the table below. The sales in all other individual countries represent less than 10% of the Group\u2019s revenue. Full Year in \u20ac million 2024 2023 United Kingdom 316.2 303.9 Italy 252.7 219.3 USA 248.9 197.2 France 188.3 190.2 Poland 173.7 167.8 Other countries 680.7 716.2 Total revenue 1,860.5 1,794.7 The following table presents an overview of the non-current assets (property, plant and equipment (PP&E), right to use assets and intangible assets) located in the main countries. Goodwill is not included in the below table as this is not monitored on a country-basis, but at the divisional level. December 31 in \u20ac million 2024 2023 Belgium 133.5 123.5 Spain 89.9 72.3 Poland 87.9 83.7 United States 71.8 42.1 Mexico 56.9 68.0 Other countries 192.3 209.8 Total 632.3 599.4FIN-4.6.3 Revenue from major customers The Group does not have a single significant customer. In 2024 the largest customer represents 8.3% (2023: 8.5%) of the revenue. The 10 largest customers represent 37.9% of 2024 revenue (2023: 37.3%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__103-1": { "value": "FIN-4.1.12 Revenue recognition Ontex Group\u2019s core activity is the sale of goods with as only performance obligation the delivery of goods. As such, the Group recognizes revenue at a point in time when control of the goods is transferred to the customer, generally on delivery of the goods. The Group sells its products to its customers directly, through distributors or agents. This can result in a di\ufb00erent moment to recognize revenue. Following delivery to distributors, the distributor has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. Next to the sale of goods, distinct services \u2013 mainly customer training or customer assistance services \u2013 are rendered predominantly over the period that the corresponding goods are sold to the customer. Transportation (shipping) is not be considered as a separate performance obligation as control over the goods is only transferred to the customer after the shipment. Payment terms can di\ufb00er depending on the customer, based on the credit risk and prior payment behavior of the customer. In addition, the geographical location of the company and the customer have an e\ufb00ect on the payment terms. There are no significant financing components in the transaction prices and the considerations are paid in cash. Customer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.FIN-4.6 Operating segments According to IFRS 8, reportable operating segments are identified based on the \u201cmanagement approach\u201d. This approach stipulates external segment reporting based on the Group\u2019s internal organizational and management structure and on internal financial reporting to the chief operating decision maker. The Group\u2019s activities are in one segment, \u201cHygienic Disposable Products\u201d. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results and operating plans, and make resource allocation decisions on a company-wide basis. Therefore, the Group operates as one segment. Enterprise-wide disclosures about product sales, geographic areas and revenue from major customers are presented below: FIN-4.6.1 Information by product group The key product categories are: \u2022 Baby Care products, principally baby diapers, baby pants and, to a lesser extent, wet wipes; \u2022 Adult Care products, such as adult pants, adult diapers, incontinence towels and bed protection; and \u2022 Feminine Care products, such as sanitary towels, panty liners and tampons. Full Year in \u20ac million 2024 2023 Adult Care 800.5 736.4 Baby Care 793.4 790.0 Feminine Care 236.6 241.3 Other 30.0 27.0 Total revenue 1,860.5 1,794.7 FIN-4.6.2 Information by country The sales in the country of domicile of Ontex Group NV (Belgium) represent less than 3% of Ontex Revenue. Sales to countries in our top five markets are presented in the table below. The sales in all other individual countries represent less than 10% of the Group\u2019s revenue. Full Year in \u20ac million 2024 2023 United Kingdom 316.2 303.9 Italy 252.7 219.3 USA 248.9 197.2 France 188.3 190.2 Poland 173.7 167.8 Other countries 680.7 716.2 Total revenue 1,860.5 1,794.7 The following table presents an overview of the non-current assets (property, plant and equipment (PP&E), right to use assets and intangible assets) located in the main countries. Goodwill is not included in the below table as this is not monitored on a country-basis, but at the divisional level. December 31 in \u20ac million 2024 2023 Belgium 133.5 123.5 Spain 89.9 72.3 Poland 87.9 83.7 United States 71.8 42.1 Mexico 56.9 68.0 Other countries 192.3 209.8 Total 632.3 599.4FIN-4.6.3 Revenue from major customers The Group does not have a single significant customer. In 2024 the largest customer represents 8.3% (2023: 8.5%) of the revenue. The 10 largest customers represent 37.9% of 2024 revenue (2023: 37.3%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__100": { "value": "FIN-4.1.12 Revenue recognition Ontex Group\u2019s core activity is the sale of goods with as only performance obligation the delivery of goods. As such, the Group recognizes revenue at a point in time when control of the goods is transferred to the customer, generally on delivery of the goods. The Group sells its products to its customers directly, through distributors or agents. This can result in a di\ufb00erent moment to recognize revenue. Following delivery to distributors, the distributor has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. Next to the sale of goods, distinct services \u2013 mainly customer training or customer assistance services \u2013 are rendered predominantly over the period that the corresponding goods are sold to the customer. Transportation (shipping) is not be considered as a separate performance obligation as control over the goods is only transferred to the customer after the shipment. Payment terms can di\ufb00er depending on the customer, based on the credit risk and prior payment behavior of the customer. In addition, the geographical location of the company and the customer have an e\ufb00ect on the payment terms. There are no significant financing components in the transaction prices and the considerations are paid in cash. Customer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer. A receivable is recognized when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__101-1": { "value": "FIN-4.1.12 Revenue recognitionCustomer contracts include trade discounts or volume rebates, which are granted to the customer if the delivered quantities exceed a certain threshold. In these cases, the transaction price includes a variable consideration. The e\ufb00ect of the variable consideration on the transaction price is taken into account in revenue recognition by estimating the probability of the realization of the discount or rebate for each contract. Furthermore, the estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved (constraining the variable consideration). Furthermore, the Group considers all payments made to customers and whether these are related to the revenue generated from the customer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__116-1": { "value": "FIN-4.1.13 Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value and financial assets at amortized cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash \ufb02ows. Management determines the classification of its financial assets at initial recognition. Regular purchases and sales of financial assets are recognized on the trade date \u2013 the date on which the Group commits to purchase or sell an asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortized cost using the e\ufb00ective interest method, less any impairment if they are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest. The e\ufb00ective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Trade and other receivables after and within one year are recognized initially at fair value and subsequently measured at amortized cost, i.e. at the net present value of the receivable amount, using the e\ufb00ective interest rate method, less allowances for impairment. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables. The Group derecognizes a financial asset only when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the di\ufb00erence between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The di\ufb00erence between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts.FIN-4.5.7 Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to corporate customers, including outstanding receivables and committed transactions. The Group assesses the credit quality of the customer, taking into account their financial position, past experience and other factors based on which individual risk limits are set in accordance with the limits set by business managers. Historical default rates have been below 1% for 2024 and 2023. Trade receivables are spread over di\ufb00erent countries and counterparties and there is no large concentration with one or a few counterparties. Refer to note FIN-4.13 for the aging of the receivables and the doubtful receivables. All financial instruments are held at banks and financial institutions with a credit rating of at least A. The maximum exposure to credit risk at the reporting date is the carrying amount as presented in the table above in the note FIN-4.5.1. FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5Other amounts receivable include recoverable VAT for an amount of \u20ac59.0 million for 2024 (2023: \u20ac55.5 million). The fair value of the current receivables approximates their carrying amounts. The aging of the trade receivables (net) at December 31 is as follows: December 31 in \u20ac million 2024 2023 Not due 183.8 182.5 0 to 30 days 12.3 12.6 31 to 60 days 2.9 4.4 61 to 90 days 1.5 1.6 Over 90 days 3.6 5.0 Total 204.1 206.1 The Group does not systematically apply external credit rating. The carrying amount of the Group\u2019s trade receivables (net) are denominated in the following currencies: December 31 in \u20ac million 2024 2023 EUR 75.7 87.7 PLN 35.9 33.6 USD 34.9 25.9 GBP 28.0 29.0 RUB 12.9 14.7 Other 16.8 15.3 Total 204.1 206.1During the year, the payment terms for the receivables have neither deteriorated nor been renegotiated that a\ufb00ect the overall payment terms. The maximum credit risk exposure at the end of the reporting period is the carrying value of each caption of receivables mentioned above. The Group does not hold any collateral as security. An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement. Factoring The Group has a long term, standing non-recourse syndicate factoring agreement with BNP Paribas Fortis Factor and KBC Commercial Finance (the \u201cFactor\u201d). The Agreement provides us with a maximum credit facility of up to \u20ac200.0 million and up to 95% of the amount of the approved outstanding receivables on all debtors that we transfer to the Factor. The remaining 5% of the relevant receivables is paid by the Factor to us upon receipt of payment from the relevant debtor, upon which also the remaining balance of the receivable is derecognized. Financing per debtor is capped at 10% of the aggregate amount of all approved outstanding receivables transferred to the Factor. Any financing within the credit limit is non-recourse to the Group. The non-recourse syndicate factoring agreement with BNP Paribas Fortis Factor and KBC Commercial Finance has an interest rate based on Euribor 3 months + margin and the all-in cost for factoring, including interest and factoring fees is \u20ac7.1 million for 2024, compared to \u20ac6.4 million in 2023. In accordance with IFRS 9 Financial instruments, all non-recourse trade receivables, included in these factoring programs, are derecognized for the non-continuing involvement part. For the non-recourse syndicate factoring agreement with BNP Paribas Fortis Factor and KBC Commercial Finance, at December 31, 2024 the trade receivables before factoring amounted to \u20ac185.3 million out of which \u20ac127.6 million was derecognized leading to a continuing involvement of \u20ac57.7 million. As at December 31, 2023 the trade receivables before factoring balance was \u20ac178.3 million out of which \u20ac112.0 million was derecognized leading to a continuing involvement of \u20ac66.3 million. Next to the above-mentioned Group factoring agreement a number of local non-recourse agreements are in place at local level. Bilateral factoring agreements are in place for Serenity (Italian subsidiary) with Ifitalia, Banca Sistema and BFF and Ontex Russia has agreements with AK BARS BANK PJSC and Rosbank. The all-in cost for factoring, including interest and factoring fees for these programs amounts to \u20ac3.1 million for 2024, compared to \u20ac3.1 million in 2023. As at December 31, 2024, \u20ac167.9 million (December 31, 2023: \u20ac155.8 million) of financing was obtained through the above mentioned factoring programs, this is in addition to \u20ac6.4 million (December 31, 2023: \u20ac4.3 million) of financing which was obtained through the use of supply chain financing programs o\ufb00ered by our customers. Including the factoring amount in the Assets held for sale (\u20ac1.5 million), the total outstanding factoring amount at December 31, 2024, amounts to \u20ac175.8 million (2023: \u20ac163.8 million). The late payment risk related to the factoring has been assessed as immaterial at closing 2024 and 2023. Non-current receivable During 2023, Ontex completed the sale of its Mexican business for which a part of the total consideration was classified as a deferred consideration, amounting to \u20ac28.6 million at December 31, 2023. A large part of this deferred consideration has been paid in the meantime and is part of the \u2018proceeds from divestments, net of cash disposed and transaction costs\u2019 in the investing cash\ufb02ow. The remaining balance amounts to \u20ac10.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__111-1": { "value": "FIN-4.1.13 Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value and financial assets at amortized cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash \ufb02ows. Management determines the classification of its financial assets at initial recognition. Regular purchases and sales of financial assets are recognized on the trade date \u2013 the date on which the Group commits to purchase or sell an asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortized cost using the e\ufb00ective interest method, less any impairment if they are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest. The e\ufb00ective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Trade and other receivables after and within one year are recognized initially at fair value and subsequently measured at amortized cost, i.e. at the net present value of the receivable amount, using the e\ufb00ective interest rate method, less allowances for impairment. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables. The Group derecognizes a financial asset only when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the di\ufb00erence between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The di\ufb00erence between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts.FIN-4.1.15 Share capitalFinancial instruments are either classified as financial liabilities or equity. The financial instrument is included in equity if, and only if, the instrument does not include a contractual obligation to deliver cash or another financial asset or to exchange financial assets or liabilities under conditions that are potentially unfavorable to the Group, and if the instrument will or may be settled in a fixed number of the Group\u2019s own equity instruments.FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings).FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__110": { "value": "FIN-4.1.13 Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value and financial assets at amortized cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash \ufb02ows. Management determines the classification of its financial assets at initial recognition. Regular purchases and sales of financial assets are recognized on the trade date \u2013 the date on which the Group commits to purchase or sell an asset. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets (such as loans, trade and other receivables, cash and cash equivalents) are subsequently measured at amortized cost using the e\ufb00ective interest method, less any impairment if they are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest. The e\ufb00ective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Trade and other receivables after and within one year are recognized initially at fair value and subsequently measured at amortized cost, i.e. at the net present value of the receivable amount, using the e\ufb00ective interest rate method, less allowances for impairment. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables. The Group derecognizes a financial asset only when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the di\ufb00erence between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The di\ufb00erence between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__119-1": { "value": "FIN-4.1.13 Financial assetsOn derecognition of a financial asset in its entirety, the di\ufb00erence between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss.FIN-4.1.17 Employee benefitsActuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise.FIN-4.1.23 Hedge accountingThe e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.FIN-4.5.1 Overview of financial instruments The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). FIN-4.8 Disposal group held for sale and discontinued operationsThe cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million.FIN-4.18 Employee benefit liabilitiesReconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__117-1": { "value": "FIN-4.1.13 Financial assetsThe Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables.FIN-4.5.7 Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to corporate customers, including outstanding receivables and committed transactions. The Group assesses the credit quality of the customer, taking into account their financial position, past experience and other factors based on which individual risk limits are set in accordance with the limits set by business managers. Historical default rates have been below 1% for 2024 and 2023. Trade receivables are spread over di\ufb00erent countries and counterparties and there is no large concentration with one or a few counterparties. Refer to note FIN-4.13 for the aging of the receivables and the doubtful receivables. All financial instruments are held at banks and financial institutions with a credit rating of at least A. The maximum exposure to credit risk at the reporting date is the carrying amount as presented in the table above in the note FIN-4.5.1. FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5During the year, the payment terms for the receivables have neither deteriorated nor been renegotiated that a\ufb00ect the overall payment terms. The maximum credit risk exposure at the end of the reporting period is the carrying value of each caption of receivables mentioned above. The Group does not hold any collateral as security. An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__112-1": { "value": "FIN-4.1.13 Financial assetsAt initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__108-1": { "value": "FIN-4.1.13 Financial assetsThe Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset and is recognized in the income statement within \u2018Sales and marketing expenses\u2019. Trade receivables are no longer recognized when (1) the rights to receive cash \ufb02ows from the trade receivables have expired, (2) the Group has transferred substantially all risks and rewards related to the receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__123-1": { "value": "FIN-4.1.14 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.FIN-4.14 Cash and cash equivalents The net cash position as presented in the consolidated statement of cash \ufb02ows is as follows: December 31 in \u20ac million 2024 2023 Short-term bank deposits (no longer than 3 months) 15.7 23.5 Cash at bank and on hand 41.3 73.7 Total 56.9 97.2", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__122-1": { "value": "FIN-4.1.14 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.FIN-4.14 Cash and cash equivalents The net cash position as presented in the consolidated statement of cash \ufb02ows is as follows: December 31 in \u20ac million 2024 2023 Short-term bank deposits (no longer than 3 months) 15.7 23.5 Cash at bank and on hand 41.3 73.7 Total 56.9 97.2The carrying amount of the cash and cash equivalents is a reasonable approximation of their fair value. Ontex Russia has cash that can only be used to a certain extent by other entities within the group but is accessible on demand by the subsidiary and is therefore included in cash and cash equivalents in the statement of financial position. The credit quality of the banks and financial institutions the Group is working with is mentioned in the following table: December 31 in \u20ac million 2024 2023 AA 0.3 0.8 A 38.0 69.7 BBB 1.3 0.4 BB - 0.5 No credit rating 17.3 25.8 Total 56.9 97.2", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__121": { "value": "FIN-4.1.14 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__130-1": { "value": "FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.FIN-4.15 Share capital The share capital and premium of \u20ac1,208.0 million is represented by 82,347,218 shares, of which 1,260,044 treasury shares (2023: 1,199,429 treasury shares). As such, 81,087,174 shares (2023: 81,147,789) are held by third parties. The issued capital is fully paid up and consists of ordinary shares without par value. For information on the amount of authorized shares, refer to GOV-4.8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__129-1": { "value": "FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Financial instruments are either classified as financial liabilities or equity. The financial instrument is included in equity if, and only if, the instrument does not include a contractual obligation to deliver cash or another financial asset or to exchange financial assets or liabilities under conditions that are potentially unfavorable to the Group, and if the instrument will or may be settled in a fixed number of the Group\u2019s own equity instruments.FIN-4.15 Share capital The share capital and premium of \u20ac1,208.0 million is represented by 82,347,218 shares, of which 1,260,044 treasury shares (2023: 1,199,429 treasury shares). As such, 81,087,174 shares (2023: 81,147,789) are held by third parties. The issued capital is fully paid up and consists of ordinary shares without par value. For information on the amount of authorized shares, refer to GOV-4.8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__128-1": { "value": "FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Financial instruments are either classified as financial liabilities or equity. The financial instrument is included in equity if, and only if, the instrument does not include a contractual obligation to deliver cash or another financial asset or to exchange financial assets or liabilities under conditions that are potentially unfavorable to the Group, and if the instrument will or may be settled in a fixed number of the Group\u2019s own equity instruments.FIN-4.5.1 Overview of financial instruments The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). FIN-4.15 Share capital The share capital and premium of \u20ac1,208.0 million is represented by 82,347,218 shares, of which 1,260,044 treasury shares (2023: 1,199,429 treasury shares). As such, 81,087,174 shares (2023: 81,147,789) are held by third parties. The issued capital is fully paid up and consists of ordinary shares without par value. For information on the amount of authorized shares, refer to GOV-4.8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__125": { "value": "FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__124": { "value": "FIN-4.1.15 Share capital Ordinary shares are classified as equity. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid is deducted from equity attributable to owners of the company until the shares are cancelled or reissued. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Financial instruments are either classified as financial liabilities or equity. The financial instrument is included in equity if, and only if, the instrument does not include a contractual obligation to deliver cash or another financial asset or to exchange financial assets or liabilities under conditions that are potentially unfavorable to the Group, and if the instrument will or may be settled in a fixed number of the Group\u2019s own equity instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__134-1": { "value": "FIN-4.1.16 Government grants Grants from governments are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the assets to which they relate and are credited to the income statement on a straight-line basis over the expected lives of the related assets. FIN-4.9 Goodwill and intangible assets in \u20ac million Goodwill Capitalized Development IT implementation costs Other intangibles Total Period ended December 31, 2024 Opening carrying amount 796.0 7.4 17.7 7.5 828.6 Additions 0.0 1.1 6.0 2.6 9.8 Transfers 0.0 2.8 1.3 (2.8) 1.3 Reclassified as held for sale 0.0 0.0 (0.0) 0.1 0.1 Amortization expense 0.0 (2.3) (7.5) 0.0 (9.7) Impairment 0.0 (0.2) 0.0 (0.0) (0.2) Exchange di\ufb00erences 3.4 0.0 (0.0) 0.0 3.4 Closing carrying amount 799.4 8.8 17.5 7.4 833.2 At December 31, 2024 Cost 841.2 18.6 82.2 21.5 963.6 Accumulated amortization and impairment (41.8) (9.8) (64.7) (14.1) (130.4) Carrying amount 799.4 8.8 17.5 7.4 833.2 Period ended December 31, 2023 Opening carrying amount 797.9 4.1 18.9 9.6 830.6 Additions 0.0 0.3 7.4 3.0 10.7 Transfers 0.0 5.0 0.3 (5.0) 0.3 Amortization expense 0.0 (1.7) (7.6) 0.0 (9.2) Impairment 0.0 (0.4) (1.4) 0.0 (1.8) Exchange di\ufb00erences (1.9) 0.0 (0.0) (0.0) (1.9) Closing carrying amount 796.0 7.4 17.7 7.5 828.6 At December 31, 2023 Cost 847.1 14.7 75.4 21.6 958.9 Accumulated amortization and impairment (51.1) (7.4) (57.7) (14.1) (130.2) Carrying amount 796.0 7.4 17.7 7.5 828.6FIN-4.10 Property, plant and equipment Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2024 Opening carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 Additions 1.8 41.1 0.3 0.1 55.8 99.2 Transfers 1.7 42.9 0.0 0.1 (46.0) (1.3) Disposals 0.0 (0.0) (0.0) 0.0 0.0 (0.1) Depreciation expense (4.1) (38.6) (0.3) (0.2) 0.0 (43.1) Impairment 0.0 (10.5) 0.0 0.0 0.1 (10.4) Capital grants received 0.0 (0.9) 0.0 0.0 0.0 (0.9) Exchange di\ufb00erences (0.9) (5.5) (0.0) 0.0 (1.3) (7.8) Reclassified as held for sale (0.1) (2.5) 0.0 0.0 3.1 0.5 Closing carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 At December 31, 2024 Cost 126.2 634.3 3.8 4.2 94.7 863.3 Accumulated depreciation and impairment (51.8) (307.8) (2.9) (3.2) (0.0) (365.7) Carrying amount 74.4 326.5 0.9 1.1 94.7 497.6 Land, Assets under land improvements Plant, machinery Furniture Other tangible construction and in \u20ac million and buildings and equipment and vehicles assets advance payments Total Period ended December 31, 2023 Opening carrying amount 77.8 300.4 0.9 0.4 40.6 420.1 Additions 1.9 25.4 0.3 0.7 51.9 80.3 Transfers 3.2 12.2 (0.1) (0.3) (15.4) (0.3) Disposals (3.9) (0.3) (0.0) 0.0 (0.3) (4.5) Depreciation expense (2.8) (36.7) (0.2) (0.2) 0.0 (39.9) Impairment (0.0) 0.3 0.0 0.0 (0.3) 0.0 Capital grants received 0.0 (0.4) 0.0 0.0 0.0 (0.4) Exchange di\ufb00erences (0.0) 2.9 (0.0) 0.0 0.9 3.8 Reclassified as held for sale (0.1) (3.4) (0.0) 0.4 5.5 2.4 Closing carrying amount 75.9 300.6 0.9 1.1 83.0 461.5 At December 31, 2023 Cost 124.1 567.0 3.7 4.1 83.0 781.9 Accumulated depreciation and impairment (48.2) (266.4) (2.8) (3.0) 0.0 (320.4) Carrying amount 75.9 300.6 0.9 1.1 83.0 461.5", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__131": { "value": "FIN-4.1.16 Government grants Grants from governments are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to property, plant and equipment are deducted from the acquisition cost of the assets to which they relate and are credited to the income statement on a straight-line basis over the expected lives of the related assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__138-1": { "value": "FIN-4.1.17 Employee benefits Short-term employee benefits Short-term employee benefits are recorded as an expense in the income statement in the period in which the services have been rendered. Any unpaid compensation is included in \u2018Employee benefit liabilities\u2019 in the statement of financial position. Post-employment benefits Group companies operate various pension schemes. Most of the schemes are unfunded. Some schemes are funded through payments to insurance companies or pension funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Past-service costs are immediately recognized in the income statement. The net interest cost relating to the defined benefit plans is recognized within financial expenses. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Long-term employee benefits Unfunded obligations arising from long-term benefits are provided for using the projected unit credit method. Termination benefits Early termination obligations are recognized as a liability when the Group is \u2018demonstrably committed\u2019 to terminating the employment before the normal retirement date. The Group is \u2018demonstrably committed\u2019 when, and only when, it has a detailed formal plan for the early termination without realistic possibility of withdrawal. Where such benefits are long term, they are discounted using the same rate as above for defined benefit obligations.FIN-4.4.7 Employee benefits The carrying amount of the Group\u2019s employee benefit obligations is determined on an actuarial basis using certain assumptions. One particularly sensitive assumption used for determining the net cost of the benefits granted is the discount rate. Any change to this assumption will a\ufb00ect the carrying amount of those obligations. The discount rate depends on the duration of the benefit, i.e. the average duration of the engagements, weighted with the present value of the costs linked to those engagements. According to IAS 19, the discount rate should correspond to the rate of high-quality corporate bonds of similar term to the benefits valued and in the same currency.FIN-4.18 Employee benefit liabilities The Group grants its working and retired personnel post-employment benefits, long-term benefits, and termination benefits. These benefits have been valued in conformity with IAS 19. The related IAS 19 liability recognized in the statement of financial position can be analyzed as follows: December 31 in \u20ac million 2024 2023 Post-employment benefits 12.8 13.8 Long-term benefits 0.6 1.1 Employee benefit liabilities 13.4 14.9 Short-term employee benefit liabilities 45.3 41.0 Net liability 58.7 55.9 The calculation of the liability is based on actuarial assumptions that have been determined on the various statement of financial position dates. They are based not only on macro-economic factors valid for the dates in question but also on the specific characteristics of the various schemes evaluated. They represent the Group\u2019s best estimate for the future. They are periodically reviewed in accordance with the evolution of the markets and available statistics. Post-employment benefits Ontex makes payments on a defined contribution basis to both state and private pension arrangements across our operations. In addition, Ontex operates a defined benefit insurance scheme in Belgium and Ontex also has an obligation to make severance payments to employees upon their retirement in France. Ontex also operates several unfunded pension arrangements in respect of its German operations. The German operations do not fund the pension arrangements but re\ufb02ect pension scheme liabilities in company accounts on an IAS 19 basis. The pension benefits are paid by the relevant company as they fall due. The Group operates a couple of defined contribution (DC) plans which receive fixed contributions. The Group\u2019s legal or constructive obligation for these plans is limited to the contributions. The expense recognized in the current period in relation to these contributions amounts to \u20ac3.6 million (see also note FIN-4.22 below; 2023: \u20ac3.3 million). In Belgium, the defined contribution (DC) plans are subject to a minimum guaranteed rate of return by law and are hence treated as defined benefit (DB) plans. In practice, this guarantee is mainly covered by insurance companies. As there is no deficit as per December 31, 2024, no liability has been recognized (2023: nil). The accumulated reserves of these plans are equal to the assets. There are no risks to which the plan exposes the entity, focusing on any unusual, entity-specific or plan-specific risks, and of any significant concentrations of risk. Reconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)The plan assets consist of insurance contracts. Expected contributions to post-employment benefit plans for the year ending December 31, 2025 are \u20ac1.7 million. Significant actuarial assumptions December 31, 2024 Country Poland Mexico Belgium Germany France Italy Discount rate 5.80% 9.90% 3.55% 3.30% / 3.46% / 3.40% 3.30% 3.50% pensions & jubilee and 2,00% ATZ Expected Interest Income 5.80% 9.90% 3.55% 3.30% / 3.46% / 3.40% 3.30% 3.50% pensions & jubilee and 2.00% ATZ Salary increase rate (on top of in\ufb02ation) 7.50% in 2025 4.54% 3.50% N/A / N/A / 2.50% 3.70% N/A 2.70% in 2026 ATZ 2.50% afterwards Rate of in\ufb02ation 5.20% in 2025 4.00% 2.00% 2.00% / 0.00% / 2.00% 1.90% 2.70% in 2026 2.00% only pensions 2.50% afterwards Mortality table For men: 90% PTTZ EMSSA09 MR -5 / FR -5 Heubeck 2018 G INSEE 2018/2020 IPS55 2023 men For women: 90% PTTZ 2023 women Turnover table/rates 7.70% Company experience Mercer turnover N/A / N/A / only New client's table, nil 5% until age 50, 2% table jubilee: 10% of after age 50 from age 51 to employees 60 years retirement including old and younger an allowance for advance payments Disability table/rates N/A N/A N/A N/A N/A N/A Weighted average durations 10.3 11.0 4.8 6.7 10.1 7.1 December 31, 2023 Country Mexico Belgium Germany France Italy Discount rate 9.90% 3.50% 3.20% / 3.50% / 3.20% 3.40% 3.50% pensions & jubilee and 3,10% ATZ Expected Interest Income 9.90% 3.50% 3.20% / 3.50% / 3.20% 3.40% 3.50% pensions & jubilee and 3,10% ATZ Salary increase rate (on top of in\ufb02ation) 4.54% 3.50% N/A / N/A/ 2.50% ATZ 4.00% N/A Rate of in\ufb02ation 4.00% 2.25% 2.25% / 0.00% / 2.25% 2.50% 2.00% only pensions Mortality table EMSSA09 MR FR with age Heubeck 2018 G INSEE 2017/2019 IPS55 correction minus 5 years Turnover table/rates Based on company Mercer turnover N/A / N/A / only New client's table, nil 5% until age 50, 2% experience table jubilee: 10% of after age 50 from age 51 to employees 60 years retirement including old and younger an allowance for advance payments Disability table/rates N/A N/A N/A N/A N/A Weighted average durations 11.0 5.8 7.0 11.2 8.2 There are no unusual entity-specific or plan-specific risks to which the plan exposes the entity, neither are there any significant concentrations of risk. The sensitivity analyses below have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. December 31, 2024 in \u20ac million Poland Mexico Belgium Germany France Italy Discount rate \u20130.25bp (0.1) (0.8) (22.5) (6.0) (2.0) (1.6) Discount rate +0.25bp 0.1 0.8 22.2 5.8 1.9 1.5 Salary increase -0.25bp (0.1) (0.8) (22.4) (5.9) (1.9) (1.5) Salary increase +0.25bp 0.1 0.8 22.4 5.9 2.0 1.5 December 31, 2023 in \u20ac million Mexico Belgium Germany France Italy Discount rate -0.25bp (0.9) (22.6) (6.4) (1.9) (1.7) Discount rate +0.25bp 0.9 22.1 6.2 1.8 1.6 Salary increase -0.25bp (0.9) (22.3) (5.6) (1.8) (1.6) Salary increase +0.25bp 0.9 22.3 5.6 1.9 1.6 Post-Employment Benefits by Country Recognition of the obligation December 31, 2024 in \u20ac million Poland Mexico Belgium Germany France Italy Defined benefit (0.1) (0.8) (21.9) (5.7) (2.0) (1.5) obligation (DBO) at end of period Fair value of plan assets - - 20.8 - - - at end of period Funded status (0.1) (0.8) (1.1) (5.7) (2.0) (1.5) Net (liability)/asset in (0.1) (0.8) (1.1) (5.7) (2.0) (1.5) statement of financial position Recognition of the obligation December 31, 2023 in \u20ac million Mexico Belgium Germany France Italy Defined benefit obligation (DBO) at (0.9) (21.5) (6.2) (1.8) (1.6) end of period Fair value of plan assets at end of - 19.6 - - - period Funded status (0.9) (1.9) (6.2) (1.8) (1.6) Net (liability)/asset in statement of (0.9) (1.9) (6.2) (1.8) (1.6) financial positionFIN-4.22 Employee benefit expenses Full Year in \u20ac million 2024 2023 Wages and salaries (224.1) (211.7) Social security costs (63.8) (49.3) Defined benefit plans - Service cost (1.7) (1.5) Defined contribution costs (3.6) (3.3) Other employee benefit expenses (49.2) (46.6) Total employee benefit expenses (342.4) (312.4) The FTEs listed in the table below only contains the employees part of the continuing operations and therefore deviates significantly from the number of employees included in section FIN-1.2. Full Year in full time equivalents 2024 2023 Workers 3,570 3,458 Employees 1,888 1,954 Management 68 58 Average number of total employees 5,526 5,470FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) FIN-4.31.5 Key management compensation Remuneration of the CEO Full Year in \u20ac million 2024 2023 Fixed and variable remuneration 1.7 1.8 The above remuneration includes post-employee benefits of \u20ac0.2 million (2023: \u20ac0.2 million), the remainder concerns short-term employee benefits. Next to the above remuneration, the CEO was not awarded any performance stock units in 2024 (2023: 1,005,668 performance stock units), as explained below. The share based payment cost amounted to \u20ac0.8 million in 2024 (2023: \u20ac0.5 million). Remuneration of the Executive Team (excluding the CEO) Full Year in \u20ac million 2024 2023 Fixed remuneration 3.5 3.1 Variable remuneration 1.0 0.7 Other remuneration 0.4 0.5 Total 4.8 4.2 The fixed and variable remuneration concerns short-term employee benefits, while the other remuneration mainly relates to post-employment benefit plans. Next to the above items, the executive team was not awarded any performance stock units in 2024 (in 2023: 1,937,281 performance stock units). The total share based payment cost (including older plans) amounted to \u20ac1.7 million in 2024 (2023: \u20ac1.2 million). For a more detailed breakdown, refer to the Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__135-1": { "value": "FIN-4.1.17 Employee benefits Short-term employee benefits Short-term employee benefits are recorded as an expense in the income statement in the period in which the services have been rendered. Any unpaid compensation is included in \u2018Employee benefit liabilities\u2019 in the statement of financial position. Post-employment benefits Group companies operate various pension schemes. Most of the schemes are unfunded. Some schemes are funded through payments to insurance companies or pension funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold su\ufb03cient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Past-service costs are immediately recognized in the income statement. The net interest cost relating to the defined benefit plans is recognized within financial expenses. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Long-term employee benefits Unfunded obligations arising from long-term benefits are provided for using the projected unit credit method. Termination benefits Early termination obligations are recognized as a liability when the Group is \u2018demonstrably committed\u2019 to terminating the employment before the normal retirement date. The Group is \u2018demonstrably committed\u2019 when, and only when, it has a detailed formal plan for the early termination without realistic possibility of withdrawal. Where such benefits are long term, they are discounted using the same rate as above for defined benefit obligations.FIN-4.4.7 Employee benefits The carrying amount of the Group\u2019s employee benefit obligations is determined on an actuarial basis using certain assumptions. One particularly sensitive assumption used for determining the net cost of the benefits granted is the discount rate. Any change to this assumption will a\ufb00ect the carrying amount of those obligations. The discount rate depends on the duration of the benefit, i.e. the average duration of the engagements, weighted with the present value of the costs linked to those engagements. According to IAS 19, the discount rate should correspond to the rate of high-quality corporate bonds of similar term to the benefits valued and in the same currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__136-1": { "value": "FIN-4.1.17 Employee benefitsTermination benefits Early termination obligations are recognized as a liability when the Group is \u2018demonstrably committed\u2019 to terminating the employment before the normal retirement date. The Group is \u2018demonstrably committed\u2019 when, and only when, it has a detailed formal plan for the early termination without realistic possibility of withdrawal. Where such benefits are long term, they are discounted using the same rate as above for defined benefit obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__142-1": { "value": "FIN-4.1.18 Share-based payments The Group operates an equity settled share-based compensation plan, consisting of stock options (hereafter \u2018options\u2019) (until 2020), restricted stock units (\u2018RSU\u2019) (until 2020) and performance stock units (\u2018PSU\u2019) (exclusively since 2021). For grants of options, RSU\u2019s and PSU\u2019s, the fair value of the employee services received is measured by reference to the fair value of the shares or options granted on the date of the grant. The Group recognizes the fair value of the services received in exchange for the grant of the options as an expense and a corresponding increase in equity on a straight-line basis over the vesting period. The fair value of the options granted is determined using option pricing models, which take into account the exercise price of the option, the share price at date of grant of the option, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. Vesting conditions included in the terms of the grant are not taken into account in estimating fair value except where those terms relate to market conditions. Non-market vesting conditions are considered by adjusting the number of shares or options included in the measurement of the cost of employee services so that ultimately the amount recognized in the income statement re\ufb02ects the number of vested shares or options. At each statement of financial position date, the entity revises its estimates of the number of instruments that are expected to become exercisable and recognizes the impact of revision of original estimates, if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period. When the instruments are exercised, the proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The social security contributions payable in connection with the grant of the instruments is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.FIN-4.5.6 Equity price risk Following the issuance of options, RSU\u2019s and PSU\u2019s as share-based payment arrangements under the di\ufb00erent long-term incentive programs (\u201cLTIP\u201d) (refer to note FIN-4.28 for details of these programs), the Group is exposed to variations in the Group share price. In addition, in May 2023, the Company issued a one-time grant of PSUs covering financial years 2023, 2024 and 2025 under the Company\u2019s 2023-2025 \u201cValue Creation Projects\u201d Long-Term Incentive Plan (the \u201cVCP LTIP\u201d). For further details on the VCP LTIP, please refer to the Remuneration Report, which forms part of the annual report. The VCP LTIP provides that, at vesting (in May 2026), the Company shall deliver to beneficiaries either existing shares of the Company, newly issued shares of the Company or a combination of both. As the default option, the Board has foreseen that the shares to be delivered upon vesting under the VCP LTIP will be newly issued shares. The Board may however elect to deliver (in full or in part) existing shares instead of newly issued shares. To deliver newly issued shares, the Board would make use of the authorized capital, which allows the Board, within the limits set by Belgian law and the authorization granted by the shareholders\u2019 meeting, to increase the Company\u2019s capital without further shareholder approval. Any such issuance of new shares would lead to a corresponding dilution for existing shareholders. In December 2024, the Group launched a share buy-back program to acquire a maximum of 1.5 million shares, representing 1.8% of its issued shares. The shares acquired through the program will contribute to meeting Ontex\u2019s obligations under its current and future long-term incentive plans. The share purchases will be spread over a seven-month period, starting on December 1, 2024 and ending on June 30, 2025.FIN-4.28 Share-based payments Since September 2014 the Company implemented yearly Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options (further \u2018Options\u2019) and restricted stock units (further \u2018RSU\u2019s\u2019). In 2019, the long-term incentive plan changed in a combination of RSU\u2019s, Options and Performance Stock Units (further \u2018PSU\u2019s\u2019), each representing one third of the total long-term incentive grant value, while as of 2021, the long-term incentive plan consisted only of PSU\u2019s. The Options, RSU\u2019s and PSU\u2019s are accounted for as equity-settled share-based payments. The Options, RSU\u2019s and PSU\u2019s can only vest and Options giving the right to receive shares of the Company (further \u2018Shares\u2019) or any other rights to acquire Shares can only be exercisable as from three years after the grant. The RSU\u2019s, PSU\u2019s and Options will vest subject to the condition that the participant remains in service. The share price is considered to be the relevant performance indicator and the vesting of the award will not be subject to additional specific performance conditions. The Articles of Association authorize the Company to deviate from such rule, as allowed under the Belgian Companies Code. The exercise price of the Options will be equal to the last closing rating of the Share immediately preceding the option grant date. For the Options, the exercise period will start on the vesting date. The Shares underlying the RSU\u2019s and PSU\u2019s will be granted for free as soon as practicable after the vesting date of the RSU\u2019s and the PSU\u2019s. Upon vesting of RSU\u2019s and PSU\u2019s, the Shares underlying the RSU\u2019s and PSU\u2019s are transferred to the participants, while upon vesting, Options may be exercised until their expiry date (eight years from the date of grant). On or about May 10, 2017 a total of 299,914 stock options and 69,023 RSU\u2019s were granted, 86,338 options and 69,023 RSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2020 and June 2025. On or about June 15, 2018, a total of 471,064 stock options and 93,576 RSU\u2019s were granted, 173,236 options and 93,576 RSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2021 and June 2026. On or about June 13, 2019, a total of 393,403 stock options, 124,420 RSU\u2019s and 124,420 PSU\u2019s were granted. 183,421 options, 124,420 RSU\u2019s and 124,420 PSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2022 and June 2027.On or about May 28, 2020, the Group granted an LTIP plan consisting of 374,622 stock options, 119,244 RSU\u2019s and 119,244 PSU\u2019s. 243,676 options, 119,244 RSU\u2019s and 119,244 PSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2023 and June 2028. On or about May 27, 2021, the Group granted an LTIP plan consisting of 432,438 PSU\u2019s. 432,438 PSU\u2019s have been forfeited or exercised as of December 31, 2024. On or about March 10, 2022, the Group granted an LTIP plan consisting of 611,477 PSU\u2019s. 262,094 PSU\u2019s have been forfeited as of December 31, 2024. During 2023, the Group granted LTIP plans consisting of 5,206,379 PSU\u2019s. 1,181,681 PSU\u2019s have been forfeited as of December 31, 2024. During the period, the Group granted new LTIP plans consisting of 301,634 PSU\u2019s. 47,971 PSU\u2019s have been forfeited as of December 31, 2024. The following share-based payment arrangements were in existence during the current and prior years: # stock options/ # stock options/ Exercise Price per Weighted average RSU's/PSU's RSU's/PSU's Expiry Date stock option (\u20ac) Fair value (\u20ac) December 31, 2024 December 31, 2023 LTIP 2017 Options 2025 33.11 7.62 213,576 220,230 LTIP 2018 Options 2026 23.56 4.68 297,828 309,806 LTIP 2019 Options 2027 14.00 3.99 209,982 217,955 LTIP 2020 Options 2028 13.90 3.13 130,946 187,503 LTIP 2021 PSU's 2024 N/A 10.37 - 271,489 LTIP 2022 PSU's 2025 N/A 7.30 349,383 356,470 LTIP 2023 PSU's - Plan A 2026 N/A 2.49 2,942,949 2,942,949 PSU's - Plan B 2026 N/A 2.47 1,003,635 1,276,735 PSU's - Plan C 2026 N/A 2.34 78,114 99,412 LTIP 2024 PSU's - Plan A 2026 N/A 1.31 188,173 - PSU's - Plan B 2027 N/A 1.10 65,490 - Total outstanding stock options [7] 852,332 1,167,746 Total outstanding PSU's 4,627,744 4,947,055 [7] The total outstanding stock options of 1,167,746 for 2023 includes the amounts for LTIP 2016 at the end of December 31, 2023 (232,252) as these were still outstanding at that moment in time, but are no longer included in the overview as expired at December 31, 2024 The following reconciles the options, RSU\u2019s and PSU\u2019s outstanding at the beginning and end of the year: Average exercise price per stock [8]option (\u20ac) Stock options RSU's PSU's As at January 1, 2023 23.25 1,318,087 52,101 859,857 Granted - - - 5,206,379 Forfeited 19.31 (28,267) (1,810) (1,057,433) Exercised - - (50,291) (20,780) Expired 26.60 (122,074) - (40,968) As at December 31, 2023 23.00 1,167,746 - 4,947,055 Granted - - - 301,634 Forfeited 19.87 (16,136) - (535,220) Exercised - - - (85,725) Expired 26.20 (299,278) - - As at December 31, 2024 22.11 852,332 - 4,627,744 of which vested and exercisable 852,332 - - The fair value of the PSU\u2019s in 2024 has been determined using a stochastic valuation model based on the Monte Carlo methodology. The expected volatility used in the model is based on the implied volatility of the Company. Below is an overview of all the parameters used in this model: [9]LTIP 2017 LTIP 2018 LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022 LTIP 2023 LTIP 2024Exercise Price (\u20ac) 33.11 23.56 14.00 13.90 - - - - Expected volatility of the shares (%) 27.12% 25.63% 37.98% 31.90% 43.12% 39.01% 34.14% 27.53% Expected dividends yield (%) 2.31% 2.70% 3.82% 4.00% 3.00% 4.10% 4.00% 4.00% Risk free interest rate (%) 0.60% 0.69% 0.10% -0.18% 0.00% 0.00% 2.61% 2.79% The fair value of the RSU\u2019s and PSU\u2019s has been determined by deducting from the exercise price the expected and discounted dividend \ufb02ow, based on the same parameters as above. The total cost incurred regarding the existing share-based payment plans amounted to \u20ac4.8 million during 2024 (2023: \u20ac3.9 million) and was included within employee benefit expenses. Social charges related to the LTIP are accrued for over the vesting period. [8] The average exercise price mentioned in the table above relates only to the stock options, as the RSU's and PSU\u2019s do not have an exercise price [9] LTIP 2023 and LTIP 2024 consisted of respectively three and two di\ufb00erent plans. As the parameters were very similar, the average of the plans has been included in this overview FIN-4.31.5 Key management compensation Remuneration of the CEO Full Year in \u20ac million 2024 2023 Fixed and variable remuneration 1.7 1.8 The above remuneration includes post-employee benefits of \u20ac0.2 million (2023: \u20ac0.2 million), the remainder concerns short-term employee benefits. Next to the above remuneration, the CEO was not awarded any performance stock units in 2024 (2023: 1,005,668 performance stock units), as explained below. The share based payment cost amounted to \u20ac0.8 million in 2024 (2023: \u20ac0.5 million). Remuneration of the Executive Team (excluding the CEO) Full Year in \u20ac million 2024 2023 Fixed remuneration 3.5 3.1 Variable remuneration 1.0 0.7 Other remuneration 0.4 0.5 Total 4.8 4.2 The fixed and variable remuneration concerns short-term employee benefits, while the other remuneration mainly relates to post-employment benefit plans. Next to the above items, the executive team was not awarded any performance stock units in 2024 (in 2023: 1,937,281 performance stock units). The total share based payment cost (including older plans) amounted to \u20ac1.7 million in 2024 (2023: \u20ac1.2 million). For a more detailed breakdown, refer to the Remuneration Report. The Company implemented Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options, restricted stock units and performance stock units (see note FIN-4.28). The number of stock options, restricted stock units and performance stock units granted to the CEO and the Executive Management Team is summarized below: For the year ended December 31, 2024 Number of Number of Number of RSU's PSU's Stock Options LTIP 2019 CEO 18,414 18,414 64,610 Executive Team (excluding CEO) 53,376 53,376 171,928 LTIP 2020 CEO 19,891 19,891 88,333 Executive Team (excluding CEO) 56,265 56,265 249,870 LTIP 2021 CEO - 94,954 - Executive Team (excluding CEO) - 229,572 - LTIP 2022 CEO - 149,891 - Executive Team (excluding CEO) - 213,070 - LTIP 2023 CEO - 1,005,668 - Executive Team (excluding CEO) - 1,937,281 -", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__141-1": { "value": "FIN-4.1.18 Share-based payments The Group operates an equity settled share-based compensation plan, consisting of stock options (hereafter \u2018options\u2019) (until 2020), restricted stock units (\u2018RSU\u2019) (until 2020) and performance stock units (\u2018PSU\u2019) (exclusively since 2021). For grants of options, RSU\u2019s and PSU\u2019s, the fair value of the employee services received is measured by reference to the fair value of the shares or options granted on the date of the grant. The Group recognizes the fair value of the services received in exchange for the grant of the options as an expense and a corresponding increase in equity on a straight-line basis over the vesting period. The fair value of the options granted is determined using option pricing models, which take into account the exercise price of the option, the share price at date of grant of the option, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. Vesting conditions included in the terms of the grant are not taken into account in estimating fair value except where those terms relate to market conditions. Non-market vesting conditions are considered by adjusting the number of shares or options included in the measurement of the cost of employee services so that ultimately the amount recognized in the income statement re\ufb02ects the number of vested shares or options. At each statement of financial position date, the entity revises its estimates of the number of instruments that are expected to become exercisable and recognizes the impact of revision of original estimates, if any, in the income statement and a corresponding adjustment to equity over the remaining vesting period. When the instruments are exercised, the proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The social security contributions payable in connection with the grant of the instruments is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.FIN-4.5.6 Equity price risk Following the issuance of options, RSU\u2019s and PSU\u2019s as share-based payment arrangements under the di\ufb00erent long-term incentive programs (\u201cLTIP\u201d) (refer to note FIN-4.28 for details of these programs), the Group is exposed to variations in the Group share price. In addition, in May 2023, the Company issued a one-time grant of PSUs covering financial years 2023, 2024 and 2025 under the Company\u2019s 2023-2025 \u201cValue Creation Projects\u201d Long-Term Incentive Plan (the \u201cVCP LTIP\u201d). For further details on the VCP LTIP, please refer to the Remuneration Report, which forms part of the annual report. The VCP LTIP provides that, at vesting (in May 2026), the Company shall deliver to beneficiaries either existing shares of the Company, newly issued shares of the Company or a combination of both. As the default option, the Board has foreseen that the shares to be delivered upon vesting under the VCP LTIP will be newly issued shares. The Board may however elect to deliver (in full or in part) existing shares instead of newly issued shares. To deliver newly issued shares, the Board would make use of the authorized capital, which allows the Board, within the limits set by Belgian law and the authorization granted by the shareholders\u2019 meeting, to increase the Company\u2019s capital without further shareholder approval. Any such issuance of new shares would lead to a corresponding dilution for existing shareholders. In December 2024, the Group launched a share buy-back program to acquire a maximum of 1.5 million shares, representing 1.8% of its issued shares. The shares acquired through the program will contribute to meeting Ontex\u2019s obligations under its current and future long-term incentive plans. The share purchases will be spread over a seven-month period, starting on December 1, 2024 and ending on June 30, 2025.FIN-4.28 Share-based payments Since September 2014 the Company implemented yearly Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options (further \u2018Options\u2019) and restricted stock units (further \u2018RSU\u2019s\u2019). In 2019, the long-term incentive plan changed in a combination of RSU\u2019s, Options and Performance Stock Units (further \u2018PSU\u2019s\u2019), each representing one third of the total long-term incentive grant value, while as of 2021, the long-term incentive plan consisted only of PSU\u2019s. The Options, RSU\u2019s and PSU\u2019s are accounted for as equity-settled share-based payments. The Options, RSU\u2019s and PSU\u2019s can only vest and Options giving the right to receive shares of the Company (further \u2018Shares\u2019) or any other rights to acquire Shares can only be exercisable as from three years after the grant. The RSU\u2019s, PSU\u2019s and Options will vest subject to the condition that the participant remains in service. The share price is considered to be the relevant performance indicator and the vesting of the award will not be subject to additional specific performance conditions. The Articles of Association authorize the Company to deviate from such rule, as allowed under the Belgian Companies Code. The exercise price of the Options will be equal to the last closing rating of the Share immediately preceding the option grant date. For the Options, the exercise period will start on the vesting date. The Shares underlying the RSU\u2019s and PSU\u2019s will be granted for free as soon as practicable after the vesting date of the RSU\u2019s and the PSU\u2019s. Upon vesting of RSU\u2019s and PSU\u2019s, the Shares underlying the RSU\u2019s and PSU\u2019s are transferred to the participants, while upon vesting, Options may be exercised until their expiry date (eight years from the date of grant). On or about May 10, 2017 a total of 299,914 stock options and 69,023 RSU\u2019s were granted, 86,338 options and 69,023 RSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2020 and June 2025. On or about June 15, 2018, a total of 471,064 stock options and 93,576 RSU\u2019s were granted, 173,236 options and 93,576 RSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2021 and June 2026. On or about June 13, 2019, a total of 393,403 stock options, 124,420 RSU\u2019s and 124,420 PSU\u2019s were granted. 183,421 options, 124,420 RSU\u2019s and 124,420 PSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2022 and June 2027.On or about May 28, 2020, the Group granted an LTIP plan consisting of 374,622 stock options, 119,244 RSU\u2019s and 119,244 PSU\u2019s. 243,676 options, 119,244 RSU\u2019s and 119,244 PSU\u2019s have forfeited, expired or have been exercised as of December 31, 2024. The stock options are exercisable between June 2023 and June 2028. On or about May 27, 2021, the Group granted an LTIP plan consisting of 432,438 PSU\u2019s. 432,438 PSU\u2019s have been forfeited or exercised as of December 31, 2024. On or about March 10, 2022, the Group granted an LTIP plan consisting of 611,477 PSU\u2019s. 262,094 PSU\u2019s have been forfeited as of December 31, 2024. During 2023, the Group granted LTIP plans consisting of 5,206,379 PSU\u2019s. 1,181,681 PSU\u2019s have been forfeited as of December 31, 2024. During the period, the Group granted new LTIP plans consisting of 301,634 PSU\u2019s. 47,971 PSU\u2019s have been forfeited as of December 31, 2024. The following share-based payment arrangements were in existence during the current and prior years: # stock options/ # stock options/ Exercise Price per Weighted average RSU's/PSU's RSU's/PSU's Expiry Date stock option (\u20ac) Fair value (\u20ac) December 31, 2024 December 31, 2023 LTIP 2017 Options 2025 33.11 7.62 213,576 220,230 LTIP 2018 Options 2026 23.56 4.68 297,828 309,806 LTIP 2019 Options 2027 14.00 3.99 209,982 217,955 LTIP 2020 Options 2028 13.90 3.13 130,946 187,503 LTIP 2021 PSU's 2024 N/A 10.37 - 271,489 LTIP 2022 PSU's 2025 N/A 7.30 349,383 356,470 LTIP 2023 PSU's - Plan A 2026 N/A 2.49 2,942,949 2,942,949 PSU's - Plan B 2026 N/A 2.47 1,003,635 1,276,735 PSU's - Plan C 2026 N/A 2.34 78,114 99,412 LTIP 2024 PSU's - Plan A 2026 N/A 1.31 188,173 - PSU's - Plan B 2027 N/A 1.10 65,490 - Total outstanding stock options [7] 852,332 1,167,746 Total outstanding PSU's 4,627,744 4,947,055 [7] The total outstanding stock options of 1,167,746 for 2023 includes the amounts for LTIP 2016 at the end of December 31, 2023 (232,252) as these were still outstanding at that moment in time, but are no longer included in the overview as expired at December 31, 2024 The following reconciles the options, RSU\u2019s and PSU\u2019s outstanding at the beginning and end of the year: Average exercise price per stock [8]option (\u20ac) Stock options RSU's PSU's As at January 1, 2023 23.25 1,318,087 52,101 859,857 Granted - - - 5,206,379 Forfeited 19.31 (28,267) (1,810) (1,057,433) Exercised - - (50,291) (20,780) Expired 26.60 (122,074) - (40,968) As at December 31, 2023 23.00 1,167,746 - 4,947,055 Granted - - - 301,634 Forfeited 19.87 (16,136) - (535,220) Exercised - - - (85,725) Expired 26.20 (299,278) - - As at December 31, 2024 22.11 852,332 - 4,627,744 of which vested and exercisable 852,332 - - The fair value of the PSU\u2019s in 2024 has been determined using a stochastic valuation model based on the Monte Carlo methodology. The expected volatility used in the model is based on the implied volatility of the Company. Below is an overview of all the parameters used in this model: [9]LTIP 2017 LTIP 2018 LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022 LTIP 2023 LTIP 2024Exercise Price (\u20ac) 33.11 23.56 14.00 13.90 - - - - Expected volatility of the shares (%) 27.12% 25.63% 37.98% 31.90% 43.12% 39.01% 34.14% 27.53% Expected dividends yield (%) 2.31% 2.70% 3.82% 4.00% 3.00% 4.10% 4.00% 4.00% Risk free interest rate (%) 0.60% 0.69% 0.10% -0.18% 0.00% 0.00% 2.61% 2.79% The fair value of the RSU\u2019s and PSU\u2019s has been determined by deducting from the exercise price the expected and discounted dividend \ufb02ow, based on the same parameters as above. The total cost incurred regarding the existing share-based payment plans amounted to \u20ac4.8 million during 2024 (2023: \u20ac3.9 million) and was included within employee benefit expenses. Social charges related to the LTIP are accrued for over the vesting period. [8] The average exercise price mentioned in the table above relates only to the stock options, as the RSU's and PSU\u2019s do not have an exercise price [9] LTIP 2023 and LTIP 2024 consisted of respectively three and two di\ufb00erent plans. As the parameters were very similar, the average of the plans has been included in this overview ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__151-1": { "value": "FIN-4.1.19 Provisions and contingent liabilities Provisions are recognized when (1) the Group has a present legal or constructive obligation as a result of past events; (2) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and (3) the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as finance cost. If the Group has an onerous contract, it will be recognized as a provision. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognized for future operating losses. A provision for restructuring is only recorded if the Group demonstrates a constructive obligation to restructure at the statement of financial position date. The constructive obligation should be demonstrated by: (a) a detailed formal plan identifying the main features of the restructuring; and (b) raising a valid expectation to those a\ufb00ected that it will carry out the restructuring by starting to implement the plan or by announcing its main features to those a\ufb00ected.FIN-4.21 Provisions Restruc-Legal claims Other in \u20ac million turing Total Opening Balance 6.6 3.4 0.1 10.0 Additional provisions 0.3 60.1 - 60.4 Unused amounts reversed (0.0) (0.5) - (0.6) Used during the year (0.0) (31.6) - (31.6) As at December 31, 2024 6.8 31.4 0.1 38.3 of which current 6.8 31.4 0.1 38.3 The Group recognizes a provision for certain legal claims filed against the Group by customers, suppliers or former employees. The restructuring provision in 2024 is related to the restructuring of its Belgian production and distribution activities, which entails the closure of the Eeklo plant as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium & heavy incontinence care products. The used provision during the year is related to the social plan in Eeklo, which has mostly been paid in December 2024, and its related project costs. The outstanding provision at December 31, 2024, is the remaining part of the social plan for Eeklo as well as the social plan for the employees in Buggenhout. On September 2, 2014, Ontex received a notification that the Spanish Competition Authorities (CNMC) opened infringement proceedings against 15 companies in the sector (including three subsidiaries of the Company: Ontex Es Holdco, S.A., Ontex Peninsular, S.A.U. and Ontex ID, S.A.U.) with respect to alleged conduct of fixing prices and other commercial conditions in the Spanish market for heavy adult incontinence products. On May 26, 2016, following the investigation, the CNMC issued its decision. In its decision, the CNMC has found eight companies, including Ontex' Spanish subsidiaries guilty of being part of a cartel. For its involvement from 1999 to 2014, the CNMC issued an administrative fine of \u20ac5.2 million to Ontex. All companies, including Ontex, filed appeals with the National Court, and, following the rejection of the appeals by the National Court, with the Spanish Supreme Court. On July 6, 2023, the Supreme Court has rejected Ontex's appeal, rendering the CNMC decision and related administrative fine final. As per December 31, 2016, a provision amounting to \u20ac5.2 million has been accounted for, which has not been adjusted up till December 31, 2024. During February 2025, Ontex has received a formal request for payment of the administrative fine corresponding to the provisioned amount. FIN-4.24.1 Income and expenses related to changes to Group structure Business restructuring The majority of the business restructuring costs in 2024 are related to the Belgian restructuring, which entails the closure of the Eeklo site, as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium and heavy incontinence care products. The total cost, which includes the social plan for both Eeklo and Buggenhout, but also other related costs, amounts to \u20ac61.3 million. The restructuring expenses in 2023 are related to smaller restructuring projects in various countries and is part of the continuous search for organizational optimization.FIN-4.24.2 Income and expenses related to impairments and major litigationsLitigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__150-1": { "value": "FIN-4.1.19 Provisions and contingent liabilities Provisions are recognized when (1) the Group has a present legal or constructive obligation as a result of past events; (2) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and (3) the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as finance cost. If the Group has an onerous contract, it will be recognized as a provision. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognized for future operating losses. A provision for restructuring is only recorded if the Group demonstrates a constructive obligation to restructure at the statement of financial position date. The constructive obligation should be demonstrated by: (a) a detailed formal plan identifying the main features of the restructuring; and (b) raising a valid expectation to those a\ufb00ected that it will carry out the restructuring by starting to implement the plan or by announcing its main features to those a\ufb00ected.FIN-4.4.2 Income taxesThe European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage.FIN-4.21 Provisions Restruc-Legal claims Other in \u20ac million turing Total Opening Balance 6.6 3.4 0.1 10.0 Additional provisions 0.3 60.1 - 60.4 Unused amounts reversed (0.0) (0.5) - (0.6) Used during the year (0.0) (31.6) - (31.6) As at December 31, 2024 6.8 31.4 0.1 38.3 of which current 6.8 31.4 0.1 38.3 The Group recognizes a provision for certain legal claims filed against the Group by customers, suppliers or former employees. The restructuring provision in 2024 is related to the restructuring of its Belgian production and distribution activities, which entails the closure of the Eeklo plant as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium & heavy incontinence care products. The used provision during the year is related to the social plan in Eeklo, which has mostly been paid in December 2024, and its related project costs. The outstanding provision at December 31, 2024, is the remaining part of the social plan for Eeklo as well as the social plan for the employees in Buggenhout. On September 2, 2014, Ontex received a notification that the Spanish Competition Authorities (CNMC) opened infringement proceedings against 15 companies in the sector (including three subsidiaries of the Company: Ontex Es Holdco, S.A., Ontex Peninsular, S.A.U. and Ontex ID, S.A.U.) with respect to alleged conduct of fixing prices and other commercial conditions in the Spanish market for heavy adult incontinence products. On May 26, 2016, following the investigation, the CNMC issued its decision. In its decision, the CNMC has found eight companies, including Ontex' Spanish subsidiaries guilty of being part of a cartel. For its involvement from 1999 to 2014, the CNMC issued an administrative fine of \u20ac5.2 million to Ontex. All companies, including Ontex, filed appeals with the National Court, and, following the rejection of the appeals by the National Court, with the Spanish Supreme Court. On July 6, 2023, the Supreme Court has rejected Ontex's appeal, rendering the CNMC decision and related administrative fine final. As per December 31, 2016, a provision amounting to \u20ac5.2 million has been accounted for, which has not been adjusted up till December 31, 2024. During February 2025, Ontex has received a formal request for payment of the administrative fine corresponding to the provisioned amount. FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)FIN-4.24.2 Income and expenses related to impairments and major litigationsLitigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__143": { "value": "FIN-4.1.19 Provisions and contingent liabilities Provisions are recognized when (1) the Group has a present legal or constructive obligation as a result of past events; (2) it is probable that an out\ufb02ow of resources will be required to settle the obligation; and (3) the amount has been reliably estimated. Where there are a number of similar obligations, the likelihood that an out\ufb02ow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as finance cost. If the Group has an onerous contract, it will be recognized as a provision. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognized for future operating losses. A provision for restructuring is only recorded if the Group demonstrates a constructive obligation to restructure at the statement of financial position date. The constructive obligation should be demonstrated by: (a) a detailed formal plan identifying the main features of the restructuring; and (b) raising a valid expectation to those a\ufb00ected that it will carry out the restructuring by starting to implement the plan or by announcing its main features to those a\ufb00ected.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__148-1": { "value": "FIN-4.1.19 Provisions and contingent liabilitiesContingent liabilities are disclosed when there is a possible obligation depending on the occurrence of an uncertain event, or when there is a present obligation but the payment is not probable or the amount cannot be reliably measured.FIN-4.29 Contingencies The Group is involved in a number of environmental, contractual, product liability, intellectual property, employment and other claims and disputes incidental to our business. In October 2021, COFECE, the Mexican antitrust authority, announced its decision following its investigation into certain legacy practices in the personal hygiene industry in Mexico. In this decision, COFECE confirmed that Grupo PI Mabe, S.A. de C.V. (\u201cMabe\u201d) and certain individuals had committed antitrust violations in periods prior to the acquisition of Mabe by Ontex. Mabe recently won an appeal on grounds of unconstitutionality of the fines imposed and is awaiting a new COFECE resolution expected during the first quarter of 2025. Under the purchase agreement for its acquisition of Mabe in 2016, Ontex received a full indemnity for all resulting fines and legal fees from the selling shareholders of Mabe. In May 2023, Ontex completed the divestiture of Mabe to Softys, S.A.. As part of such divestiture, Ontex granted a back-to-back indemnity to Softys. Based on the back-to-back indemnity arrangements that are in place, the Group does not expect these proceedings to result in a net financial cost to it. In 2018, the State of Goias issued a decree requiring Falcon Distribui\u00e7\u00e3o Armazenamento e Transportes S/A (Falcon) to pay a contribution to the Social Protection Fund of the State of Goias (Protege) in order to further benefit from a previously granted tax incentive under a Special Regime Agreement Term (TARE). As this condition was not provided for in the TARE, Falcon challenged this in court. In 2023, the court of first instance issued a favourable decision, against which the State of Goias filed an appeal. On November 19, 2024, this appeal was rejected by the court in second instance. The State of Goias can now still file an appeal to the superior court. The Group believes that there are good arguments to support its position (as has been evidenced by the courts in first and second instance ruling in Falcon\u2019s favour) and as a result the Group does not believe that the loss of \u20ac5.5m is probable. Note that as part of the binding agreement entered into with Softys S.A. for the sale of Ontex\u2019s Brazilian business, Ontex paid the Protege contributions for the period 2020 to date, thus limiting the remaining risk to the period 2017-19. If and when a final decision is issued in favour of Ontex, Falcon will have the right to file a claim against the State of Goi\u00e1s for reimbursement of such Prot\u00e9g\u00e9 contributions, and such reimbursement received by Falcon shall be paid to Ontex. The Group currently believes that the disposition of the claims and disputes, individually or in aggregate, should not have a material adverse e\ufb00ect on our consolidated financial condition, results of operations or liquidity.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__146-1": { "value": "FIN-4.1.19 Provisions and contingent liabilitiesContingent liabilities are disclosed when there is a possible obligation depending on the occurrence of an uncertain event, or when there is a present obligation but the payment is not probable or the amount cannot be reliably measured.FIN-4.29 Contingencies The Group is involved in a number of environmental, contractual, product liability, intellectual property, employment and other claims and disputes incidental to our business. In October 2021, COFECE, the Mexican antitrust authority, announced its decision following its investigation into certain legacy practices in the personal hygiene industry in Mexico. In this decision, COFECE confirmed that Grupo PI Mabe, S.A. de C.V. (\u201cMabe\u201d) and certain individuals had committed antitrust violations in periods prior to the acquisition of Mabe by Ontex. Mabe recently won an appeal on grounds of unconstitutionality of the fines imposed and is awaiting a new COFECE resolution expected during the first quarter of 2025. Under the purchase agreement for its acquisition of Mabe in 2016, Ontex received a full indemnity for all resulting fines and legal fees from the selling shareholders of Mabe. In May 2023, Ontex completed the divestiture of Mabe to Softys, S.A.. As part of such divestiture, Ontex granted a back-to-back indemnity to Softys. Based on the back-to-back indemnity arrangements that are in place, the Group does not expect these proceedings to result in a net financial cost to it. In 2018, the State of Goias issued a decree requiring Falcon Distribui\u00e7\u00e3o Armazenamento e Transportes S/A (Falcon) to pay a contribution to the Social Protection Fund of the State of Goias (Protege) in order to further benefit from a previously granted tax incentive under a Special Regime Agreement Term (TARE). As this condition was not provided for in the TARE, Falcon challenged this in court. In 2023, the court of first instance issued a favourable decision, against which the State of Goias filed an appeal. On November 19, 2024, this appeal was rejected by the court in second instance. The State of Goias can now still file an appeal to the superior court. The Group believes that there are good arguments to support its position (as has been evidenced by the courts in first and second instance ruling in Falcon\u2019s favour) and as a result the Group does not believe that the loss of \u20ac5.5m is probable. Note that as part of the binding agreement entered into with Softys S.A. for the sale of Ontex\u2019s Brazilian business, Ontex paid the Protege contributions for the period 2020 to date, thus limiting the remaining risk to the period 2017-19. If and when a final decision is issued in favour of Ontex, Falcon will have the right to file a claim against the State of Goi\u00e1s for reimbursement of such Prot\u00e9g\u00e9 contributions, and such reimbursement received by Falcon shall be paid to Ontex. The Group currently believes that the disposition of the claims and disputes, individually or in aggregate, should not have a material adverse e\ufb00ect on our consolidated financial condition, results of operations or liquidity.FIN-4.30 Commitments FIN-4.30.1 Capital commitments The Group has contracted expenditures for the acquisition of property, plant and equipment at December 31, 2024 of \u20ac42.9 million (2023: \u20ac43.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__144-1": { "value": "FIN-4.1.19 Provisions and contingent liabilitiesContingent liabilities are disclosed when there is a possible obligation depending on the occurrence of an uncertain event, or when there is a present obligation but the payment is not probable or the amount cannot be reliably measured.FIN-4.29 Contingencies The Group is involved in a number of environmental, contractual, product liability, intellectual property, employment and other claims and disputes incidental to our business. In October 2021, COFECE, the Mexican antitrust authority, announced its decision following its investigation into certain legacy practices in the personal hygiene industry in Mexico. In this decision, COFECE confirmed that Grupo PI Mabe, S.A. de C.V. (\u201cMabe\u201d) and certain individuals had committed antitrust violations in periods prior to the acquisition of Mabe by Ontex. Mabe recently won an appeal on grounds of unconstitutionality of the fines imposed and is awaiting a new COFECE resolution expected during the first quarter of 2025. Under the purchase agreement for its acquisition of Mabe in 2016, Ontex received a full indemnity for all resulting fines and legal fees from the selling shareholders of Mabe. In May 2023, Ontex completed the divestiture of Mabe to Softys, S.A.. As part of such divestiture, Ontex granted a back-to-back indemnity to Softys. Based on the back-to-back indemnity arrangements that are in place, the Group does not expect these proceedings to result in a net financial cost to it. In 2018, the State of Goias issued a decree requiring Falcon Distribui\u00e7\u00e3o Armazenamento e Transportes S/A (Falcon) to pay a contribution to the Social Protection Fund of the State of Goias (Protege) in order to further benefit from a previously granted tax incentive under a Special Regime Agreement Term (TARE). As this condition was not provided for in the TARE, Falcon challenged this in court. In 2023, the court of first instance issued a favourable decision, against which the State of Goias filed an appeal. On November 19, 2024, this appeal was rejected by the court in second instance. The State of Goias can now still file an appeal to the superior court. The Group believes that there are good arguments to support its position (as has been evidenced by the courts in first and second instance ruling in Falcon\u2019s favour) and as a result the Group does not believe that the loss of \u20ac5.5m is probable. Note that as part of the binding agreement entered into with Softys S.A. for the sale of Ontex\u2019s Brazilian business, Ontex paid the Protege contributions for the period 2020 to date, thus limiting the remaining risk to the period 2017-19. If and when a final decision is issued in favour of Ontex, Falcon will have the right to file a claim against the State of Goi\u00e1s for reimbursement of such Prot\u00e9g\u00e9 contributions, and such reimbursement received by Falcon shall be paid to Ontex. The Group currently believes that the disposition of the claims and disputes, individually or in aggregate, should not have a material adverse e\ufb00ect on our consolidated financial condition, results of operations or liquidity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__158-1": { "value": "FIN-4.1.20 Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group\u2019s subsidiaries operate and generate taxable income. In line with paragraph 46 of IAS 12 Income taxes, management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. This evaluation is made for tax periods open for audit by the competent authorities.FIN-4.19.2 Current taxes December 31 in \u20ac million 2024 2023 Current tax assets 3.3 4.9 Current tax liabilities (31.8) (27.0) The current tax assets mainly relate to the excess of pre-payments made compared to the actual income tax payable for the year. The current tax liabilities include an amount of \u20ac23.7 million actual corporate taxes payable (2023: \u20ac20.9 million) and \u20ac8.1 million of provision for uncertain taxes (2023: \u20ac6.1 million). FIN-4.27 Income tax expense The income tax (charged)/credited to the income statement during the year is as follows: Full Year in \u20ac million 2024 2023 Current tax (expense) / income (24.5) (17.2) Deferred tax (expense) / income 21.1 1.0 Total income tax expense (3.4) (16.3) The income tax expense can be reconciled as follows: Full Year in \u20ac million 2024 2023 Profit/(loss) before income tax 24.3 43.2 Income tax expense calculated at domestic tax rates (5.7) (8.3) Disallowed expenses (5.0) (2.7) Tax-exempt income 3.1 1.6 Write-o\ufb00 of previously recognized deferred tax assets (0.0) (0.6) on losses Current year tax losses not recognized as deferred tax asset (10.9) (10.9) Recognition of previously unrecognized deferred tax assets 23.9 4.3 on losses Adjustments in respect of prior year (1.7) 0.6 Di\ufb00erence in statutory tax rates - (0.6) Withholding tax (4.2) Other (2.8) 0.3 Total income tax expense (3.4) (16.3)", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__153": { "value": "FIN-4.1.20 Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group\u2019s subsidiaries operate and generate taxable income. In line with paragraph 46 of IAS 12 Income taxes, management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. This evaluation is made for tax periods open for audit by the competent authorities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__156-1": { "value": "FIN-4.1.20 Income taxesDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary di\ufb00erences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not recognized for: \u2022 the initial recognition of goodwill; and \u2022 the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction a\ufb00ects neither accounting nor taxable profit or loss. Deferred tax is recognized on temporary di\ufb00erences arising on investments in subsidiaries and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary di\ufb00erence is controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax liabilities are generally recognized for taxable temporary di\ufb00erences. Deferred tax assets are generally recognized for tax losses and tax attributes to the extent that it is probable that taxable profits will be available against which those deductible temporary di\ufb00erences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that su\ufb03cient taxable profits will be available to allow all or part of the asset to be recovered. Deferred taxes are calculated at the level of each fiscal entity in the Group. The Group is able to o\ufb00set deferred tax assets and liabilities only if the deferred tax balances relate to income taxes levied by the same taxation authority. FIN-4.4.2 Income taxes The Group has tax losses and other tax incentives that can be used to o\ufb00set future taxable profits, mainly in Belgium, France, United States and Spain amounting to \u20ac633.8 million at December 31, 2024 (\u20ac595.1 million at December 31, 2023). The Group has only recognized deferred tax assets on \u20ac115.4 million of tax losses and other tax incentives out of the \u20ac633.8 million mentioned above. The measurement of these deferred tax assets depends on a number of judgmental assumptions regarding the future probable taxable profits of di\ufb00erent Group subsidiaries in di\ufb00erent jurisdictions. These estimates are made prudently to the extent of the best current knowledge. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assesses whether certain uncertain tax provisions should be recognized in its consolidated financial statements (based on the requirements of IFRIC 23). The European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage.FIN-4.19.1 Deferred taxes Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set and when the deferred taxes relate to the same fiscal authority. The deferred tax assets and liabilities are attributable to the following items: December 31, 2024 December 31, 2023 in \u20ac million DTA DTL DTA DTL Intangible assets 1.7 - 2.1 - Property, plant and equipment - (40.1) - (45.4) Leases 14.1 (17.9) 27.2 (23.0) Inventories 2.6 - 6.1 - Financial instruments 7.9 - - (0.6) Employee benefits 3.3 - 3.2 - Accrued expenses and other payables 5.1 - 4.3 - Others 4.0 - - (0.2) Tax losses 156.8 - 145.9 - Tax credit 10.6 - 11.4 - Deferred tax assets & liabilities - Gross 206.2 (58.0) 200.4 (69.2) Net deferred tax assets not recognized (136.6) - (139.3) - O\ufb00setting (42.0) 42.0 (49.3) 49.3 Deferred tax assets & liabilities - Net 27.6 (16.0) 11.7 (19.9) Deferred tax assets are recognized on temporary di\ufb00erences, tax attributes carried forward and tax losses carried forward to the extent that the realization of the related tax benefit through the future taxable profits is probable. The tax losses carried forward mainly relate to Belgium, France, United States and Spain. In Belgium and France, deferred tax assets have been recognized on tax losses carried forward considering the expected taxable profits in the foreseeable future. The Group did not recognize deferred tax assets for an amount of \u20ac136.6 million (2023: \u20ac139.3 million) on the tax losses carried forward and tax incentives of tax attributes carried forward. Tax losses can in principle be carried forward indefinitely. The countries for which no deferred tax asset has been recognized are Belgium (\u20ac52.4 million), France (\u20ac39.4 million), United States (\u20ac26.5 million), Spain (\u20ac9.5 million), Poland (\u20ac4.5 million), Czech Republic (\u20ac2.5 million) and Germany (\u20ac1.7 million). The Group did not recognize deferred taxes associated with investments in subsidiaries. There is currently no policy or detailed plan in relation to the payment of dividends within the Group. The Group is in scope for Pillar II legislation. Pillar II taxes are those arising from tax laws enacted or substantively enacted to implement the Pillar Two framework published by the OECD. This tax reform aims to ensure that multinational groups pay taxes at a minimum rate of 15 percent on income arising in each jurisdiction in which they operate by applying a system of top-up taxes. The ultimate parent company of the Group is Ontex Group NV, located in Belgium. On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation e\ufb00ective from 1 January 2024. Given that the consolidated revenue threshold of \u20ac750 million is exceeded, the Group is required to pay top up tax on profits of its subsidiaries that are taxed at an e\ufb00ective tax rate of less than 15 per cent. Pillar II legislation has further been enacted or substantively enacted in several other jurisdictions in which the Group operates, e\ufb00ective for the financial year beginning 1 January 2024. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. The Pillar II legislation has no material impact on the Group\u2019s tax position, since: \u2022 in most of the jurisdictions, the Simplified Pillar II e\ufb00ective tax rate is above 15% and/or at least one of the other Transitional CbCR Safe Harbour tests is met (Routine Profits test and/or the Simplified De-Minimis test); \u2022 in a very limited number of jurisdictions, the Transitional CbCR Safe Harbour relief does not apply. However, the Group has no Pillar II top-up tax exposure in those jurisdictions based on the full Pillar II calculations.FIN-4.27 Income tax expense The income tax (charged)/credited to the income statement during the year is as follows: Full Year in \u20ac million 2024 2023 Current tax (expense) / income (24.5) (17.2) Deferred tax (expense) / income 21.1 1.0 Total income tax expense (3.4) (16.3) The income tax expense can be reconciled as follows: Full Year in \u20ac million 2024 2023 Profit/(loss) before income tax 24.3 43.2 Income tax expense calculated at domestic tax rates (5.7) (8.3) Disallowed expenses (5.0) (2.7) Tax-exempt income 3.1 1.6 Write-o\ufb00 of previously recognized deferred tax assets (0.0) (0.6) on losses Current year tax losses not recognized as deferred tax asset (10.9) (10.9) Recognition of previously unrecognized deferred tax assets 23.9 4.3 on losses Adjustments in respect of prior year (1.7) 0.6 Di\ufb00erence in statutory tax rates - (0.6) Withholding tax (4.2) Other (2.8) 0.3 Total income tax expense (3.4) (16.3)", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__154-1": { "value": "FIN-4.1.20 Income taxesDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognized on temporary di\ufb00erences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not recognized for: \u2022 the initial recognition of goodwill; and \u2022 the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction a\ufb00ects neither accounting nor taxable profit or loss. Deferred tax is recognized on temporary di\ufb00erences arising on investments in subsidiaries and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary di\ufb00erence is controlled by the Group and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax liabilities are generally recognized for taxable temporary di\ufb00erences. Deferred tax assets are generally recognized for tax losses and tax attributes to the extent that it is probable that taxable profits will be available against which those deductible temporary di\ufb00erences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that su\ufb03cient taxable profits will be available to allow all or part of the asset to be recovered. Deferred taxes are calculated at the level of each fiscal entity in the Group. The Group is able to o\ufb00set deferred tax assets and liabilities only if the deferred tax balances relate to income taxes levied by the same taxation authority. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__169-1": { "value": "FIN-4.1.21 Financial liabilities Financial liabilities (including borrowings and trade and other payables) are classified as at amortized cost, except for derivative instruments (see FIN-4.1.22 below). Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any di\ufb00erence between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the e\ufb00ective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate. Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of financial position when there is a legally enforceable right to o\ufb00set the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9All borrowings are denominated in \u20ac as of December 31, 2024. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. It carries an interest rate based on EURIBOR 1 month plus a margin. The margin is subject to the leverage ratio and equals 1.60% at a leverage of 2.46 at the end of 2024. At December 31, 2024, an amount of \u20ac24.0 million was utilized on the revolving credit facility, versus \u20ac115.0 million at December 31, 2023. Ontex\u2019s main financing consists of its \u20ac580.0 million High Yield bond (\u2018Senior Notes\u2019), with a coupon of 3.50% fixed rate maturing in July 2026. The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.17.1 Collateral for borrowings The Group is subject to regular information covenants, and certain financial ratios are monitored. At year-end 2024 and 2023, all covenants were met. No assets have been pledged in the context of the syndicated term loans. However, certain subsidiaries act as guarantors for these loans. For local borrowings, some machinery are pledged. FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__159": { "value": "FIN-4.1.21 Financial liabilities Financial liabilities (including borrowings and trade and other payables) are classified as at amortized cost, except for derivative instruments (see FIN-4.1.22 below). Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any di\ufb00erence between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the e\ufb00ective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. The e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate. Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of financial position when there is a legally enforceable right to o\ufb00set the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__172-1": { "value": "FIN-4.1.21 Financial liabilitiesThe e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate.FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__170-1": { "value": "FIN-4.1.21 Financial liabilitiesThe e\ufb00ective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The e\ufb00ective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the e\ufb00ective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in profit or loss. The gain or loss is calculated as the di\ufb00erence between the original contractual cash \ufb02ows and the modified cash \ufb02ows discounted at the original e\ufb00ective interest rate.FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__163-1": { "value": "FIN-4.1.21 Financial liabilitiesFinancial assets and liabilities are o\ufb00set and the net amount is reported in the statement of financial position when there is a legally enforceable right to o\ufb00set the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__178-1": { "value": "FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings).FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly.FIN-4.5.1 Overview of financial instrumentsHedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity) The Group has some exposure to the price of oil because certain of the raw materials used in production are manufactured from oil derivatives. These include glues, polyethylene, propylene and polypropylene. The Group also decided to continue to hedge a portion of the \ufb02u\ufb00, propylene, polypropylene, polyethylene and LDPE exposure in 2024. Forward contracts to cover the commodity price risk are being reviewed and potentially executed monthly. Forward contracts are initiated over a future period of 12 months covering monthly expected exposure. The total notional amount hedged in 2024 was \u20ac42.8 million covering \ufb02u\ufb00 (\u20ac28.3 million) and propylene (\u20ac14.5 million). The average hedged rate for 2024 was \u20ac1,765/Ton for \ufb02u\ufb00 and \u20ac1,118/Ton for propylene. The OCI net impact for 2024 was a \u20ac0.2 million loss (2023: \u20ac0.9 million loss). \u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million). Sensitivity of the fair value of derivative financial instruments related to commodities: at December 31, 2024, if there would be a shift of the commodity forward curve by 10% increase/decrease with all other variables held constant, pre-tax other comprehensive income for the year would have been respectively \u20ac0.7 million higher / \u20ac0.7 million lower (2023: impact was \u20ac1.4 million higher / \u20ac1.4 million lower).FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__175": { "value": "FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__174-1": { "value": "FIN-4.1.22 Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and commodity price risks, including foreign exchange forward contracts, commodity hedging contracts and interest rate CAP\u2019s and SWAP\u2019s. Derivatives are accounted for in accordance with IFRS 9. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and e\ufb00ective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The fair values of various derivative instruments are disclosed in note FIN-4.5. The full fair value of a derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. If no hedge accounting is applied, the Group recognizes all gains or losses resulting from changes in fair value of derivatives in the consolidated income statement within Other operating income/expense to the extent that they relate to operating activities and within Net finance cost to the extent that they relate to the financing activities of the Group (e.g. interest rate swaps relating to the \ufb02oating rate borrowings).FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__181": { "value": "FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__179": { "value": "FIN-4.1.23 Hedge accounting The Group designates certain hedging instruments, which include derivatives in respect of foreign currency risk and commodities, as cash \ufb02ow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly e\ufb00ective in o\ufb00setting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in other comprehensive income and accumulated under the heading of \u2018cash \ufb02ow hedging reserve\u2019. The gain or loss relating to the ine\ufb00ective portion is recognized immediately in profit or loss and is included in the \u2018other operating income/(expense)' line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated income statement as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognized in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__186": { "value": "FIN-4.1.24 Operating segments The Group\u2019s activities are in one segment. There are no other significant classes of business, either singularly or in aggregate. The chief operating decision maker, the Board of Directors, reviews the operating results (defined as Adjusted EBITDA) and operating plans, and make resource allocation decisions on a company-wide basis; therefore, the Group operates as one segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__188-1": { "value": "FIN-4.1.25 Statement of cash \ufb02ows The cash \ufb02ows of the Group are presented using the indirect method. This method reconciles the movement in cash for the reporting period by adjusting net profit of the year for any non-cash items and changes in working capital, and identifying investing and financing cash \ufb02ows for the reporting period.FIN-4.2.4 Free Cash Flow Free cash \ufb02ow is defined as net cash generated from operating activities (as presented in the consolidated cash \ufb02ow statement, i.e. including income taxes paid) less capital expenditures (Capex, defined as purchases of property, plant and equipment and intangible assets), less repayment of lease liabilities and including cash (used in)/from disposal, less financing cash \ufb02ows, i.e. interests paid and received, and other financing cash \ufb02ows (Other costs of financing, realized foreign exchange (losses)/gains on financing activities and derivative financial assets). Free Cash Flow of the Group for the years ended December 31 is as follows: Full Year in \u20ac million 2024 2023 Operating profit/(loss) 75.8 88.3 Depreciation and amortization 74.1 70.7 EBITDA 149.9 159.0 EBITDA from discontinued Operations 2.1 22.3 Non-cash items and items relating to investing and 61.0 29.1financing activities Change in working capital Inventories (45.4) 17.2 Trade and other receivables and prepaid expenses (16.3) (52.9) Trade and other payables and accrued expenses 70.8 0.1 Employee benefit liabilities 4.0 6.6 Cash from operating activities before taxes 226.0 181.4 Income taxes paid (10.3) (20.8) Net cash generated from operating activities 215.7 160.6 Capex (112.4) (96.5) Cash (used in)/from on disposal 0.2 15.8 Repayment of lease liabilities (24.8) (25.0) Free Cash Flow before financing 78.7 54.9 Interests paid & received (30.4) (46.4) Other financial cash \ufb02ow (0.4) 0.6 Free Cash Flow 47.9 9.1 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__190-1": { "value": "FIN-4.2 Alternative performance measures Alternative performance measures (non-GAAP) are used in the financial communication of the Group since management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measure of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. FIN-4.2.1 EBITDA adjustments Income and expenses classified under the heading \u201cEBITDA adjustments\u201d are those items that are considered by management not to relate to transactions, projects and adjustments to the value of assets and liabilities taking place in the ordinary course of activities of the Company. EBITDA adjustments are presented separately, due to their size or nature, so as to allow users of the consolidated financial statements of the Company to get a better understanding of the normalized performance of the Company. EBITDA adjustments relate to: \u2022 acquisition- and divestment-related expenses; \u2022 changes to the measurement of contingent considerations in the context of business combinations; \u2022 changes to the Group structure, business restructuring costs, including costs related to the liquidation of subsidiaries and the closure, opening or relocations of factories; \u2022 impairment of assets and major litigations. EBITDA adjustments of the Group for the years ended December 31 are composed of the following items presented in the consolidated income statement and can be reconciled in note FIN-4.24: \u2022 income/(expenses) related to changes to Group structure; and \u2022 income/(expenses) related to impairments and major litigations. FIN-4.2.2 Adjusted EBITDA Adjusted EBITDA is defined as earnings before net finance cost, income taxes, depreciations and amortizations (commonly called EBITDA) plus EBITDA adjustments. The adjusted EBITDA margin is the adjusted EBITDA divided by revenue. Adjusted EBITDA reconciliation of the Group for the years ended December 31 are as follows: Full Year 2024 2023 Continuing Discontinued Total Continuing Discontinued Total in \u20ac million Operations Operations Group Operations Operations Group Revenue 1,860.5 306.9 2,167.4 1,794.7 546.8 2,341.5 Operating profit/(loss) 75.8 2.1 77.9 88.3 22.3 110.6 Depreciation and amortization 74.1 0.0 74.1 70.7 0.0 70.7 EBITDA 149.9 2.1 152.0 159.0 22.3 181.3 EBITDA adjustments 72.7 27.1 99.9 14.9 27.1 42.0 Adjusted EBITDA 222.6 29.2 251.9 173.9 49.4 223.3 Adjusted EBITDA margin 12.0% 9.5% 11.6% 9.7% 9.0% 9.5% Further information on the EBITDA adjustments can be found in note FIN-4.24 for the continuing operations and note FIN-4.8 for the discontinued operations. FIN-4.2.3 Net financial debt/LTM Adjusted EBITDA ratio (Leverage) Net financial debt is calculated by adding short-term and long-term debt and deducting cash and cash equivalents. LTM adjusted EBITDA is defined as EBITDA excluding EBITDA adjustments for the last twelve months (LTM). Net financial debt/LTM Adjusted EBITDA ratio of the Group for the years ended December 31 are as follows: December 31 2024 2023 Continuing Discontinued Total Continuing Discontinued Total in \u20ac million Operations Operations Group Operations Operations Group Non-current interest-bearing debts 667.1 10.9 678.0 671.8 15.3 687.0 Current interest-bearing debts 53.1 5.2 58.3 141.1 5.4 146.5 Cash and cash equivalents (56.9) (67.3) (124.2) (97.2) (71.1) (168.3) Net financial debt 663.3 (51.2) 612.0 715.7 (50.4) 665.3 [3]Adjusted EBITDA (LTM)222.6 25.7 248.3 173.9 30.7 204.6 Leverage ratio 2.46 3.25 [3] The LTM Adjusted EBITDA (LTM) in the full year 2024 excludes the \u20ac3.5 million contribution of the Algerian and Pakistani activities, which were sold in the first half of 2024. The LTM Adjusted EBITDA (LTM) in the full year 2023 excludes the \u20ac18.7m contribution of the Mexican activities which were sold in May 2023 FIN-4.2.4 Free Cash Flow Free cash \ufb02ow is defined as net cash generated from operating activities (as presented in the consolidated cash \ufb02ow statement, i.e. including income taxes paid) less capital expenditures (Capex, defined as purchases of property, plant and equipment and intangible assets), less repayment of lease liabilities and including cash (used in)/from disposal, less financing cash \ufb02ows, i.e. interests paid and received, and other financing cash \ufb02ows (Other costs of financing, realized foreign exchange (losses)/gains on financing activities and derivative financial assets). Free Cash Flow of the Group for the years ended December 31 is as follows: Full Year in \u20ac million 2024 2023 Operating profit/(loss) 75.8 88.3 Depreciation and amortization 74.1 70.7 EBITDA 149.9 159.0 EBITDA from discontinued Operations 2.1 22.3 Non-cash items and items relating to investing and 61.0 29.1financing activities Change in working capital Inventories (45.4) 17.2 Trade and other receivables and prepaid expenses (16.3) (52.9) Trade and other payables and accrued expenses 70.8 0.1 Employee benefit liabilities 4.0 6.6 Cash from operating activities before taxes 226.0 181.4 Income taxes paid (10.3) (20.8) Net cash generated from operating activities 215.7 160.6 Capex (112.4) (96.5) Cash (used in)/from on disposal 0.2 15.8 Repayment of lease liabilities (24.8) (25.0) Free Cash Flow before financing 78.7 54.9 Interests paid & received (30.4) (46.4) Other financial cash \ufb02ow (0.4) 0.6 Free Cash Flow 47.9 9.1 FIN-4.2.5 Adjusted Basic Earnings and Adjusted Basic Earnings per Share Adjusted Basic Earnings (or Adjusted Profit) are defined as profit for the period plus EBITDA adjustments and tax e\ufb00ect on EBITDA adjustments, attributable to the owners of the parent. Adjusted Basic Earnings per share are defined as Adjusted Basic Earnings divided by the weighted average number of ordinary shares. Adjusted Basic Earnings per Share for the years ended December 31 are presented in note FIN-4.16. FIN-4.2.6 Net Working Capital The components of our net working capital are inventories, trade receivables and prepaid expenses and other receivables plus trade payables and accrued expenses and other payables. December 31 in \u20ac million 2024 2023 Inventories 292.9 252.8 Trade receivables 204.1 206.1 Prepaid expenses and other receivables 67.2 63.5 Trade payables (440.1) (370.5) Accrued expenses and other payables (21.1) (20.6) Total Net Working Capital 103.0 131.3 FIN-4.2.7 Alternative Performance Measures included in the Press releases and other Regulated information Like-for-Like (LFL) revenue Like-for-Like revenue is defined as revenue at constant currency excluding change in scope of consolidation or M&A and hyperin\ufb02ation. in \u20ac million 2023 Vol/mix Price Scope change 2024 LFL Forex 2024 Continuing Operations 1,794.7 101.8 (39.2) - 1,857.2 3.3 1,860.5 Discontinued Operations 546.8 (20.3) 1.1 (196.6) 331.0 (24.1) 306.9 Total Group 2,341.5 81.5 (38.1) (196.6) 2,188.2 (20.8) 2,167.4FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. FIN-4.4 Critical accounting estimates and judgments The amounts presented in the consolidated financial statements involve the use of estimates and assumptions about the future. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual amounts may di\ufb00er from these estimates. The estimates and assumptions that could have an impact on the consolidated financial statements are discussed below. FIN-4.4.1 Liquidity situation The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The new revolving credit facility is subject to one financial covenant, being a leverage covenant. The leverage ratio of net financial debt over the last-twelve-months adjusted EBITDA is not to exceed 3.50 throughout all reporting periods. Management has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period. FIN-4.4.2 Income taxes The Group has tax losses and other tax incentives that can be used to o\ufb00set future taxable profits, mainly in Belgium, France, United States and Spain amounting to \u20ac633.8 million at December 31, 2024 (\u20ac595.1 million at December 31, 2023). The Group has only recognized deferred tax assets on \u20ac115.4 million of tax losses and other tax incentives out of the \u20ac633.8 million mentioned above. The measurement of these deferred tax assets depends on a number of judgmental assumptions regarding the future probable taxable profits of di\ufb00erent Group subsidiaries in di\ufb00erent jurisdictions. These estimates are made prudently to the extent of the best current knowledge. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assesses whether certain uncertain tax provisions should be recognized in its consolidated financial statements (based on the requirements of IFRIC 23). The European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage. FIN-4.4.3 Business combinations For business combinations, the Group must make assumptions and estimates to determine the purchase price allocation of the business being acquired. To do so, the Group must determine the acquisition-date fair value of the identifiable assets acquired and liabilities assumed. These assumptions and estimates have an impact on the asset and liability amounts recorded in the consolidated statement of financial position on the acquisition date. In addition, the estimated useful lives of the acquired property, plant and equipment, the identification of other intangible assets and the determination of the indefinite or finite useful lives of other intangible assets acquired requires significant judgments and will have an impact on the Group\u2019s profit or loss. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions. FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly. FIN-4.4.7 Employee benefits The carrying amount of the Group\u2019s employee benefit obligations is determined on an actuarial basis using certain assumptions. One particularly sensitive assumption used for determining the net cost of the benefits granted is the discount rate. Any change to this assumption will a\ufb00ect the carrying amount of those obligations. The discount rate depends on the duration of the benefit, i.e. the average duration of the engagements, weighted with the present value of the costs linked to those engagements. According to IAS 19, the discount rate should correspond to the rate of high-quality corporate bonds of similar term to the benefits valued and in the same currency. FIN-4.4.8 Revenue recognition For the accrual for volume discounts (to customers and from suppliers) some judgements are made on the impact of commercial decisions that will in\ufb02uence the final discount to be received or to be granted. FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale. FIN-4.4.10 Operations in Russia Ontex is closely following the developments in the con\ufb02ict between Russia and Ukraine as this disrupts Ontex\u2019s ability to operate in these regions. Ontex\u2019s first focus is the safety of its employees, and the Group is providing the necessary support. Ontex has sales and marketing o\ufb03ces in Russia and Ukraine and a manufacturing plant in Noginsk, near Moscow. In 2024, Ontex generated \u20ac95.0 million (2023: \u20ac104.1 million) revenue in its Russian subsidiary. The fixed assets held in Russia represent \u20ac12.5 million (2023: \u20ac18.7 million) consolidated fixed assets, including mainly machinery and right-of-use assets (leased manufacturing facilities). The manufacturing and commercial operations are ongoing as the Russian Ontex operation provides essential care products, but these are significantly dependent from the supply of the necessary raw materials and resources to the local manufacturing facility. From the start of the invasion of Ukraine by Russia, Ontex has defined tight conditions to its continued operation in Russia including an investment stop with funds not generated by the Russian operations as well as a stop on exports from Russia to other Europe entities, and the adaptation to the evolving economic sanctions and supply disruptions. The operating model evolved to ensure compliance with the evolving applicable regulations on economic sanctions. This has led to the progressive autonomation of most local activities in Russia within a framework defined by the Group, allowing to remain compliant to Ontex\u2019s standards on quality, safety as well as financial controls, reporting and objectives. The Group already had a very limited presence in Ukraine prior to the con\ufb02ict, only having a few people in commercial roles and no owned production or assets, and now maintains a minimum activity level without putting any of its employees in danger. Ontex realized a revenue of approximately \u20ac5.0 million in 2024 in Ukraine.FIN-4.17 Interest-bearing debtsAll borrowings are denominated in \u20ac as of December 31, 2024. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. It carries an interest rate based on EURIBOR 1 month plus a margin. The margin is subject to the leverage ratio and equals 1.60% at a leverage of 2.46 at the end of 2024. At December 31, 2024, an amount of \u20ac24.0 million was utilized on the revolving credit facility, versus \u20ac115.0 million at December 31, 2023. Ontex\u2019s main financing consists of its \u20ac580.0 million High Yield bond (\u2018Senior Notes\u2019), with a coupon of 3.50% fixed rate maturing in July 2026. The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. FIN-5 Summary statutory financial statements FIN-5.1 Statutory balance sheet after appropriation December 31 in \u20ac million 2024 2023 Assets 3,035.1 3,018.7 Fixed assets 2,759.9 2,583.4 Formation expenses 0.0 - Intangible assets 13.6 14.2 Tangible assets 0.2 0.4 Financial fixed assets 2,746.0 2,568.8 Participating interests 1,687.1 1,687.1 Amounts receivable 1,058.8 881.6 Other financial fixed assets 0.2 0.2 Current assets 275.2 435.3 Amounts receivable within one year 209.6 349.7 Treasury shares 10.6 9.1 Cash at bank and in hand 28.8 53.0 Deferred charges and accrued income 26.3 23.4 December 31 in \u20ac million 2024 2023 Equity and liabilities 3,035.1 3,018.7 Equity 1,677.2 1,661.7 Capital 823.6 823.6 Share premium 412.7 412.7 Reserves 269.1 266.9 Accumulated profits/(losses) 171.8 158.5 Provisions and deferred taxes 8.0 8.5 Amounts payable 1,349.9 1,348.5 Amounts payable after more than one year 580.0 580.0 Financial debt 580.0 580.0 Amounts payable within one year 760.5 758.9 Financial debt 209.2 293.3 Trade debts 18.6 7.6 Taxes, remunerations and social security 4.3 4.8 Other amounts payable 528.4 453.2 Accruals and deferred income 9.5 9.5 FIN-5.2 Statutory income statement Full Year in \u20ac million 2024 2023 Operating income 56.6 56.2 Operating charges (42.9) (49.6) Operating gain / (loss) 13.7 6.6 Financial result 3.9 (0.8) Profit/(loss) for the period before taxes 17.6 5.8 Income taxes (2.1) (3.1) Profit/(loss) for the period 15.5 2.7 FIN-5.3 Extract from Ontex Group NV separate (non-consolidated) financial statements prepared in accordance with Belgian GAAP The preceding information is extracted from the separate Belgian GAAP financial statements of Ontex Group NV and is included as required by article 3:17 of the Belgian Company Code. The separate financial statements, together with the annual report of the Board of Directors to the general assembly of shareholders as well as the auditors\u2019 report, will be filed with the National Bank of Belgium within the legally foreseen time limits. These documents are also available on request at Ontex Group NV, Korte Keppestraat 21, 9320 Aalst (Erembodegem). The statutory auditor\u2019s report is unqualified and certifies that the non-consolidated financial statements of Ontex Group NV prepared in accordance with Belgian GAAP for the year ended December 31, 2024 (full financial year) give a true and fair view of the financial position and results of Ontex Group NV in accordance with the legal and regulatory dispositions applicable in Belgium. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__189-1": { "value": "FIN-4.2 Alternative performance measures Alternative performance measures (non-GAAP) are used in the financial communication of the Group since management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measure of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. FIN-4.2.1 EBITDA adjustments Income and expenses classified under the heading \u201cEBITDA adjustments\u201d are those items that are considered by management not to relate to transactions, projects and adjustments to the value of assets and liabilities taking place in the ordinary course of activities of the Company. EBITDA adjustments are presented separately, due to their size or nature, so as to allow users of the consolidated financial statements of the Company to get a better understanding of the normalized performance of the Company. EBITDA adjustments relate to: \u2022 acquisition- and divestment-related expenses; \u2022 changes to the measurement of contingent considerations in the context of business combinations; \u2022 changes to the Group structure, business restructuring costs, including costs related to the liquidation of subsidiaries and the closure, opening or relocations of factories; \u2022 impairment of assets and major litigations. EBITDA adjustments of the Group for the years ended December 31 are composed of the following items presented in the consolidated income statement and can be reconciled in note FIN-4.24: \u2022 income/(expenses) related to changes to Group structure; and \u2022 income/(expenses) related to impairments and major litigations. FIN-4.2.2 Adjusted EBITDA Adjusted EBITDA is defined as earnings before net finance cost, income taxes, depreciations and amortizations (commonly called EBITDA) plus EBITDA adjustments. The adjusted EBITDA margin is the adjusted EBITDA divided by revenue. Adjusted EBITDA reconciliation of the Group for the years ended December 31 are as follows: Full Year 2024 2023 Continuing Discontinued Total Continuing Discontinued Total in \u20ac million Operations Operations Group Operations Operations Group Revenue 1,860.5 306.9 2,167.4 1,794.7 546.8 2,341.5 Operating profit/(loss) 75.8 2.1 77.9 88.3 22.3 110.6 Depreciation and amortization 74.1 0.0 74.1 70.7 0.0 70.7 EBITDA 149.9 2.1 152.0 159.0 22.3 181.3 EBITDA adjustments 72.7 27.1 99.9 14.9 27.1 42.0 Adjusted EBITDA 222.6 29.2 251.9 173.9 49.4 223.3 Adjusted EBITDA margin 12.0% 9.5% 11.6% 9.7% 9.0% 9.5% Further information on the EBITDA adjustments can be found in note FIN-4.24 for the continuing operations and note FIN-4.8 for the discontinued operations. FIN-4.2.3 Net financial debt/LTM Adjusted EBITDA ratio (Leverage) Net financial debt is calculated by adding short-term and long-term debt and deducting cash and cash equivalents. LTM adjusted EBITDA is defined as EBITDA excluding EBITDA adjustments for the last twelve months (LTM). Net financial debt/LTM Adjusted EBITDA ratio of the Group for the years ended December 31 are as follows: December 31 2024 2023 Continuing Discontinued Total Continuing Discontinued Total in \u20ac million Operations Operations Group Operations Operations Group Non-current interest-bearing debts 667.1 10.9 678.0 671.8 15.3 687.0 Current interest-bearing debts 53.1 5.2 58.3 141.1 5.4 146.5 Cash and cash equivalents (56.9) (67.3) (124.2) (97.2) (71.1) (168.3) Net financial debt 663.3 (51.2) 612.0 715.7 (50.4) 665.3 [3]Adjusted EBITDA (LTM)222.6 25.7 248.3 173.9 30.7 204.6 Leverage ratio 2.46 3.25 [3] The LTM Adjusted EBITDA (LTM) in the full year 2024 excludes the \u20ac3.5 million contribution of the Algerian and Pakistani activities, which were sold in the first half of 2024. The LTM Adjusted EBITDA (LTM) in the full year 2023 excludes the \u20ac18.7m contribution of the Mexican activities which were sold in May 2023 FIN-4.2.4 Free Cash Flow Free cash \ufb02ow is defined as net cash generated from operating activities (as presented in the consolidated cash \ufb02ow statement, i.e. including income taxes paid) less capital expenditures (Capex, defined as purchases of property, plant and equipment and intangible assets), less repayment of lease liabilities and including cash (used in)/from disposal, less financing cash \ufb02ows, i.e. interests paid and received, and other financing cash \ufb02ows (Other costs of financing, realized foreign exchange (losses)/gains on financing activities and derivative financial assets). Free Cash Flow of the Group for the years ended December 31 is as follows: Full Year in \u20ac million 2024 2023 Operating profit/(loss) 75.8 88.3 Depreciation and amortization 74.1 70.7 EBITDA 149.9 159.0 EBITDA from discontinued Operations 2.1 22.3 Non-cash items and items relating to investing and 61.0 29.1financing activities Change in working capital Inventories (45.4) 17.2 Trade and other receivables and prepaid expenses (16.3) (52.9) Trade and other payables and accrued expenses 70.8 0.1 Employee benefit liabilities 4.0 6.6 Cash from operating activities before taxes 226.0 181.4 Income taxes paid (10.3) (20.8) Net cash generated from operating activities 215.7 160.6 Capex (112.4) (96.5) Cash (used in)/from on disposal 0.2 15.8 Repayment of lease liabilities (24.8) (25.0) Free Cash Flow before financing 78.7 54.9 Interests paid & received (30.4) (46.4) Other financial cash \ufb02ow (0.4) 0.6 Free Cash Flow 47.9 9.1 FIN-4.2.5 Adjusted Basic Earnings and Adjusted Basic Earnings per Share Adjusted Basic Earnings (or Adjusted Profit) are defined as profit for the period plus EBITDA adjustments and tax e\ufb00ect on EBITDA adjustments, attributable to the owners of the parent. Adjusted Basic Earnings per share are defined as Adjusted Basic Earnings divided by the weighted average number of ordinary shares. Adjusted Basic Earnings per Share for the years ended December 31 are presented in note FIN-4.16. FIN-4.2.6 Net Working Capital The components of our net working capital are inventories, trade receivables and prepaid expenses and other receivables plus trade payables and accrued expenses and other payables. December 31 in \u20ac million 2024 2023 Inventories 292.9 252.8 Trade receivables 204.1 206.1 Prepaid expenses and other receivables 67.2 63.5 Trade payables (440.1) (370.5) Accrued expenses and other payables (21.1) (20.6) Total Net Working Capital 103.0 131.3 FIN-4.2.7 Alternative Performance Measures included in the Press releases and other Regulated information Like-for-Like (LFL) revenue Like-for-Like revenue is defined as revenue at constant currency excluding change in scope of consolidation or M&A and hyperin\ufb02ation. in \u20ac million 2023 Vol/mix Price Scope change 2024 LFL Forex 2024 Continuing Operations 1,794.7 101.8 (39.2) - 1,857.2 3.3 1,860.5 Discontinued Operations 546.8 (20.3) 1.1 (196.6) 331.0 (24.1) 306.9 Total Group 2,341.5 81.5 (38.1) (196.6) 2,188.2 (20.8) 2,167.4FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. FIN-4.4 Critical accounting estimates and judgments The amounts presented in the consolidated financial statements involve the use of estimates and assumptions about the future. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual amounts may di\ufb00er from these estimates. The estimates and assumptions that could have an impact on the consolidated financial statements are discussed below. FIN-4.4.1 Liquidity situation The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The new revolving credit facility is subject to one financial covenant, being a leverage covenant. The leverage ratio of net financial debt over the last-twelve-months adjusted EBITDA is not to exceed 3.50 throughout all reporting periods. Management has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period. FIN-4.4.2 Income taxes The Group has tax losses and other tax incentives that can be used to o\ufb00set future taxable profits, mainly in Belgium, France, United States and Spain amounting to \u20ac633.8 million at December 31, 2024 (\u20ac595.1 million at December 31, 2023). The Group has only recognized deferred tax assets on \u20ac115.4 million of tax losses and other tax incentives out of the \u20ac633.8 million mentioned above. The measurement of these deferred tax assets depends on a number of judgmental assumptions regarding the future probable taxable profits of di\ufb00erent Group subsidiaries in di\ufb00erent jurisdictions. These estimates are made prudently to the extent of the best current knowledge. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assesses whether certain uncertain tax provisions should be recognized in its consolidated financial statements (based on the requirements of IFRIC 23). The European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage. FIN-4.4.3 Business combinations For business combinations, the Group must make assumptions and estimates to determine the purchase price allocation of the business being acquired. To do so, the Group must determine the acquisition-date fair value of the identifiable assets acquired and liabilities assumed. These assumptions and estimates have an impact on the asset and liability amounts recorded in the consolidated statement of financial position on the acquisition date. In addition, the estimated useful lives of the acquired property, plant and equipment, the identification of other intangible assets and the determination of the indefinite or finite useful lives of other intangible assets acquired requires significant judgments and will have an impact on the Group\u2019s profit or loss. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions. FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly. FIN-4.4.7 Employee benefits The carrying amount of the Group\u2019s employee benefit obligations is determined on an actuarial basis using certain assumptions. One particularly sensitive assumption used for determining the net cost of the benefits granted is the discount rate. Any change to this assumption will a\ufb00ect the carrying amount of those obligations. The discount rate depends on the duration of the benefit, i.e. the average duration of the engagements, weighted with the present value of the costs linked to those engagements. According to IAS 19, the discount rate should correspond to the rate of high-quality corporate bonds of similar term to the benefits valued and in the same currency. FIN-4.4.8 Revenue recognition For the accrual for volume discounts (to customers and from suppliers) some judgements are made on the impact of commercial decisions that will in\ufb02uence the final discount to be received or to be granted. FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale. FIN-4.4.10 Operations in Russia Ontex is closely following the developments in the con\ufb02ict between Russia and Ukraine as this disrupts Ontex\u2019s ability to operate in these regions. Ontex\u2019s first focus is the safety of its employees, and the Group is providing the necessary support. Ontex has sales and marketing o\ufb03ces in Russia and Ukraine and a manufacturing plant in Noginsk, near Moscow. In 2024, Ontex generated \u20ac95.0 million (2023: \u20ac104.1 million) revenue in its Russian subsidiary. The fixed assets held in Russia represent \u20ac12.5 million (2023: \u20ac18.7 million) consolidated fixed assets, including mainly machinery and right-of-use assets (leased manufacturing facilities). The manufacturing and commercial operations are ongoing as the Russian Ontex operation provides essential care products, but these are significantly dependent from the supply of the necessary raw materials and resources to the local manufacturing facility. From the start of the invasion of Ukraine by Russia, Ontex has defined tight conditions to its continued operation in Russia including an investment stop with funds not generated by the Russian operations as well as a stop on exports from Russia to other Europe entities, and the adaptation to the evolving economic sanctions and supply disruptions. The operating model evolved to ensure compliance with the evolving applicable regulations on economic sanctions. This has led to the progressive autonomation of most local activities in Russia within a framework defined by the Group, allowing to remain compliant to Ontex\u2019s standards on quality, safety as well as financial controls, reporting and objectives. The Group already had a very limited presence in Ukraine prior to the con\ufb02ict, only having a few people in commercial roles and no owned production or assets, and now maintains a minimum activity level without putting any of its employees in danger. Ontex realized a revenue of approximately \u20ac5.0 million in 2024 in Ukraine.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__191-1": { "value": "FIN-4.2.1 EBITDA adjustments Income and expenses classified under the heading \u201cEBITDA adjustments\u201d are those items that are considered by management not to relate to transactions, projects and adjustments to the value of assets and liabilities taking place in the ordinary course of activities of the Company. EBITDA adjustments are presented separately, due to their size or nature, so as to allow users of the consolidated financial statements of the Company to get a better understanding of the normalized performance of the Company. EBITDA adjustments relate to: \u2022 acquisition- and divestment-related expenses; \u2022 changes to the measurement of contingent considerations in the context of business combinations; \u2022 changes to the Group structure, business restructuring costs, including costs related to the liquidation of subsidiaries and the closure, opening or relocations of factories; \u2022 impairment of assets and major litigations. EBITDA adjustments of the Group for the years ended December 31 are composed of the following items presented in the consolidated income statement and can be reconciled in note FIN-4.24: \u2022 income/(expenses) related to changes to Group structure; and \u2022 income/(expenses) related to impairments and major litigations. FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)Items classified under the heading EBITDA adjustments are those items that are considered by management not to relate to items in the ordinary course of activities of the Company. The Group has adopted this classification to allow a better understanding of its recurring financial performance. These items are presented as follows in the consolidated income statement as follows: \u2022 income and expenses related to changes to Group structure; and \u2022 income and expenses related to impairments and major litigations. FIN-4.24.1 Income and expenses related to changes to Group structure Business restructuring The majority of the business restructuring costs in 2024 are related to the Belgian restructuring, which entails the closure of the Eeklo site, as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium and heavy incontinence care products. The total cost, which includes the social plan for both Eeklo and Buggenhout, but also other related costs, amounts to \u20ac61.3 million. The restructuring expenses in 2023 are related to smaller restructuring projects in various countries and is part of the continuous search for organizational optimization. FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. Litigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__193-1": { "value": "FIN-4.2.3 Net financial debt/LTM Adjusted EBITDA ratio (Leverage) Net financial debt is calculated by adding short-term and long-term debt and deducting cash and cash equivalents. LTM adjusted EBITDA is defined as EBITDA excluding EBITDA adjustments for the last twelve months (LTM). Net financial debt/LTM Adjusted EBITDA ratio of the Group for the years ended December 31 are as follows: December 31 2024 2023 Continuing Discontinued Total Continuing Discontinued Total in \u20ac million Operations Operations Group Operations Operations Group Non-current interest-bearing debts 667.1 10.9 678.0 671.8 15.3 687.0 Current interest-bearing debts 53.1 5.2 58.3 141.1 5.4 146.5 Cash and cash equivalents (56.9) (67.3) (124.2) (97.2) (71.1) (168.3) Net financial debt 663.3 (51.2) 612.0 715.7 (50.4) 665.3 [3]Adjusted EBITDA (LTM)222.6 25.7 248.3 173.9 30.7 204.6 Leverage ratio 2.46 3.25 [3] The LTM Adjusted EBITDA (LTM) in the full year 2024 excludes the \u20ac3.5 million contribution of the Algerian and Pakistani activities, which were sold in the first half of 2024. The LTM Adjusted EBITDA (LTM) in the full year 2023 excludes the \u20ac18.7m contribution of the Mexican activities which were sold in May 2023FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9All borrowings are denominated in \u20ac as of December 31, 2024. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. It carries an interest rate based on EURIBOR 1 month plus a margin. The margin is subject to the leverage ratio and equals 1.60% at a leverage of 2.46 at the end of 2024. At December 31, 2024, an amount of \u20ac24.0 million was utilized on the revolving credit facility, versus \u20ac115.0 million at December 31, 2023. Ontex\u2019s main financing consists of its \u20ac580.0 million High Yield bond (\u2018Senior Notes\u2019), with a coupon of 3.50% fixed rate maturing in July 2026. The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.17.1 Collateral for borrowings The Group is subject to regular information covenants, and certain financial ratios are monitored. At year-end 2024 and 2023, all covenants were met. No assets have been pledged in the context of the syndicated term loans. However, certain subsidiaries act as guarantors for these loans. For local borrowings, some machinery are pledged. FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__195": { "value": "FIN-4.2.5 Adjusted Basic Earnings and Adjusted Basic Earnings per Share Adjusted Basic Earnings (or Adjusted Profit) are defined as profit for the period plus EBITDA adjustments and tax e\ufb00ect on EBITDA adjustments, attributable to the owners of the parent. Adjusted Basic Earnings per share are defined as Adjusted Basic Earnings divided by the weighted average number of ordinary shares. Adjusted Basic Earnings per Share for the years ended December 31 are presented in note FIN-4.16. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__203-1": { "value": "FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. FIN-4.4.1 Liquidity situationManagement has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period.FIN-4.4.2 Income taxes The Group has tax losses and other tax incentives that can be used to o\ufb00set future taxable profits, mainly in Belgium, France, United States and Spain amounting to \u20ac633.8 million at December 31, 2024 (\u20ac595.1 million at December 31, 2023). The Group has only recognized deferred tax assets on \u20ac115.4 million of tax losses and other tax incentives out of the \u20ac633.8 million mentioned above. The measurement of these deferred tax assets depends on a number of judgmental assumptions regarding the future probable taxable profits of di\ufb00erent Group subsidiaries in di\ufb00erent jurisdictions. These estimates are made prudently to the extent of the best current knowledge. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assesses whether certain uncertain tax provisions should be recognized in its consolidated financial statements (based on the requirements of IFRIC 23). The European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage.FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions.FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale.FIN-4.4.10 Operations in Russia Ontex is closely following the developments in the con\ufb02ict between Russia and Ukraine as this disrupts Ontex\u2019s ability to operate in these regions. Ontex\u2019s first focus is the safety of its employees, and the Group is providing the necessary support. Ontex has sales and marketing o\ufb03ces in Russia and Ukraine and a manufacturing plant in Noginsk, near Moscow. In 2024, Ontex generated \u20ac95.0 million (2023: \u20ac104.1 million) revenue in its Russian subsidiary. The fixed assets held in Russia represent \u20ac12.5 million (2023: \u20ac18.7 million) consolidated fixed assets, including mainly machinery and right-of-use assets (leased manufacturing facilities). The manufacturing and commercial operations are ongoing as the Russian Ontex operation provides essential care products, but these are significantly dependent from the supply of the necessary raw materials and resources to the local manufacturing facility. From the start of the invasion of Ukraine by Russia, Ontex has defined tight conditions to its continued operation in Russia including an investment stop with funds not generated by the Russian operations as well as a stop on exports from Russia to other Europe entities, and the adaptation to the evolving economic sanctions and supply disruptions. The operating model evolved to ensure compliance with the evolving applicable regulations on economic sanctions. This has led to the progressive autonomation of most local activities in Russia within a framework defined by the Group, allowing to remain compliant to Ontex\u2019s standards on quality, safety as well as financial controls, reporting and objectives. The Group already had a very limited presence in Ukraine prior to the con\ufb02ict, only having a few people in commercial roles and no owned production or assets, and now maintains a minimum activity level without putting any of its employees in danger. Ontex realized a revenue of approximately \u20ac5.0 million in 2024 in Ukraine.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__202-1": { "value": "FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. FIN-4.4.1 Liquidity situation The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The new revolving credit facility is subject to one financial covenant, being a leverage covenant. The leverage ratio of net financial debt over the last-twelve-months adjusted EBITDA is not to exceed 3.50 throughout all reporting periods. Management has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period.FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9All borrowings are denominated in \u20ac as of December 31, 2024. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. It carries an interest rate based on EURIBOR 1 month plus a margin. The margin is subject to the leverage ratio and equals 1.60% at a leverage of 2.46 at the end of 2024. At December 31, 2024, an amount of \u20ac24.0 million was utilized on the revolving credit facility, versus \u20ac115.0 million at December 31, 2023. Ontex\u2019s main financing consists of its \u20ac580.0 million High Yield bond (\u2018Senior Notes\u2019), with a coupon of 3.50% fixed rate maturing in July 2026. The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.17.1 Collateral for borrowings The Group is subject to regular information covenants, and certain financial ratios are monitored. At year-end 2024 and 2023, all covenants were met. No assets have been pledged in the context of the syndicated term loans. However, certain subsidiaries act as guarantors for these loans. For local borrowings, some machinery are pledged. FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__200": { "value": "FIN-4.3 Capital management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide benefits for shareholders. The Group monitors capital on the basis of the net financial debt position and its leverage. The Group\u2019s net financial debt position is calculated by adding all short and long-term interest-bearing debts and by deducting the available short-term liquidity. The leverage is computed as the net financial debt divided by the LTM adjusted EBITDA (i.e. EBITDA plus EBITDA adjustments for the last twelve months (LTM)). The net financial debt and leverage of the Group for the years ended December 31 are as follows: December 31 in \u20ac million 2024 2023 Non-current interest-bearing debts 678.0 687.0 Current interest-bearing debts 58.3 146.5 Cash and cash equivalents (124.2) (168.3) Net Financial Debt 612.0 665.3 LTM Adjusted EBITDA 248.3 204.6 Net Financial Debt/LTM Adjusted EBITDA ratio 2.46 3.25 For more information on the applicable debt covenants related to the available credit facilities, refer to note FIN-4.4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__206-1": { "value": "FIN-4.4 Critical accounting estimates and judgments The amounts presented in the consolidated financial statements involve the use of estimates and assumptions about the future. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual amounts may di\ufb00er from these estimates. The estimates and assumptions that could have an impact on the consolidated financial statements are discussed below. FIN-4.4.1 Liquidity situation The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities during the normal course of business. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The new revolving credit facility is subject to one financial covenant, being a leverage covenant. The leverage ratio of net financial debt over the last-twelve-months adjusted EBITDA is not to exceed 3.50 throughout all reporting periods. Management has prepared detailed budgets and cash \ufb02ow forecasts for the next years, which re\ufb02ect the strategy of the Group. The Company is confident that, taking into account its available cash, cash equivalents and facilities available to the Company as committed facilities, it has su\ufb03cient liquidity to meet its present and future obligations and cover working capital needs. The Group complied with all requirements of the loan covenants on its available credit facilities throughout the reporting period. FIN-4.4.2 Income taxes The Group has tax losses and other tax incentives that can be used to o\ufb00set future taxable profits, mainly in Belgium, France, United States and Spain amounting to \u20ac633.8 million at December 31, 2024 (\u20ac595.1 million at December 31, 2023). The Group has only recognized deferred tax assets on \u20ac115.4 million of tax losses and other tax incentives out of the \u20ac633.8 million mentioned above. The measurement of these deferred tax assets depends on a number of judgmental assumptions regarding the future probable taxable profits of di\ufb00erent Group subsidiaries in di\ufb00erent jurisdictions. These estimates are made prudently to the extent of the best current knowledge. The Group applies significant judgement in identifying uncertainties over income tax treatments. Since the Group operates in a complex multinational environment, it assesses whether certain uncertain tax provisions should be recognized in its consolidated financial statements (based on the requirements of IFRIC 23). The European Commission challenged Belgium\u2019s excess profit ruling (EPR) system, characterizing this system as illegal state aid. Ontex, through its Belgian subsidiary Ontex BV, had an EPR covering the years 2011-2015. Ontex has lodged an appeal against this EC Decision. The General Court has handed down its judgment on February 14, 2019 in the joint case of Belgium vs Commission and Magnetrol International vs Commission. The General Court annulled the EC Decision for the reason that the Commission erroneously considered that the excess profit exemption system constituted an aid scheme. The European Commission appealed the General Court\u2019s judgement of February 14, 2019 to the EU Court of Justice and in September 2021, the Court decided that the proceedings regarding the EPR decision must be re-opened before the General Court. The General Court judgement of September 20, 2023 upholds the EC Decision. On December 6, 2023 Ontex appealed the judgement of September 20, 2023 before the EU Court of Justice. Ontex awaits the outcome. Furthermore, the European Commission opened individual investigations in September 2019 into each of the individual EPRs including that of Ontex, as it believes that each EPR grants illegal state aid, even if the EPR system does not constitute an aid \u201cscheme\u201d. The formal investigation into the Ontex EPR continues and it is unclear when a final decision can be expected. Ontex will have the right to appeal against any decision that concludes the Ontex EPR grants illegal state aid. Any such appeal will take some time to be heard. Ontex had fully taken into account the impact of the Commission\u2019s position that the EPR system is illegal state aid being successful, and the Commission concluding that the Ontex EPR grants illegal state aid in its tax position. Since the outcome of both challenges is not yet final, Ontex will not release the relevant provisions at this stage. FIN-4.4.3 Business combinations For business combinations, the Group must make assumptions and estimates to determine the purchase price allocation of the business being acquired. To do so, the Group must determine the acquisition-date fair value of the identifiable assets acquired and liabilities assumed. These assumptions and estimates have an impact on the asset and liability amounts recorded in the consolidated statement of financial position on the acquisition date. In addition, the estimated useful lives of the acquired property, plant and equipment, the identification of other intangible assets and the determination of the indefinite or finite useful lives of other intangible assets acquired requires significant judgments and will have an impact on the Group\u2019s profit or loss. FIN-4.4.4 Impairment The Group tests annually whether goodwill has su\ufb00ered any impairment in accordance with the accounting policy stated in note FIN-4.1.4. The outcome of these goodwill impairment tests in 2024 did not result in an impairment, nor in 2023. For more detailed information, see note FIN-4.9. The Group identifies the following cash-generating units: \u2022 Europe \u2022 Russia \u2022 North America \u2022 As part of Assets held for sale (Brazil and Turkey). For more information, see note FIN-4.4.9 and FIN-4.8 The recoverable amounts of cash-generating units (\u2018CGUs\u2019) have been determined based on value-in-use calculations. These calculations require the use of estimates and assumptions, including macroeconomic conditions, demand and competition in the markets where we operate, product o\ufb00erings, product mix and pricing, raw materials availability and cost, direct and indirect expenses, operating margins, growth rates, capital expenditure and working capital, etc. as re\ufb02ected in Ontex\u2019 financial budgets and strategic plans, as well as discount rates. Climate-related matters In the preparation of its impairment exercises, the Group also considers climate risks. A climate risk assessment has been conducted during 2023 and re-assessed during 2024, focusing on both physical and transition risks to better prepare the Group for and mitigate the e\ufb00ects of climate change. Physical risks entail more frequent and severe adverse natural events, such as the disruption of both own operations and key suppliers\u2019 activities due to extreme weather events. Transition risks are related to changes made in response to climate change issues, such as carbon taxes and upcoming legislations, the latter are industry-related and not entity-specific. The scenarios studied (RCP 2.6 and RCP 8.5, see Sustainability Report) are scientifically validated by the Intergovernmental Panel on Climate Change (IPCC) and represent two extreme possibilities for future greenhouse gas emissions and resulting climate change impacts. The exposure to specific climate risks integrates the likelihood of each climate risk at the specific area or location of a production site, as well as the existing solutions in place to protect production sites against such risks and also the e\ufb00ects on the performance of the activity. Although some production sites might already be exposed to extreme weather such as heat waves, a business continuity plan has already been developed to prevent any impact on our operations. The climate risk assessment has also identified exposure to potential physical risks (such as wildfire) that could disrupt the supply chain related to renewable materials (pulp, cotton). To limit the exposure associated to such risks, the Group is already implementing preventive actions, with the ambition to source 100% certified materials (94% in 2024), thereby mitigating these risks. The Group e\ufb00orts to limit the exposure of transitional risks (such as carbon taxes and upcoming legislations) that the industry could face is translated into the Sustainability Strategy by (1) having climate targets recognized by the Science Based Targets initiative (SBTi), aligning with the Paris Agreement goals; (2) increasing the recycled content in our packaging (with the aim to reach >30% recycled or renewable content in our plastic packaging by 2025) on top of already having 100% recyclable packaging. Although the Group has a certain exposure to di\ufb00erent climate related risks, it was concluded that they do not have a material impact on the current impairment exercise as they only have an impact on a long term and the Group is confident that it has already taken the necessary measures or will be able to take these in order to limit the exposure to the current risks. The Group will continue to monitor climate related risks and mitigate those through a mitigation plan. Sensitivity analysis For more details on the impairment test performed, we refer to note FIN-4.9. The discount rates used are summarized here below: Pre-tax discount rate Full Year in % 2024 2023 Europe 9.4% 8.9% North America 8.9% 8.1% Russia 22.4% 18.5% As a result of the impairment recognized in 2022 on the CGU \u201cRussia\u201d, no goodwill is allocated anymore to this CGU. A sensitivity analysis indicates that the recoverable amount of Europe, North America and Russia would be equal to their carrying amount if the pre-tax discount rates of the CGUs were 18.7%, 11.6% and 37.0% respectively and all other variables kept constant. As indicated in note FIN-4.9, cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. These same percentages are used as perpetual growth rates. The growth rates have been determined by management but do not exceed the current market expectations in which the two CGUs are currently operating. Should the long growth rate for the CGUs decrease by 40.0%, no impairment would need to be recognized. For Russia, no perpetual growth rate has been taken into account, given the uncertain economic environment. Should the estimated operating margins for any of the CGUs decrease by 20.0%, no impairment would be recognized. Future cash \ufb02ows are estimates that are likely to be revised in future periods as underlying assumptions change. Key assumptions in supporting the value of goodwill include long-term interest rates and other market data. Should the assumptions vary adversely in the future, the value in use of goodwill may reduce below their carrying amounts. Based on current valuations, headroom appears to be su\ufb03cient to absorb a normal variation in the underlying assumptions. FIN-4.4.5 Expected useful lives The expected useful lives of the property, plant and equipment and intangible assets must be estimated. The determination of the useful lives of the assets is based on management\u2019s judgment and it is reviewed at least at each financial year-end, pursuant to IAS 16 and IAS 38. FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly. FIN-4.4.7 Employee benefits The carrying amount of the Group\u2019s employee benefit obligations is determined on an actuarial basis using certain assumptions. One particularly sensitive assumption used for determining the net cost of the benefits granted is the discount rate. Any change to this assumption will a\ufb00ect the carrying amount of those obligations. The discount rate depends on the duration of the benefit, i.e. the average duration of the engagements, weighted with the present value of the costs linked to those engagements. According to IAS 19, the discount rate should correspond to the rate of high-quality corporate bonds of similar term to the benefits valued and in the same currency. FIN-4.4.8 Revenue recognition For the accrual for volume discounts (to customers and from suppliers) some judgements are made on the impact of commercial decisions that will in\ufb02uence the final discount to be received or to be granted. FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale. FIN-4.4.10 Operations in Russia Ontex is closely following the developments in the con\ufb02ict between Russia and Ukraine as this disrupts Ontex\u2019s ability to operate in these regions. Ontex\u2019s first focus is the safety of its employees, and the Group is providing the necessary support. Ontex has sales and marketing o\ufb03ces in Russia and Ukraine and a manufacturing plant in Noginsk, near Moscow. In 2024, Ontex generated \u20ac95.0 million (2023: \u20ac104.1 million) revenue in its Russian subsidiary. The fixed assets held in Russia represent \u20ac12.5 million (2023: \u20ac18.7 million) consolidated fixed assets, including mainly machinery and right-of-use assets (leased manufacturing facilities). The manufacturing and commercial operations are ongoing as the Russian Ontex operation provides essential care products, but these are significantly dependent from the supply of the necessary raw materials and resources to the local manufacturing facility. From the start of the invasion of Ukraine by Russia, Ontex has defined tight conditions to its continued operation in Russia including an investment stop with funds not generated by the Russian operations as well as a stop on exports from Russia to other Europe entities, and the adaptation to the evolving economic sanctions and supply disruptions. The operating model evolved to ensure compliance with the evolving applicable regulations on economic sanctions. This has led to the progressive autonomation of most local activities in Russia within a framework defined by the Group, allowing to remain compliant to Ontex\u2019s standards on quality, safety as well as financial controls, reporting and objectives. The Group already had a very limited presence in Ukraine prior to the con\ufb02ict, only having a few people in commercial roles and no owned production or assets, and now maintains a minimum activity level without putting any of its employees in danger. Ontex realized a revenue of approximately \u20ac5.0 million in 2024 in Ukraine.FIN-4.9.1 GoodwillGoodwill impairment The Group has determined the following cash-generating units for the purpose of the goodwill impairment testing: \u2022 Europe \u2022 Russia \u2022 North America Annual impairment reviews are performed during the fourth quarter of each year for all CGUs, except if there would be factors indicating a risk for impairment loss. These reviews compare the carrying value of each CGU with the recoverable amount of the CGU\u2019s assets calculated using a discounted cash \ufb02ow model. If the recoverable amount is less than the carrying value of the CGU, an impairment loss is recognized immediately in the income statement. The test at year-end did not lead to any impairment, nor in 2023. The judgments and estimates considered in the context of the impairment tests are disclosed in note FIN-4.4.4. Goodwill allocated to the CGUs as at December 31 was as follows: Full year in \u20ac million 2024 2023 Europe 743.1 743.1 North America 56.3 53.0 Goodwill allocated to the CGU's 799.4 796.0 The recoverable amount of a CGU is determined by means of value-in-use calculations. These calculations are based on pre-tax cash \ufb02ow projections (prepared in euros) using key parameters from the consolidated financial budget approved by Ontex\u2019 Board of Directors, the Group\u2019s Strategic Plan through 2027 and 2028 figures based on the average growth rate in the Strategic Plan. Cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. The key assumptions for the value-in-use calculations used to determine the recoverable amount are those regarding the discount rates, estimated changes to selling prices, product o\ufb00erings, direct costs, operating margins and terminal growth rates. Climate-related matters were considered but did not have a material impact on the value-in-use calculation as explained in note FIN-4.4.4. The discount rate is a measure based on industry average weighted cost of capital and risk-free rates weighted for the di\ufb00erent regions in which the CGU\u2019s are operating. Changes in selling practices and direct costs are based on past practices and expectations of future changes in the market. The calculation uses cash \ufb02ow projections based on key parameters from the consolidated financial budget approved by the Board of Directors, the Group\u2019s Strategic Plan through 2027, and pre-tax discount rates for each CGU, as described in note FIN-4.4.4, based on current market assessments of the time value of money and the risks specific to the Group. The development of the financial budget and Strategic Plan relies on a number of assumptions, including: \u2022 The market growth, the evolution of the Group\u2019s market share, competitive landscape and innovation trends in the di\ufb00erent markets as well as strategic initiatives \u2022 The product mix \u2022 The expected evolution of various direct and indirect expenses \u2022 The estimated future capital expenditure The assumptions were derived mainly from: \u2022 Available historic data \u2022 External market research \u2022 Internal market expectations based on trend reports, etc. The key assumptions used are reviewed and updated on a yearly basis by the Group\u2019s management. Taking into account the excess of the cash-generating unit\u2019s recoverable amount over its carrying amount, and based on sensitivity testing performed, management is of the opinion that any reasonably possible changes in key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed the recoverable amount at December 31, 2024. The Group has performed a sensitivity analysis by reducing the risk-adjusted cash \ufb02ow projections and by increasing the pre-tax discount rate as disclosed in note FIN-4.4.4. FIN-4.19.1 Deferred taxesThe Group is in scope for Pillar II legislation. Pillar II taxes are those arising from tax laws enacted or substantively enacted to implement the Pillar Two framework published by the OECD. This tax reform aims to ensure that multinational groups pay taxes at a minimum rate of 15 percent on income arising in each jurisdiction in which they operate by applying a system of top-up taxes. The ultimate parent company of the Group is Ontex Group NV, located in Belgium. On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation e\ufb00ective from 1 January 2024. Given that the consolidated revenue threshold of \u20ac750 million is exceeded, the Group is required to pay top up tax on profits of its subsidiaries that are taxed at an e\ufb00ective tax rate of less than 15 per cent. Pillar II legislation has further been enacted or substantively enacted in several other jurisdictions in which the Group operates, e\ufb00ective for the financial year beginning 1 January 2024. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. The Pillar II legislation has no material impact on the Group\u2019s tax position, since: \u2022 in most of the jurisdictions, the Simplified Pillar II e\ufb00ective tax rate is above 15% and/or at least one of the other Transitional CbCR Safe Harbour tests is met (Routine Profits test and/or the Simplified De-Minimis test); \u2022 in a very limited number of jurisdictions, the Transitional CbCR Safe Harbour relief does not apply. However, the Group has no Pillar II top-up tax exposure in those jurisdictions based on the full Pillar II calculations.FIN-4.20 Current and non-current liabilitiesThe trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__232-1": { "value": "FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly.FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity) The Group has some exposure to the price of oil because certain of the raw materials used in production are manufactured from oil derivatives. These include glues, polyethylene, propylene and polypropylene. The Group also decided to continue to hedge a portion of the \ufb02u\ufb00, propylene, polypropylene, polyethylene and LDPE exposure in 2024. Forward contracts to cover the commodity price risk are being reviewed and potentially executed monthly. Forward contracts are initiated over a future period of 12 months covering monthly expected exposure. The total notional amount hedged in 2024 was \u20ac42.8 million covering \ufb02u\ufb00 (\u20ac28.3 million) and propylene (\u20ac14.5 million). The average hedged rate for 2024 was \u20ac1,765/Ton for \ufb02u\ufb00 and \u20ac1,118/Ton for propylene. The OCI net impact for 2024 was a \u20ac0.2 million loss (2023: \u20ac0.9 million loss). \u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million). Sensitivity of the fair value of derivative financial instruments related to commodities: at December 31, 2024, if there would be a shift of the commodity forward curve by 10% increase/decrease with all other variables held constant, pre-tax other comprehensive income for the year would have been respectively \u20ac0.7 million higher / \u20ac0.7 million lower (2023: impact was \u20ac1.4 million higher / \u20ac1.4 million lower).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__231-1": { "value": "FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly.FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. FIN-4.13 Trade receivables, prepaid expenses and other receivablesThe carrying amount of the Group\u2019s trade receivables (net) are denominated in the following currencies: December 31 in \u20ac million 2024 2023 EUR 75.7 87.7 PLN 35.9 33.6 USD 34.9 25.9 GBP 28.0 29.0 RUB 12.9 14.7 Other 16.8 15.3 Total 204.1 206.1FIN-4.14 Cash and cash equivalentsThe carrying amount of the cash and cash equivalents is a reasonable approximation of their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__229-1": { "value": "FIN-4.4.6 Fair value of derivatives and other financial instruments The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. All derivative financial instruments are, in accordance with IFRS 7, level 2. This means valuation methods are used for which all inputs that have a significant e\ufb00ect on the recorded fair value are observable in the market, either directly or indirectly.FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity) The Group has some exposure to the price of oil because certain of the raw materials used in production are manufactured from oil derivatives. These include glues, polyethylene, propylene and polypropylene. The Group also decided to continue to hedge a portion of the \ufb02u\ufb00, propylene, polypropylene, polyethylene and LDPE exposure in 2024. Forward contracts to cover the commodity price risk are being reviewed and potentially executed monthly. Forward contracts are initiated over a future period of 12 months covering monthly expected exposure. The total notional amount hedged in 2024 was \u20ac42.8 million covering \ufb02u\ufb00 (\u20ac28.3 million) and propylene (\u20ac14.5 million). The average hedged rate for 2024 was \u20ac1,765/Ton for \ufb02u\ufb00 and \u20ac1,118/Ton for propylene. The OCI net impact for 2024 was a \u20ac0.2 million loss (2023: \u20ac0.9 million loss). \u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million). Sensitivity of the fair value of derivative financial instruments related to commodities: at December 31, 2024, if there would be a shift of the commodity forward curve by 10% increase/decrease with all other variables held constant, pre-tax other comprehensive income for the year would have been respectively \u20ac0.7 million higher / \u20ac0.7 million lower (2023: impact was \u20ac1.4 million higher / \u20ac1.4 million lower).FIN-4.13 Trade receivables, prepaid expenses and other receivablesThe carrying amount of the Group\u2019s trade receivables (net) are denominated in the following currencies: December 31 in \u20ac million 2024 2023 EUR 75.7 87.7 PLN 35.9 33.6 USD 34.9 25.9 GBP 28.0 29.0 RUB 12.9 14.7 Other 16.8 15.3 Total 204.1 206.1", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__239-1": { "value": "FIN-4.4.9 Discontinued operations and disposal group held for sale Following its strategic review that was announced at the end of 2021 and formalized beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. As such, these operations have been classified as a disposal group held for sale and presented separately in the statement of financial position. The sale of the Central American activities was finalized beginning of May 2023 and as such, are no longer included in the Assets held for sale at December 31, 2023. In the first half of 2024, the sale of both the Algerian and Pakistani activities was realized, and these are therefore no longer included in the Assets held for sale at December 31, 2024. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Any excess of the carrying amount over the fair value less costs to sell is recognized as an impairment loss. On December 31, 2024, the discontinued CGUs (Assets held for Sale) are carried at their estimated fair value less cost to sell. Depreciation of such assets is discontinued as from their classification as held for sale.FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__242": { "value": "FIN-4.5 Financial instruments and financial risk management FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. FIN-4.5.2 Financial risk factors The Group's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. There have been no changes in the risk management department since last year-end or in any risk management policies. FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain). FIN-4.5.5 Price risk (commodity) The Group has some exposure to the price of oil because certain of the raw materials used in production are manufactured from oil derivatives. These include glues, polyethylene, propylene and polypropylene. The Group also decided to continue to hedge a portion of the \ufb02u\ufb00, propylene, polypropylene, polyethylene and LDPE exposure in 2024. Forward contracts to cover the commodity price risk are being reviewed and potentially executed monthly. Forward contracts are initiated over a future period of 12 months covering monthly expected exposure. The total notional amount hedged in 2024 was \u20ac42.8 million covering \ufb02u\ufb00 (\u20ac28.3 million) and propylene (\u20ac14.5 million). The average hedged rate for 2024 was \u20ac1,765/Ton for \ufb02u\ufb00 and \u20ac1,118/Ton for propylene. The OCI net impact for 2024 was a \u20ac0.2 million loss (2023: \u20ac0.9 million loss). \u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million). Sensitivity of the fair value of derivative financial instruments related to commodities: at December 31, 2024, if there would be a shift of the commodity forward curve by 10% increase/decrease with all other variables held constant, pre-tax other comprehensive income for the year would have been respectively \u20ac0.7 million higher / \u20ac0.7 million lower (2023: impact was \u20ac1.4 million higher / \u20ac1.4 million lower). FIN-4.5.6 Equity price risk Following the issuance of options, RSU\u2019s and PSU\u2019s as share-based payment arrangements under the di\ufb00erent long-term incentive programs (\u201cLTIP\u201d) (refer to note FIN-4.28 for details of these programs), the Group is exposed to variations in the Group share price. In addition, in May 2023, the Company issued a one-time grant of PSUs covering financial years 2023, 2024 and 2025 under the Company\u2019s 2023-2025 \u201cValue Creation Projects\u201d Long-Term Incentive Plan (the \u201cVCP LTIP\u201d). For further details on the VCP LTIP, please refer to the Remuneration Report, which forms part of the annual report. The VCP LTIP provides that, at vesting (in May 2026), the Company shall deliver to beneficiaries either existing shares of the Company, newly issued shares of the Company or a combination of both. As the default option, the Board has foreseen that the shares to be delivered upon vesting under the VCP LTIP will be newly issued shares. The Board may however elect to deliver (in full or in part) existing shares instead of newly issued shares. To deliver newly issued shares, the Board would make use of the authorized capital, which allows the Board, within the limits set by Belgian law and the authorization granted by the shareholders\u2019 meeting, to increase the Company\u2019s capital without further shareholder approval. Any such issuance of new shares would lead to a corresponding dilution for existing shareholders. In December 2024, the Group launched a share buy-back program to acquire a maximum of 1.5 million shares, representing 1.8% of its issued shares. The shares acquired through the program will contribute to meeting Ontex\u2019s obligations under its current and future long-term incentive plans. The share purchases will be spread over a seven-month period, starting on December 1, 2024 and ending on June 30, 2025. FIN-4.5.7 Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to corporate customers, including outstanding receivables and committed transactions. The Group assesses the credit quality of the customer, taking into account their financial position, past experience and other factors based on which individual risk limits are set in accordance with the limits set by business managers. Historical default rates have been below 1% for 2024 and 2023. Trade receivables are spread over di\ufb00erent countries and counterparties and there is no large concentration with one or a few counterparties. Refer to note FIN-4.13 for the aging of the receivables and the doubtful receivables. All financial instruments are held at banks and financial institutions with a credit rating of at least A. The maximum exposure to credit risk at the reporting date is the carrying amount as presented in the table above in the note FIN-4.5.1. FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__246": { "value": "FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__245": { "value": "FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__243": { "value": "FIN-4.5.1 Overview of financial instruments The table below summarizes all financial instruments by category in accordance with IFRS 9 and discloses the fair values of each instrument and the fair value hierarchy: December 31, 2024 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 11.1 11.1 Level 3 Trade receivables 204.1 204.1 Level 2 Other receivables 67.2 67.2 Level 2 Derivative financial assets 6.3 6.3 Forward foreign exchange contracts 6.3 6.3 Level 2 Cash and cash equivalents 56.9 56.9 Level 2 Assets classified as held for sale 259.3 259.3 Level 3 Total financial assets 6.3 598.7 605.0 Interest-bearing debts - non-current 667.1 668.2 Senior Notes 577.2 578.3 Level 1 Lease & other liabilities 89.9 89.9 Level 2 Derivative financial liabilities 2.0 2.0 Forward foreign exchange contracts 2.0 2.0 Level 2 Other payables - non-current 2.0 2.0 Level 2 Interest-bearing debts - current 53.1 53.1 Revolving Credit Facility 24.0 24.0 Level 2 Accrued interests - Other 9.3 9.3 Level 2 Lease & other liabilities 19.8 19.8 Level 2 Trade payables 440.1 440.1 Level 2 Other payables - current 21.1 21.1 Level 2 Liabilities related to assets classified as held for sale 104.6 104.6 Level 3 Total financial liabilities 2.0 1,288.0 1,291.1 December 31, 2023 in \u20ac million Designated in hedge relationship At amortized cost Fair value Fair value level Non-current receivables 29.0 29.0 Level 3 Trade receivables 206.1 206.1 Level 2 Other receivables 63.5 63.5 Level 2 Derivative financial assets 5.1 5.1 Interest rate swap 4.2 4.2 Level 2 Forward foreign exchange contracts 0.9 0.9 Level 2 Cash and cash equivalents 97.2 97.2 Level 2 Assets classified as held for sale 296.1 296.1 Level 3 Total financial assets 5.1 691.8 696.9 Interest-bearing debts - non-current 671.8 647.6 Senior Notes 575.5 551.4 Level 1 Lease & other liabilities 96.3 96.3 Level 2 Derivative financial liabilities 5.4 5.4 Forward foreign exchange contracts 5.2 5.2 Level 2 Commodity hedging contracts 0.2 0.2 Level 2 Other payables - non-current 1.0 1.0 Level 2 Interest-bearing debts - current 141.1 141.1 Syndicated Term Loan A < 1 year 113.1 113.1 Level 2 Accrued interests - Other 9.5 9.5 Level 2 Lease & other liabilities 18.6 18.6 Level 2 Trade payables 370.5 370.5 Level 2 Other payables - current 20.6 20.6 Level 2 Liabilities related to assets classified as held for sale 136.6 136.6 Level 3 Total financial liabilities 5.4 1,341.5 1,322.8 Hedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0The tables above do not reconcile with the Consolidated Statement of Changes in Equity as a result of the deferred tax on the derivatives included in the Other Comprehensive Income for an amount of \u20ac-0.3 million for the Total Group (2023: \u20ac0.7 million), and derivates within Assets held for sale for an amount of \u20ac-0.1 million (2023: \u20ac-0.3 million). The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is exceeding 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The fair value of the derivatives is based on level 2 inputs as defined under IFRS 7.27, meaning inputs that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). The above table provides an analysis of financial instruments grouped into Levels 1 to 3 based on the degree to which the fair value (recognized on the statement of financial position or disclosed in the notes) is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of financial assets and financial liabilities are based on mathematical models that use market observable data and are determined as follows: \u2022 The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes). \u2022 The fair values of derivative instruments are calculated using quoted prices. Where such prices are not available, a discounted cash \ufb02ow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash \ufb02ows estimated and discounted based on the applicable yield curves derived from quoted interest rates. \u2022 The fair values of other financial assets and financial liabilities (excluding those described above) are determined in accordance with generally accepted pricing models based on discounted cash \ufb02ow analysis. \u2022 Level 3 liabilities: the amount has been determined based on contractual agreements. The Group has derivative financial instruments which are subject to o\ufb00setting, enforceable master netting arrangements and similar agreements. No o\ufb00setting needed to be done per December 31, 2024 (nor 2023). The counterparties of the outstanding derivative instruments have an A-credit rating. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__255-1": { "value": "FIN-4.5.1 Overview of financial instrumentsHedge accounting In the context of the Group\u2019s financial risk management, the Group uses derivative instruments to cover specific risks, such as foreign currency exposure, interest rate exposure and commodity price exposure. The following table presents an overview of the derivative instruments outstanding at reporting date: Fair value Nominal amounts in \u20ac million December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Derivative financial assets 6.3 5.1 223.5 237.1 Interest rate swap 0.0 4.2 0.0 150.0 Forward foreign exchange contracts 6.3 0.9 216.5 87.1 Commodity hedging contracts 0.0 0.0 7.0 0.0 Derivative financial liabilities 2.0 5.4 149.5 211.9 Forward foreign exchange contracts 2.0 5.2 149.5 198.1 Commodity hedging contracts 0.0 0.2 0.0 13.8 The derivative instruments presented in the tables above are all designated in a cash \ufb02ow hedge relationship (see below in notes FIN-4.5.3 to FIN-4.5.5). The impact on OCI of the di\ufb00erent derivates is as follows: OCI Amounts derecog-Amounts recognized nized in 2024 Total movement in \u20ac million December 31, 2023 in 2024 (Recycled to P&L) in 2024 December 31, 2024 Forward foreign exchange contracts (2.7) 8.6 (1.6) 7.0 4.3 Commodity hedging contracts (0.2) (1.8) 2.0 0.2 (0.0) OCI Amounts derecog-Amounts recognized nized in 2023 Total movement in \u20ac million December 31, 2022 in 2023 (Recycled to P&L) in 2023 December 31, 2023 Forward foreign exchange contracts (9.3) 5.1 1.5 6.6 (2.7) Commodity hedging contracts (1.1) (5.4) 6.3 0.9 (0.2) Interest rate swap 7.6 0.5 (8.1) (7.6) 0.0FIN-4.5.3 Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the British pound (GBP), the Polish zloty (PLN), the Australian dollar (AUD) and Russian ruble (RUB) in relation to sales, and the US dollar (USD) and the Czech crown (CZK) in relation to procurement. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities. The Group also has exposures to the Russian ruble (RUB), Czech crown (CZK) and Australian dollar (AUD) due to their net investments in foreign operations. The carrying amounts of the Group's main foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows: Assets Liabilities December December December December in \u20ac million 31, 2024 31, 2023 31, 2024 31, 2023 EUR 1,339.5 1,880.8 1,974.4 2,520.2 USD 223.7 187.6 266.1 188.2 MXN 66.7 91.7 66.0 97.7 PLN 48.7 84.8 11.8 51.6 GBP 29.3 79.2 2.5 51.0 RUB 26.7 37.6 3.8 3.3 AUD 11.0 19.1 1.4 12.0 CZK 7.0 13.4 1.4 12.6 The Group monitors its foreign exchange exposure closely and will enter into hedging transactions if deemed appropriate to minimize exposure throughout the Group to foreign exchange \ufb02uctuations. All hedging decisions are subject to approval of the Board of Directors. The strategy regarding FX hedges was maintained. To manage their foreign exchange risk arising from future commercial transactions, recognized assets and liabilities, the Group uses forward exchange contracts. Foreign exchange risk arises when future commercial transactions, recognized assets and liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group treasury is responsible for optimizing the net position in each foreign currency when possible and appropriate. The Group applies hedge accounting for the hedge related transactions, the impact of the revaluation is recognized in other comprehensive income. The Group has entered into foreign exchange forward contracts in 2024 maturing at the latest in March 2026 in order to limit volatility in the business resulting from exposures to sales in British pound, Polish zloty, Australian dollar as well as purchases in US dollar and Czech crown during 2025. Based on the hedge strategy, the foreign exchange forward contracts hedge the following forecasted exposures until December 31, 2025: for British pound (GBP) 84.1 million, for Polish zloty (PLN) 238.5 million, for Australian dollar (AUD) 27.2 million, for Czech crown (CZK) 939.7 million, for US dollar (USD) 58.5 million versus EUR and US dollar (USD) 17.1 million versus Czech crown (CZK). The terms of the foreign currency forward contracts have been negotiated to match the terms of the highly probable forecast transactions. The Group applies hedge accounting to the foreign currency forward contracts. The changes in the fair value of these hedging instruments, designated as e\ufb00ective instruments in a cash \ufb02ow hedge, are recognized in OCI until the moment the transaction occurs. At the moment the transaction leads to the recognition of a trade receivable or a trade payable, this cash \ufb02ow hedge reserve including the changes in fair value of the hedging instrument is included in P&L where it adjusts revenue/costs or, if the transaction leads to the recognition of a non-financial asset or non-financial liability, as an adjustment of the carrying amount of the asset and liability. Further changes in the hedging instrument are recognized in P&L together with the changes in the trade receivables or payables. For the year ended December 31, 2024, an unrealized gain of \u20ac8.5 million (mainly Brazilian real versus EUR for \u20ac3.1 million, US dollar versus EUR for \u20ac2.7 million and Polish zloty versus EUR for \u20ac1.6 million) has been recognized in other comprehensive income, o\ufb00set by an unrealized loss of \u20ac1.5 million (mainly British pound). As of December 31, 2024, the fair value of the derivative financial asset for the foreign exchange contracts amounted to \u20ac6.3 million (2023: \u20ac0.9 million) and of the derivative financial liability amounted to \u20ac2.0 million (2023: \u20ac5.2 million). An amount of \u20ac1.6 million was reclassified to P&L (gain) during 2024 (2023: \u20ac1.5 million loss). The following table sets forth the impact on pre-tax profit and equity for the year of a 10% weakening/strengthening of the Euro against the reported currency for the outstanding derivative positions with all other variables held constant. 10% weakening of the \u20ac 10% strengthening of the \u20ac impact on impact on 2024 2023 2024 2023 in \u20ac million P&L Equity P&L P&L Equity P&L AUD (0.2) (1.6) (0.2) 0.2 1.3 0.2 GBP (1.2) (10.0) (1.0) 1.0 8.2 0.8 PLN (0.5) (5.5) (0.7) 0.4 4.5 0.5 USD (4.9) 4.7 1.7 4.0 (3.8) (1.4)FIN-4.8 Disposal group held for sale and discontinued operationsThe cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million.FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__267-1": { "value": "FIN-4.5.4 Interest rate risk The Group\u2019s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash \ufb02ow interest rate risk which is partially o\ufb00set by cash held at variable rates. Borrowings issued at fixed rate expose the Group to fair value interest rate risk. These risks are managed centrally by Group treasury taking into account the expectations of the Group with respect to the evolutions of the market rates. The Group has used interest rate swaps to manage these risks. On November 27, 2024, the Group refinanced its \u20ac242.5 million revolving credit facility, which had a maturity date in December 2025, with a new revolving credit facility that has a principal amount of \u20ac270.0 million and a maturity date in November 2029. The credit facility bears an interest rate of EURIBOR 1 month + margin. At December 31, 2024, there has been \u20ac24.0 million withdrawn on the Floating Rate Revolving Credit Facility, carrying an interest of EURIBOR 1 month + margin of 1.60%. In 2023, the Group had an interest rate swap in place for a notional amount of \u20ac150.0 million, but this has ended on December 8, 2024. There was no OCI net impact for 2024 as all gains/losses were recorded within P&L during 2024. In 2023, the OCI net impact was a \u20ac7.7 million gain and \u20ac8.1 million was reclassified to P&L (gain).FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__280-1": { "value": "FIN-4.5.4 Interest rate risk\u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.6.1 Information by product group The key product categories are: \u2022 Baby Care products, principally baby diapers, baby pants and, to a lesser extent, wet wipes; \u2022 Adult Care products, such as adult pants, adult diapers, incontinence towels and bed protection; and \u2022 Feminine Care products, such as sanitary towels, panty liners and tampons. Full Year in \u20ac million 2024 2023 Adult Care 800.5 736.4 Baby Care 793.4 790.0 Feminine Care 236.6 241.3 Other 30.0 27.0 Total revenue 1,860.5 1,794.7 FIN-4.6.2 Information by country The sales in the country of domicile of Ontex Group NV (Belgium) represent less than 3% of Ontex Revenue. Sales to countries in our top five markets are presented in the table below. The sales in all other individual countries represent less than 10% of the Group\u2019s revenue. Full Year in \u20ac million 2024 2023 United Kingdom 316.2 303.9 Italy 252.7 219.3 USA 248.9 197.2 France 188.3 190.2 Poland 173.7 167.8 Other countries 680.7 716.2 Total revenue 1,860.5 1,794.7 The following table presents an overview of the non-current assets (property, plant and equipment (PP&E), right to use assets and intangible assets) located in the main countries. Goodwill is not included in the below table as this is not monitored on a country-basis, but at the divisional level. December 31 in \u20ac million 2024 2023 Belgium 133.5 123.5 Spain 89.9 72.3 Poland 87.9 83.7 United States 71.8 42.1 Mexico 56.9 68.0 Other countries 192.3 209.8 Total 632.3 599.4FIN-4.9 Goodwill and intangible assetsThe amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.12 InventoriesThe cost of inventories recognized as an expense and included under \u2018Cost of sales\u2019 amounted to \u20ac1,316.7 million in 2024 (\u20ac1,327.3 million in 2023).FIN-4.13 Trade receivables, prepaid expenses and other receivablesThe Group does not systematically apply external credit rating. The carrying amount of the Group\u2019s trade receivables (net) are denominated in the following currencies: December 31 in \u20ac million 2024 2023 EUR 75.7 87.7 PLN 35.9 33.6 USD 34.9 25.9 GBP 28.0 29.0 RUB 12.9 14.7 Other 16.8 15.3 Total 204.1 206.1During the year, the payment terms for the receivables have neither deteriorated nor been renegotiated that a\ufb00ect the overall payment terms. The maximum credit risk exposure at the end of the reporting period is the carrying value of each caption of receivables mentioned above. The Group does not hold any collateral as security. An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.22 Employee benefit expenses Full Year in \u20ac million 2024 2023 Wages and salaries (224.1) (211.7) Social security costs (63.8) (49.3) Defined benefit plans - Service cost (1.7) (1.5) Defined contribution costs (3.6) (3.3) Other employee benefit expenses (49.2) (46.6) Total employee benefit expenses (342.4) (312.4) The FTEs listed in the table below only contains the employees part of the continuing operations and therefore deviates significantly from the number of employees included in section FIN-1.2. Full Year in full time equivalents 2024 2023 Workers 3,570 3,458 Employees 1,888 1,954 Management 68 58 Average number of total employees 5,526 5,470FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)Items classified under the heading EBITDA adjustments are those items that are considered by management not to relate to items in the ordinary course of activities of the Company. The Group has adopted this classification to allow a better understanding of its recurring financial performance. These items are presented as follows in the consolidated income statement as follows: \u2022 income and expenses related to changes to Group structure; and \u2022 income and expenses related to impairments and major litigations. FIN-4.24.1 Income and expenses related to changes to Group structure Business restructuring The majority of the business restructuring costs in 2024 are related to the Belgian restructuring, which entails the closure of the Eeklo site, as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium and heavy incontinence care products. The total cost, which includes the social plan for both Eeklo and Buggenhout, but also other related costs, amounts to \u20ac61.3 million. The restructuring expenses in 2023 are related to smaller restructuring projects in various countries and is part of the continuous search for organizational optimization. FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. Litigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) FIN-4.33 Audit fees Full Year in \u20ac thousands 2024 2023 Audit Fees 1,221.0 1,046.9 Additional Services rendered by the auditor's mandate: Audit related fees 304.6 302.6 Tax advisory & compliance services 12.4 41.2 Total 1,538.0 1,390.7 The fees in the above table concern the audit fees for the full Group and not only the continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__278-1": { "value": "FIN-4.5.4 Interest rate risk\u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.9 Goodwill and intangible assetsThe amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2The Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019.FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.12 InventoriesThe cost of inventories recognized as an expense and included under \u2018Cost of sales\u2019 amounted to \u20ac1,316.7 million in 2024 (\u20ac1,327.3 million in 2023).FIN-4.13 Trade receivables, prepaid expenses and other receivablesMovements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.22 Employee benefit expenses Full Year in \u20ac million 2024 2023 Wages and salaries (224.1) (211.7) Social security costs (63.8) (49.3) Defined benefit plans - Service cost (1.7) (1.5) Defined contribution costs (3.6) (3.3) Other employee benefit expenses (49.2) (46.6) Total employee benefit expenses (342.4) (312.4) The FTEs listed in the table below only contains the employees part of the continuing operations and therefore deviates significantly from the number of employees included in section FIN-1.2. Full Year in full time equivalents 2024 2023 Workers 3,570 3,458 Employees 1,888 1,954 Management 68 58 Average number of total employees 5,526 5,470FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)Items classified under the heading EBITDA adjustments are those items that are considered by management not to relate to items in the ordinary course of activities of the Company. The Group has adopted this classification to allow a better understanding of its recurring financial performance. These items are presented as follows in the consolidated income statement as follows: \u2022 income and expenses related to changes to Group structure; and \u2022 income and expenses related to impairments and major litigations. FIN-4.24.1 Income and expenses related to changes to Group structure Business restructuring The majority of the business restructuring costs in 2024 are related to the Belgian restructuring, which entails the closure of the Eeklo site, as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium and heavy incontinence care products. The total cost, which includes the social plan for both Eeklo and Buggenhout, but also other related costs, amounts to \u20ac61.3 million. The restructuring expenses in 2023 are related to smaller restructuring projects in various countries and is part of the continuous search for organizational optimization. FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. Litigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__276-1": { "value": "FIN-4.5.4 Interest rate risk\u20ac8.1 million was reclassified to P&L (gain).FIN-4.5.5 Price risk (commodity)\u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million).FIN-4.9 Goodwill and intangible assetsCapitalized IT implementation costs represent internally developed and externally purchased software for own use. The amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2The Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019.FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.12 InventoriesThe cost of inventories recognized as an expense and included under \u2018Cost of sales\u2019 amounted to \u20ac1,316.7 million in 2024 (\u20ac1,327.3 million in 2023).FIN-4.13 Trade receivables, prepaid expenses and other receivablesMovements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.18 Employee benefit liabilitiesReconciliation of the post-employment employee benefit liabilities Recognition of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at end of period (32.0) (32.0) Fair value of plan assets at end of period 20.8 19.6 Funded status (11.2) (12.4) Net (liability)/asset in statement of financial position (11.2) (12.4) Defined benefit cost Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost recognized in Income Statement (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Interest income on plan assets 0.7 0.6 Net interest cost (0.4) (0.5) Pension expense (2.1) (2.0) Reconciliation of the obligation December 31 in \u20ac million 2024 2023 Defined benefit obligation (DBO) at beginning of year (32.0) (26.2) Other significant events (transfers) - (4.4) Current service cost (2.1) (1.6) Past service cost 0.4 0.1 Service cost (1.7) (1.5) Interest expense on DBO (1.1) (1.1) Participant contributions (0.1) (0.1) Administrative expenses included in the DBO 0.1 0.1 Taxes included in the DBO 0.2 0.1 Benefit payments from plan 1.0 0.7 Benefit payments from employer 0.7 0.6 E\ufb00ect of changes in financial assumptions 0.2 (0.5) E\ufb00ect of experience adjustments 0.6 0.3 E\ufb00ect of changes in foreign exchange rates 0.1 - Defined benefit obligation (DBO) at end of year (32.0) (32.0) Reconciliation of plan assets at fair value December 31 in \u20ac million 2024 2023 Fair value of plan assets at beginning of year 19.6 15.2 Interest income 0.7 0.6 Employer contribution 2.2 1.8 Plan participants' contributions 0.1 0.1 Other significant events (transfers) - 3.7 Benefit payments from plan (1.0) (0.7) Benefit payments from employer (0.7) (0.6) Administrative expenses included in the DBO (0.1) (0.1) Taxes paid from plan assets (0.2) (0.1) Return on plan assets (excluding interest income) 0.2 (0.1) Fair value of plan assets at end of year 20.8 19.6 Reconciliation of net (liability)/asset in statement of financial position December 31 in \u20ac million 2024 2023 Net (liability)/asset at beginning of year (12.4) (11.1) Other significant events (transfers) - (0.8) Defined benefit cost included in the income statement (1.7) (1.5) Net interest expense (0.4) (0.5) Total remeasurements included in OCI 1.0 (0.4) Employer contributions 2.2 1.8 E\ufb00ect of changes in foreign exchange rates 0.1 - Net (liability)/asset at end of year (11.2) (12.4) Unfunded versus Funded Part of DBO from plans that are wholly unfunded (11.2) (12.4)FIN-4.22 Employee benefit expenses Full Year in \u20ac million 2024 2023 Wages and salaries (224.1) (211.7) Social security costs (63.8) (49.3) Defined benefit plans - Service cost (1.7) (1.5) Defined contribution costs (3.6) (3.3) Other employee benefit expenses (49.2) (46.6) Total employee benefit expenses (342.4) (312.4) The FTEs listed in the table below only contains the employees part of the continuing operations and therefore deviates significantly from the number of employees included in section FIN-1.2. Full Year in full time equivalents 2024 2023 Workers 3,570 3,458 Employees 1,888 1,954 Management 68 58 Average number of total employees 5,526 5,470FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.24 EBITDA adjustments Full Year in \u20ac million 2024 2023 Business restructuring (61.9) (10.3) Income and expenses related to (61.9) (10.3) changes to Group structure Impairment of assets (10.6) (4.4) Litigation and legal claims (0.3) (0.2) Income and expenses related to impairments and (10.8) (4.6) major litigations Total EBITDA adjustments (72.7) (14.9)Items classified under the heading EBITDA adjustments are those items that are considered by management not to relate to items in the ordinary course of activities of the Company. The Group has adopted this classification to allow a better understanding of its recurring financial performance. These items are presented as follows in the consolidated income statement as follows: \u2022 income and expenses related to changes to Group structure; and \u2022 income and expenses related to impairments and major litigations. FIN-4.24.1 Income and expenses related to changes to Group structure Business restructuring The majority of the business restructuring costs in 2024 are related to the Belgian restructuring, which entails the closure of the Eeklo site, as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium and heavy incontinence care products. The total cost, which includes the social plan for both Eeklo and Buggenhout, but also other related costs, amounts to \u20ac61.3 million. The restructuring expenses in 2023 are related to smaller restructuring projects in various countries and is part of the continuous search for organizational optimization. FIN-4.24.2 Income and expenses related to impairments and major litigations Impairment of assets As a consequence of the Belgian restructuring, a number of production lines were stopped and others were moved to di\ufb00erent plants within the Group. The combination of both items had an impact of \u20ac6.4 million. In 2023, the impairment losses mainly include the impairment loss on a leased building under IFRS 16 which is no longer used by the Group. Litigation and claims The Company incurred specific legal fees in the context of certain on-going or potential litigation matters which are expected to result in a potential benefit for the Company or in the avoidance of potential future expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.FIN-4.27 Income tax expense The income tax (charged)/credited to the income statement during the year is as follows: Full Year in \u20ac million 2024 2023 Current tax (expense) / income (24.5) (17.2) Deferred tax (expense) / income 21.1 1.0 Total income tax expense (3.4) (16.3) The income tax expense can be reconciled as follows: Full Year in \u20ac million 2024 2023 Profit/(loss) before income tax 24.3 43.2 Income tax expense calculated at domestic tax rates (5.7) (8.3) Disallowed expenses (5.0) (2.7) Tax-exempt income 3.1 1.6 Write-o\ufb00 of previously recognized deferred tax assets (0.0) (0.6) on losses Current year tax losses not recognized as deferred tax asset (10.9) (10.9) Recognition of previously unrecognized deferred tax assets 23.9 4.3 on losses Adjustments in respect of prior year (1.7) 0.6 Di\ufb00erence in statutory tax rates - (0.6) Withholding tax (4.2) Other (2.8) 0.3 Total income tax expense (3.4) (16.3)FIN-4.33 Audit fees Full Year in \u20ac thousands 2024 2023 Audit Fees 1,221.0 1,046.9 Additional Services rendered by the auditor's mandate: Audit related fees 304.6 302.6 Tax advisory & compliance services 12.4 41.2 Total 1,538.0 1,390.7 The fees in the above table concern the audit fees for the full Group and not only the continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__283": { "value": "FIN-4.5.5 Price risk (commodity) The Group has some exposure to the price of oil because certain of the raw materials used in production are manufactured from oil derivatives. These include glues, polyethylene, propylene and polypropylene. The Group also decided to continue to hedge a portion of the \ufb02u\ufb00, propylene, polypropylene, polyethylene and LDPE exposure in 2024. Forward contracts to cover the commodity price risk are being reviewed and potentially executed monthly. Forward contracts are initiated over a future period of 12 months covering monthly expected exposure. The total notional amount hedged in 2024 was \u20ac42.8 million covering \ufb02u\ufb00 (\u20ac28.3 million) and propylene (\u20ac14.5 million). The average hedged rate for 2024 was \u20ac1,765/Ton for \ufb02u\ufb00 and \u20ac1,118/Ton for propylene. The OCI net impact for 2024 was a \u20ac0.2 million loss (2023: \u20ac0.9 million loss). \u20ac2.0 million was reclassified to P&L (loss) during 2024 (2023: loss of \u20ac6.3 million). Sensitivity of the fair value of derivative financial instruments related to commodities: at December 31, 2024, if there would be a shift of the commodity forward curve by 10% increase/decrease with all other variables held constant, pre-tax other comprehensive income for the year would have been respectively \u20ac0.7 million higher / \u20ac0.7 million lower (2023: impact was \u20ac1.4 million higher / \u20ac1.4 million lower).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__304-1": { "value": "FIN-4.5.7 Credit risk Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to corporate customers, including outstanding receivables and committed transactions. The Group assesses the credit quality of the customer, taking into account their financial position, past experience and other factors based on which individual risk limits are set in accordance with the limits set by business managers. Historical default rates have been below 1% for 2024 and 2023. Trade receivables are spread over di\ufb00erent countries and counterparties and there is no large concentration with one or a few counterparties. Refer to note FIN-4.13 for the aging of the receivables and the doubtful receivables. All financial instruments are held at banks and financial institutions with a credit rating of at least A. The maximum exposure to credit risk at the reporting date is the carrying amount as presented in the table above in the note FIN-4.5.1. FIN-4.13 Trade receivables, prepaid expenses and other receivablesThe Group does not systematically apply external credit rating.During the year, the payment terms for the receivables have neither deteriorated nor been renegotiated that a\ufb00ect the overall payment terms. The maximum credit risk exposure at the end of the reporting period is the carrying value of each caption of receivables mentioned above. The Group does not hold any collateral as security. An impairment analysis of trade receivables is done based on expected losses, next to individual assessments, but there are no significant impairments. Movements on the Group allowance for impairment of trade receivables are as follows: December 31 in \u20ac million 2024 2023 Opening Balance 4.4 4.1 Allowance for receivable impairment 0.5 0.8 Receivables written o\ufb00 during the year as uncollectible (0.7) (0.3) Unused amounts reversed (0.0) (0.0) Foreign exchange di\ufb00erences (0.1) (0.2) At December 31 4.0 4.4 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The creation and the release of the allowance for impaired receivables have been included in \u2018Sales and marketing expense\u2019 in the income statement.FIN-4.14 Cash and cash equivalentsThe credit quality of the banks and financial institutions the Group is working with is mentioned in the following table: December 31 in \u20ac million 2024 2023 AA 0.3 0.8 A 38.0 69.7 BBB 1.3 0.4 BB - 0.5 No credit rating 17.3 25.8 Total 56.9 97.2", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__311-1": { "value": "FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__310-1": { "value": "FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__309-1": { "value": "FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -FIN-4.17 Interest-bearing debts December 31 in \u20ac million 2024 2023 Non-current Borrowings: 577.4 575.7 Senior Notes 577.2 575.5 Other borrowings 0.1 0.2 Lease and other liabilities 89.8 96.1 Lease liabilities 89.8 96.1 Interest-bearing debts non-current 667.1 671.8 Current Borrowings: 33.3 122.5 Revolving Credit Facility 24.0 113.1 Accrued interests 9.3 9.5 Lease and other liabilities 19.8 18.6 Lease liabilities 19.8 18.6 Interest-bearing debts current 53.1 141.1 Total interest-bearing debts 720.2 812.9The following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__307": { "value": "FIN-4.5.8 Liquidity risk Group treasury monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has su\ufb03cient cash to meet operational needs while maintaining su\ufb03cient headroom on its undrawn committed borrowing facilities (note FIN-4.17 Interest-bearing debts) at all times so that the Group does not breach borrowing limits or covenants (where applicable) on its borrowing facilities. The table below analyzes the Group\u2019s financial liabilities (including interest payments) into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Between Between Less than 1 and 2 2 and 5 Over in \u20ac million 1 year years years 5 years At December 31, 2024 Interest-bearing debts (44.4) (590.6) - - Lease liabilities (25.9) (19.8) (43.3) (53.5) Trade payables (440.1) - - - Total non-derivative financial liabilities (510.4) (610.4) (43.3) (53.5) Forward foreign exchange contracts (355.0) (11.0) - - Total derivative financial liabilities (355.0) (11.0) - - At December 31, 2023 Interest-bearing debts (136.1) (20.4) (590.6) - Lease liabilities (30.0) (26.9) (46.2) (70.9) Trade payables (370.5) - - - Total non-derivative financial liabilities (536.6) (47.3) (636.8) (70.9) Forward foreign exchange contracts (274.5) (10.7) - - Total derivative financial liabilities (274.5) (10.7) - -", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__322-1": { "value": "FIN-4.7 List of consolidated companies Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number [4]Can Hygi\u00e8ne SPA Algeria 0.0% 100.0% Haouch Sbaat Nord, Zone Industrielle de Rouiba, Voie H, lot 83B, 04/B/0965101 16012 Rouiba, Alger, Algeria Ontex Australia Pty Ltd Australia 100.0% 100.0% Suite 10, 27 Mayneview Street, Milton, QLD 4064, Australia ABN 59 130 076 283 Ontex Manufacturing Pty Ltd Australia 100.0% 100.0% Wonderland Drive 5, Eastern Creek, NSW, 2766, Australia ABN 16 145 822 528 Eutima BV Belgium 100.0% 100.0% Korte Moeie 53, 9900 Eeklo, Belgium 0415.412.891 Ontex BV Belgium 100.0% 100.0% Genthof 5, 9255 Buggenhout, Belgium 0419.457.296 Active Industria De Cosm\u00e9ticos S.A. Brazil 100.0% 100.0% Rua Contorno Oeste 1/16 Quadra 01, Lote 01/16, Modulo 2 CNPJ 22.010816/0001-39 Senador Canedo, Goiania, Brazil Falcon Distribuidora Armazenamento E Transporte Brazil 100.0% 100.0% Rua Iza Costa 1.104 Quadra: Area Lote Modulo 2, Fazenda Retio, CNPJ 23.191.831/0001-93 S.A. Goiania, Brazil Ontex Hygienic Disposables (Yangzhou) Co.TD China 100.0% 100.0% Hangji industrial park, Hanjiang Dictrict, N\u00b01 Zhaizhuang Road, 321000400010102 225111 Yangzhou, China Ontex Hygienic Disposables (Shanghai) LTD China 100.0% 100.0% 4F, Building G, No. 69, Hongqiao Green Valley Community, Yuhong 91310000MA1GCW6L6Y Road, Minhang District, Shanghai Ontex CZ S.r.o. Czech 100.0% 100.0% Vesecko 491, 51101 Turnov, Czech Republic 44564422 Republic Ontex Hygienic Disposables PLC Ethiopia 100.0% 100.0% Tracon Tower Building Addis Ababa, Subcity Arada, Werada 02, EIA-PC/01/005318/08 Kebele 01, House n\u00b0 : 30/97, Ethiopia Hygi\u00e8ne Medica SAS France 100.0% 100.0% 30 Rue Hubble Parc Europ\u00e9en de la Haute Borne, 59262 Sainghin-401 439 872 en-M\u00e9lantois, France Ontex France SAS France 100.0% 100.0% 586 Boulevard Albert Camus, 69400 Villefranche-sur-Sa\u00f4ne, 338 081 102 France Ontex Sant\u00e9 France SAS France 100.0% 100.0% Quai du rivage 62119 Dourges, France 502 601 297 Moltex Baby-Hygiene GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 5260 Ontex Engineering GmbH & Co .KG Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRA 21335 Ontex Healthcare Deutschland GmbH Germany 100.0% 100.0% Hansaring 6, Lotte 49504, Germany HRB 9669 Ontex Hygi\u00ebnartikel Deutschland GmbH Germany 100.0% 100.0% Fabrikstrasse 30, 02692 Grosspostwitz, Germany HRB 3865 Ontex Inko Deutschland GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 20630 [4] Can Hygi\u00e8ne SPA and Ontex Pakistan Ltd were sold during 2024, see note FIN-4.8 Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Ontex Care GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 21024 Ontex Mayen GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 11699 Ontex Vertrieb GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 4983 WS Windel-Shop GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 2793 Ontex Manufacturing Italy S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy 02456370697 Serenity Holdco S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-178769 Serenity Spa Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-99632 Ontex Mexico Operations S.A. de C.V. Mexico 100.0% 100.0% Calle 12 Norte No. 105, Ciudad Industrial, Tijuana, Mexico OMO220624KA3 [4]Ontex Pakistan ltdPakistan 0.0% 100.0% O\ufb03ce No 705, 7th Floor, Park Avenue, Main Sharh-e-Faisal, Karachi 076658 Sindh 7400, Pakistan Ontex Polska sp. z.o.o. Poland 100.0% 100.0% ul. Przedsiebiorcrow 6, 97-500 Radomsko, Poland 0000010044 Ontex Romania Srl Romania 100.0% 100.0% Bucharest Mun. District 1, 48 Iancu de Hunedoara Boulevard, 2nd J1995007353400 Floor, O\ufb03ce 1, Bucharest, Romania Ontex RU LLC Russia 100.0% 100.0% Zemlyanoy Val Street 9, 10564 Moscow, Russia 1055008702649 Ontex ES Holdco S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, B85082832 40140 Valverde del Majano, Segovia, Spain Ontex ID SAU Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, NIFA-60617875 40140 Valverde del Majano, Segovia, Spain Ontex Peninsular S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, A40103855 40140 Valverde del Majano, Segovia, Spain Valor Brands Europe, S.L Spain 100.0% 100.0% Torviscal 12, 45007 Toledo, Spain B2837-1540 Ontex Hygienic Spain, S.L.U. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, M635-328 40140 Valverde del Majano, Segovia, Spain Ontex T\u00fcketim. Urn. San. ve Tic. AS Turkey 100.0% 100.0% Tekstilkent Cad. Koza Plaza B Blok Kat:31 No:116-117 Esenler, 137334 Istanbul Ontex Ukraine LLC Ukraine 100.0% 100.0% Building 7(C), 13 M. Pymonenko Street, 04050 Kyiv, Ukraine, 37728333 Ontex Healthcare UK Ltd United 100.0% 100.0% Kettering Parkway, Kettering Venture Park, Kettering, Northants, 02274216 Kingdom NN156XR, United Kingdom Ontex Retail UK Ltd United 100.0% 100.0% Unit 5 (1st Floor), Grovelands Business Centre, Boundary Way, 1613466 Kingdom Hemel Hempstead, Hertfordshire, HP2 7TE, United Kingdom Ontex US Holdco, LLC USA 100.0% 100.0% 1201 North Market Street, 19801 Wilmington, New Castle county, 35-2548297 Delaware, United States of America Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Valor Brands, LLC USA 100.0% 100.0% 960 North Point Parkway, Suite 100, Alpharetta, GA 30005, USA 06-1661367 Ontex Operations USA, LCC USA 100.0% 100.0% 1900 Barnes Street, Reidsville, NC 27320 85-0811594 The percentage of voting rights directly or indirectly held by the Group in the subsidiaries listed in the table above is equal to the percentage of equity interest directly or indirectly held by the Group. The Group\u2019s most significant subsidiaries are Ontex BV, Ontex Mayen GmbH, Ontex Hygi\u00ebnartikel Deutschland GmbH, Ontex Sant\u00e9 France SAS, Ontex CZ Sro, Serenity Spa, Ontex Manufacturing Italy S.r.l. and Valor Brands LLC.For the financial year ending December 31, 2024 the following companies make use of the exemptions in accordance with the German regulations of \u00a7 267 section 3 HGB: \u2022 Ontex Vertrieb GmbH, Mayen; \u2022 Ontex Mayen GmbH, Mayen; \u2022 Moltex Baby-Hygiene GmbH, Mayen; \u2022 WS Windel-Shop, Mayen; \u2022 Ontex Healthcare Deutschland GmbH, Lotte; \u2022 Ontex Hygi\u00ebneartikel Deutschland GmbH, Grosspostwitz; and \u2022 Ontex Engineering GmbH & Co. KG, Mayen. FIN-4.31 Related party transactions As part of our business, Ontex has entered into several transactions with related parties. FIN-4.31.1 Consolidated companies A list of subsidiaries is given in note FIN-4.7 \u2018List of consolidated companies\u2019. FIN-4.31.2 Relations with the shareholders There are no transactions with shareholders per December 31, 2024 (nor in 2023). FIN-4.31.3 Relations with non-executive members of the Board of Directors Full Year in \u20ac million 2024 2023 Remuneration 1.1 1.2 FIN-4.31.4 Relations with the key management personnel Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Group. Key management for the Group are all the members of Management Committee. FIN-4.31.5 Key management compensation Remuneration of the CEO Full Year in \u20ac million 2024 2023 Fixed and variable remuneration 1.7 1.8 The above remuneration includes post-employee benefits of \u20ac0.2 million (2023: \u20ac0.2 million), the remainder concerns short-term employee benefits. Next to the above remuneration, the CEO was not awarded any performance stock units in 2024 (2023: 1,005,668 performance stock units), as explained below. The share based payment cost amounted to \u20ac0.8 million in 2024 (2023: \u20ac0.5 million). Remuneration of the Executive Team (excluding the CEO) Full Year in \u20ac million 2024 2023 Fixed remuneration 3.5 3.1 Variable remuneration 1.0 0.7 Other remuneration 0.4 0.5 Total 4.8 4.2 The fixed and variable remuneration concerns short-term employee benefits, while the other remuneration mainly relates to post-employment benefit plans. Next to the above items, the executive team was not awarded any performance stock units in 2024 (in 2023: 1,937,281 performance stock units). The total share based payment cost (including older plans) amounted to \u20ac1.7 million in 2024 (2023: \u20ac1.2 million). For a more detailed breakdown, refer to the Remuneration Report. The Company implemented Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options, restricted stock units and performance stock units (see note FIN-4.28). The number of stock options, restricted stock units and performance stock units granted to the CEO and the Executive Management Team is summarized below: For the year ended December 31, 2024 Number of Number of Number of RSU's PSU's Stock Options LTIP 2019 CEO 18,414 18,414 64,610 Executive Team (excluding CEO) 53,376 53,376 171,928 LTIP 2020 CEO 19,891 19,891 88,333 Executive Team (excluding CEO) 56,265 56,265 249,870 LTIP 2021 CEO - 94,954 - Executive Team (excluding CEO) - 229,572 - LTIP 2022 CEO - 149,891 - Executive Team (excluding CEO) - 213,070 - LTIP 2023 CEO - 1,005,668 - Executive Team (excluding CEO) - 1,937,281 -", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__321": { "value": "FIN-4.7 List of consolidated companies Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number [4]Can Hygi\u00e8ne SPA Algeria 0.0% 100.0% Haouch Sbaat Nord, Zone Industrielle de Rouiba, Voie H, lot 83B, 04/B/0965101 16012 Rouiba, Alger, Algeria Ontex Australia Pty Ltd Australia 100.0% 100.0% Suite 10, 27 Mayneview Street, Milton, QLD 4064, Australia ABN 59 130 076 283 Ontex Manufacturing Pty Ltd Australia 100.0% 100.0% Wonderland Drive 5, Eastern Creek, NSW, 2766, Australia ABN 16 145 822 528 Eutima BV Belgium 100.0% 100.0% Korte Moeie 53, 9900 Eeklo, Belgium 0415.412.891 Ontex BV Belgium 100.0% 100.0% Genthof 5, 9255 Buggenhout, Belgium 0419.457.296 Active Industria De Cosm\u00e9ticos S.A. Brazil 100.0% 100.0% Rua Contorno Oeste 1/16 Quadra 01, Lote 01/16, Modulo 2 CNPJ 22.010816/0001-39 Senador Canedo, Goiania, Brazil Falcon Distribuidora Armazenamento E Transporte Brazil 100.0% 100.0% Rua Iza Costa 1.104 Quadra: Area Lote Modulo 2, Fazenda Retio, CNPJ 23.191.831/0001-93 S.A. Goiania, Brazil Ontex Hygienic Disposables (Yangzhou) Co.TD China 100.0% 100.0% Hangji industrial park, Hanjiang Dictrict, N\u00b01 Zhaizhuang Road, 321000400010102 225111 Yangzhou, China Ontex Hygienic Disposables (Shanghai) LTD China 100.0% 100.0% 4F, Building G, No. 69, Hongqiao Green Valley Community, Yuhong 91310000MA1GCW6L6Y Road, Minhang District, Shanghai Ontex CZ S.r.o. Czech 100.0% 100.0% Vesecko 491, 51101 Turnov, Czech Republic 44564422 Republic Ontex Hygienic Disposables PLC Ethiopia 100.0% 100.0% Tracon Tower Building Addis Ababa, Subcity Arada, Werada 02, EIA-PC/01/005318/08 Kebele 01, House n\u00b0 : 30/97, Ethiopia Hygi\u00e8ne Medica SAS France 100.0% 100.0% 30 Rue Hubble Parc Europ\u00e9en de la Haute Borne, 59262 Sainghin-401 439 872 en-M\u00e9lantois, France Ontex France SAS France 100.0% 100.0% 586 Boulevard Albert Camus, 69400 Villefranche-sur-Sa\u00f4ne, 338 081 102 France Ontex Sant\u00e9 France SAS France 100.0% 100.0% Quai du rivage 62119 Dourges, France 502 601 297 Moltex Baby-Hygiene GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 5260 Ontex Engineering GmbH & Co .KG Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRA 21335 Ontex Healthcare Deutschland GmbH Germany 100.0% 100.0% Hansaring 6, Lotte 49504, Germany HRB 9669 Ontex Hygi\u00ebnartikel Deutschland GmbH Germany 100.0% 100.0% Fabrikstrasse 30, 02692 Grosspostwitz, Germany HRB 3865 Ontex Inko Deutschland GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 20630 [4] Can Hygi\u00e8ne SPA and Ontex Pakistan Ltd were sold during 2024, see note FIN-4.8 Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Ontex Care GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 21024 Ontex Mayen GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 11699 Ontex Vertrieb GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 4983 WS Windel-Shop GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 2793 Ontex Manufacturing Italy S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy 02456370697 Serenity Holdco S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-178769 Serenity Spa Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-99632 Ontex Mexico Operations S.A. de C.V. Mexico 100.0% 100.0% Calle 12 Norte No. 105, Ciudad Industrial, Tijuana, Mexico OMO220624KA3 [4]Ontex Pakistan ltdPakistan 0.0% 100.0% O\ufb03ce No 705, 7th Floor, Park Avenue, Main Sharh-e-Faisal, Karachi 076658 Sindh 7400, Pakistan Ontex Polska sp. z.o.o. Poland 100.0% 100.0% ul. Przedsiebiorcrow 6, 97-500 Radomsko, Poland 0000010044 Ontex Romania Srl Romania 100.0% 100.0% Bucharest Mun. District 1, 48 Iancu de Hunedoara Boulevard, 2nd J1995007353400 Floor, O\ufb03ce 1, Bucharest, Romania Ontex RU LLC Russia 100.0% 100.0% Zemlyanoy Val Street 9, 10564 Moscow, Russia 1055008702649 Ontex ES Holdco S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, B85082832 40140 Valverde del Majano, Segovia, Spain Ontex ID SAU Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, NIFA-60617875 40140 Valverde del Majano, Segovia, Spain Ontex Peninsular S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, A40103855 40140 Valverde del Majano, Segovia, Spain Valor Brands Europe, S.L Spain 100.0% 100.0% Torviscal 12, 45007 Toledo, Spain B2837-1540 Ontex Hygienic Spain, S.L.U. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, M635-328 40140 Valverde del Majano, Segovia, Spain Ontex T\u00fcketim. Urn. San. ve Tic. AS Turkey 100.0% 100.0% Tekstilkent Cad. Koza Plaza B Blok Kat:31 No:116-117 Esenler, 137334 Istanbul Ontex Ukraine LLC Ukraine 100.0% 100.0% Building 7(C), 13 M. Pymonenko Street, 04050 Kyiv, Ukraine, 37728333 Ontex Healthcare UK Ltd United 100.0% 100.0% Kettering Parkway, Kettering Venture Park, Kettering, Northants, 02274216 Kingdom NN156XR, United Kingdom Ontex Retail UK Ltd United 100.0% 100.0% Unit 5 (1st Floor), Grovelands Business Centre, Boundary Way, 1613466 Kingdom Hemel Hempstead, Hertfordshire, HP2 7TE, United Kingdom Ontex US Holdco, LLC USA 100.0% 100.0% 1201 North Market Street, 19801 Wilmington, New Castle county, 35-2548297 Delaware, United States of America Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Valor Brands, LLC USA 100.0% 100.0% 960 North Point Parkway, Suite 100, Alpharetta, GA 30005, USA 06-1661367 Ontex Operations USA, LCC USA 100.0% 100.0% 1900 Barnes Street, Reidsville, NC 27320 85-0811594 The percentage of voting rights directly or indirectly held by the Group in the subsidiaries listed in the table above is equal to the percentage of equity interest directly or indirectly held by the Group. The Group\u2019s most significant subsidiaries are Ontex BV, Ontex Mayen GmbH, Ontex Hygi\u00ebnartikel Deutschland GmbH, Ontex Sant\u00e9 France SAS, Ontex CZ Sro, Serenity Spa, Ontex Manufacturing Italy S.r.l. and Valor Brands LLC.For the financial year ending December 31, 2024 the following companies make use of the exemptions in accordance with the German regulations of \u00a7 267 section 3 HGB: \u2022 Ontex Vertrieb GmbH, Mayen; \u2022 Ontex Mayen GmbH, Mayen; \u2022 Moltex Baby-Hygiene GmbH, Mayen; \u2022 WS Windel-Shop, Mayen; \u2022 Ontex Healthcare Deutschland GmbH, Lotte; \u2022 Ontex Hygi\u00ebneartikel Deutschland GmbH, Grosspostwitz; and \u2022 Ontex Engineering GmbH & Co. KG, Mayen. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__320": { "value": "FIN-4.7 List of consolidated companies Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number [4]Can Hygi\u00e8ne SPA Algeria 0.0% 100.0% Haouch Sbaat Nord, Zone Industrielle de Rouiba, Voie H, lot 83B, 04/B/0965101 16012 Rouiba, Alger, Algeria Ontex Australia Pty Ltd Australia 100.0% 100.0% Suite 10, 27 Mayneview Street, Milton, QLD 4064, Australia ABN 59 130 076 283 Ontex Manufacturing Pty Ltd Australia 100.0% 100.0% Wonderland Drive 5, Eastern Creek, NSW, 2766, Australia ABN 16 145 822 528 Eutima BV Belgium 100.0% 100.0% Korte Moeie 53, 9900 Eeklo, Belgium 0415.412.891 Ontex BV Belgium 100.0% 100.0% Genthof 5, 9255 Buggenhout, Belgium 0419.457.296 Active Industria De Cosm\u00e9ticos S.A. Brazil 100.0% 100.0% Rua Contorno Oeste 1/16 Quadra 01, Lote 01/16, Modulo 2 CNPJ 22.010816/0001-39 Senador Canedo, Goiania, Brazil Falcon Distribuidora Armazenamento E Transporte Brazil 100.0% 100.0% Rua Iza Costa 1.104 Quadra: Area Lote Modulo 2, Fazenda Retio, CNPJ 23.191.831/0001-93 S.A. Goiania, Brazil Ontex Hygienic Disposables (Yangzhou) Co.TD China 100.0% 100.0% Hangji industrial park, Hanjiang Dictrict, N\u00b01 Zhaizhuang Road, 321000400010102 225111 Yangzhou, China Ontex Hygienic Disposables (Shanghai) LTD China 100.0% 100.0% 4F, Building G, No. 69, Hongqiao Green Valley Community, Yuhong 91310000MA1GCW6L6Y Road, Minhang District, Shanghai Ontex CZ S.r.o. Czech 100.0% 100.0% Vesecko 491, 51101 Turnov, Czech Republic 44564422 Republic Ontex Hygienic Disposables PLC Ethiopia 100.0% 100.0% Tracon Tower Building Addis Ababa, Subcity Arada, Werada 02, EIA-PC/01/005318/08 Kebele 01, House n\u00b0 : 30/97, Ethiopia Hygi\u00e8ne Medica SAS France 100.0% 100.0% 30 Rue Hubble Parc Europ\u00e9en de la Haute Borne, 59262 Sainghin-401 439 872 en-M\u00e9lantois, France Ontex France SAS France 100.0% 100.0% 586 Boulevard Albert Camus, 69400 Villefranche-sur-Sa\u00f4ne, 338 081 102 France Ontex Sant\u00e9 France SAS France 100.0% 100.0% Quai du rivage 62119 Dourges, France 502 601 297 Moltex Baby-Hygiene GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 5260 Ontex Engineering GmbH & Co .KG Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRA 21335 Ontex Healthcare Deutschland GmbH Germany 100.0% 100.0% Hansaring 6, Lotte 49504, Germany HRB 9669 Ontex Hygi\u00ebnartikel Deutschland GmbH Germany 100.0% 100.0% Fabrikstrasse 30, 02692 Grosspostwitz, Germany HRB 3865 Ontex Inko Deutschland GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 20630 [4] Can Hygi\u00e8ne SPA and Ontex Pakistan Ltd were sold during 2024, see note FIN-4.8 Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Ontex Care GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 21024 Ontex Mayen GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 11699 Ontex Vertrieb GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 4983 WS Windel-Shop GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 2793 Ontex Manufacturing Italy S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy 02456370697 Serenity Holdco S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-178769 Serenity Spa Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-99632 Ontex Mexico Operations S.A. de C.V. Mexico 100.0% 100.0% Calle 12 Norte No. 105, Ciudad Industrial, Tijuana, Mexico OMO220624KA3 [4]Ontex Pakistan ltdPakistan 0.0% 100.0% O\ufb03ce No 705, 7th Floor, Park Avenue, Main Sharh-e-Faisal, Karachi 076658 Sindh 7400, Pakistan Ontex Polska sp. z.o.o. Poland 100.0% 100.0% ul. Przedsiebiorcrow 6, 97-500 Radomsko, Poland 0000010044 Ontex Romania Srl Romania 100.0% 100.0% Bucharest Mun. District 1, 48 Iancu de Hunedoara Boulevard, 2nd J1995007353400 Floor, O\ufb03ce 1, Bucharest, Romania Ontex RU LLC Russia 100.0% 100.0% Zemlyanoy Val Street 9, 10564 Moscow, Russia 1055008702649 Ontex ES Holdco S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, B85082832 40140 Valverde del Majano, Segovia, Spain Ontex ID SAU Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, NIFA-60617875 40140 Valverde del Majano, Segovia, Spain Ontex Peninsular S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, A40103855 40140 Valverde del Majano, Segovia, Spain Valor Brands Europe, S.L Spain 100.0% 100.0% Torviscal 12, 45007 Toledo, Spain B2837-1540 Ontex Hygienic Spain, S.L.U. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, M635-328 40140 Valverde del Majano, Segovia, Spain Ontex T\u00fcketim. Urn. San. ve Tic. AS Turkey 100.0% 100.0% Tekstilkent Cad. Koza Plaza B Blok Kat:31 No:116-117 Esenler, 137334 Istanbul Ontex Ukraine LLC Ukraine 100.0% 100.0% Building 7(C), 13 M. Pymonenko Street, 04050 Kyiv, Ukraine, 37728333 Ontex Healthcare UK Ltd United 100.0% 100.0% Kettering Parkway, Kettering Venture Park, Kettering, Northants, 02274216 Kingdom NN156XR, United Kingdom Ontex Retail UK Ltd United 100.0% 100.0% Unit 5 (1st Floor), Grovelands Business Centre, Boundary Way, 1613466 Kingdom Hemel Hempstead, Hertfordshire, HP2 7TE, United Kingdom Ontex US Holdco, LLC USA 100.0% 100.0% 1201 North Market Street, 19801 Wilmington, New Castle county, 35-2548297 Delaware, United States of America Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Valor Brands, LLC USA 100.0% 100.0% 960 North Point Parkway, Suite 100, Alpharetta, GA 30005, USA 06-1661367 Ontex Operations USA, LCC USA 100.0% 100.0% 1900 Barnes Street, Reidsville, NC 27320 85-0811594 The percentage of voting rights directly or indirectly held by the Group in the subsidiaries listed in the table above is equal to the percentage of equity interest directly or indirectly held by the Group. The Group\u2019s most significant subsidiaries are Ontex BV, Ontex Mayen GmbH, Ontex Hygi\u00ebnartikel Deutschland GmbH, Ontex Sant\u00e9 France SAS, Ontex CZ Sro, Serenity Spa, Ontex Manufacturing Italy S.r.l. and Valor Brands LLC.For the financial year ending December 31, 2024 the following companies make use of the exemptions in accordance with the German regulations of \u00a7 267 section 3 HGB: \u2022 Ontex Vertrieb GmbH, Mayen; \u2022 Ontex Mayen GmbH, Mayen; \u2022 Moltex Baby-Hygiene GmbH, Mayen; \u2022 WS Windel-Shop, Mayen; \u2022 Ontex Healthcare Deutschland GmbH, Lotte; \u2022 Ontex Hygi\u00ebneartikel Deutschland GmbH, Grosspostwitz; and \u2022 Ontex Engineering GmbH & Co. KG, Mayen. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__319": { "value": "FIN-4.7 List of consolidated companies Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number [4]Can Hygi\u00e8ne SPA Algeria 0.0% 100.0% Haouch Sbaat Nord, Zone Industrielle de Rouiba, Voie H, lot 83B, 04/B/0965101 16012 Rouiba, Alger, Algeria Ontex Australia Pty Ltd Australia 100.0% 100.0% Suite 10, 27 Mayneview Street, Milton, QLD 4064, Australia ABN 59 130 076 283 Ontex Manufacturing Pty Ltd Australia 100.0% 100.0% Wonderland Drive 5, Eastern Creek, NSW, 2766, Australia ABN 16 145 822 528 Eutima BV Belgium 100.0% 100.0% Korte Moeie 53, 9900 Eeklo, Belgium 0415.412.891 Ontex BV Belgium 100.0% 100.0% Genthof 5, 9255 Buggenhout, Belgium 0419.457.296 Active Industria De Cosm\u00e9ticos S.A. Brazil 100.0% 100.0% Rua Contorno Oeste 1/16 Quadra 01, Lote 01/16, Modulo 2 CNPJ 22.010816/0001-39 Senador Canedo, Goiania, Brazil Falcon Distribuidora Armazenamento E Transporte Brazil 100.0% 100.0% Rua Iza Costa 1.104 Quadra: Area Lote Modulo 2, Fazenda Retio, CNPJ 23.191.831/0001-93 S.A. Goiania, Brazil Ontex Hygienic Disposables (Yangzhou) Co.TD China 100.0% 100.0% Hangji industrial park, Hanjiang Dictrict, N\u00b01 Zhaizhuang Road, 321000400010102 225111 Yangzhou, China Ontex Hygienic Disposables (Shanghai) LTD China 100.0% 100.0% 4F, Building G, No. 69, Hongqiao Green Valley Community, Yuhong 91310000MA1GCW6L6Y Road, Minhang District, Shanghai Ontex CZ S.r.o. Czech 100.0% 100.0% Vesecko 491, 51101 Turnov, Czech Republic 44564422 Republic Ontex Hygienic Disposables PLC Ethiopia 100.0% 100.0% Tracon Tower Building Addis Ababa, Subcity Arada, Werada 02, EIA-PC/01/005318/08 Kebele 01, House n\u00b0 : 30/97, Ethiopia Hygi\u00e8ne Medica SAS France 100.0% 100.0% 30 Rue Hubble Parc Europ\u00e9en de la Haute Borne, 59262 Sainghin-401 439 872 en-M\u00e9lantois, France Ontex France SAS France 100.0% 100.0% 586 Boulevard Albert Camus, 69400 Villefranche-sur-Sa\u00f4ne, 338 081 102 France Ontex Sant\u00e9 France SAS France 100.0% 100.0% Quai du rivage 62119 Dourges, France 502 601 297 Moltex Baby-Hygiene GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 5260 Ontex Engineering GmbH & Co .KG Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRA 21335 Ontex Healthcare Deutschland GmbH Germany 100.0% 100.0% Hansaring 6, Lotte 49504, Germany HRB 9669 Ontex Hygi\u00ebnartikel Deutschland GmbH Germany 100.0% 100.0% Fabrikstrasse 30, 02692 Grosspostwitz, Germany HRB 3865 Ontex Inko Deutschland GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 20630 [4] Can Hygi\u00e8ne SPA and Ontex Pakistan Ltd were sold during 2024, see note FIN-4.8 Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Ontex Care GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 21024 Ontex Mayen GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 11699 Ontex Vertrieb GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 4983 WS Windel-Shop GmbH Germany 100.0% 100.0% Robert-Bosch-Stra\u00dfe 8, 56727 Mayen, Germany HRB 2793 Ontex Manufacturing Italy S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy 02456370697 Serenity Holdco S.r.l. Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-178769 Serenity Spa Italy 100.0% 100.0% Localita Cucullo, Zona Industriale, 66026 Ortona (Chieti), Italy CH-99632 Ontex Mexico Operations S.A. de C.V. Mexico 100.0% 100.0% Calle 12 Norte No. 105, Ciudad Industrial, Tijuana, Mexico OMO220624KA3 [4]Ontex Pakistan ltdPakistan 0.0% 100.0% O\ufb03ce No 705, 7th Floor, Park Avenue, Main Sharh-e-Faisal, Karachi 076658 Sindh 7400, Pakistan Ontex Polska sp. z.o.o. Poland 100.0% 100.0% ul. Przedsiebiorcrow 6, 97-500 Radomsko, Poland 0000010044 Ontex Romania Srl Romania 100.0% 100.0% Bucharest Mun. District 1, 48 Iancu de Hunedoara Boulevard, 2nd J1995007353400 Floor, O\ufb03ce 1, Bucharest, Romania Ontex RU LLC Russia 100.0% 100.0% Zemlyanoy Val Street 9, 10564 Moscow, Russia 1055008702649 Ontex ES Holdco S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, B85082832 40140 Valverde del Majano, Segovia, Spain Ontex ID SAU Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, NIFA-60617875 40140 Valverde del Majano, Segovia, Spain Ontex Peninsular S.A. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, A40103855 40140 Valverde del Majano, Segovia, Spain Valor Brands Europe, S.L Spain 100.0% 100.0% Torviscal 12, 45007 Toledo, Spain B2837-1540 Ontex Hygienic Spain, S.L.U. Spain 100.0% 100.0% Poligono Industrial Nicomedes Garcia, C/Fresno s/n, sector C, M635-328 40140 Valverde del Majano, Segovia, Spain Ontex T\u00fcketim. Urn. San. ve Tic. AS Turkey 100.0% 100.0% Tekstilkent Cad. Koza Plaza B Blok Kat:31 No:116-117 Esenler, 137334 Istanbul Ontex Ukraine LLC Ukraine 100.0% 100.0% Building 7(C), 13 M. Pymonenko Street, 04050 Kyiv, Ukraine, 37728333 Ontex Healthcare UK Ltd United 100.0% 100.0% Kettering Parkway, Kettering Venture Park, Kettering, Northants, 02274216 Kingdom NN156XR, United Kingdom Ontex Retail UK Ltd United 100.0% 100.0% Unit 5 (1st Floor), Grovelands Business Centre, Boundary Way, 1613466 Kingdom Hemel Hempstead, Hertfordshire, HP2 7TE, United Kingdom Ontex US Holdco, LLC USA 100.0% 100.0% 1201 North Market Street, 19801 Wilmington, New Castle county, 35-2548297 Delaware, United States of America Percentage of interest held by the Group Name Country 2024 2023 Registered o\ufb03ce Company legal number Valor Brands, LLC USA 100.0% 100.0% 960 North Point Parkway, Suite 100, Alpharetta, GA 30005, USA 06-1661367 Ontex Operations USA, LCC USA 100.0% 100.0% 1900 Barnes Street, Reidsville, NC 27320 85-0811594 The percentage of voting rights directly or indirectly held by the Group in the subsidiaries listed in the table above is equal to the percentage of equity interest directly or indirectly held by the Group. The Group\u2019s most significant subsidiaries are Ontex BV, Ontex Mayen GmbH, Ontex Hygi\u00ebnartikel Deutschland GmbH, Ontex Sant\u00e9 France SAS, Ontex CZ Sro, Serenity Spa, Ontex Manufacturing Italy S.r.l. and Valor Brands LLC.For the financial year ending December 31, 2024 the following companies make use of the exemptions in accordance with the German regulations of \u00a7 267 section 3 HGB: \u2022 Ontex Vertrieb GmbH, Mayen; \u2022 Ontex Mayen GmbH, Mayen; \u2022 Moltex Baby-Hygiene GmbH, Mayen; \u2022 WS Windel-Shop, Mayen; \u2022 Ontex Healthcare Deutschland GmbH, Lotte; \u2022 Ontex Hygi\u00ebneartikel Deutschland GmbH, Grosspostwitz; and \u2022 Ontex Engineering GmbH & Co. KG, Mayen. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__341-1": { "value": "FIN-4.8 Disposal group held for sale and discontinued operationsCash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operationsFIN-4.17 Interest-bearing debtsThe following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__339-1": { "value": "FIN-4.8 Disposal group held for sale and discontinued operationsFrom the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__328": { "value": "FIN-4.8 Disposal group held for sale and discontinued operations Following its strategic review that was announced at the end of 2021 and formalized in the beginning of 2022, the Group announced that it would pursue divestment opportunities for the activities located in the \u201cEmerging Markets\u201d. Activities in \u201cEmerging Markets\u201d were and are primarily driven by own brands and essentially grouped the Central and South American activities, as well as those in the Middle East and Africa. These operations, which are expected to be sold within 12 months, have been classified as a disposal group held for sale and are presented separately in the statement of financial position. As a result, discontinued operations are shown as one line item in the consolidated financial statements as detailed below. The discontinued statement of financial position items are presented at lower of the fair value less cost-to-sell and the carrying amount, in accordance with IFRS 5. The associated assets and liabilities are consequently presented as held for sale as from January 1, 2022. The related financial performance is thereby reported as discontinued operations in the income statement. Ontex entered into a binding agreement in July 2022 to sell its Mexican and related export activities to Softys S.A., marking a milestone in the transformation of Ontex. Closing of the transaction occurred at the beginning of May 2023 and the proceeds from the transaction were exclusively applied to reduce debt. During 2023, Ontex entered into binding agreements for the sale of both its Algerian and Pakistan business. Both transactions were closed in the first half of 2024. In September 2024, Ontex entered into a binding agreement to sell its Brazilian business activities to Softys S.A. The transaction is expected to be completed in the first half of 2025. In February 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup, with an expectation to close the transaction in the third quarter of 2025. Upon closing of the Turkish transaction, all assets held for sale at December 31, 2024 will be disposed. Disposal group classified as held for sale Within the result for the period from discontinued operations, there are EBITDA adjustments for an amount of \u20ac27.1 million (in 2023: \u20ac27.1 million) of which \u20ac51.6 million (in 2023: \u20ac14.4 million) is related to changes to the group structure, including the sale of the Algerian and Pakistani business as well as project costs made for the sale of the Brazilian business, while an income of \u20ac24.5 million was booked related to impairments (in 2023: loss of \u20ac12.7 million). This \u20ac24.5 million consists of the reversal of previously booked impairments on the Brazilian business of \u20ac30.9 million based on the expected proceeds of the Brazilian sale versus the Brazilian net assets, while an impairment of \u20ac6.4 million was booked for Turkey, based on the expected proceeds from that transaction. From the \u20ac51.6 million loss related to changes to the group structure, a loss of \u20ac26.5 million is related to the sale of the Algerian and Pakistani business and is detailed as follows: Full Year in \u20ac million 2024 Total cash received at December 31, 2024 33.6 Cash disposed (9.5) Net cash impact 24.1 Tax on realized statutory gain (7.4) Carrying amount of net assets sold (23.4) Result on disposal before reclassification (6.8) of foreign currency translation reserve [5]Reclassification of foreign currency translation reserve(19.7) Result on disposal (26.5) The remaining amount is mostly related to the sale of the Brazilian activities for which an upfront cost of \u20ac21.1 million has been incurred and which is therefore part of the investing cash \ufb02ow. The incurred cost relates to the Protege legal case which is disclosed in note FIN-4.29 and the amounts corresponds to the Protege contributions for the period 2020 to date. [5] The reclassification of foreign currency translation reserve is for \u20ac9.2 million related to the Algerian activities and for \u20ac10.5 million to the Pakistani activities The \u20ac14.4 million loss related to changes to the group structure in 2023 was mostly related to the sale of the Mexican business (\u20ac11.2 million), while the impairment losses in 2023 were related to impairments on the business in Algeria (\u20ac9.0 million) and Pakistan (\u20ac3.6 million). The Mexican transaction entailed a deferred consideration for which we refer to FIN-4.13. The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: December 31 in \u20ac million 2024 2023 Non-current Assets Intangible assets 7.6 0.1 Property, plant and equipment 81.1 69.4 Right-of-use assets 20.8 18.0 Deferred tax assets 0.0 4.1 Non-current receivables 0.2 0.3 109.8 92.0 Current Assets Inventories 34.0 57.7 Trade receivables 41.2 63.6 Prepaid expenses and other receivables 4.8 7.9 Current tax assets 1.8 3.8 Derivative financial assets 0.4 0.0 Cash and cash equivalents 67.3 71.1 149.5 204.1 Assets classified as held for sale 259.3 296.1 December 31 in \u20ac million 2024 Non-current liabilities Employee benefit liabilities 4.3 2.8 Interest-bearing debts 10.9 15.3 Deferred tax liabilities 11.6 7.6 26.8 25.7 Current liabilities Interest-bearing debts 5.2 5.4 Derivative financial liabilities - 0.2 Trade payables 58.2 82.2 Accrued expenses and other payables 7.2 11.8 Employee benefit liabilities 5.6 8.5 Provisions 1.5 2.8 77.8 110.9 Liabilities related to assets classified as held for sale 104.6 136.6 The cumulative foreign exchange losses recognized in other comprehensive income in relation to the discontinued operations as at December 31, 2024 were \u20ac210.7 million. Financial performance The results of the discontinued operations, which have been included in the consolidated income statement, were as follows: Full Year in \u20ac million 2024 2023 Revenue 306.9 546.8 Operating expenses (excl. depreciations and amortizations) (277.7) (497.4) Adjusted EBITDA 29.2 49.4 Income and expenses related to impairment losses and (27.1) (27.1) restructuring EBITDA 2.1 22.3 Depreciation and amortization (0.0) (0.0) Financial result (6.4) (8.8) Profit/(loss) before income tax (4.3) 13.5 Income tax expense (6.3) (5.7) Profit/(loss) for the period from discontinued operations (10.7) 7.9 Earnings per share for discontinued operations Full Year in \u20ac 2024 2023 Basic earnings per share (0.13) 0.10 Diluted earnings per share (0.13) 0.09 Cash \ufb02ows The cash \ufb02ow information presented for the period ended December 31, 2024 and 2023: Full year in \u20ac million 2024 2023 Net cash generated from / (used in) operating activities 24.2 117.6 Net cash generated from / (used in) investing activities (11.0) 37.8 Net cash generated from / (used in) financing activities (12.7) (139.1) Net increase / (decrease) in cash and cash equivalents 0.5 16.3 E\ufb00ects of exchange rate changes on cash and cash (4.3) (4.9) equivalents The above cash \ufb02ow does not include the total cash received for the sale of the Mexican activities in 2023 as this was received by the owners of the Mexican activities, i.e. Ontex BV and Eutima BV, which are part of the continuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__366-1": { "value": "FIN-4.9 Goodwill and intangible assetsGoodwill impairment The Group has determined the following cash-generating units for the purpose of the goodwill impairment testing: \u2022 Europe \u2022 Russia \u2022 North America Annual impairment reviews are performed during the fourth quarter of each year for all CGUs, except if there would be factors indicating a risk for impairment loss. These reviews compare the carrying value of each CGU with the recoverable amount of the CGU\u2019s assets calculated using a discounted cash \ufb02ow model. If the recoverable amount is less than the carrying value of the CGU, an impairment loss is recognized immediately in the income statement. The test at year-end did not lead to any impairment, nor in 2023. The judgments and estimates considered in the context of the impairment tests are disclosed in note FIN-4.4.4. Goodwill allocated to the CGUs as at December 31 was as follows: Full year in \u20ac million 2024 2023 Europe 743.1 743.1 North America 56.3 53.0 Goodwill allocated to the CGU's 799.4 796.0 The recoverable amount of a CGU is determined by means of value-in-use calculations. These calculations are based on pre-tax cash \ufb02ow projections (prepared in euros) using key parameters from the consolidated financial budget approved by Ontex\u2019 Board of Directors, the Group\u2019s Strategic Plan through 2027 and 2028 figures based on the average growth rate in the Strategic Plan. Cash \ufb02ows beyond the four-year period are extrapolated using an estimated growth rate of 2.0% for both Europe and North America. The key assumptions for the value-in-use calculations used to determine the recoverable amount are those regarding the discount rates, estimated changes to selling prices, product o\ufb00erings, direct costs, operating margins and terminal growth rates. Climate-related matters were considered but did not have a material impact on the value-in-use calculation as explained in note FIN-4.4.4. The discount rate is a measure based on industry average weighted cost of capital and risk-free rates weighted for the di\ufb00erent regions in which the CGU\u2019s are operating. Changes in selling practices and direct costs are based on past practices and expectations of future changes in the market. The calculation uses cash \ufb02ow projections based on key parameters from the consolidated financial budget approved by the Board of Directors, the Group\u2019s Strategic Plan through 2027, and pre-tax discount rates for each CGU, as described in note FIN-4.4.4, based on current market assessments of the time value of money and the risks specific to the Group. The development of the financial budget and Strategic Plan relies on a number of assumptions, including: \u2022 The market growth, the evolution of the Group\u2019s market share, competitive landscape and innovation trends in the di\ufb00erent markets as well as strategic initiatives \u2022 The product mix \u2022 The expected evolution of various direct and indirect expenses \u2022 The estimated future capital expenditure The assumptions were derived mainly from: \u2022 Available historic data \u2022 External market research \u2022 Internal market expectations based on trend reports, etc. The key assumptions used are reviewed and updated on a yearly basis by the Group\u2019s management. Taking into account the excess of the cash-generating unit\u2019s recoverable amount over its carrying amount, and based on sensitivity testing performed, management is of the opinion that any reasonably possible changes in key assumptions on which the recoverable amount is based would not cause the carrying amount to exceed the recoverable amount at December 31, 2024. The Group has performed a sensitivity analysis by reducing the risk-adjusted cash \ufb02ow projections and by increasing the pre-tax discount rate as disclosed in note FIN-4.4.4. FIN-4.19.1 Deferred taxes Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to o\ufb00set and when the deferred taxes relate to the same fiscal authority. The deferred tax assets and liabilities are attributable to the following items: December 31, 2024 December 31, 2023 in \u20ac million DTA DTL DTA DTL Intangible assets 1.7 - 2.1 - Property, plant and equipment - (40.1) - (45.4) Leases 14.1 (17.9) 27.2 (23.0) Inventories 2.6 - 6.1 - Financial instruments 7.9 - - (0.6) Employee benefits 3.3 - 3.2 - Accrued expenses and other payables 5.1 - 4.3 - Others 4.0 - - (0.2) Tax losses 156.8 - 145.9 - Tax credit 10.6 - 11.4 - Deferred tax assets & liabilities - Gross 206.2 (58.0) 200.4 (69.2) Net deferred tax assets not recognized (136.6) - (139.3) - O\ufb00setting (42.0) 42.0 (49.3) 49.3 Deferred tax assets & liabilities - Net 27.6 (16.0) 11.7 (19.9) Deferred tax assets are recognized on temporary di\ufb00erences, tax attributes carried forward and tax losses carried forward to the extent that the realization of the related tax benefit through the future taxable profits is probable. The tax losses carried forward mainly relate to Belgium, France, United States and Spain. In Belgium and France, deferred tax assets have been recognized on tax losses carried forward considering the expected taxable profits in the foreseeable future. The Group did not recognize deferred tax assets for an amount of \u20ac136.6 million (2023: \u20ac139.3 million) on the tax losses carried forward and tax incentives of tax attributes carried forward. Tax losses can in principle be carried forward indefinitely. The countries for which no deferred tax asset has been recognized are Belgium (\u20ac52.4 million), France (\u20ac39.4 million), United States (\u20ac26.5 million), Spain (\u20ac9.5 million), Poland (\u20ac4.5 million), Czech Republic (\u20ac2.5 million) and Germany (\u20ac1.7 million). The Group did not recognize deferred taxes associated with investments in subsidiaries. There is currently no policy or detailed plan in relation to the payment of dividends within the Group. The Group is in scope for Pillar II legislation. Pillar II taxes are those arising from tax laws enacted or substantively enacted to implement the Pillar Two framework published by the OECD. This tax reform aims to ensure that multinational groups pay taxes at a minimum rate of 15 percent on income arising in each jurisdiction in which they operate by applying a system of top-up taxes. The ultimate parent company of the Group is Ontex Group NV, located in Belgium. On 14 December 2023, the Belgian government has enacted the Pillar Two income taxes legislation e\ufb00ective from 1 January 2024. Given that the consolidated revenue threshold of \u20ac750 million is exceeded, the Group is required to pay top up tax on profits of its subsidiaries that are taxed at an e\ufb00ective tax rate of less than 15 per cent. Pillar II legislation has further been enacted or substantively enacted in several other jurisdictions in which the Group operates, e\ufb00ective for the financial year beginning 1 January 2024. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. The Pillar II legislation has no material impact on the Group\u2019s tax position, since: \u2022 in most of the jurisdictions, the Simplified Pillar II e\ufb00ective tax rate is above 15% and/or at least one of the other Transitional CbCR Safe Harbour tests is met (Routine Profits test and/or the Simplified De-Minimis test); \u2022 in a very limited number of jurisdictions, the Transitional CbCR Safe Harbour relief does not apply. However, the Group has no Pillar II top-up tax exposure in those jurisdictions based on the full Pillar II calculations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__362-1": { "value": "FIN-4.9 Goodwill and intangible assetsNo intangible assets have been pledged in the context of financial liabilities.FIN-4.10 Property, plant and equipmentNo pledges have been set on the items of property, plant and equipment, except for some machinery in the context of local borrowings.FIN-4.13 Trade receivables, prepaid expenses and other receivablesDuring the year, the payment terms for the receivables have neither deteriorated nor been renegotiated that a\ufb00ect the overall payment terms. The maximum credit risk exposure at the end of the reporting period is the carrying value of each caption of receivables mentioned above. The Group does not hold any collateral as security.FIN-4.17.1 Collateral for borrowings The Group is subject to regular information covenants, and certain financial ratios are monitored. At year-end 2024 and 2023, all covenants were met. No assets have been pledged in the context of the syndicated term loans. However, certain subsidiaries act as guarantors for these loans. For local borrowings, some machinery are pledged.FIN-4.17.2 Other information Serenity Spa has a total of \u20ac55.0 million lines of credit available, of which \u20ac28.7 million has been used through the issuance of external bank guarantees: \u2022 \u20ac30.0 million from UniCredit \u2022 \u20ac25.0 million from BPER A line of credit of AUD 1.0 million has been granted to Ontex Manufacturing Pty Ltd by Commonwealth Bank Australia, of which AUD 0.2 million has been used. FIN-4.30.2 Bank guarantees As indicated in note FIN-4.17 \u2018Interest-bearing debts\u2019, no assets are pledged as security for these borrowings. The entire amount of the Group\u2019s bank borrowings and accrued interest are secured according to collective pledge agreements. The Group has given bank guarantees for an amount of \u20ac28.8 million in order to participate in public tenders as at December 31, 2024 (2023: \u20ac25.9 million). For Ontex BV, a bank guarantee issued by BNL is in place for \u20ac1.5 million in favour of the Italian Custom Agency as at December 31, 2024. For OMO, a bank guarantee issued by BBVA is in place for MXN 100.0 million in favour of the Mexican VAT authorities as at December 31, 2024. For Ontex Group NV, a bank guarantee issued by Commerzbank is in place for \u20ac5.2 million in light of a legal case as at December 31, 2024. For Eutima BV, a bank guarantee issued by BNP is in place for \u20ac0.2 million in favour of Koramic Real Estate Investment at December 31, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__360-1": { "value": "FIN-4.9 Goodwill and intangible assetsThe amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.12 InventoriesThe cost of inventories recognized as an expense and included under \u2018Cost of sales\u2019 amounted to \u20ac1,316.7 million in 2024 (\u20ac1,327.3 million in 2023).FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__352-1": { "value": "FIN-4.9 Goodwill and intangible assetsThe amortization expense is included in the captions of the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of sales 0.2 0.1 General and administrative expenses 9.6 9.2 Total amortization expense 9.7 9.2The Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019.FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__350-1": { "value": "FIN-4.9 Goodwill and intangible assetsThe Group incurred \u20ac14.5 million of research and development expenses in 2024 (2023: \u20ac13.5 million) that has been recorded under the caption \u2018General and administrative expenses\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__387-1": { "value": "FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__385-1": { "value": "FIN-4.10 Property, plant and equipmentThe depreciation expense is included in the consolidated income statement as follows: Full year in \u20ac million 2024 2023 Cost of Sales 38.7 36.1 Distribution expenses 1.3 1.2 Sales and marketing expenses 0.1 0.1 General administrative expenses 1.4 1.4 Other operating income 1.6 1.1 Total depreciation expense 43.1 39.9FIN-4.11 LeasesThe consolidated income statement presents the following amounts relating to leases: Full year in \u20ac million 2024 2023 Cost of Sales 8.4 7.5 Distribution expenses 8.8 9.4 Sales and marketing expenses 1.3 1.1 General administrative expenses 2.8 3.2 Other operating income/(expenses) 0.0 0.3 Total depreciation expense 21.2 21.5 Interest expense 4.5 4.4 Expense relating to short-term leases 16.0 13.8 Expense relating to leases of low-value assets 0.2 0.2 Expense relating to variable lease payments 4.1 3.4 FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__456": { "value": "FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5Other amounts receivable include recoverable VAT for an amount of \u20ac59.0 million for 2024 (2023: \u20ac55.5 million). The fair value of the current receivables approximates their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__455": { "value": "FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5Other amounts receivable include recoverable VAT for an amount of \u20ac59.0 million for 2024 (2023: \u20ac55.5 million). The fair value of the current receivables approximates their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__454": { "value": "FIN-4.13 Trade receivables, prepaid expenses and other receivables The current trade and other receivables are detailed below: December 31 in \u20ac million 2024 2023 Trade receivables 208.1 210.4 Less: allowance for impairment of trade receivables (4.0) (4.4) Trade receivables - net 204.1 206.1 Prepayments 3.4 4.8 Other amounts receivable 63.9 58.7 Prepaid expenses and other receivables 67.2 63.5 Trade and other receivables - Current 271.3 269.5", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__473": { "value": "FIN-4.16 Earnings per share In accordance with IAS 33, the basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. The number of shares used for 2024 was 81,178,171, which is the weighted average number of shares for 2024 (2023: 81,105,045 shares). Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the parent (after adjusting for the e\ufb00ects of all dilutive potential ordinary shares) by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. In case of Ontex Group NV, no e\ufb00ects of dilution a\ufb00ect the net profit attributable to ordinary equity holders. The table below re\ufb02ects the income and share data used in the basic and diluted earnings per share computations: Full Year in \u20ac million 2024 2023 Basic earnings Profit/(loss) from continuing operations attributable to equity 20.9 26.9 holders of the Company Profit/loss attributable to equity holders of the Company 10.3 34.8 Diluted earnings Profit/(loss) from continuing operations attributable to equity 20.9 26.9 holders of the Company Profit/loss attributable to equity holders of the Company 10.3 34.8 Adjusted Basic Earnings Profit from continuing operations attributable to equity 20.9 26.9 holders of the Company EBITDA adjustments 72.7 14.9 Tax correction (17.9) (3.3) Adjusted Basic Earnings 75.8 38.6 Adjustment dilution - - Adjusted Earnings, after dilution e\ufb00ect 75.8 38.6 Number of Shares Full Year 2024 2023 Weighted average number of ordinary shares outstanding 81,178,171 81,105,045 during the period Dilution 3,997,921 2,484,081 Earnings per share Full Year in \u20ac 2024 2023 For continuing operations Basic earnings per share 0.26 0.33 Diluted earnings per share 0.25 0.32 Adjusted basic earnings per share 0.93 0.48 Adjusted diluted earnings per share 0.89 0.46 For continuing and discontinued operations Basic earnings per share 0.13 0.43 Diluted earnings per share 0.12 0.42 A weighted average number of 1,430,523 options were not included in the denominator of the diluted earnings per share as they were out-of-the-money at year-end 2024 (2023: 2,891,615 options).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__488-1": { "value": "FIN-4.17 Interest-bearing debtsThe following table reconciles the movements of the financial liabilities to the cash \ufb02ows arising from financing activities:Opening Non-cash movements Closing carrying Exchange carrying Of which in \u20ac million Acquisition Descope amount Cash \ufb02ows di\ufb00erences Reclasses Other amount held for sale December 31, 2024 Non-current interest-bearing debts Borrowings 575.7 (0.1) - - 0.0 - 1.7 577.4 Lease and other liabilities 111.3 (24.7) 13.6 (0.4) (2.4) (1.8) 5.0 100.7 10.9 Current interest-bearing debts Borrowings 123.5 (92.0) 0.0 0.0 - 1.8 33.3 Lease and other liabilities 23.0 0.7 - (0.1) (0.3) 1.8 (0.0) 25.0 5.2 Total liabilities from financing activities 833.5 (116.1) 13.6 (0.5) (2.7) 0.0 8.5 736.3 16.1 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 67.4 [6] Repayment of borrowings(183.6) December 31, 2023 Non-current interest-bearing debts Borrowings 793.4 (220.0) - - (0.3) (1.9) 4.4 575.7 0.0 Lease and other liabilities 115.2 (24.8) 11.0 (1.1) (3.2) 1.6 12.7 111.3 15.3 Current interest-bearing debts Borrowings 134.1 (11.1) - - (0.5) 1.9 (0.9) 123.5 0.9 Lease and other liabilities 33.5 (8.0) - (0.9) 0.2 (1.6) (0.1) 23.0 4.5 Total liabilities from financing activities 1,076.1 (263.9) 11.0 (2.0) (3.8) 0.0 16.2 833.5 20.7 Presented in the statement of cash \ufb02ows (financing activities) as follows: Proceeds from borrowings 121.9 Repayment of borrowings (385.8) [6] Repayment of borrowings di\ufb00ers from the \u20ac184.7 million as reported in note FIN-3.5 as the share buy-back program is included there for \u20ac1.1 million ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__513-1": { "value": "FIN-4.19.1 Deferred taxesThe Group did not recognize deferred taxes associated with investments in subsidiaries. There is currently no policy or detailed plan in relation to the payment of dividends within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__510-1": { "value": "FIN-4.19.1 Deferred taxesThe Group did not recognize deferred taxes associated with investments in subsidiaries. There is currently no policy or detailed plan in relation to the payment of dividends within the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__519": { "value": "FIN-4.19.2 Current taxes December 31 in \u20ac million 2024 2023 Current tax assets 3.3 4.9 Current tax liabilities (31.8) (27.0) The current tax assets mainly relate to the excess of pre-payments made compared to the actual income tax payable for the year. The current tax liabilities include an amount of \u20ac23.7 million actual corporate taxes payable (2023: \u20ac20.9 million) and \u20ac8.1 million of provision for uncertain taxes (2023: \u20ac6.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__527": { "value": "FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__524": { "value": "FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__523": { "value": "FIN-4.20 Current and non-current liabilities Other current liabilities (excluding provisions, income tax liabilities, financial liabilities and liabilities directly associated with non-current assets intended for sale) can be presented as follows: December 31 in \u20ac million 2024 2023 Accrued expenses and other payables 21.1 20.6 Current accrued expenses and other payables 21.1 20.6 Trade payables 440.1 370.5 Employee benefit liabilities 45.3 41.0 Total current liabilities 506.5 432.1 The trade payables contain an accrual of \u20ac5.0 million regarding MedTech payback measure of the Italian Healthcare Law which was voted in 2015. Initially, there was a significant uncertainty on the scope and practical implementation of this law. During 2023, assessments were received for the period 2015-2018, which took into account incorrect revenue data and these were therefore appealed by Ontex. In October 2024, the Constitutional Court confirmed the constitutionality of the Italian MedTech payback measure, but confirmed that all entities should receive a discount on the assessment. Despite this outcome, there remains an uncertainty on the determination of the assessment, which is subject to further legislative and ministerial clarifications. Ontex has kept the provision of \u20ac5.0 million for the period 2015-2018 unchanged at December 31, 2024, as it believes that this still represents the best estimate. Ontex has no provision for the period as of 2019 as there is uncertainty whether the payback measure is applicable in those years and no reasonable estimate of a possible cost can be made. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__529-1": { "value": "FIN-4.21 Provisions Restruc-Legal claims Other in \u20ac million turing Total Opening Balance 6.6 3.4 0.1 10.0 Additional provisions 0.3 60.1 - 60.4 Unused amounts reversed (0.0) (0.5) - (0.6) Used during the year (0.0) (31.6) - (31.6) As at December 31, 2024 6.8 31.4 0.1 38.3 of which current 6.8 31.4 0.1 38.3 The Group recognizes a provision for certain legal claims filed against the Group by customers, suppliers or former employees. The restructuring provision in 2024 is related to the restructuring of its Belgian production and distribution activities, which entails the closure of the Eeklo plant as well as the transformation of the Buggenhout site into a Center of Excellence for research, development and production of medium & heavy incontinence care products. The used provision during the year is related to the social plan in Eeklo, which has mostly been paid in December 2024, and its related project costs. The outstanding provision at December 31, 2024, is the remaining part of the social plan for Eeklo as well as the social plan for the employees in Buggenhout. On September 2, 2014, Ontex received a notification that the Spanish Competition Authorities (CNMC) opened infringement proceedings against 15 companies in the sector (including three subsidiaries of the Company: Ontex Es Holdco, S.A., Ontex Peninsular, S.A.U. and Ontex ID, S.A.U.) with respect to alleged conduct of fixing prices and other commercial conditions in the Spanish market for heavy adult incontinence products. On May 26, 2016, following the investigation, the CNMC issued its decision. In its decision, the CNMC has found eight companies, including Ontex' Spanish subsidiaries guilty of being part of a cartel. For its involvement from 1999 to 2014, the CNMC issued an administrative fine of \u20ac5.2 million to Ontex. All companies, including Ontex, filed appeals with the National Court, and, following the rejection of the appeals by the National Court, with the Spanish Supreme Court. On July 6, 2023, the Supreme Court has rejected Ontex's appeal, rendering the CNMC decision and related administrative fine final. As per December 31, 2016, a provision amounting to \u20ac5.2 million has been accounted for, which has not been adjusted up till December 31, 2024. During February 2025, Ontex has received a formal request for payment of the administrative fine corresponding to the provisioned amount. FIN-4.29 Contingencies The Group is involved in a number of environmental, contractual, product liability, intellectual property, employment and other claims and disputes incidental to our business. In October 2021, COFECE, the Mexican antitrust authority, announced its decision following its investigation into certain legacy practices in the personal hygiene industry in Mexico. In this decision, COFECE confirmed that Grupo PI Mabe, S.A. de C.V. (\u201cMabe\u201d) and certain individuals had committed antitrust violations in periods prior to the acquisition of Mabe by Ontex. Mabe recently won an appeal on grounds of unconstitutionality of the fines imposed and is awaiting a new COFECE resolution expected during the first quarter of 2025. Under the purchase agreement for its acquisition of Mabe in 2016, Ontex received a full indemnity for all resulting fines and legal fees from the selling shareholders of Mabe. In May 2023, Ontex completed the divestiture of Mabe to Softys, S.A.. As part of such divestiture, Ontex granted a back-to-back indemnity to Softys. Based on the back-to-back indemnity arrangements that are in place, the Group does not expect these proceedings to result in a net financial cost to it. In 2018, the State of Goias issued a decree requiring Falcon Distribui\u00e7\u00e3o Armazenamento e Transportes S/A (Falcon) to pay a contribution to the Social Protection Fund of the State of Goias (Protege) in order to further benefit from a previously granted tax incentive under a Special Regime Agreement Term (TARE). As this condition was not provided for in the TARE, Falcon challenged this in court. In 2023, the court of first instance issued a favourable decision, against which the State of Goias filed an appeal. On November 19, 2024, this appeal was rejected by the court in second instance. The State of Goias can now still file an appeal to the superior court. The Group believes that there are good arguments to support its position (as has been evidenced by the courts in first and second instance ruling in Falcon\u2019s favour) and as a result the Group does not believe that the loss of \u20ac5.5m is probable. Note that as part of the binding agreement entered into with Softys S.A. for the sale of Ontex\u2019s Brazilian business, Ontex paid the Protege contributions for the period 2020 to date, thus limiting the remaining risk to the period 2017-19. If and when a final decision is issued in favour of Ontex, Falcon will have the right to file a claim against the State of Goi\u00e1s for reimbursement of such Prot\u00e9g\u00e9 contributions, and such reimbursement received by Falcon shall be paid to Ontex. The Group currently believes that the disposition of the claims and disputes, individually or in aggregate, should not have a material adverse e\ufb00ect on our consolidated financial condition, results of operations or liquidity.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__534-1": { "value": "FIN-4.22 Employee benefit expensesThe FTEs listed in the table below only contains the employees part of the continuing operations and therefore deviates significantly from the number of employees included in section FIN-1.2. Full Year in full time equivalents 2024 2023 Workers 3,570 3,458 Employees 1,888 1,954 Management 68 58 Average number of total employees 5,526 5,470", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__541-1": { "value": "FIN-4.23 Other operating income/(expenses), net Full Year in \u20ac million 2024 2023 Gain on sale of assets 0.0 0.3 Foreign exchange di\ufb00erences on operating activities (8.1) (4.1) Losses on sale of assets (0.1) (0.3) Other income/(expenses) (2.0) (2.5) Total other operating income/(expense), net (10.1) (6.6) \u201cOther income/(expenses)\u201d consists mainly of depreciation expenses on idle equipment and machinery and pension expenses.FIN-4.25 Expenses by nature Expenses by nature represent an alternative disclosure for amounts included in the consolidated income statement. There are classified under \u2018Cost of sales\u2019, \u2018Distribution expenses\u2019, \u2018Sales and marketing expenses\u2019, \u2018General administrative expenses\u2019 and \u2018Other operating income / expense (net)\u2019 in respect of the years ended December 31: Full Year in \u20ac million Note 2024 2023 Changes in inventory work in progress and 15.8 3.9 finished goods Raw materials and consumables purchased (993.4) (1,031.4) Employee benefit expenses 22 (342.4) (312.4) Depreciation and amortization 9, 10, 11 (74.1) (70.7) Rendered services (287.4) (256.8) Lease expenses 11 (20.4) (17.4) Other income / (expenses) 23 (10.1) (6.6) Total cost of sales, distribution expenses, sales and (1,712.0) (1,691.5) marketing expenses, general administrative expenses and other operating income / (expense) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__579": { "value": "FIN-4.26 Net finance cost The various items comprising the net finance cost are as follows: Full Year in \u20ac million 2024 2023 Interest income on current assets 4.2 2.8 Gains on derivatives - 4.2 Finance income 4.2 7.0 Interest expense on group borrowings (26.4) (31.9) Amortization of borrowing expenses (3.7) (4.8) Interest expense on other borrowings and other liabilities (13.7) (14.9) Interest expense (43.7) (51.7) Banking cost (1.6) (1.6) Factor fee (2.6) (1.8) Losses on derivatives and cost of hedging (1.2) (2.1) Other (0.0) (0.5) Finance cost (49.1) (57.6) Finance income as per income statement 4.2 7.0 Finance expense as per income statement (49.1) (57.6) Net exchange di\ufb00erences relating to financing activities (6.5) 5.5 Net finance cost as per income statement (51.4) (45.1) The interest expense on other borrowings and other liabilities includes also the interest expense on lease liabilities as disclosed in note FIN-4.11. The decreased interest expense on group borrowings is mainly explained by the repayment of the term loan in the first half of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__592": { "value": "FIN-4.30.1 Capital commitments The Group has contracted expenditures for the acquisition of property, plant and equipment at December 31, 2024 of \u20ac42.9 million (2023: \u20ac43.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__594": { "value": "FIN-4.31 Related party transactions As part of our business, Ontex has entered into several transactions with related parties. FIN-4.31.1 Consolidated companies A list of subsidiaries is given in note FIN-4.7 \u2018List of consolidated companies\u2019. FIN-4.31.2 Relations with the shareholders There are no transactions with shareholders per December 31, 2024 (nor in 2023). FIN-4.31.3 Relations with non-executive members of the Board of Directors Full Year in \u20ac million 2024 2023 Remuneration 1.1 1.2 FIN-4.31.4 Relations with the key management personnel Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Group. Key management for the Group are all the members of Management Committee. FIN-4.31.5 Key management compensation Remuneration of the CEO Full Year in \u20ac million 2024 2023 Fixed and variable remuneration 1.7 1.8 The above remuneration includes post-employee benefits of \u20ac0.2 million (2023: \u20ac0.2 million), the remainder concerns short-term employee benefits. Next to the above remuneration, the CEO was not awarded any performance stock units in 2024 (2023: 1,005,668 performance stock units), as explained below. The share based payment cost amounted to \u20ac0.8 million in 2024 (2023: \u20ac0.5 million). Remuneration of the Executive Team (excluding the CEO) Full Year in \u20ac million 2024 2023 Fixed remuneration 3.5 3.1 Variable remuneration 1.0 0.7 Other remuneration 0.4 0.5 Total 4.8 4.2 The fixed and variable remuneration concerns short-term employee benefits, while the other remuneration mainly relates to post-employment benefit plans. Next to the above items, the executive team was not awarded any performance stock units in 2024 (in 2023: 1,937,281 performance stock units). The total share based payment cost (including older plans) amounted to \u20ac1.7 million in 2024 (2023: \u20ac1.2 million). For a more detailed breakdown, refer to the Remuneration Report. The Company implemented Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options, restricted stock units and performance stock units (see note FIN-4.28). The number of stock options, restricted stock units and performance stock units granted to the CEO and the Executive Management Team is summarized below: For the year ended December 31, 2024 Number of Number of Number of RSU's PSU's Stock Options LTIP 2019 CEO 18,414 18,414 64,610 Executive Team (excluding CEO) 53,376 53,376 171,928 LTIP 2020 CEO 19,891 19,891 88,333 Executive Team (excluding CEO) 56,265 56,265 249,870 LTIP 2021 CEO - 94,954 - Executive Team (excluding CEO) - 229,572 - LTIP 2022 CEO - 149,891 - Executive Team (excluding CEO) - 213,070 - LTIP 2023 CEO - 1,005,668 - Executive Team (excluding CEO) - 1,937,281 -", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__596-1": { "value": "FIN-4.31.4 Relations with the key management personnel Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Group. Key management for the Group are all the members of Management Committee.FIN-4.31.5 Key management compensation Remuneration of the CEO Full Year in \u20ac million 2024 2023 Fixed and variable remuneration 1.7 1.8 The above remuneration includes post-employee benefits of \u20ac0.2 million (2023: \u20ac0.2 million), the remainder concerns short-term employee benefits. Next to the above remuneration, the CEO was not awarded any performance stock units in 2024 (2023: 1,005,668 performance stock units), as explained below. The share based payment cost amounted to \u20ac0.8 million in 2024 (2023: \u20ac0.5 million). Remuneration of the Executive Team (excluding the CEO) Full Year in \u20ac million 2024 2023 Fixed remuneration 3.5 3.1 Variable remuneration 1.0 0.7 Other remuneration 0.4 0.5 Total 4.8 4.2 The fixed and variable remuneration concerns short-term employee benefits, while the other remuneration mainly relates to post-employment benefit plans. Next to the above items, the executive team was not awarded any performance stock units in 2024 (in 2023: 1,937,281 performance stock units). The total share based payment cost (including older plans) amounted to \u20ac1.7 million in 2024 (2023: \u20ac1.2 million). For a more detailed breakdown, refer to the Remuneration Report. The Company implemented Long-Term Incentive Plans (\u2018LTIP\u2019), which are based on a combination of stock options, restricted stock units and performance stock units (see note FIN-4.28). The number of stock options, restricted stock units and performance stock units granted to the CEO and the Executive Management Team is summarized below: For the year ended December 31, 2024 Number of Number of Number of RSU's PSU's Stock Options LTIP 2019 CEO 18,414 18,414 64,610 Executive Team (excluding CEO) 53,376 53,376 171,928 LTIP 2020 CEO 19,891 19,891 88,333 Executive Team (excluding CEO) 56,265 56,265 249,870 LTIP 2021 CEO - 94,954 - Executive Team (excluding CEO) - 229,572 - LTIP 2022 CEO - 149,891 - Executive Team (excluding CEO) - 213,070 - LTIP 2023 CEO - 1,005,668 - Executive Team (excluding CEO) - 1,937,281 -", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__600": { "value": "FIN-4.32 Events after the end of the reporting period On February 5, 2025, Ontex announced that it has entered into a binding agreement to sell its Turkish subsidiary to Dilek Grup. The transaction includes Ontex\u2019s business in T\u00fcrkiye and related export business, as well as its plant in Istanbul. It is expected to close the transaction by the third quarter of 2025. On Saturday March 8, 2025, local heavy rain caused water damage around and inside Ontex\u2019s plant and R&D center in Segovia, Spain. While the water has been fully evacuated, the cleaning and the restart of the operations are in progress. There is an insurance policy in place on Property and Business Loss. At this stage, a reasonable estimate of the net financial impact cannot be determined with su\ufb03cient reliability. There were no other significant events that occurred after the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s9__6__602": { "value": "FIN-4.33 Audit fees Full Year in \u20ac thousands 2024 2023 Audit Fees 1,221.0 1,046.9 Additional Services rendered by the auditor's mandate: Audit related fees 304.6 302.6 Tax advisory & compliance services 12.4 41.2 Total 1,538.0 1,390.7 The fees in the above table concern the audit fees for the full Group and not only the continuing operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300AQESC6JJOPW253", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }