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"value": " N.V. ",
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"entity": "scheme:549300EMP9DT6Q35HZ31",
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"value": "2.1 basis of preparation The Group has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 2 Book 9 of the Dutch Civil Code. The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 22 February 2023. The Management Board released the full-year results on 23 February 2023. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 25 May 2023. The financial statements are presented in EUR million, unless otherwise stated. The financial statements are prepared on the historical cost basis unless otherwise indicated. The areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.8. 2.2 changes in accounting policies The accounting policies described in these consolidated financial statements have been applied consistently to all periods presented in these consolidated financial statements. Several IFRS amendments apply for the first time in 2022. However, these do not materially impact the Group\u2019s consolidated financial statements. There are no new accounting standards, amendments to existing standards or new IFRIC interpretations published that are not yet effective and expected to have a material impact on the Group in future reporting periods and on foreseeable future transactions. 2.3 changes in presentation No significant changes in presentation have been made in the financial statements 2022 compared to 2021. 2.4 basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by Aalberts. Control is achieved when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Intercompany transactions are determined on an arm\u2019s length basis. On consolidation, all intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated. Unrealised gains on intercompany transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. functional and presentation currency 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 (functional currency). The consolidated financial statements are presented in Euros, which is the presentation currency of the Group and the functional currency of the parent company Aalberts N.V. foreign currency transactions and balances Foreign currency transactions are translated into the respective functional currencies of Aalberts entities using the exchange rate at transaction date. Receivables, payables and other monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rates at the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of financial transactions and from the translation at year-end exchange rates are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The following exchange rates, for the most important countries in which Aalberts has operations, were used while preparing these consolidated financial statements: 1 British pound (GBP) = EUR 1 US dollar (USD) = EUR 2022 year-end 1.131 0.934 2022 average 1.173 0.950 2021 year-end 1.190 0.880 2021 average 1.163 0.845 group companies The results and balances of the group companies that have a functional currency different from the presentation currency are translated into the presentation currency Euro as follows: \u2022 assets and liabilities are translated at the exchange rate at the date of that balance sheet \u2022 income and expenses are translated at average exchange rates (approximating the exchange rates at the transactions dates), and \u2022 all resulting translation differences are recognised in other comprehensive income and are presented within equity in the currency translation reserve, unless the operation is not a wholly owned subsidiary for which the relevant proportionate share of the translation difference is allocated to the non-controlling interests. This is also applicable to currency translation differences on intercompany loans which are treated as investments in foreign activities. On the disposal of a foreign operation, the translation differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. 2.6 offsetting financial instruments If Aalberts has a legal right to offset financial assets with financial liabilities and if Aalberts intends either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities are presented in the balance sheet as a net amount. 2.7 cash flow statement The cash flow statement is prepared based on the indirect method. The cash paid for the acquired group companies, less the available cash, is recorded under cash flow from investing activities. The changes in assets and liabilities because of acquisitions are eliminated from the cash flows arising from these assets and liabilities. These changes have been incorporated in the cash flow from investment activities under \u2018acquisition of subsidiaries\u2019. The net cash flow consists of the net change of cash and current borrowings in comparison with the previous year. 2.8 significant accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenues and expenses. The estimates and assumptions are based on experience and factors that are believed to be reasonable under circumstances. Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The accounting policies have been consistently applied by Group entities to all periods presented in these consolidated financial statements. impairments of goodwill The Group annually tests whether goodwill has suffered any impairment losses. The recoverable amounts of cash generating units have been determined based on value-in-use calculations. The impairment model used is the discounted cash flow method using a weighted average cost of capital (WACC). Details on the impairment tests performed are stated in note 5. estimated useful lives and residual values The useful life and residual value of intangible assets (note 5) and property, plant and equipment (note 6) are periodically reviewed during the life of the asset to ensure that it reflects current circumstances. leases The lease liability (note 15) is determined based on judgement in determining the lease terms, which includes assessing whether extension and termination options are exercised. Assumptions are used to determine the incremental borrowing rate for discounting future lease payments, which as a result could have an impact on the lease liability. pension plans Assumptions are used for determining the defined benefit obligation of pension plans (note 17). Assumptions are used such as future salary increase, the rate of return on plan investments, mortality rates, and the rates at which plan participants are expected to leave the pension plans because of retirement, disability and termination. taxes The Group is subject to taxes in numerous jurisdictions. Judgement is required in determining the worldwide provision for taxes (note 16). There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the company tax and deferred tax provisions in the period in which such determination is made. As from 2024, Global Minimum Taxation rules (Pillar 2) will apply in the European Union (EU) following the agreement reached between EU Member States in December 2022. The Pillar 2 rules will apply to multinational groups with a consolidated turnover exceeding EUR 750 million. Aalberts N.V. (residing in Utrecht, the Netherlands) is the ultimate parent entity of the Aalberts group. The Aalberts group currently exceeds the EUR 750 million consolidated turnover threshold and expects that this threshold will also be met in 2024 and subsequent financial years. As a result, the Pillar 2 rules will likely apply to Aalberts starting from 2024. Aalberts typically operates in jurisdictions with a statutory tax rate higher than 15%, but at this stage it is not possible to provide a reliable estimate of the (financial) implications associated with the introduction of the Pillar 2 rules. Management will continue to review the impact of the Pillar 2 rules during 2023. purchase price allocation For the purpose of the purchase price allocation (note 29.1) judgments, estimates and assumptions are made to determine the fair value of the identifiable assets and liabilities at acquisition date. This is mainly related to fair value assessments of property, plant and equipment, intangible assets and the related deferred tax liabilities. 3.1 financial risk factors The Group\u2019s activities are exposed to a variety of financial risks: foreign currency exchange risk, price risk, credit risk, liquidity risk, cash flow and interest rate risk and capital risk. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by Group Treasury under policies approved by the Management Board. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the group companies. The Management Board provides principles for overall risk management, as well as policies covering specific areas, such as foreign currency exchange risk, interest rate risk, credit risk, and the use of derivative financial instruments and non-derivative financial instruments. These principles may differ per group company or business segment being a result of different local market circumstances. 3.1.1 foreign currency risk The Group operates internationally and is exposed to foreign currency exchange risk arising from various currency exposures, primarily with respect to the US dollar and the British pound. Foreign currency exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Foreign currency exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. Group Treasury is responsible for managing the net position in each foreign currency. In general, remaining substantial currency risks are covered by using currency instruments. The Group has several foreign subsidiaries of which the net equity is subject to currency translation risk resulting from the translation of foreign operations into the reporting currency of Aalberts. This currency translation risk is monitored but not hedged. The US dollar and British pound are the major foreign currencies for the Group. As at 31 December 2022, if the Euro had weakened against the US dollar by 10%, with all other variables held constant, the net profit of the Group would have been impacted by positive EUR 1.9 million (2021: positive EUR 2.0 million) and the net equity would have been impacted by positive EUR 54.6 million (2021: positive EUR 46.7 million). As at 31 December 2022, if the Euro had weakened against the British pound by 10%, with all other variables held constant, the net profit of the Group would have been impacted by negative EUR 0.7 million (2021: negative EUR 0.5 million) and the net equity would have been impacted by positive EUR 22.5 million (2021: positive EUR 21.7 million). 3.1.2 credit risk The Group has no significant concentrations of credit risk due to the diversification of activities and markets. It has policies in place to ensure that wholesale sales of products are made to creditworthy customers. The majority of the Group companies make use of credit insurance. The Group did not receive any collateral for its financial assets. Derivative and cash transactions are executed with creditworthy financial institutions. The maximum credit risk on financial assets, being the total carrying value of these assets before provisions for impairment of receivables, amounts to EUR 568.9 million (2021: EUR 476.1 million): in EUR million 31-12-2022 31-12-2021 trade receivables (gross) 386.8 342.1 non-current financial assets 6.1 7.3 other current assets 96.8 54.7 cash and cash equivalents 79.2 72.0 total 568.9 476.1 3.1.3 liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping credit lines available at a number of well-known financial institutions. On the basis of cash flow forecasting models the Group tests, on a periodic basis, whether the available credit facilities will cover the expected credit need. Based on these analyses, the Group believes that the current expected credit need is sufficiently covered. On a going concern basis, except for major acquisitions, the Group therefore expects to be able to cover cash flow from investing and financing activities out of the cash flow from operating activities and existing credit facilities. The maturity of the future undiscounted cash flows of financial liabilities, including interest payments, is as follows: total contractual within 1 year between 1 - 5 years over 5 years cash flows carrying amount as at 31 December 2022 bank loans 78.6 426.2 89.6 594.4 537.2 lease liabilities 36.9 85.1 59.3 181.3 174.2 current borrowings 161.4 \u2013 \u2013 161.4 161.4 trade and other payables 470.1 \u2013 \u2013 470.1 470.1 1 other current liabilities 161.4 \u2013 \u2013 161.4 161.4 total financial liabilities at amortised cost 908.4 511.3 148.9 1,568.6 1,504.3 derivative liabilities 1.4 \u2013 \u2013 1.4 1.4 total financial liabilities 909.8 511.3 148.9 1,570.0 1,505.7 1. excluding taxes payable total contractual within 1 year between 1 - 5 years over 5 years cash flows carrying amount as at 31 December 2021 bank loans 98.5 181.4 0.1 280.0 275.3 lease liabilities 35.5 87.8 67.8 191.1 183.5 current borrowings 104.1 \u2013 \u2013 104.1 104.1 trade and other payables 450.3 \u2013 \u2013 450.3 450.3 1 other current liabilities 156.4 \u2013 \u2013 156.4 156.4 total financial liabilities at amortised cost 844.8 269.2 67.9 1,181.9 1,169.6 derivative liabilities 3.4 4.9 \u2013 8.3 4.5 total financial liabilities 848.2 274.1 67.9 1,190.2 1,174.1 1. excluding taxes payable For more information on derivative financial instruments we refer to note 20.1. 3.1.4 cash flow and interest rate risk As the Group has no significant interest-bearing assets, the Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises mainly from current and non-current borrowings. Bank borrowings are mainly entered into using floating rate debt. Where considered applicable, the Group manages its interest rate risk by using floating-to-fixed interest rate swaps. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. The exposure of the Group\u2019s borrowings to interest rate changes at the end of the reporting period was as follows: 31-12-2022 31-12-2021 banks loans: \u2022 floating rate 1.3 30.0 \u2022 fixed rate 0.5 4.0 \u2022 hedged from floating rate to fixed rate 535.4 241.3 total bank loans 537.2 275.3 current borrowings \u2013 floating rate 161.4 104.1 total bank loans and current borrowings 698.6 379.4 As at 31 December 2022, if the Euribor/US Libor would have been 100 basis points higher, with all other variables constant, the net profit of the Group would have been impacted by negative EUR 0.9 million (2021: negative EUR 0.8 million), mainly as a result of higher interest expenses on floating rate borrowings. The net equity as at year-end would have been impacted by the same amount. The change in the market value as at balance sheet date of the derivative financial instruments, as a result of the interest adjustment, is excluded from this sensitivity analysis. 3.1.5 price risk The Group is exposed to price risk of commodities because of its dependence on certain raw materials, especially copper. Generally, commodity price variances are absorbed in the sales price. Additionally, the Group makes use of its strong position in the market for commodities to realise the purchase and delivery of raw materials at the best possible terms and conditions. Where considered necessary, exposures with high risk may be covered through commodity future contracts. 3.1.6 capital risk The policy of Aalberts is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business and acquisitions of Aalberts. In order to manage going concern for shareholders and other stakeholders the Group periodically monitors the capital structure in consistency with the industry through the following principal financial ratios: \u2022 leverage ratio (net debt / EBITDA): 1.3 (2021: 0.9) \u2022 interest cover ratio (EBITDA / net interest expense): 31.4 (2021: 42.7) \u2022 gearing ratio (net debt / total equity): 0.3 (2021: 0.2) EBITDA is adjusted for non-recurring items. Both EBITDA and net interest expense are on 12 months rolling basis. 3.2 financial instruments The Group holds the following financial instruments: notes 31-12-2022 31-12-2021 financial assets \u2022 non-current financial assets 8 6.1 7.3 \u2022 trade receivables 10 380.6 336.7 1 11 \u2022 other current assets 54.5 39.1 \u2022 cash and cash equivalents 12 79.2 72.0 financial assets at amortised cost 520.4 455.1 derivative assets at fair value 20.1 29.6 1.9 total financial assets 550.0 457.0 financial liabilities \u2022 bank loans 14 537.2 275.3 \u2022 lease liabilities 15 174.2 183.5 \u2022 current borrowings 12 161.4 104.1 \u2022 trade and other payables 19 470.1 450.3 1 20 \u2022 other current liabilities 161.4 156.4 financial liabilities at amortised cost 1,504.3 1,169.6 derivative liabilities at fair value 20.1 1.4 4.5 total financial liabilities 1,505.7 1,174.1 1. excluding taxes receivable and payable Financial instruments are measured at amortised cost or fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability. Fair value measurements are categorised into level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 level 2 inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and \u2022 level 3 inputs are unobservable inputs for the asset or liability. All financial instruments carried at fair value are classified as level 2. The carrying amounts of the financial instruments approximate their fair values. 4.1 reportable segments Information regarding the operating activities and performance of each reportable segment is as follows: building industrial holding / building industrial holding / technology technology eliminations total technology technology eliminations total * 2022 2021revenue 1,841.8 1,388.2 \u2013 3,230.0 1,856.1 1,123.0 \u2013 2,979.1 EBITA before exceptionals 276.4 226.8 (2.9) 500.3 290.5 171.0 (7.3) 454.2 EBITA before exceptionals as % of revenue 15.0 16.3 \u2013 15.5 15.6 15.2 \u2013 15.2 total assets 2,070.5 1,992.3 147.9 4,210.7 1,857.5 1,676.3 121.5 3,655.3 total liabilities 432.9 303.2 17.6 753.7 442.8 276.1 16.7 735.6 depreciation of property, plant and equipment 44.0 53.5 1.7 99.2 44.4 49.2 14.9 108.5 capital expenditure of property, plant and equipment 94.3 108.3 0.6 203.2 75.8 68.0 2.9 146.7 * 2021 figures are adjusted for comparison purposes due to movement of activities between business segments Reconciliation of EBITA before exceptionals of reportable segments to profit before Reconciliation of total liabilities of reportable segments to the consolidated balance income tax is as follows: sheet is as follows: 2022 2021 31-12-2022 31-12-2021 total EBITA before exceptionals 500.3 454.2 total liabilities of reportable segments 753.7 735.6 amortisation of intangible assets (54.9) (48.4) non-current and current borrowings 698.6 379.4 exceptional income / (costs) \u2013 100.3 lease liabilities 174.2 183.5 net finance cost (20.8) (13.2) tax liabilities 221.6 173.1 consolidated profit before income tax 424.6 492.9 equity 2,362.6 2,183.7 consolidated equity and liabilities 4,210.7 3,655.3 Total exceptional income in 2021 of EUR 100.3 million included the exceptional benefit of EUR 154.2 million from the Lasco disposal and one-off exceptional costs of EUR 53.9 million related to the 2021 operational excellence programme. Segment assets consist primarily of intangible assets, property, plant and equipment, right-of-use assets, assets held for sale, inventories, trade debtors and other current assets. Segment liabilities do not include borrowings, leases and other liabilities that are incurred for financing rather than operating purposes. In addition, segment liabilities do not include deferred tax liabilities and current income tax payables. 4.2 geographical information Revenue is allocated based on the geographical location of the customers: 2022 % 2021 % revenue Western Europe 1,916.4 59.3 1,763.0 59.2 America 771.4 23.9 731.7 24.6 Eastern Europe 380.6 11.8 333.6 11.2 APAC, Middle East, Africa 161.6 5.0 150.8 5.0 total 3,230.0 100.0 2,979.1 100.0 Non-current assets are allocated based on the country in which the assets are located and include intangible assets, property, plant and equipment and right-of-use assets: 31-12-2022 % 31-12-2021 % non-current assets Western Europe 1,881.7 68.9 1,656.7 67.4 America 643.1 23.5 616.0 25.0 Eastern Europe 156.2 5.7 133.0 5.4 APAC, Middle East, Africa 51.2 1.9 54.2 2.2 total 2,732.2 100.0 2,459.9 100.0 4.3 analysis of revenue by category 2022 % 2021 % revenue sale of goods 2,593.4 80.3 2,459.0 82.5 services 636.6 19.7 520.1 17.5 total 3,230.0 100.0 2,979.1 100.0 accounting policies#### segment reporting Aalberts businesses are presented in the reportable segments building technology and industrial technology. Building technology develops, manufactures and monitors hydronic flow control systems for heating and cooling to improve the energy efficiency and develops, designs and manufactures integrated piping systems to distribute and regulate water or gas flows in heating, cooling, water, gas and sprinkler systems in eco-friendly buildings and industrial niches. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers. Industrial technology co-develops, engineers and manufactures advanced mechatronics and technologies to regulate, measure and control fluids under severe and critical conditions for worldwide active OEMs in semicon efficiency, sustainable transportation and industrial niches and offers an extensive range of surface technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches. Besides the identified reportable segments there are head office activities, unallocated items and eliminations of intersegment transfers or transactions. These are grouped together as holding/eliminations and are mainly related to supporting activities and projects at the level of the head office. The related gains and losses are directly monitored by the Management Board. Unallocated assets mainly consist of (deferred) income tax assets. Intersegment transfers or transactions are entered into under transfer pricing terms and conditions that are comparable with terms and conditions with unrelated third parties. The businesses in a segment are each managed separately by a business management team which is held directly responsible for the functioning and performance of the business and which reports to the Management Board (the chief operating decision maker) which is responsible for the allocation of the available resources, the assessment of the operational results and strategic decisions. The results of the businesses are monitored on the level of EBITA before exceptionals, being the operating profit before amortisation, interest and tax related expenses, and is adjusted for exceptional items. Exceptional items are income and expense items of such nature, size and/or frequency of occurrence that their disclosure is relevant to explain Aalberts\u2019 performance. Exceptional items include, amongst others, impairments, restructuring costs and gains and losses from acquisition and disposal. EBITA before exceptionals is not a financial measure calculated in accordance with IFRS, but is used to measure performance as management believes that this measurement is the most relevant in evaluating the results of the businesses. The presentation of these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the measures are calculated. Operational segment reporting is performed consistently with the internal reporting as provided to the Management Board. revenue The Group recognises revenue to represent the transfer of promised goods or services to customers in an amount that reflects the amount to which the entity expects to be entitled in exchange for those goods or services. The Group applies the 5-step approach to recognise revenue and recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. Determining the timing of the transfer of control \u2013 at a point in time or over time \u2013 requires judgement. If one of the following criteria are met, then the Group recognises revenue over time: \u2022 the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs; \u2022 the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or \u2022 the Group\u2019s performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. In these cases, a method that follows its performance is used to reflect the pattern of transfer of control of the good or service to the customer (e.g. milestones reached, or costs incurred to date). If none of these criteria are met, the Group considers the control being transferred to the customer at a point in time and the Group recognises revenue at that point in time. The following is a description of the activities where the Group generates revenue, including the nature and timing of satisfaction of the performance obligations, which is consistent with the revenue information that is disclosed for each reportable segment: \u2022 within building technology and some business within industrial technology revenue is related to the sale of goods. Revenue is recognised for each separate performance obligation when control over the corresponding goods is transferred to the customer and in accordance with the applicable incoterms. \u2022 within industrial technology some businesses are involved in performing several services under one contract. If the services under a single arrangement are rendered in different reporting periods then the consideration is allocated on a relative fair value basis between the different services. Revenue is recognised at a point in time since none of the criteria to recognise revenue over time are met. The customer can only benefit from the services rendered after Group\u2019s performance and not when the performance is delivered. \u2022 for some made-to-order product contracts within industrial technology, the customer controls the work in progress during manufacturing. When this is the case, revenue is recognised as the products are being manufactured. This results in revenue for these contracts being recognised over time. The transaction price allocated to (partially) unsatisfied performance obligations at period end date are limited given the nature and timing of satisfaction of the performance obligations as described above. Contract balances and relevant disclosures are limited to receivables and are described as \u2018trade receivables\u2019 in note 10. 5. intangible assets other assets under other assets under goodwill intangibles software construction total goodwill intangibles software construction total 2022 2021 as at 1 January cost 881.3 787.0 70.8 13.2 1,752.3 834.2 696.4 67.9 10.3 1,608.8 accumulated amortisation \u2013 (319.3) (55.7) \u2013 (375.0) \u2013 (301.0) (52.1) \u2013 (353.1) net book amount as at 1 January 881.3 467.7 15.1 13.2 1,377.3 834.2 395.4 15.8 10.3 1,255.7 additions \u2013 5.1 2.4 3.9 11.4 \u2013 2.3 2.6 7.6 12.5 transfers \u2013 \u2013 1.5 \u2013 1.5 \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation \u2013 0.7 1.1 (1.8) \u2013 \u2013 0.5 4.6 (5.1) \u2013 acquisition of subsidiaries 81.0 111.7 0.1 \u2013 192.8 74.8 110.1 0.1 \u2013 185.0 disposal of subsidiaries \u2013 (0.5) (0.2) \u2013 (0.7) (37.2) (8.8) (1.6) \u2013 (47.6) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (5.3) (3.7) \u2013 \u2013 (9.0) amortisation \u2013 (48.9) (6.0) \u2013 (54.9) \u2013 (41.6) (6.8) \u2013 (48.4) currency translation 9.5 11.8 0.1 0.5 21.9 14.8 13.5 0.4 0.4 29.1 net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 as at 31 December cost 971.8 920.6 68.9 15.8 1,977.1 881.3 787.0 70.8 13.2 1,752.3 accumulated amortisation \u2013 (373.0) (54.8) \u2013 (427.8) \u2013 (319.3) (55.7) \u2013 (375.0) net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 Other intangible assets mainly consist of intangible assets from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired brand names and technology. Intangible assets under construction are ongoing development costs mainly related to ERP and other IT solutions. These costs are related to assets that are not yet available for use and are therefore not amortised. At year-end, Group companies had EUR 2.0 million investment commitments outstanding in respect of intangible assets (2021: EUR 0.0 million). goodwill impairment test The book amount of goodwill has been allocated to the cash generating units within building technology and industrial technology for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows: 1 31-12-2022 31-12-2021 building technology 441.5 417.1 industrial technology 530.3 464.2 total 971.8 881.3 1. adjusted for comparison purposes The recoverable amount of a cash generating unit is determined based on their calculated value-in-use. These calculations are pre-tax cash flow projections based on the strategic business plans for the coming years. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2027 a growth rate equal to expected long-term inflation is taken into account. The discount rates used are pre-tax and reflect specific risks relating to the relevant cash generating units. The assumptions used for impairment tests are as follows: building industrial building industrial technology technology technology technology 2022 2022 2021 2021 average growth rate 2.4% - 7.2% 1.5% - 14.2% 1.6% - 7.0% 1.4% - 8.8% (first 5 years) long-term average growth 1.5% 1.5% 1.0% 1.0% rate (after 5 years) discount rate (pre-tax) 10.9% - 15.9% 10.2% - 12.9% 9.1% - 12.0% 8.8% - 10.1% discount rate (post-tax) 8.3% - 12.2% 8.3% - 9.7% 6.9% - 9.1% 6.7% - 7.7% No impairment was necessary following impairment tests on all cash generating units within the Group, since the discounted future cash flows from the cash generating units exceeded the value of the capital employed. It is inherent in the method of computation used that a change in the assumptions may lead to a different conclusion on the impairment required. Therefore a sensitivity analysis is performed based on a change in an assumption while holding all other assumptions constant. To reflect the increased uncertainty related to the COVID pandemic, the parameters of the sensitivity analysis were amended in 2020 and 2021. In 2022 the parameters were amended to pre-COVID levels, which means the following changes in assumptions are assessed: \u2022 decrease of the average growth rate by 3.0% (2021: 5.0%) \u2022 decrease of the long-term average growth rate by 1.0% to 0.5% (2021: 0.0%) \u2022 increase of the discount rate (post-tax) by 1.0% (2021: 2.0%) Based on the sensitivity analysis performed it is concluded that any reasonable change in the key assumptions would also not require an impairment. goodwill Goodwill represents the excess of the costs 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. Goodwill is allocated to cash generating units, being the parts of the segments benefiting from the business combination in which the goodwill arose. Goodwill is not amortised but is tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. other intangible assets Other intangible assets include brand names, customer base and technology. Intangible assets that are acquired through acquired companies are initially valued at fair value. These identifiable intangibles are then systematically amortised over the estimated useful life which is between 15 and 20 years. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and new commercially feasible products is recognised in the income statement. An internally generated intangible asset arising from development is only recognised if all relevant criteria have been met, otherwise development expenditure is recognised in the income statement in the period in which it is incurred. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is available for use. After initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and impairment losses. software Acquired software is capitalised and stated at cost less accumulated amortisation and impairment losses. Software is amortised over the estimated useful life, normally 3 to 5 years. Expenditure on internally developed software is capitalised when the expenditure qualifies as development activities, otherwise it is recognised in profit or loss when incurred. amortisation and impairment Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives from the date they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Changes in useful lives or residual value are recognised prospectively. Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised 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-of-disposal and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). An impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. 6. property, plant and equipment land and plant and assets under land and plant and assets under buildings equipment other construction total buildings equipment other construction total 2022 2021 as at 1 January cost 689.8 1,720.6 98.0 82.8 2,591.2 648.7 1,671.3 100.8 63.4 2,484.2 accumulated depreciation (339.4) (1,288.5) (82.7) \u2013 (1,710.6) (329.9) (1,241.1) (84.6) \u2013 (1,655.6) net book amount as at 1 January 350.4 432.1 15.3 82.8 880.6 318.8 430.2 16.2 63.4 828.6 additions 18.3 50.7 4.8 129.4 203.2 22.3 45.0 3.8 75.6 146.7 transfers \u2013 \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation 8.9 37.0 1.7 (47.6) \u2013 21.4 31.6 1.4 (54.4) \u2013 disposals (5.0) \u2013 (0.2) \u2013 (5.2) (1.9) (0.3) (0.4) (0.7) (3.3) acquisition of subsidiaries 10.3 2.2 0.9 1.0 14.4 13.2 17.9 0.4 1.3 32.8 disposal of subsidiaries (0.8) (2.6) \u2013 (0.2) (3.6) (8.6) (16.6) (0.9) (3.7) (29.8) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (3.1) (0.1) (0.1) (4.3) depreciation (19.2) (74.4) (5.6) \u2013 (99.2) (20.0) (83.0) (5.5) \u2013 (108.5) currency translation 2.1 4.2 \u2013 \u2013 6.3 6.2 10.4 0.4 1.4 18.4 net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 as at 31 December cost 721.0 1,778.7 94.5 163.9 2,758.1 689.8 1,720.6 98.0 82.8 2,591.2 accumulated depreciation (356.0) (1,329.5) (77.6) \u2013 (1,763.1) (339.4) (1,288.5) (82.7) \u2013 (1,710.6) net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 In 2022 there were no impairments of property, plant and equipment (2021: EUR 13.7 million, as part of the operational excellence programme). At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 51.3 million (2021: EUR 54.5 million). Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of directly attributable overheads. The Group recognises in the net book amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs such as repair and maintenance costs are recognised in the income statement as an expense as incurred. The difference between opening and closing balance of assets under construction normally consists of additions and reclassifications to other categories of property, plant and equipment. For depreciation, the straight-line method is used. The useful life and residual value are reviewed periodically through the life of an asset to ensure that it reflects current circumstances. Depreciation will be applied to property, plant and equipment as soon as the assets are put into operation. The following useful lives are used for depreciation purposes: useful life useful life (minimum) (maximum) land infinite infinite buildings 5 years 40 years plant and equipment 3 years 15 years other 3 years 5 years Property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. 7. right-of-use assets 31-12-2022 31-12-2021 land and buildings 139.2 147.4 plant and equipment 14.9 14.8 company cars and other 14.0 13.1 net book amount right-of-use assets 168.1 175.3 Additions to the right-of-use assets during 2022 amounted to EUR 22.6 million (2021: EUR 65.1 million). The income statement includes the following amounts relating to leases: 2022 2021 depreciation expense right-of-use assets: \u2022 land and buildings 21.8 30.2 \u2022 plant and equipment 4.5 4.4 \u2022 company cars and other 7.7 8.5 total depreciation expense right-of-use assets 34.0 43.1 interest expense on lease liabilities 2.1 2.4 expenses relating to leases 36.1 45.5 As part of the operational excellence programme, the Group has impaired right-of-use assets in 2021 related to land and buildings for an amount of EUR 7.0 million which was included in the depreciation of EUR 43.1 million. In 2022, there was no impairment of right-of-use assets. Lease expenses in relation to short-term and low-value assets are included in other operating expenses. Payment of principal amounts of leases amount to EUR 36.6 million (2021: EUR 36.2 million) and payments of interest on leases amount to EUR 2.1 million (2021: EUR 2.4 million). The lease liabilities related to the right-of-use assets are disclosed in note 15. accounting policies#### The Group leases various production facilities, machinery and equipment, warehouses and company cars. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Extension and termination options are included in a number of leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Non-lease components are included in the lease liability for company cars and are excluded for other lease categories. Right-of-use assets are measured at cost and comprise the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise low-value items of IT equipment and office furniture. 8. non-current financial assets 2022 2021 as at 1 January 9.0 11.7 additions 0.2 0.4 payments (1.9) (1.2) disposal of subsidiaries 3.8 (1.9) as at 31 December 11.1 9.0 current portion of deferred consideration receivable 5.0 1.7 non-current financial assets 6.1 7.3 as at 31 December 11.1 9.0 Non-current financial assets consist of deferred consideration receivables in relation to the disposal of subsidiaries. No loss allowance is recognised for the financial asset. The current portion of the deferred consideration amounting to EUR 5.0 million is presented under other current assets. accounting policies#### Non-current financial assets are initially measured at fair value. The Group holds these financial assets with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. 9. inventories 31-12-2022 31-12-2021 raw materials 271.2 186.4 work in progress 244.7 189.3 finished goods 383.9 301.4 other inventories 11.5 11.3 total 911.3 688.4 The costs of inventories are recognised as an expense and write-offs on inventories are included in \u2018raw materials used and work subcontracted\u2019 in the income statement. In 2022 an amount of EUR 1,129.5 million (2021: EUR 1,072.9 million) is recognised as raw materials used. In 2022 a net write-off expense of EUR 1.4 million (2021: EUR 13.5 million) is recognised. The provision for write-down of inventories, due to obsolescence and slow-moving stock, amounts to EUR 29.4 million (2021: EUR 28.7 million). The vast majority of the inventory has a turnover of less than one year. accounting policies#### Inventories are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditures, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventories is calculated by using a weighted average cost formula or on a first-in-first-out basis. \ue619\ue613\ue618\ue61ftrade\ue61freceivables\ue61f31-12-2022 31-12-2021 trade receivables (gross amount) 386.8 342.1 allowance for expected credit losses of receivables (6.2) (5.4) trade receivables (net amount) 380.6 336.7 The movement in the allowance for expected credit losses of receivables is as follows: 2022 2021 as at 1 January 5.4 4.6 additions/(reversals) 1.0 1.5 used during year (0.8) (0.7) acquisition of subsidiaries 0.2 0.2 disposal of subsidiaries \u2013 (0.3) currency translation differences 0.4 0.1 as at 31 December 6.2 5.4 Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. There is no concentration of credit risk with respect to trade receivables, as the Group has a large customer base which is internationally dispersed and makes use of credit insurance for a majority of its receivables. The allowance for expected credit losses of receivables of EUR 6.2 million (2021: EUR 5.4 million) is mainly related to receivables past due more than 90 days. The allowance for expected credit losses (ECL) of trade receivables is based on a periodically review whether an allowance for credit losses is needed by considering factors such as payment history, credit quality, expected lifetime losses and current economic conditions that may affect a customer\u2019s ability to pay. Additions to the allowance for expected credit losses amount to EUR 1.0 million (2021: EUR 1.5 million) and are included in the \u2018other operating expenses\u2019. Receivables fall due in less than one year. The fair value of the receivables approximates the book value, due to their short-term character. The past due aging analysis of the trade receivables is as follows: 31-12-2022 31-12-2021 not past due 324.5 293.5 past due less than 30 days 41.3 29.6 past due between 30 days and 60 days 9.1 6.4 past due between 60 days and 90 days 3.1 3.5 past due more than 90 days 8.8 9.1 trade receivables (gross amount) 386.8 342.1 The majority of the carrying amounts is denominated in the functional currency of the reported entities: 31-12-2022 31-12-2021 Euro 190.7 169.2 US dollar 104.6 84.1 British pound 33.6 33.3 other currencies 57.9 55.5 trade receivables (gross amount) 386.8 342.1 accounting policies#### Trade receivables are initially measured at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. \ue619\ue619\ue618\ue61fother\ue61fcurrent\ue61fassets\ue61f31-12-2022 31-12-2021 prepaid expenses and accrued income 26.6 22.3 deferred consideration receivable 5.0 1.7 value added tax receivable 12.7 13.7 derivative financial instruments 29.6 1.9 other receivables 22.9 15.1 total 96.8 54.7 \ue619\ue61d\ue618\ue61fcash\ue61fand\ue61fcurrent\ue61fborrowings\ue61f31-12-2022 31-12-2021 cash and cash equivalents 79.2 72.0 current borrowings (161.4) (104.1) total cash and current borrowings (82.2) (32.1) The cash and current borrowings amount to EUR 82.2 million negative (2021: EUR 32.1 million negative). The carrying amounts of cash and current borrowings approximate their fair values. The cash consists of cash and bank balances for an amount of EUR 79.2 million (2021: EUR 72.0 million). Cash is freely disposable. The current borrowings of EUR 161.4 million (2021: EUR 104.1 million) are drawn on short-term credit facilities consisting of committed and uncommitted credit lines, provided by a number of credit institutions. The total of these facilities at year-end 2022 amounted to EUR 939.3 million (2021: EUR 938.0 million), of which generally between EUR 214 million and EUR 352 million was used throughout the year. At year-end 2022, the total committed revolving credit facilities amounted to EUR 443.4 million (2021: EUR 438.0 million), consisting of seven credit facilities of EUR 50 million and two credit facilities of USD 50 million. accounting policies#### For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise cash balances, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s cash management and are shown within current borrowings in the balance sheet. 13.1 share capital The total number of ordinary shares outstanding at year-end was 110.6 million shares (2021: 110.6 million shares) with a par value of EUR 0.25 per share. In addition, there are 100 priority shares issued with a par value of EUR 1.00 per share. An explanation of the total number of shares outstanding is included in note 33.4. 13.2 currency translation and hedging reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. 13.3 share-based payments (performance share plan) Aalberts reviews on an annual basis whether awards from the existing Performance Share Plan will be granted to a limited number of executives. This plan is a share-based equity-settled incentive plan. Conditional shares are awarded that become unconditional three years after the start of the performance period as long as the related conditions with regard to employment and performance have been met. The performance conditions attached to the granting of Performance Shares are based on the Group\u2019s financial performance over a three-year performance period. The financial performance over the three calendar years is measured based on the average growth of the earnings per share before amortisation and exceptionals (EPS) for PSP 2019-2021 and PSP 2019-2022 BT. For PSP 2021-2023 the financial performance over the three calendar years is measured based on the average growth of EPS and based on the average ROCE percentage. The conditions of the plan stipulate that ultimately a maximum of 125% of the number of conditionally granted shares at the start of the performance period can be paid out. PSP 2019-2021: Based on the average growth of the earnings per share before amortisation and exceptionals (EPS) over the three-year period (2019-2021) 125% of the conditional shares at the end of 2021 (143,500 shares) vested in 2022 (173,125 shares). In June 2022, a total of 149,804 shares were purchased at market value for EUR 7.1 million and transferred to the security account of the individual employees. A total of 23,321 shares with a market value of EUR 1.1 million were used to settle the income tax liability of several employees (\u2018net settlement feature\u2019). An amount of EUR 0.5 million (2021: 2.3 million) was charged to personnel expenses and credited to total equity (overall no impact on equity). PSP 2019-2022 BT: In May/June 2019, a total number of 112,500 (100%) conditional shares were granted and accepted. As at the end of 2022, there are still 70,500 conditional shares in circulation because a number of employees left (2021: 78,000 shares). The fair value of the Performance Shares is based on the share price on the grant date, minus the discounted value of the expected dividends in the period that the shares were granted conditionally, in view of the fact that the participants are not entitled to dividends during the vesting period. The expected dividends are based on the Group\u2018s dividend policy. Based on the performance over the four-year period (2019-2022) it is expected that 100% of the conditional shares will vest in May 2023. As at the end of 2022, the total fair value of the 70,500 conditional shares was EUR 2.0 million. An amount of EUR 0.5 million was charged to the personnel expenses and credited to total equity (overall no impact on equity). PSP 2021-2023: In May/June 2021, a total number of 150,000 (100%) conditional shares were granted and accepted. As at the end of 2022, there are still 132,000 conditional shares in circulation because a number of employees left (2021: 150,000 shares). The fair value of the Performance Shares is based on the share price on the grant date, minus the discounted value of the expected dividends in the period that the shares were granted conditionally, in view of the fact that the participants are not entitled to dividends during the vesting period. The expected dividends are based on the Group\u2018s dividend policy. As at the end of 2022, the total fair value of the 132,000 conditional shares was EUR 5.7 million. An amount of EUR 1.7 million was charged to the personnel expenses and credited to total equity (overall no impact on equity). The Management Board members participate in the Performance Share Plan. The details are mentioned in the remuneration of the Management and Supervisory Board as disclosed in note 33.9. accounting policies#### A limited number of executives of the Group are given the opportunity to participate in a long-term equity-settled incentive plan. The fair value of the rights to shares is expensed on a straight-line basis over the vesting period with a corresponding increase in equity. The total amount taken into account is determined based on the fair value of the shares as determined on the grant date without taking into account the non-market related performance criteria and continued employment conditions (\u2018vesting conditions\u2019). These vesting conditions are included in the expected number of shares that will be vested and this estimate will be revised at the end of each reporting period. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the other reserves. 13.4 dividend The dividends paid in 2022 amounted to EUR 1.65 per share (2021: EUR 0.60 per share) which included a special dividend of EUR 0.64 per share. A dividend in respect of the year ended 31 December 2022 of EUR 1.11 per share will be proposed at the General Meeting to be held on 25 May 2023. These financial statements do not reflect this dividend payable. The dividend payment will be subject to 15% Dutch withholding tax. 13.5 non-controlling interests Non-controlling interests amount to EUR 44.2 million (2021: EUR 40.0 million), where the result for the year, including other comprehensive income, amounts to EUR 4.2 million (2021: EUR 7.9 million). \ue619\ue61b\ue618\ue61fbank\ue61floans\ue61f2022 2021 as at 1 January 275.3 425.4 repayment of bank loans (100.5) (163.2) new bank loans 351.3 \u2013 currency translation differences 11.1 13.1 as at 31 December 537.2 275.3 current portion of bank loans 60.2 96.4 non-current bank loans 477.0 178.9 as at 31 December 537.2 275.3 The carrying amount of bank loans approximates the fair value; the effective interest rate approximates the average interest rate. The average effective interest rate on the portfolio of loans outstanding in 2022, including hedge instruments related to these loans, amounted to 2.4% (2021: 2.2%). There are no assets pledged as security for bank loans. The Group\u2019s bank loans are denominated in the following currencies: 31-12-2022 31-12-2021 Euro 405.6 109.0 Polish Zloty 1.3 \u2013 US dollar 130.3 166.3 Total 537.2 275.3 14.1 bank covenants Aalberts has agreed the following covenants with its banks which are tested twice a year: leverage interest ratio cover ratio as at 30 June of each year < 3.5 > 3.0 as at 31 December of each year < 3.0 > 3.0 The interest rate margin depends on the leverage ratio achieved. The following definitions are used to calculate the ratios: \u2022 leverage ratio: net debt / EBITDA \u2022 interest cover ratio: EBITDA / net interest expense EBITDA is adjusted for non-recurring items in accordance with the bank covenants. Both EBITDA and net interest expense are on 12 months rolling basis. At year-end the requirements in the covenants are met as stated below: 31-12-2022 31-12-2021 leverage ratio 1.3 0.9 interest cover ratio 31.4 42.7 EBITDA and net debt amounts are calculated as follows: 2022 2021 reported EBITDA 633.5 706.1 adjustment for acquisitions and disposals (28.6) (176.2) adjustment for non-recurring items 26.7 42.5 EBITDA 631.6 572.4 31-12-2022 31-12-2021 bank loans 537.2 275.3 lease liabilities 174.2 183.5 lease liabilities held for sale \u2013 1.3 current borrowings 161.4 104.1 cash (79.2) (72.0) net debt 793.6 492.2 The net interest expense is disclosed in note 24. accounting policies#### Bank loans are initially recognised at fair value net of transaction costs and are subsequently stated at amortised cost using the effective interest method. Bank loans 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 balance sheet date. \ue619\ue61a\ue618\ue61flease\ue61fliabilities\ue61f2022 2021 as at 1 January 183.5 159.1 new leases and renewals 22.6 65.1 lease payments (38.7) (38.6) interest expense on lease liabilities 2.1 2.4 acquisition of subsidiaries 4.0 3.0 disposal of subsidiaries \u2013 (10.0) reclassified to held for sale \u2013 (1.3) early terminations (1.1) (1.5) currency translation differences 1.8 5.3 as at 31 December 174.2 183.5 current portion of lease liabilities 35.0 33.7 non-current lease liabilities 139.2 149.8 as at 31 December 174.2 183.5 The right-of-use assets related to the lease liabilities are disclosed in note 7. accounting policies#### Lease liabilities are initially measured at the present value of the lease payment to be paid during the lease term, discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest expense on the lease liabilities and decreased by lease payments made during the lease term. Lease contracts may have extension or termination options. Lease payments to be made under reasonably certain extension options are also included (termination options: excluded) in the measurement of the liability. Lease liabilities are remeasured when there is a change in the amount to be paid (variable lease payments based on an index or rate) or when there is a change in the assessment of the lease term (making use of the extension and termination options). To determine the incremental borrowing rate, the Group uses a build-up approach that includes a risk-free interest rate adjusted for credit risk for leases held by Aalberts, and makes adjustments specific to the lease, e.g. term, country, currency and security. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payment of principal amounts are included in the cash flow from financing activities, while payments of interest are included in the cash flow from operating activities. \ue619\ue617\ue618\ue61fdeferred\ue61fincome\ue61ftaxes\ue61fproperty, working intangible plant and right-of-use lease capital and net (asset)/ tax losses assets equipment assets liabilities provisions other offsetting liability as at 1 January 2022 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 income statement 0.5 (6.8) 2.0 (1.9) 2.4 0.8 5.5 \u2013 2.5 other comprehensive income (equity) \u2013 \u2013 \u2013 \u2013 \u2013 3.6 8.7 \u2013 12.3 acquisition of subsidiaries \u2013 28.9 (0.1) \u2013 \u2013 (0.2) 0.2 \u2013 28.8 disposal of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 currency translation \u2013 2.5 1.3 \u2013 \u2013 (0.2) (0.1) \u2013 3.5 as at 31 December 2022 (2.3) 132.4 33.4 41.0 (43.1) (13.4) 14.0 \u2013 162.0 deferred income tax assets (2.3) \u2013 (6.5) \u2013 (43.1) (14.3) (7.4) 59.9 (13.7) deferred income tax liabilities \u2013 132.4 39.9 41.0 \u2013 0.9 21.4 (59.9) 175.7 as at 31 December 2022 (2.3) 132.4 33.4 41.0 (43.1) (13.4) 14.0 \u2013 162.0 property, working intangible plant and right-of-use lease capital and net (asset)/ tax losses assets equipment assets liabilities provisions other offsetting liability as at 1 January 2021 (9.1) 98.0 29.4 38.0 (38.9) (22.0) (4.0) \u2013 91.4 income statement 5.0 (4.6) 0.4 4.9 (6.6) \u2013 1.7 \u2013 0.8 other comprehensive income (equity) \u2013 \u2013 \u2013 \u2013 \u2013 4.3 1.7 \u2013 6.0 acquisition of subsidiaries 0.2 20.2 (1.3) \u2013 \u2013 0.5 0.2 \u2013 19.8 disposal of subsidiaries 1.5 (7.8) \u2013 \u2013 \u2013 0.4 (0.1) \u2013 (6.0) currency translation (0.4) 2.0 1.7 \u2013 \u2013 (0.7) 0.2 \u2013 2.8 as at 31 December 2021 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 deferred income tax assets (2.8) (0.7) (7.9) \u2013 (45.5) (18.5) (8.3) 64.3 (19.4) deferred income tax liabilities \u2013 108.5 38.1 42.9 \u2013 1.0 8.0 (64.3) 134.2 as at 31 December 2021 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 unrecognised unused tax losses The Group has unrecognised carry-forward tax losses amounting to EUR 32.6 million (2021: EUR 36.5 million). The related deferred income tax assets have not been recorded.31-12-2022 31-12-2021 expire in less than 1 year \u2013 5.6 expire between 1 and 5 years 8.1 5.8 expire from 5 years or more 9.5 11.1 indefinite 15.0 14.0 total 32.6 36.5 unrecognised temporary differences The Group has no unrecognised temporary differences (2021: EUR 22.4 million) relating to undistributed earnings of subsidiaries. accounting policies#### Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The deferred tax asset is recognised for the carry-forward of unused tax losses, unused tax credits and deductible temporary differences to the extent that these can be offset by probable future taxable profits. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax asset will be realised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances of an entity relate to the same taxation authority, or for different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. \ue619\ue61e\ue618\ue61fprovisions\ue61ffor\ue61femployee\ue61fbenefits\ue61fpresent present present value net liability value present value net liability value (partly) funded fair value of funded unfunded (partly) funded fair value of funded unfunded obligations plan assets schemes obligations total obligations plan assets schemes obligations total 2022 2021 as at 1 January 205.7 (170.0) 35.7 17.8 53.5 205.9 (148.2) 57.7 19.6 77.3 current service cost 1.1 \u2013 1.1 1.0 2.1 1.2 \u2013 1.2 0.8 2.0 interest expense / (income) 3.3 (2.8) 0.5 0.2 0.7 2.6 (1.9) 0.7 0.1 0.8 curtailments and settlements (2.5) 2.2 (0.3) (0.3) (0.6) (1.5) 0.8 (0.7) (0.1) (0.8) in income statement 1.9 (0.6) 1.3 0.9 2.2 2.3 (1.1) 1.2 0.8 2.0 remeasurements: \u2022 plan assets \u2013 49.7 49.7 \u2013 49.7 \u2013 (14.2) (14.2) \u2013 (14.2) \u2022 demographic assumptions 1.0 \u2013 1.0 (0.1) 0.9 0.5 \u2013 0.5 \u2013 0.5 \u2022 financial assumptions (64.3) \u2013 (64.3) (3.0) (67.3) (5.1) \u2013 (5.1) (1.3) (6.4) \u2022 experience adjustments 2.1 \u2013 2.1 0.2 2.3 (2.0) \u2013 (2.0) (0.1) (2.1) in other comprehensive income (61.2) 49.7 (11.5) (2.9) (14.4) (6.6) (14.2) (20.8) (1.4) (22.2) contributions by employer \u2013 (4.7) (4.7) \u2013 (4.7) \u2013 (4.6) (4.6) \u2013 (4.6) contributions by participants 0.2 (0.2) \u2013 \u2013 \u2013 0.2 (0.2) \u2013 \u2013 \u2013 benefits paid (7.3) 7.3 \u2013 (1.1) (1.1) (7.3) 7.3 \u2013 (1.1) (1.1) acquisition of subsidiaries 1.2 \u2013 1.2 \u2013 1.2 \u2013 \u2013 \u2013 \u2013 \u2013 disposal of subsidiaries \u2013 \u2013 \u2013 (0.6) (0.6) \u2013 \u2013 \u2013 \u2013 \u2013 currency translation (6.3) 5.4 (0.9) \u2013 (0.9) 11.2 (9.0) 2.2 (0.1) 2.1 as at 31 December 134.2 (113.1) 21.1 14.1 35.2 205.7 (170.0) 35.7 17.8 53.5 The retirement benefit obligations are largely related to defined benefit plans in the UK, Germany and France. The liability in the balance sheet and the amounts recognised in the income statement for these countries are as follows: United United Kingdom Germany France other total Kingdom Germany France other total 2022 2021 balance sheet funded obligations 106.2 8.0 1.5 18.5 134.2 170.3 11.0 1.7 22.7 205.7 fair value of plan assets (91.3) (5.3) (0.8) (15.7) (113.1) (145.5) (5.6) (0.8) (18.1) (170.0) net liability of funded schemes 14.9 2.7 0.7 2.8 21.1 24.8 5.4 0.9 4.6 35.7 unfunded obligations 0.2 5.1 6.6 2.2 14.1 \u2013 7.3 7.9 2.6 17.8 as at 31 December 15.1 7.8 7.3 5.0 35.2 24.8 12.7 8.8 7.2 53.5 income statement current service cost 0.4 0.1 0.8 0.8 2.1 0.3 0.1 0.7 0.9 2.0 interest expense / (income) 0.4 0.2 0.1 \u2013 0.7 0.6 0.2 \u2013 \u2013 0.8 curtailments and settlements \u2013 \u2013 (0.3) (0.3) (0.6) \u2013 \u2013 (0.2) (0.6) (0.8) in income statement 0.8 0.3 0.6 0.5 2.2 0.9 0.3 0.5 0.3 2.0 The significant actuarial assumptions used for the calculations of the defined benefit obligations are: United United Kingdom Germany France Kingdom Germany France actuarial assumptions discount rate 4.8% 3.5% 3.8% 1.8% 1.2% 0.8% rate of inflation 3.2% 2.0% 2.2% 3.4% 1.7% 2.0% future salary increases \u2013 2.5% 3.0% \u2013 2.5% 2.0% Assumptions regarding future mortality are based on published statistics and mortality tables in the respective countries. The sensitivity of the defined benefit obligation to changes in the actuarial assumptions is: impact on change in defined benefit assumption obligation actuarial assumptions discount rate + 0.5% decrease by 6% rate of inflation + 0.5% increase by 5% future salary increases + 0.5% increase by 1% life expectancy + 1 year increase by 3% The sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, the outcome will deviate from this analysis because assumptions may be correlated. The plan assets consist of the following categories: 2022 2021 equities 47% 60% bonds 3% 3% other net assets 50% 37% total 100% 100% The other net assets mainly comprise collective insurance contracts held by insurance companies. The Dutch subsidiaries participate in multi-employer pension plans. Under IFRS these plans qualify as defined contribution plans as sufficient information is not available to recognise as a defined benefit plan. The Group expects EUR 4.6 million in contributions to be paid to its defined benefit plans in 2023 of which EUR 3.7 million is related to the UK defined benefit plans. United Kingdom defined benefit plans The defined benefit plans in the UK comprise the Yorkshire Fittings Pension Scheme and the Hauck Heat Treatment Limited Group Pension Scheme (previously known as TTI Group Pension Scheme). The defined benefit plans can be classified as final salary benefit plans. Both plans are subject to funding legislation, which came into force on 30 December 2005, outlined in the Pensions Act 2004. This, together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension plans. Together with the trustees, the investment strategy is reviewed at the time of each funding valuation. In addition and in accordance with the actuarial valuations, the Group has agreed with the trustees of the pension schemes that it will meet expenses of the plans and levies to the Pension Protection Fund as and when they are due. None of the fair values of the related assets include any direct investments in the company\u2019s own financial instruments or any property occupied by, or other assets used by, the company. All the scheme assets have a quoted market price in an active market with the exception of the Trustee\u2019s bank account balance. The plan asset scheme of Yorkshire Fittings Pension Scheme holds next to equities, bonds, property and cash also Liability Driven Investments (\u2018LDI\u2019). The LDI aim to hedge a significant part of the inflation risk and interest rate risk to the liabilities. The LDI are classified as \u2018other net assets\u2019. Yorkshire Fittings Pension Scheme The Yorkshire Fittings Pension Scheme is a separate trustee administrated fund, holding the pension assets to meet long-term pension liabilities for some 560 past employees. The scheme closed to future accrual with effect from 31 December 2010. The weighted average duration of the defined benefit obligation at the period ended 31 December 2022 is 14 years. The most recent statutory funding valuation of Yorkshire Fittings Pension Scheme was carried out as at 31 March 2021 and showed a deficit of GBP 30.2 million. Allowing for actual asset returns, contributions and changes in market conditions between 31 March 2021 and 31 October 2021 reduced the deficit to GBP 23.0 million. The company has agreed with the trustees that it will aim to eliminate the deficit over a period of 7 years and 10 months from 1 April 2022 by the payment of GBP 2.4 million per annum, increasing by 4% per annum. The Company has issued a parent guarantee, for a maximum amount of GBP 75.0 million. The IAS 19 actuarial report of the Yorkshire Fittings Pension Scheme shows a deficit of GBP 12.3 million as at 31 December 2022 (2021: GBP 15.4 million). Hauck Heat Treatment Limited Group Pension Scheme The Hauck Heat Treatment Limited Group Pension Scheme is a separate trustee administrated fund, holding the pension assets to meet long-term pension liabilities for some 160 past employees. The scheme closed to future accrual with effect from 30 September 2007. The average duration of the defined benefit obligation at the period ended 31 December 2022 is 12 years. The most recent statutory funding valuation of Hauck Heat Treatment Limited Group Pension Scheme was carried out as at 31 December 2021 and showed a deficit of GBP 7.8 million. The company has agreed with the trustees that it will aim to eliminate the deficit. The fundings shortfall is expected to be addressed by 28 February 2027 by the payments of annual contributions of GBP 0.7 million in respect of the deficit. The Company has issued a parent guarantee, for a maximum amount of GBP 9.5 million. The IAS 19 actuarial report of the Hauck Heat Treatment Limited Group Pension Scheme shows a deficit of GBP 0.8 million as at 31 December 2022 (2021: GBP 5.5 million). accounting policies#### The Group has a number of pension plans in accordance with local conditions and practices. 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 sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Mainly in the UK, Germany, France, Italy and Norway, the plans are partly defined benefit plans. 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 or asset recognised in the balance sheet 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. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. 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 outflows 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 liability. Remeasurements, including actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income and therefore immediately charged or credited to equity. The service costs including past service costs and the impact of curtailments and settlements are recognised as personnel expenses. The interest expenses are recognised as net interest expenses on employee benefit plans as part of net finance cost. Curtailment gains and losses are accounted for as past service costs. \ue619\ue615\ue618\ue61fprovisions\ue61fearn out restructuring other total current portion \u2013 12.5 \u2013 12.5 non-current portion \u2013 \u2013 7.3 7.3 as at 1 January 2022 \u2013 12.5 7.3 19.8 additions 0.3 11.1 8.1 19.5 used / paid during year \u2013 (10.3) (1.2) (11.5) acquired subsidiaries 24.1 \u2013 0.9 25.0 disposal of subsidiaries \u2013 \u2013 (0.1) (0.1) unused amounts reversed (5.2) (2.3) (0.8) (8.3) as at 31 December 2022 19.2 11.0 14.2 44.4 current portion 10.1 11.0 \u2013 21.1 non-current portion 9.1 \u2013 14.2 23.3 as at 31 December 2022 19.2 11.0 14.2 44.4 Provision for earn out relates to result dependent deferred purchase consideration for acquisitions for an amount of EUR 19.2 million, of which EUR 10.1 million is included in other current liabilities. In 2022 an amount of EUR 11.1 million was added to the restructuring provision as part of the operational excellence programme (2021: EUR 11.5 million). At year-end the restructuring provision amounts to EUR 11.0 million (2021: EUR 12.5 million). Other provisions include liabilities related to normal business operations and provisions for environmental restoration amount to EUR 14.2 million as per 31 December 2022 (2021: EUR 7.3 million). accounting policies#### A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. \ue619\ue616\ue618\ue61ftrade\ue61fand\ue61fother\ue61fpayables\ue61f31-12-2022 31-12-2021 trade creditors 359.5 341.6 investment creditors 30.8 16.6 customer related payables 79.8 92.1 total 470.1 450.3 Trade and other payables are payables arising from the Group\u2019s normal business operations. Trade and other payables fall due in less than one year. The fair value of the trade and other payables approximates the book value, due to their short-term character. accounting policies#### Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade payables are derecognised when the contractual obligation is either discharged, cancelled or expired. \ue61d\ue613\ue618\ue61fother\ue61fcurrent\ue61fliabilities\ue61f31-12-2022 31-12-2021 social security charges and taxes 28.7 24.2 value added tax 21.1 20.0 accrued expenses 48.8 57.1 amounts due to personnel 69.6 68.3 deferred consideration liability 5.1 9.4 current earn out obligations 10.1 \u2013 derivative financial instruments 1.4 4.5 other 27.8 21.6 total 212.6 205.1 Other current liabilities fall due in less than one year. The fair value of the current liabilities approximates the book value, due to their short-term character. 20.1 derivative financial instruments The derivative financial instruments consist of the following items: 31-12-2022 31-12-2021 interest rate swap contracts \u2013 4.3 foreign currency exchange contracts 1.4 0.2 derivative financial instruments - liabilities 1.4 4.5 interest rate swap contracts (29.4) \u2013 foreign currency exchange contracts (0.2) (1.4) metal price hedging contracts \u2013 (0.5) derivative financial instruments - assets (29.6) (1.9) total (28.2) 2.6 The principal amounts of the outstanding interest rate swap contracts at 31 December 2022 were EUR 535.3 million (2021: EUR 241.3 million), for foreign currency exchange contracts EUR 149.0 million (2021: EUR 133.7 million) and for metal price hedging contracts EUR 1.2 million (2021: EUR 7.0 million). The maturity of interest rate swaps is directly related to the bank loans (note 14) and are used for hedging. The foreign currency exchange and metal hedging contracts are classified as held for trading and are short-term. The fair value of financial instruments equals the market value at 31 December 2022. All financial instruments are classified as level 2. accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. 20.2 deferred consideration liability 2022 2021 as at 1 January 11.2 1.5 payments (8.5) (1.7) acquired subsidiaries 3.2 10.9 currency translation 0.7 0.5 as at 31 December 6.6 11.2 current portion of deferred consideration liability 5.1 9.4 non-current financial liabilities 1.5 1.8 as at 31 December 6.6 11.2 The deferred consideration liability consists of fixed deferred payments in relation to the acquisition of subsidiaries and amounts to EUR 6.6 million as per 31 December 2022 (2021: EUR 11.2 million). The non-current portion is presented under non-current financial liabilities and the current portion under other current liabilities. \ue61d\ue619\ue618\ue61fpersonnel\ue61fexpenses\ue61f2022 2021 wages and salaries (726.3) (669.2) social security charges (120.0) (107.1) defined benefit plans (1.5) (1.2) defined contribution plans (20.0) (19.9) termination benefits (10.6) (13.5) other expenses related to employees (28.2) (26.1) total (906.6) (837.0) In the year under review, the average number of full-time employees amounted to 15,035 (2021: 15,013) of which 12,750 (2021: 12,885) full-time employees are active outside the Netherlands. The termination benefits of EUR 10.6 million relate to 2022 operational excellence programme (2021: EUR 13.5 million). The remuneration of the Management and Supervisory Board is disclosed as part of the company financial statements (note 33.9). accounting policies#### Personnel expenses are recognised when the related service is provided. For more details on accounting policies related to employee benefits provisions and share-based payments refer to note 17 and 13 respectively. \ue61d\ue61d\ue618\ue61fother\ue61foperating\ue61fexpenses\ue61f2022 2021 production expenses (318.4) (272.4) selling expenses (49.4) (42.0) housing expenses (31.6) (32.9) general expenses (128.8) (123.0) warranty costs (2.5) (4.7) total (530.7) (475.0) \ue61d\ue61c\ue618\ue61fother\ue61fincome\ue61f2022 2021 gains on disposal and earn-out gains 39.6 173.7 insurance amounts received 5.9 0.5 government grants 1.9 1.7 result on property, plant and equipment 1.0 (1.1) other 6.4 2.7 total 54.8 177.5 The gains on disposals and earn-out gains of EUR 39.6 million in 2022 mostly relates to the disposals of VTI Ventil Technik GmbH and Elkhart Tri-Went Industrial. In 2021, the gains on disposals and earn-out gains of EUR 173.7 million mostly related to the disposal of Lasco. Refer to note 29.2 for further details on the disposal of subsidiaries. accounting policies#### Other income is income not related to the key business activities of the Group or relates to non-recurring items. Other income from asset disposals is recognised in profit or loss when control over the sold asset is transferred to the buyer. The amount recognised as other income equals the proceeds obtained minus the net book value of the sold asset. Insurance amounts received relate to business interruption insurance and to the excess amounts received above the net book value of the lost assets. Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all related conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match the costs they are intended to compensate. Government grants relating to compensation for personnel are deducted from the personnel expenses. Government grants relating to the purchase of property, plant and equipment are deducted from the carrying amount of that property, plant and equipment. \ue61d\ue61b\ue618\ue61fnet\ue61ffinance\ue61fcost\ue61f2022 2021 interest cost on bank loans and current borrowings (18.4) (11.3) interest cost on lease liabilities (2.1) (2.4) total interest expense (20.5) (13.7) interest income 0.4 0.3 net interest expense (20.1) (13.4) foreign currency exchange contracts (2.4) 0.3 metal price hedge contracts (0.5) 0.3 fair value results on derivative financial instruments (2.9) 0.6 net interest expense on employee benefit plans (0.7) (0.8) unwinding of discounts (0.1) 0.3 foreign currency exchange results 3.0 0.1 net finance cost (20.8) (13.2) accounting policies#### Interest expense and income on current and non-current borrowings, foreign currency exchange results and fair value changes on derivative financial instruments are recognised in the income statement in net finance cost if no hedge accounting is applied. Results from derivative financial instruments for which hedge accounting is applied are brought from equity to net finance cost upon expiration and in relation with the hedged item. \ue61d\ue61a\ue618\ue61fincome\ue61ftax\ue61fexpense\ue61f2022 2021 current tax: \u2022 current year (102.6) (127.0) \u2022 prior years 2.8 2.7 total current tax (99.8) (124.3) deferred tax (2.5) (0.8) total income tax expense (102.3) (125.1) 2022 % 2021 % profit before tax 424.6 100.0 492.9 100.0 tax at domestic rates (108.3) (25.5) (123.2) (25.0) non-deductible expenses (3.7) (0.9) (3.8) (0.8) tax-exempt results and 12.3 2.9 6.3 1.3 tax relief facilities other effects (2.6) (0.6) (4.4) (0.9) total income tax expense (102.3) (24.1) (125.1) (25.4) and effective tax rate % accounting policies#### The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. 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 Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which an applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. \ue61d\ue617\ue618\ue61fearnings\ue61fand\ue61fdividends\ue61fper\ue61fshare\ue61f26.1 earnings per share Earnings per share are calculated as follows: 2022 2021 net profit (in EUR million) 317.3 360.1 weighted average number of shares in issue (in units) 110,580,102 110,580,102 basic earnings per share (in EUR) 2.87 3.26 net profit (in EUR million) 317.3 360.1 weighted average number of shares in issue including 110,782,602 110,951,602 effect of performance share plan (in units) diluted earnings per share (in EUR) 2.86 3.25 In addition to the earnings per share based on net profit, the Group calculated earnings per share before amortisation and exceptionals: 2022 2021 net profit before amortisation and exceptionals 372.2 337.3 (in EUR million) weighted average number of shares in issue (in units) 110,580,102 110,580,102 basic earnings per share before amortisation and 3.37 3.05 exceptionals (in EUR) net profit before amortisation and exceptionals 372.2 337.3 (in EUR million) weighted average number of shares in issue including 110,782,602 110,951,602 effect of performance share plan (in units) diluted earnings per share before amortisation and 3.36 3.04 exceptionals (in EUR) The net profit before amortisation and exceptionals (in EUR million) is as follows: in EUR million 2022 2021 net profit 317.3 360.1 amortisation 54.9 48.4 exceptional (income) / costs \u2013 (100.3) tax impact on exceptionals \u2013 29.1 net profit before amortisation and exceptionals 372.2 337.3 accounting policies#### The Group presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average number of shares outstanding, adjusted for the effects of all dilutive potential shares which comprise share rights granted for performance share plans. 26.2 dividends per share The dividends paid in 2022 were EUR 1.65 per share (2021: EUR 0.60 per share). This payment in 2022 included a special dividend of EUR 0.64 per share. A dividend in respect of the year ended 31 December 2022 of EUR 1.11 per share will be proposed at the General Meeting to be held on 25 May 2023. These financial statements do not reflect this dividend payable. \ue61d\ue61e\ue618\ue61fcontingent\ue61fliabilities\ue61fThe Group has contingent liabilities in respect of bank and other guarantees arising from the ordinary course of business. It is not anticipated that any material liabilities will rise from the contingent liabilities. The Group has provided bank guarantees in the ordinary course of business amounting to EUR 13.5 million (2021: EUR 6.0 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. accounting policies#### A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the balance sheet because the existence can only be confirmed by occurrence or non-occurrence of one or more uncertain future events, or because the risk of loss is estimated to be possible but not probable or because the amount cannot be measured reliably. \ue61d\ue615\ue618\ue61fcommitments\ue61fAt year-end, outstanding commitments related to the purchase of copper, steel, brass and aluminium for the European building technology operations amounted to EUR 69.9 million (2021: EUR 67.4 million). At year-end, outstanding investment commitments in respect of property, plant and equipment EUR 51.3 million (2021: EUR 54.5 million) and in respect to intangible assets EUR 2.0 million (2021: EUR 0 million). \ue61d\ue616\ue618\ue61fbusiness\ue61fcombinations\ue61f29.1 acquisition of subsidiaries The following Group companies were acquired in 2022: as of interest segment industrial ISEL Germany AG February 2022 100% technology building UWS Technologie GmbH April 2022 100% technology industrial KML Linear Motion Technology GmbH September 2022 100% technology ISEL Germany AG (Germany) Aalberts acquired 100% of the shares of ISEL Germany AG, based in Germany and generating an annual revenue of approximately EUR 35 million with 200 employees. ISEL combines mechanics, electronics and software knowledge to develop, engineer and manufacture wafer handling & robotics and machine systems with digital services. ISEL is active in the semicon efficiency and industrial niches end markets. Moreover, most of the components needed for these systems are manufactured in-house, such as linear motion units, rotary stages and drive elements. ISEL is able to offer completely customised advanced mechatronics solutions with digital services. Through this acquisition Aalberts strengthens its technology portfolio in advanced mechatronics and expands its manufacturing footprint in Germany. The combined strength and knowledge will result in long-term innovation roadmaps for our customers, driving significant future growth in fast-growing end markets. UWS Technologie GmbH (Germany) Aalberts acquired 100% of the shares of UWS Technologie GmbH (UWS) and service company Heat-Power 24 GmbH (Heat-Power), based in Germany and generating an annual revenue of approximately EUR 25 million with 90 employees. UWS develops and manufactures water treatment systems to improve the energy efficiency of heating and cooling installations in eco-friendly buildings. Heat-Power offers filling services and regular maintenance of the UWS systems for eco-friendly buildings, in close cooperation with the building owner and installer. These services are often combined with Internet of Things (IoT) solutions to optimise energy efficiency in the heating and cooling systems by measuring and improving water quality according to government regulations. The UWS systems and Heat-Power services are complementary to the technology offering of Aalberts hydronic flow control and Sentinel, acquired in 2021. The UWS systems and Heat-Power services can be introduced in almost all regions where Aalberts hydronic flow control and Sentinel are active, utilising the existing sales forces. The combined strength and knowledge of the service, innovation and digital teams will drive significant future growth in improving the energy efficiency of heating and cooling systems for the eco-friendly buildings end market. KML Linear Motion Technology GmbH (Austria) Aalberts acquired 100% of the shares of KML Linear Motion Technology GmbH and KML Precision Machining GmbH (KML), based in Austria and generating an annual revenue of approximately EUR 35 million with 120 employees. KML provides cutting-edge mechatronic solutions performing linear and rotative high-speed movements in complex areas of application. KML systems are predominantly used as integral subsystem of machinery, enabling high-performance manufacturing in semicon efficiency. KML\u2019s portfolio encompasses mainly customised solutions, tailored precisely to the customers\u2019 individual needs from design to series production. KML is a partner from project definition and conception to engineering, manufacturing and assembly, including training and aftersales service. In addition, KML offers standardised linear motor systems and components. Both companies can offer combined mechatronics solutions to existing key accounts and new customers in the different regions. Technology will be exchanged between the companies to drive innovations and further capacity expansions will be executed. As at acquisition date the fair values of assets, liabilities and cash flow on account of these acquisitions were as follows: building industrial technology technology total fair values of assets and liabilities arising from business combinations intangible assets 27.0 84.8 111.8 property, plant and equipment 1.2 13.2 14.4 right-of-use assets 0.4 3.6 4.0 inventories 2.2 24.0 26.2 receivables and other current assets 2.2 12.2 14.4 cash and current borrowings 1.4 11.6 13.0 net deferred tax asset/(liability) (6.0) (22.8) (28.8) lease liabilities (0.4) (3.6) (4.0) provisions \u2013 (2.1) (2.1) payables and other current liabilities (1.8) (12.9) (14.7) net assets acquired 26.2 108.0 134.2 purchase consideration settled in cash 42.7 144.6 187.3 minority interest \u2013 0.6 0.6 deferred purchase consideration 6.7 20.6 27.3 total purchase consideration 49.4 165.8 215.2 goodwill 23.2 57.8 81.0 purchase consideration settled in cash 42.7 144.6 187.3 cash and current borrowings (1.4) (11.6) (13.0) cash outflow from acquisitions 41.3 133.0 174.3 The fair values of the identifiable assets and liabilities as at acquisition date for the acquisitions in 2022 are based on the outcome of the preliminary purchase price allocations. Therefore, the fair values of the identifiable assets and liabilities were determined provisionally and are subject to change, awaiting further validation and verification of assumptions used. The purchase price allocations will be finalised within 12 months from the applicable acquisition dates. The total purchase consideration of EUR 215.2 million includes a minority interest of EUR 0.6 million and deferred purchase considerations of EUR 27.3 million. This is related to fixed deferred payments and agreed upon additional considerations depending on the results for the years 2022, 2023 and 2024.The deferred purchase consideration relating to these transactions represents its fair value as at acquisition date. The deferred purchase considerations are recognised as part of the provisions and deferred consideration liability (see notes 18 and 20). The goodwill of EUR 81.0 million related to the acquired businesses mainly include the benefit of anticipated synergies, future market developments and knowhow. The goodwill arising on these acquisitions is not tax deductible. The nominal value of the acquired receivables and other current assets at acquisition dates amounts to EUR 14.6 million (fair value EUR 14.4 million). The increase of the 2022 revenue due to the consolidation of acquisitions amounted to EUR 76.3 million. The contribution to the 2022 operating profit of Aalberts amounted to EUR 16.4 million. Had these acquisitions been effected at 1 January 2022, the contribution to the 2022 revenue would have been EUR 105.7 million (pro forma). The contribution to the operating profit for the year would have been EUR 23.7 million (pro forma). The Group incurred acquisition related costs such as external legal fees and due diligence costs for an amount of EUR 1.3 million. These costs have been excluded from the purchase consideration and have been recognised as an expense in the current year within the general expenses line item (part of other operating expenses). Contingent purchase considerations with respect to prior year acquisitions were paid in cash during 2022 for a total amount of EUR 8.5 million. Together with the EUR 174.3 million cash outflow for 2022 acquisitions, this results in a total cash outflow from acquisitions of EUR 182.8 million. accounting policies#### Business combinations are accounted for using the acquisition method. This means that at the time of acquisition the identifiable assets and liabilities of the acquiree are included at their fair value, considering any contingent liabilities, indemnification assets, reacquired rights and the settlement of existing clients with the acquired group company. The purchase consideration is set at the payment transferred and consists of the fair value of all assets transferred, obligations entered into, and shares issued in order to obtain control of the acquired entity. This includes an estimate of the conditional purchase consideration. Any contingent consideration payable is measured at fair value at acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. All identifiable intangible assets of the acquired company are recorded at fair value. Intangible assets are separately identified and valued. An asset is identifiable when it either arises from contractual or other legal rights or if it is separable. An asset is separable if it can be sold on its own or with other assets. The transferred payment is allocated across the fair value of all assets and liabilities with any residual allocated to goodwill. Excess of the acquirer\u2019s interest in the net fair value of the acquired identifiable assets over the fair value of the payment is recognised immediately in the statement of comprehensive income. Acquisition-related costs are expensed as incurred. The accounting of non-controlling interests is determined per transaction. The non-controlling interests are valued either at the fair value on the acquisition date or at a proportionate part of the acquiree\u2019s identifiable assets and liabilities. If an acquisition is affected by consecutive purchases (step acquisition) the identifiable assets and liabilities of the acquiree are included at their fair value once control is acquired. Any profit or loss pursuant to the difference between the fair value of the interest held previously in the acquiree and the carrying amount is included in the income statement. 29.2 disposal of subsidiaries The following Group companies were divested in 2022: as of interest segment building Elkhart Tri-Went Industrial January 2022 100% technology industrial VTI Ventil Technik GmbH December 2022 100% technology Elkhart Tri-Went Industrial (United States) In January 2022 Aalberts divested 100% of the shares of Elkhart Tri-Went Industrial (\u2018ETI\u2019) with locations in the USA and Canada. ETI generated an annual revenue of approximately USD 45 million. As at 31 December 2021, ETI qualified as a subsidiary held for sale. VTI Ventil Technik GmbH (Germany) In December 2022 Aalberts divested 100% of the shares of VTI Ventil Technik GmbH in Germany, generating an annual revenue of approximately EUR 20 million. The book value of the assets and liabilities disposed of and the cash flow impact in 2022 is as follows: building industrial technology technology total book value of the assets and liabilities disposed intangible assets \u2013 0.7 0.7 property, plant and equipment \u2013 3.6 3.6 inventories \u2013 7.3 7.3 receivables and other current assets \u2013 2.5 2.5 assets held for sale 27.9 \u2013 27.9 cash and current borrowings 0.7 2.2 2.9 net deferred tax asset/(liability) \u2013 0.1 0.1 provisions \u2013 (0.7) (0.7) payables and other current liabilities \u2013 (2.9) (2.9) liabilities held for sale (4.7) \u2013 (4.7) currency translation (1.3) \u2013 (1.3) net assets disposed 22.6 12.8 35.4 consideration settled in cash 30.1 35.9 66.0 deferred consideration \u2013 4.1 4.1 total consideration 30.1 40.0 70.1 gain on disposal 7.5 27.2 34.7 consideration settled in cash 30.1 35.9 66.0 cash and current borrowings (0.7) (2.2) (2.9) cash inflow from disposals 29.4 33.7 63.1 The gain on the disposals in 2022 amounted to EUR 34.7 million (2021: EUR 173.7 million), while the deferred consideration related to prior year divestments decreased with EUR 0.3 million. As a result, the book profit on the 2022 disposals and the adjustment to prior year divestments amounted to EUR 34.4 million and is recognised in other income (see note 23). The 2022 disposals resulted in a net cash inflow of EUR 63.1 million. Deferred considerations for prior year disposals were settled in cash in 2022 for an amount of EUR 1.9 million. Together with the cash inflow for 2022 disposals, this results in a total cash inflow from disposals of EUR 65.0 million. In 2021, the total cash inflow from disposals amounted to EUR 298.4 million which included the net cash inflow of EUR 297.2 million from the 2021 disposals (Adex, Lasco Fitings and Standard Hidr\u00e1ulica Group) and EUR 1.2 million from settlements in cash of deferred considerations for prior year disposals. The contribution of the disposed activities to the 2022 revenue amounted to EUR 24.0 million. The contribution to the 2022 operating profit amounted to EUR 4.1 million. 29.3 assets held for sale As at 31 December 2021 the company Elkhart Tri-Went Industrial (ETI) was classified as a subsidiary held for sale. Assets amounting to EUR 26.7 million and liabilities amounting to EUR 5.1 million were reclassified as held for sale as per 31 December 2021 (net assets held for sale of EUR 21.6 million). In January 2022 ETI was divested (see note 29.2). No subsidiary is classified as held for sale as per 31 December 2022. accounting policies#### Non-current assets (or 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 and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets are not depreciated or amortised while they are classified as held for sale. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. \ue61c\ue613\ue618\ue61foverview\ue61fof\ue61fsignificant\ue61fsubsidiaries\ue61fThe consolidated financial statements of Aalberts incorporate the financial information of more than 200 legal entities controlled by the Company and its subsidiaries. The overview group companies as included in this annual report shows the most important operational legal entities including the country in which their main operations are located. They all are wholly owned subsidiaries, unless indicated otherwise. \ue61c\ue619\ue618\ue61frelated\ue61fparties\ue61fThe Management Board and the Supervisory Board are considered key management. Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the Group as a whole. The total remuneration of key management in 2022 amounts to EUR 3.7 million (2021: EUR 4.2 million). In addition transactions with Aalberts\u2019 pension funds qualify as related party transactions. No material related party transactions have been executed other than transactions with pension funds (note 17) and remuneration of the Management Board and the Supervisory Board (note 33.9) under normal business conditions. 32. subsequent events There are no subsequent events to report. \ue61c\ue61c\ue618\ue615\ue61faudit\ue61ffees\ue61fThe following amounts are charged as audit fees by Deloitte Accountants B.V. and its member firm and/or affiliates (amounts in EUR 1,000). Deloitte Deloitte Deloitte 2022 Accountants B.V. network total audit of financial statements 960 1,837 2,797 other audit services \u2013 8 8 tax advisory services \u2013 66 66 other non-audit services \u2013 \u2013 \u2013 total 960 1,911 2,871 Deloitte Deloitte Deloitte 2021 Accountants B.V. network total audit of financial statements 829 1,742 2,571 other audit services \u2013 \u2013 \u2013 tax advisory services \u2013 89 89 other non-audit services \u2013 \u2013 \u2013 total 829 1,831 2,660 The fees listed above relate to the services applied to the Company and its consolidated group companies by accounting firms and independent external auditors as referred to in Section 1(1) of the Dutch Audit Firms (Supervision) Act (Wta), as well as by Dutch and foreign-based Deloitte audit firms, including their tax services and advisory groups. The audit fees relate to the audit of the 2022 financial statements, regardless of whether the work was performed during the financial year. \ue61c\ue61c\ue618\ue616\ue61fremuneration\ue61fof\ue61fthe\ue61fManagement\ue61f\ue61f and\ue61fSupervisory\ue61fBoard\ue61fThe total remuneration of the members of the Management Board for 2022 amounted to EUR 3.7 million (2021: EUR 3.9 million) and is determined in accordance with the remuneration policy as disclosed in the remuneration report. amounts in EUR 1,000: Mr. W.A. Pelsma (CEO) received a salary of EUR 850 (2021: EUR 820), a bonus amounting to EUR 447 (2021: EUR 615) and a pension contribution of EUR 155 (2021: EUR 150). At year-end he held a total number of 181,875 (2021: 148,125) ordinary shares in Aalberts. Of the 35,000 conditional performance shares that were granted in 2019 (PSP 2019-2021), a total of 43,750 (125%) vested in 2022, for which EUR 160k (2021: EUR 565k) was charged to the income statement. Those shares are subject to a holding period of 2 years pursuant to the vesting and release of shares in 2022. The number of conditional performance shares awards that were granted in 2021 (PSP 2021-2023) amounted to 35,000 shares for which EUR 504k (2021: EUR 336k) was charged to the income statement. amounts in EUR 1,000: Mr. A.R. Monincx (CFO) received a salary of EUR 550 (2021: EUR 520), a bonus amounting to EUR 289 (2021: EUR 390) and a pension contribution of EUR 90 (2021: EUR 79). At year-end he held a total number of 33,000 (2021: 18,000) ordinary shares in Aalberts. Of the 15,000 conditional performance shares that were granted in 2019 (PSP 2019-2021), a total of 18,750 (125%) vested in 2022, for which EUR 69k (2021: EUR 242k) was charged to the income statement. Those shares are subject to a holding period of 2 years pursuant to the vesting and release of shares in 2022. The number of conditional performance shares awards that were granted in 2021 (PSP 2021-2023) amounted to 20,000 shares for which EUR 288k (2021: EUR 192k) was charged to the income statement. The share price of Aalberts as at 31 December 2022 amounted to EUR 36.23 per ordinary share. Additional information regarding conditional performances share awards is disclosed in note 13. The following fixed individual remunerations were paid to members of the Supervisory Board: amounts in EUR 1,000 2022 2021 1 Peter van Bommel 78.2 12.5 2Lieve Declercq 55.7 33.8 Piet Veenema 60.0 50.0 Jan van der Zouw 60.0 55.0 3 Martin van Pernis 31.5 65.0 4 Annette Rinck 19.2 45.0 5 Marjan Oudeman \u2013 22.9 total 304.6 284.2 1. appointed EGM 20212. appointed AGM 20213. untill AGM 2022 4. untill AGM 20225. untill AGM 2021 No loans, advances or guarantees have been granted to the members of the Management Board and the Supervisory Board. No options have been granted to members of the Supervisory Board. At year-end the members of the Supervisory Board do not hold shares in the Company. ",
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"value": "2.1 basis of preparation The Group has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 2 Book 9 of the Dutch Civil Code. ",
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"value": "2.1 basis of preparation The Group has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 2 Book 9 of the Dutch Civil Code. The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 22 February 2023. The Management Board released the full-year results on 23 February 2023. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 25 May 2023. The financial statements are presented in EUR million, unless otherwise stated. The financial statements are prepared on the historical cost basis unless otherwise indicated. The areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.8. 2.2 changes in accounting policies The accounting policies described in these consolidated financial statements have been applied consistently to all periods presented in these consolidated financial statements. Several IFRS amendments apply for the first time in 2022. However, these do not materially impact the Group\u2019s consolidated financial statements. There are no new accounting standards, amendments to existing standards or new IFRIC interpretations published that are not yet effective and expected to have a material impact on the Group in future reporting periods and on foreseeable future transactions. 2.3 changes in presentation No significant changes in presentation have been made in the financial statements 2022 compared to 2021. 2.4 basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by Aalberts. Control is achieved when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Intercompany transactions are determined on an arm\u2019s length basis. On consolidation, all intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated. Unrealised gains on intercompany transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. functional and presentation currency 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 (functional currency). The consolidated financial statements are presented in Euros, which is the presentation currency of the Group and the functional currency of the parent company Aalberts N.V. foreign currency transactions and balances Foreign currency transactions are translated into the respective functional currencies of Aalberts entities using the exchange rate at transaction date. Receivables, payables and other monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rates at the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of financial transactions and from the translation at year-end exchange rates are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The following exchange rates, for the most important countries in which Aalberts has operations, were used while preparing these consolidated financial statements: 1 British pound (GBP) = EUR 1 US dollar (USD) = EUR 2022 year-end 1.131 0.934 2022 average 1.173 0.950 2021 year-end 1.190 0.880 2021 average 1.163 0.845 group companies The results and balances of the group companies that have a functional currency different from the presentation currency are translated into the presentation currency Euro as follows: \u2022 assets and liabilities are translated at the exchange rate at the date of that balance sheet \u2022 income and expenses are translated at average exchange rates (approximating the exchange rates at the transactions dates), and \u2022 all resulting translation differences are recognised in other comprehensive income and are presented within equity in the currency translation reserve, unless the operation is not a wholly owned subsidiary for which the relevant proportionate share of the translation difference is allocated to the non-controlling interests. This is also applicable to currency translation differences on intercompany loans which are treated as investments in foreign activities. On the disposal of a foreign operation, the translation differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. 2.6 offsetting financial instruments If Aalberts has a legal right to offset financial assets with financial liabilities and if Aalberts intends either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities are presented in the balance sheet as a net amount. 2.7 cash flow statement The cash flow statement is prepared based on the indirect method. The cash paid for the acquired group companies, less the available cash, is recorded under cash flow from investing activities. The changes in assets and liabilities because of acquisitions are eliminated from the cash flows arising from these assets and liabilities. These changes have been incorporated in the cash flow from investment activities under \u2018acquisition of subsidiaries\u2019. The net cash flow consists of the net change of cash and current borrowings in comparison with the previous year. 2.8 significant accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenues and expenses. The estimates and assumptions are based on experience and factors that are believed to be reasonable under circumstances. Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The accounting policies have been consistently applied by Group entities to all periods presented in these consolidated financial statements. impairments of goodwill The Group annually tests whether goodwill has suffered any impairment losses. The recoverable amounts of cash generating units have been determined based on value-in-use calculations. The impairment model used is the discounted cash flow method using a weighted average cost of capital (WACC). Details on the impairment tests performed are stated in note 5. estimated useful lives and residual values The useful life and residual value of intangible assets (note 5) and property, plant and equipment (note 6) are periodically reviewed during the life of the asset to ensure that it reflects current circumstances. leases The lease liability (note 15) is determined based on judgement in determining the lease terms, which includes assessing whether extension and termination options are exercised. Assumptions are used to determine the incremental borrowing rate for discounting future lease payments, which as a result could have an impact on the lease liability. pension plans Assumptions are used for determining the defined benefit obligation of pension plans (note 17). Assumptions are used such as future salary increase, the rate of return on plan investments, mortality rates, and the rates at which plan participants are expected to leave the pension plans because of retirement, disability and termination. taxes The Group is subject to taxes in numerous jurisdictions. Judgement is required in determining the worldwide provision for taxes (note 16). There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the company tax and deferred tax provisions in the period in which such determination is made. As from 2024, Global Minimum Taxation rules (Pillar 2) will apply in the European Union (EU) following the agreement reached between EU Member States in December 2022. The Pillar 2 rules will apply to multinational groups with a consolidated turnover exceeding EUR 750 million. Aalberts N.V. (residing in Utrecht, the Netherlands) is the ultimate parent entity of the Aalberts group. The Aalberts group currently exceeds the EUR 750 million consolidated turnover threshold and expects that this threshold will also be met in 2024 and subsequent financial years. As a result, the Pillar 2 rules will likely apply to Aalberts starting from 2024. Aalberts typically operates in jurisdictions with a statutory tax rate higher than 15%, but at this stage it is not possible to provide a reliable estimate of the (financial) implications associated with the introduction of the Pillar 2 rules. Management will continue to review the impact of the Pillar 2 rules during 2023. purchase price allocation For the purpose of the purchase price allocation (note 29.1) judgments, estimates and assumptions are made to determine the fair value of the identifiable assets and liabilities at acquisition date. This is mainly related to fair value assessments of property, plant and equipment, intangible assets and the related deferred tax liabilities. Financial instruments are measured at amortised cost or fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability. Fair value measurements are categorised into level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 level 2 inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and \u2022 level 3 inputs are unobservable inputs for the asset or liability. accounting policies#### segment reporting Aalberts businesses are presented in the reportable segments building technology and industrial technology. Building technology develops, manufactures and monitors hydronic flow control systems for heating and cooling to improve the energy efficiency and develops, designs and manufactures integrated piping systems to distribute and regulate water or gas flows in heating, cooling, water, gas and sprinkler systems in eco-friendly buildings and industrial niches. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers. Industrial technology co-develops, engineers and manufactures advanced mechatronics and technologies to regulate, measure and control fluids under severe and critical conditions for worldwide active OEMs in semicon efficiency, sustainable transportation and industrial niches and offers an extensive range of surface technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches. Besides the identified reportable segments there are head office activities, unallocated items and eliminations of intersegment transfers or transactions. These are grouped together as holding/eliminations and are mainly related to supporting activities and projects at the level of the head office. The related gains and losses are directly monitored by the Management Board. Unallocated assets mainly consist of (deferred) income tax assets. Intersegment transfers or transactions are entered into under transfer pricing terms and conditions that are comparable with terms and conditions with unrelated third parties. The businesses in a segment are each managed separately by a business management team which is held directly responsible for the functioning and performance of the business and which reports to the Management Board (the chief operating decision maker) which is responsible for the allocation of the available resources, the assessment of the operational results and strategic decisions. The results of the businesses are monitored on the level of EBITA before exceptionals, being the operating profit before amortisation, interest and tax related expenses, and is adjusted for exceptional items. Exceptional items are income and expense items of such nature, size and/or frequency of occurrence that their disclosure is relevant to explain Aalberts\u2019 performance. Exceptional items include, amongst others, impairments, restructuring costs and gains and losses from acquisition and disposal. EBITA before exceptionals is not a financial measure calculated in accordance with IFRS, but is used to measure performance as management believes that this measurement is the most relevant in evaluating the results of the businesses. The presentation of these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the measures are calculated. Operational segment reporting is performed consistently with the internal reporting as provided to the Management Board. revenue The Group recognises revenue to represent the transfer of promised goods or services to customers in an amount that reflects the amount to which the entity expects to be entitled in exchange for those goods or services. The Group applies the 5-step approach to recognise revenue and recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. Determining the timing of the transfer of control \u2013 at a point in time or over time \u2013 requires judgement. If one of the following criteria are met, then the Group recognises revenue over time: \u2022 the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs; \u2022 the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or \u2022 the Group\u2019s performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. In these cases, a method that follows its performance is used to reflect the pattern of transfer of control of the good or service to the customer (e.g. milestones reached, or costs incurred to date). If none of these criteria are met, the Group considers the control being transferred to the customer at a point in time and the Group recognises revenue at that point in time. The following is a description of the activities where the Group generates revenue, including the nature and timing of satisfaction of the performance obligations, which is consistent with the revenue information that is disclosed for each reportable segment: \u2022 within building technology and some business within industrial technology revenue is related to the sale of goods. Revenue is recognised for each separate performance obligation when control over the corresponding goods is transferred to the customer and in accordance with the applicable incoterms. \u2022 within industrial technology some businesses are involved in performing several services under one contract. If the services under a single arrangement are rendered in different reporting periods then the consideration is allocated on a relative fair value basis between the different services. Revenue is recognised at a point in time since none of the criteria to recognise revenue over time are met. The customer can only benefit from the services rendered after Group\u2019s performance and not when the performance is delivered. \u2022 for some made-to-order product contracts within industrial technology, the customer controls the work in progress during manufacturing. When this is the case, revenue is recognised as the products are being manufactured. This results in revenue for these contracts being recognised over time. The transaction price allocated to (partially) unsatisfied performance obligations at period end date are limited given the nature and timing of satisfaction of the performance obligations as described above. Contract balances and relevant disclosures are limited to receivables and are described as \u2018trade receivables\u2019 in note 10. goodwill Goodwill represents the excess of the costs 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. Goodwill is allocated to cash generating units, being the parts of the segments benefiting from the business combination in which the goodwill arose. Goodwill is not amortised but is tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. other intangible assets Other intangible assets include brand names, customer base and technology. Intangible assets that are acquired through acquired companies are initially valued at fair value. These identifiable intangibles are then systematically amortised over the estimated useful life which is between 15 and 20 years. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and new commercially feasible products is recognised in the income statement. An internally generated intangible asset arising from development is only recognised if all relevant criteria have been met, otherwise development expenditure is recognised in the income statement in the period in which it is incurred. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is available for use. After initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and impairment losses. software Acquired software is capitalised and stated at cost less accumulated amortisation and impairment losses. Software is amortised over the estimated useful life, normally 3 to 5 years. Expenditure on internally developed software is capitalised when the expenditure qualifies as development activities, otherwise it is recognised in profit or loss when incurred. Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised 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-of-disposal and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). An impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of directly attributable overheads. The Group recognises in the net book amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs such as repair and maintenance costs are recognised in the income statement as an expense as incurred. The difference between opening and closing balance of assets under construction normally consists of additions and reclassifications to other categories of property, plant and equipment. For depreciation, the straight-line method is used. The useful life and residual value are reviewed periodically through the life of an asset to ensure that it reflects current circumstances. Depreciation will be applied to property, plant and equipment as soon as the assets are put into operation. The following useful lives are used for depreciation purposes: useful life useful life (minimum) (maximum) land infinite infinite buildings 5 years 40 years plant and equipment 3 years 15 years other 3 years 5 years Property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. accounting policies#### The Group leases various production facilities, machinery and equipment, warehouses and company cars. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Extension and termination options are included in a number of leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Non-lease components are included in the lease liability for company cars and are excluded for other lease categories. Right-of-use assets are measured at cost and comprise the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise low-value items of IT equipment and office furniture. accounting policies#### Non-current financial assets are initially measured at fair value. The Group holds these financial assets with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. accounting policies#### Inventories are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditures, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventories is calculated by using a weighted average cost formula or on a first-in-first-out basis. accounting policies#### Trade receivables are initially measured at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. accounting policies#### For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise cash balances, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s cash management and are shown within current borrowings in the balance sheet. accounting policies#### A limited number of executives of the Group are given the opportunity to participate in a long-term equity-settled incentive plan. The fair value of the rights to shares is expensed on a straight-line basis over the vesting period with a corresponding increase in equity. The total amount taken into account is determined based on the fair value of the shares as determined on the grant date without taking into account the non-market related performance criteria and continued employment conditions (\u2018vesting conditions\u2019). These vesting conditions are included in the expected number of shares that will be vested and this estimate will be revised at the end of each reporting period. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the other reserves. accounting policies#### Bank loans are initially recognised at fair value net of transaction costs and are subsequently stated at amortised cost using the effective interest method. Bank loans 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 balance sheet date. accounting policies#### Lease liabilities are initially measured at the present value of the lease payment to be paid during the lease term, discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest expense on the lease liabilities and decreased by lease payments made during the lease term. Lease contracts may have extension or termination options. Lease payments to be made under reasonably certain extension options are also included (termination options: excluded) in the measurement of the liability. Lease liabilities are remeasured when there is a change in the amount to be paid (variable lease payments based on an index or rate) or when there is a change in the assessment of the lease term (making use of the extension and termination options). To determine the incremental borrowing rate, the Group uses a build-up approach that includes a risk-free interest rate adjusted for credit risk for leases held by Aalberts, and makes adjustments specific to the lease, e.g. term, country, currency and security. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payment of principal amounts are included in the cash flow from financing activities, while payments of interest are included in the cash flow from operating activities. accounting policies#### Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The deferred tax asset is recognised for the carry-forward of unused tax losses, unused tax credits and deductible temporary differences to the extent that these can be offset by probable future taxable profits. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax asset will be realised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances of an entity relate to the same taxation authority, or for different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. accounting policies#### The Group has a number of pension plans in accordance with local conditions and practices. 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 sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Mainly in the UK, Germany, France, Italy and Norway, the plans are partly defined benefit plans. 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 or asset recognised in the balance sheet 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. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. 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 outflows 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 liability. Remeasurements, including actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income and therefore immediately charged or credited to equity. The service costs including past service costs and the impact of curtailments and settlements are recognised as personnel expenses. The interest expenses are recognised as net interest expenses on employee benefit plans as part of net finance cost. Curtailment gains and losses are accounted for as past service costs. accounting policies#### A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. accounting policies#### Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade payables are derecognised when the contractual obligation is either discharged, cancelled or expired. accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. accounting policies#### Personnel expenses are recognised when the related service is provided. For more details on accounting policies related to employee benefits provisions and share-based payments refer to note 17 and 13 respectively. accounting policies#### Other income is income not related to the key business activities of the Group or relates to non-recurring items. Other income from asset disposals is recognised in profit or loss when control over the sold asset is transferred to the buyer. The amount recognised as other income equals the proceeds obtained minus the net book value of the sold asset. Insurance amounts received relate to business interruption insurance and to the excess amounts received above the net book value of the lost assets. Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all related conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match the costs they are intended to compensate. Government grants relating to compensation for personnel are deducted from the personnel expenses. Government grants relating to the purchase of property, plant and equipment are deducted from the carrying amount of that property, plant and equipment. accounting policies#### Interest expense and income on current and non-current borrowings, foreign currency exchange results and fair value changes on derivative financial instruments are recognised in the income statement in net finance cost if no hedge accounting is applied. Results from derivative financial instruments for which hedge accounting is applied are brought from equity to net finance cost upon expiration and in relation with the hedged item. accounting policies#### The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. 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 Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which an applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. accounting policies#### The Group presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average number of shares outstanding, adjusted for the effects of all dilutive potential shares which comprise share rights granted for performance share plans. accounting policies#### A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the balance sheet because the existence can only be confirmed by occurrence or non-occurrence of one or more uncertain future events, or because the risk of loss is estimated to be possible but not probable or because the amount cannot be measured reliably. accounting policies#### Business combinations are accounted for using the acquisition method. This means that at the time of acquisition the identifiable assets and liabilities of the acquiree are included at their fair value, considering any contingent liabilities, indemnification assets, reacquired rights and the settlement of existing clients with the acquired group company. The purchase consideration is set at the payment transferred and consists of the fair value of all assets transferred, obligations entered into, and shares issued in order to obtain control of the acquired entity. This includes an estimate of the conditional purchase consideration. Any contingent consideration payable is measured at fair value at acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. All identifiable intangible assets of the acquired company are recorded at fair value. Intangible assets are separately identified and valued. An asset is identifiable when it either arises from contractual or other legal rights or if it is separable. An asset is separable if it can be sold on its own or with other assets. The transferred payment is allocated across the fair value of all assets and liabilities with any residual allocated to goodwill. Excess of the acquirer\u2019s interest in the net fair value of the acquired identifiable assets over the fair value of the payment is recognised immediately in the statement of comprehensive income. Acquisition-related costs are expensed as incurred. The accounting of non-controlling interests is determined per transaction. The non-controlling interests are valued either at the fair value on the acquisition date or at a proportionate part of the acquiree\u2019s identifiable assets and liabilities. If an acquisition is affected by consecutive purchases (step acquisition) the identifiable assets and liabilities of the acquiree are included at their fair value once control is acquired. Any profit or loss pursuant to the difference between the fair value of the interest held previously in the acquiree and the carrying amount is included in the income statement. accounting policies#### Non-current assets (or 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 and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets are not depreciated or amortised while they are classified as held for sale. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. No material related party transactions have been executed other than transactions with pension funds (note 17) and remuneration of the Management Board and the Supervisory Board (note 33.9) under normal business conditions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 22 February 2023. The Management Board released the full-year results on 23 February 2023. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 25 May 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "The financial statements are presented in EUR million, unless otherwise stated. The financial statements are prepared on the historical cost basis unless otherwise indicated. The areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 2.8. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "2.2 changes in accounting policies The accounting policies described in these consolidated financial statements have been applied consistently to all periods presented in these consolidated financial statements. Several IFRS amendments apply for the first time in 2022. However, these do not materially impact the Group\u2019s consolidated financial statements. There are no new accounting standards, amendments to existing standards or new IFRIC interpretations published that are not yet effective and expected to have a material impact on the Group in future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "2.2 changes in accounting policies The accounting policies described in these consolidated financial statements have been applied consistently to all periods presented in these consolidated financial statements. Several IFRS amendments apply for the first time in 2022. However, these do not materially impact the Group\u2019s consolidated financial statements. There are no new accounting standards, amendments to existing standards or new IFRIC interpretations published that are not yet effective and expected to have a material impact on the Group in future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-2": {
"value": "2.3 changes in presentation No significant changes in presentation have been made in the financial statements 2022 compared to 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "2.4 basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by Aalberts. Control is achieved when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "Intercompany transactions are determined on an arm\u2019s length basis. On consolidation, all intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated. Unrealised gains on intercompany transactions are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "functional and presentation currency 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 (functional currency). The consolidated financial statements are presented in Euros, which is the presentation currency of the Group and the functional currency of the parent company Aalberts N.V. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "foreign currency transactions and balances Foreign currency transactions are translated into the respective functional currencies of Aalberts entities using the exchange rate at transaction date. Receivables, payables and other monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rates at the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of financial transactions and from the translation at year-end exchange rates are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The following exchange rates, for the most important countries in which Aalberts has operations, were used while preparing these consolidated financial statements: 1 British pound (GBP) = EUR 1 US dollar (USD) = EUR 2022 year-end 1.131 0.934 2022 average 1.173 0.950 2021 year-end 1.190 0.880 2021 average 1.163 0.845 group companies The results and balances of the group companies that have a functional currency different from the presentation currency are translated into the presentation currency Euro as follows: \u2022 assets and liabilities are translated at the exchange rate at the date of that balance sheet \u2022 income and expenses are translated at average exchange rates (approximating the exchange rates at the transactions dates), and \u2022 all resulting translation differences are recognised in other comprehensive income and are presented within equity in the currency translation reserve, unless the operation is not a wholly owned subsidiary for which the relevant proportionate share of the translation difference is allocated to the non-controlling interests. This is also applicable to currency translation differences on intercompany loans which are treated as investments in foreign activities. On the disposal of a foreign operation, the translation differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "2.6 offsetting financial instruments If Aalberts has a legal right to offset financial assets with financial liabilities and if Aalberts intends either to settle on a net basis or to realise the asset and settle the liability simultaneously, financial assets and liabilities are presented in the balance sheet as a net amount. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-2": {
"value": "2.7 cash flow statement The cash flow statement is prepared based on the indirect method. The cash paid for the acquired group companies, less the available cash, is recorded under cash flow from investing activities. The changes in assets and liabilities because of acquisitions are eliminated from the cash flows arising from these assets and liabilities. These changes have been incorporated in the cash flow from investment activities under \u2018acquisition of subsidiaries\u2019. The net cash flow consists of the net change of cash and current borrowings in comparison with the previous year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-4": {
"value": "2.7 cash flow statement The cash flow statement is prepared based on the indirect method. The cash paid for the acquired group companies, less the available cash, is recorded under cash flow from investing activities. The changes in assets and liabilities because of acquisitions are eliminated from the cash flows arising from these assets and liabilities. These changes have been incorporated in the cash flow from investment activities under \u2018acquisition of subsidiaries\u2019. The net cash flow consists of the net change of cash and current borrowings in comparison with the previous year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-2": {
"value": "2.8 significant accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenues and expenses. The estimates and assumptions are based on experience and factors that are believed to be reasonable under circumstances. Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The accounting policies have been consistently applied by Group entities to all periods presented in these consolidated financial statements. impairments of goodwill The Group annually tests whether goodwill has suffered any impairment losses. The recoverable amounts of cash generating units have been determined based on value-in-use calculations. The impairment model used is the discounted cash flow method using a weighted average cost of capital (WACC). Details on the impairment tests performed are stated in note 5. estimated useful lives and residual values The useful life and residual value of intangible assets (note 5) and property, plant and equipment (note 6) are periodically reviewed during the life of the asset to ensure that it reflects current circumstances. leases The lease liability (note 15) is determined based on judgement in determining the lease terms, which includes assessing whether extension and termination options are exercised. Assumptions are used to determine the incremental borrowing rate for discounting future lease payments, which as a result could have an impact on the lease liability. pension plans Assumptions are used for determining the defined benefit obligation of pension plans (note 17). Assumptions are used such as future salary increase, the rate of return on plan investments, mortality rates, and the rates at which plan participants are expected to leave the pension plans because of retirement, disability and termination. taxes The Group is subject to taxes in numerous jurisdictions. Judgement is required in determining the worldwide provision for taxes (note 16). There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the company tax and deferred tax provisions in the period in which such determination is made. As from 2024, Global Minimum Taxation rules (Pillar 2) will apply in the European Union (EU) following the agreement reached between EU Member States in December 2022. The Pillar 2 rules will apply to multinational groups with a consolidated turnover exceeding EUR 750 million. Aalberts N.V. (residing in Utrecht, the Netherlands) is the ultimate parent entity of the Aalberts group. The Aalberts group currently exceeds the EUR 750 million consolidated turnover threshold and expects that this threshold will also be met in 2024 and subsequent financial years. As a result, the Pillar 2 rules will likely apply to Aalberts starting from 2024. Aalberts typically operates in jurisdictions with a statutory tax rate higher than 15%, but at this stage it is not possible to provide a reliable estimate of the (financial) implications associated with the introduction of the Pillar 2 rules. Management will continue to review the impact of the Pillar 2 rules during 2023. purchase price allocation For the purpose of the purchase price allocation (note 29.1) judgments, estimates and assumptions are made to determine the fair value of the identifiable assets and liabilities at acquisition date. This is mainly related to fair value assessments of property, plant and equipment, intangible assets and the related deferred tax liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-2": {
"value": "3.1 financial risk factors The Group\u2019s activities are exposed to a variety of financial risks: foreign currency exchange risk, price risk, credit risk, liquidity risk, cash flow and interest rate risk and capital risk. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by Group Treasury under policies approved by the Management Board. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the group companies. The Management Board provides principles for overall risk management, as well as policies covering specific areas, such as foreign currency exchange risk, interest rate risk, credit risk, and the use of derivative financial instruments and non-derivative financial instruments. These principles may differ per group company or business segment being a result of different local market circumstances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-2": {
"value": "3.1.1 foreign currency risk The Group operates internationally and is exposed to foreign currency exchange risk arising from various currency exposures, primarily with respect to the US dollar and the British pound. Foreign currency exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Foreign currency exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. Group Treasury is responsible for managing the net position in each foreign currency. In general, remaining substantial currency risks are covered by using currency instruments. The Group has several foreign subsidiaries of which the net equity is subject to currency translation risk resulting from the translation of foreign operations into the reporting currency of Aalberts. This currency translation risk is monitored but not hedged. The US dollar and British pound are the major foreign currencies for the Group. As at 31 December 2022, if the Euro had weakened against the US dollar by 10%, with all other variables held constant, the net profit of the Group would have been impacted by positive EUR 1.9 million (2021: positive EUR 2.0 million) and the net equity would have been impacted by positive EUR 54.6 million (2021: positive EUR 46.7 million). As at 31 December 2022, if the Euro had weakened against the British pound by 10%, with all other variables held constant, the net profit of the Group would have been impacted by negative EUR 0.7 million (2021: negative EUR 0.5 million) and the net equity would have been impacted by positive EUR 22.5 million (2021: positive EUR 21.7 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "3.1.1 foreign currency risk The Group operates internationally and is exposed to foreign currency exchange risk arising from various currency exposures, primarily with respect to the US dollar and the British pound. Foreign currency exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Foreign currency exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. Group Treasury is responsible for managing the net position in each foreign currency. In general, remaining substantial currency risks are covered by using currency instruments. The Group has several foreign subsidiaries of which the net equity is subject to currency translation risk resulting from the translation of foreign operations into the reporting currency of Aalberts. This currency translation risk is monitored but not hedged. The US dollar and British pound are the major foreign currencies for the Group. As at 31 December 2022, if the Euro had weakened against the US dollar by 10%, with all other variables held constant, the net profit of the Group would have been impacted by positive EUR 1.9 million (2021: positive EUR 2.0 million) and the net equity would have been impacted by positive EUR 54.6 million (2021: positive EUR 46.7 million). As at 31 December 2022, if the Euro had weakened against the British pound by 10%, with all other variables held constant, the net profit of the Group would have been impacted by negative EUR 0.7 million (2021: negative EUR 0.5 million) and the net equity would have been impacted by positive EUR 22.5 million (2021: positive EUR 21.7 million). 3.1.4 cash flow and interest rate risk As the Group has no significant interest-bearing assets, the Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk arises mainly from current and non-current borrowings. Bank borrowings are mainly entered into using floating rate debt. Where considered applicable, the Group manages its interest rate risk by using floating-to-fixed interest rate swaps. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. The exposure of the Group\u2019s borrowings to interest rate changes at the end of the reporting period was as follows: 31-12-2022 31-12-2021 banks loans: \u2022 floating rate 1.3 30.0 \u2022 fixed rate 0.5 4.0 \u2022 hedged from floating rate to fixed rate 535.4 241.3 total bank loans 537.2 275.3 current borrowings \u2013 floating rate 161.4 104.1 total bank loans and current borrowings 698.6 379.4 As at 31 December 2022, if the Euribor/US Libor would have been 100 basis points higher, with all other variables constant, the net profit of the Group would have been impacted by negative EUR 0.9 million (2021: negative EUR 0.8 million), mainly as a result of higher interest expenses on floating rate borrowings. The net equity as at year-end would have been impacted by the same amount. The change in the market value as at balance sheet date of the derivative financial instruments, as a result of the interest adjustment, is excluded from this sensitivity analysis. 3.1.5 price risk The Group is exposed to price risk of commodities because of its dependence on certain raw materials, especially copper. Generally, commodity price variances are absorbed in the sales price. Additionally, the Group makes use of its strong position in the market for commodities to realise the purchase and delivery of raw materials at the best possible terms and conditions. Where considered necessary, exposures with high risk may be covered through commodity future contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "3.1.2 credit risk The Group has no significant concentrations of credit risk due to the diversification of activities and markets. It has policies in place to ensure that wholesale sales of products are made to creditworthy customers. The majority of the Group companies make use of credit insurance. The Group did not receive any collateral for its financial assets. Derivative and cash transactions are executed with creditworthy financial institutions. The maximum credit risk on financial assets, being the total carrying value of these assets before provisions for impairment of receivables, amounts to EUR 568.9 million (2021: EUR 476.1 million): in EUR million 31-12-2022 31-12-2021 trade receivables (gross) 386.8 342.1 non-current financial assets 6.1 7.3 other current assets 96.8 54.7 cash and cash equivalents 79.2 72.0 total 568.9 476.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "3.1.2 credit risk The Group has no significant concentrations of credit risk due to the diversification of activities and markets. It has policies in place to ensure that wholesale sales of products are made to creditworthy customers. The majority of the Group companies make use of credit insurance. The Group did not receive any collateral for its financial assets. Derivative and cash transactions are executed with creditworthy financial institutions. The maximum credit risk on financial assets, being the total carrying value of these assets before provisions for impairment of receivables, amounts to EUR 568.9 million (2021: EUR 476.1 million): in EUR million 31-12-2022 31-12-2021 trade receivables (gross) 386.8 342.1 non-current financial assets 6.1 7.3 other current assets 96.8 54.7 cash and cash equivalents 79.2 72.0 total 568.9 476.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "3.1.3 liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping credit lines available at a number of well-known financial institutions. On the basis of cash flow forecasting models the Group tests, on a periodic basis, whether the available credit facilities will cover the expected credit need. Based on these analyses, the Group believes that the current expected credit need is sufficiently covered. On a going concern basis, except for major acquisitions, the Group therefore expects to be able to cover cash flow from investing and financing activities out of the cash flow from operating activities and existing credit facilities. The maturity of the future undiscounted cash flows of financial liabilities, including interest payments, is as follows: total contractual within 1 year between 1 - 5 years over 5 years cash flows carrying amount as at 31 December 2022 bank loans 78.6 426.2 89.6 594.4 537.2 lease liabilities 36.9 85.1 59.3 181.3 174.2 current borrowings 161.4 \u2013 \u2013 161.4 161.4 trade and other payables 470.1 \u2013 \u2013 470.1 470.1 1 other current liabilities 161.4 \u2013 \u2013 161.4 161.4 total financial liabilities at amortised cost 908.4 511.3 148.9 1,568.6 1,504.3 derivative liabilities 1.4 \u2013 \u2013 1.4 1.4 total financial liabilities 909.8 511.3 148.9 1,570.0 1,505.7 1. excluding taxes payable total contractual within 1 year between 1 - 5 years over 5 years cash flows carrying amount as at 31 December 2021 bank loans 98.5 181.4 0.1 280.0 275.3 lease liabilities 35.5 87.8 67.8 191.1 183.5 current borrowings 104.1 \u2013 \u2013 104.1 104.1 trade and other payables 450.3 \u2013 \u2013 450.3 450.3 1 other current liabilities 156.4 \u2013 \u2013 156.4 156.4 total financial liabilities at amortised cost 844.8 269.2 67.9 1,181.9 1,169.6 derivative liabilities 3.4 4.9 \u2013 8.3 4.5 total financial liabilities 848.2 274.1 67.9 1,190.2 1,174.1 1. excluding taxes payable For more information on derivative financial instruments we refer to note 20.1. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "3.1.6 capital risk The policy of Aalberts is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business and acquisitions of Aalberts. In order to manage going concern for shareholders and other stakeholders the Group periodically monitors the capital structure in consistency with the industry through the following principal financial ratios: \u2022 leverage ratio (net debt / EBITDA): 1.3 (2021: 0.9) \u2022 interest cover ratio (EBITDA / net interest expense): 31.4 (2021: 42.7) \u2022 gearing ratio (net debt / total equity): 0.3 (2021: 0.2) EBITDA is adjusted for non-recurring items. Both EBITDA and net interest expense are on 12 months rolling basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "3.1.6 capital risk The policy of Aalberts is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business and acquisitions of Aalberts. In order to manage going concern for shareholders and other stakeholders the Group periodically monitors the capital structure in consistency with the industry through the following principal financial ratios: \u2022 leverage ratio (net debt / EBITDA): 1.3 (2021: 0.9) \u2022 interest cover ratio (EBITDA / net interest expense): 31.4 (2021: 42.7) \u2022 gearing ratio (net debt / total equity): 0.3 (2021: 0.2) EBITDA is adjusted for non-recurring items. Both EBITDA and net interest expense are on 12 months rolling basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-2": {
"value": "3.2 financial instruments The Group holds the following financial instruments: notes 31-12-2022 31-12-2021 financial assets \u2022 non-current financial assets 8 6.1 7.3 \u2022 trade receivables 10 380.6 336.7 1 11 \u2022 other current assets 54.5 39.1 \u2022 cash and cash equivalents 12 79.2 72.0 financial assets at amortised cost 520.4 455.1 derivative assets at fair value 20.1 29.6 1.9 total financial assets 550.0 457.0 financial liabilities \u2022 bank loans 14 537.2 275.3 \u2022 lease liabilities 15 174.2 183.5 \u2022 current borrowings 12 161.4 104.1 \u2022 trade and other payables 19 470.1 450.3 1 20 \u2022 other current liabilities 161.4 156.4 financial liabilities at amortised cost 1,504.3 1,169.6 derivative liabilities at fair value 20.1 1.4 4.5 total financial liabilities 1,505.7 1,174.1 1. excluding taxes receivable and payable ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "Financial instruments are measured at amortised cost or fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "Financial instruments are measured at amortised cost or fair value. The fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "Fair value measurements are categorised into level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2022 level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 level 2 inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and \u2022 level 3 inputs are unobservable inputs for the asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-2": {
"value": "All financial instruments carried at fair value are classified as level 2. The carrying amounts of the financial instruments approximate their fair values. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "4.1 reportable segments Information regarding the operating activities and performance of each reportable segment is as follows: building industrial holding / building industrial holding / technology technology eliminations total technology technology eliminations total * 2022 2021revenue 1,841.8 1,388.2 \u2013 3,230.0 1,856.1 1,123.0 \u2013 2,979.1 EBITA before exceptionals 276.4 226.8 (2.9) 500.3 290.5 171.0 (7.3) 454.2 EBITA before exceptionals as % of revenue 15.0 16.3 \u2013 15.5 15.6 15.2 \u2013 15.2 total assets 2,070.5 1,992.3 147.9 4,210.7 1,857.5 1,676.3 121.5 3,655.3 total liabilities 432.9 303.2 17.6 753.7 442.8 276.1 16.7 735.6 depreciation of property, plant and equipment 44.0 53.5 1.7 99.2 44.4 49.2 14.9 108.5 capital expenditure of property, plant and equipment 94.3 108.3 0.6 203.2 75.8 68.0 2.9 146.7 * 2021 figures are adjusted for comparison purposes due to movement of activities between business segments Reconciliation of EBITA before exceptionals of reportable segments to profit before Reconciliation of total liabilities of reportable segments to the consolidated balance income tax is as follows: sheet is as follows: 2022 2021 31-12-2022 31-12-2021 total EBITA before exceptionals 500.3 454.2 total liabilities of reportable segments 753.7 735.6 amortisation of intangible assets (54.9) (48.4) non-current and current borrowings 698.6 379.4 exceptional income / (costs) \u2013 100.3 lease liabilities 174.2 183.5 net finance cost (20.8) (13.2) tax liabilities 221.6 173.1 consolidated profit before income tax 424.6 492.9 equity 2,362.6 2,183.7 consolidated equity and liabilities 4,210.7 3,655.3 Total exceptional income in 2021 of EUR 100.3 million included the exceptional benefit of EUR 154.2 million from the Lasco disposal and one-off exceptional costs of EUR 53.9 million related to the 2021 operational excellence programme. Segment assets consist primarily of intangible assets, property, plant and equipment, right-of-use assets, assets held for sale, inventories, trade debtors and other current assets. Segment liabilities do not include borrowings, leases and other liabilities that are incurred for financing rather than operating purposes. In addition, segment liabilities do not include deferred tax liabilities and current income tax payables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "4.2 geographical information Revenue is allocated based on the geographical location of the customers: 2022 % 2021 % revenue Western Europe 1,916.4 59.3 1,763.0 59.2 America 771.4 23.9 731.7 24.6 Eastern Europe 380.6 11.8 333.6 11.2 APAC, Middle East, Africa 161.6 5.0 150.8 5.0 total 3,230.0 100.0 2,979.1 100.0 Non-current assets are allocated based on the country in which the assets are located and include intangible assets, property, plant and equipment and right-of-use assets: 31-12-2022 % 31-12-2021 % non-current assets Western Europe 1,881.7 68.9 1,656.7 67.4 America 643.1 23.5 616.0 25.0 Eastern Europe 156.2 5.7 133.0 5.4 APAC, Middle East, Africa 51.2 1.9 54.2 2.2 total 2,732.2 100.0 2,459.9 100.0 4.3 analysis of revenue by category 2022 % 2021 % revenue sale of goods 2,593.4 80.3 2,459.0 82.5 services 636.6 19.7 520.1 17.5 total 3,230.0 100.0 2,979.1 100.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "4.2 geographical information Revenue is allocated based on the geographical location of the customers: 2022 % 2021 % revenue Western Europe 1,916.4 59.3 1,763.0 59.2 America 771.4 23.9 731.7 24.6 Eastern Europe 380.6 11.8 333.6 11.2 APAC, Middle East, Africa 161.6 5.0 150.8 5.0 total 3,230.0 100.0 2,979.1 100.0 Non-current assets are allocated based on the country in which the assets are located and include intangible assets, property, plant and equipment and right-of-use assets: 31-12-2022 % 31-12-2021 % non-current assets Western Europe 1,881.7 68.9 1,656.7 67.4 America 643.1 23.5 616.0 25.0 Eastern Europe 156.2 5.7 133.0 5.4 APAC, Middle East, Africa 51.2 1.9 54.2 2.2 total 2,732.2 100.0 2,459.9 100.0 4.3 analysis of revenue by category 2022 % 2021 % revenue sale of goods 2,593.4 80.3 2,459.0 82.5 services 636.6 19.7 520.1 17.5 total 3,230.0 100.0 2,979.1 100.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "accounting policies#### segment reporting Aalberts businesses are presented in the reportable segments building technology and industrial technology. Building technology develops, manufactures and monitors hydronic flow control systems for heating and cooling to improve the energy efficiency and develops, designs and manufactures integrated piping systems to distribute and regulate water or gas flows in heating, cooling, water, gas and sprinkler systems in eco-friendly buildings and industrial niches. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers. Industrial technology co-develops, engineers and manufactures advanced mechatronics and technologies to regulate, measure and control fluids under severe and critical conditions for worldwide active OEMs in semicon efficiency, sustainable transportation and industrial niches and offers an extensive range of surface technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches. Besides the identified reportable segments there are head office activities, unallocated items and eliminations of intersegment transfers or transactions. These are grouped together as holding/eliminations and are mainly related to supporting activities and projects at the level of the head office. The related gains and losses are directly monitored by the Management Board. Unallocated assets mainly consist of (deferred) income tax assets. Intersegment transfers or transactions are entered into under transfer pricing terms and conditions that are comparable with terms and conditions with unrelated third parties. The businesses in a segment are each managed separately by a business management team which is held directly responsible for the functioning and performance of the business and which reports to the Management Board (the chief operating decision maker) which is responsible for the allocation of the available resources, the assessment of the operational results and strategic decisions. The results of the businesses are monitored on the level of EBITA before exceptionals, being the operating profit before amortisation, interest and tax related expenses, and is adjusted for exceptional items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "Exceptional items are income and expense items of such nature, size and/or frequency of occurrence that their disclosure is relevant to explain Aalberts\u2019 performance. Exceptional items include, amongst others, impairments, restructuring costs and gains and losses from acquisition and disposal. EBITA before exceptionals is not a financial measure calculated in accordance with IFRS, but is used to measure performance as management believes that this measurement is the most relevant in evaluating the results of the businesses. The presentation of these financial measures may not be comparable to similarly titled measures reported by other companies due to differences in the ways the measures are calculated. Operational segment reporting is performed consistently with the internal reporting as provided to the Management Board. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "revenue The Group recognises revenue to represent the transfer of promised goods or services to customers in an amount that reflects the amount to which the entity expects to be entitled in exchange for those goods or services. The Group applies the 5-step approach to recognise revenue and recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u2018control\u2019 of the goods or services underlying the particular performance obligation is transferred to the customer. Determining the timing of the transfer of control \u2013 at a point in time or over time \u2013 requires judgement. If one of the following criteria are met, then the Group recognises revenue over time: \u2022 the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs; \u2022 the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or \u2022 the Group\u2019s performance does not create an asset with an alternative use and the Group has an enforceable right to payment for performance completed to date. In these cases, a method that follows its performance is used to reflect the pattern of transfer of control of the good or service to the customer (e.g. milestones reached, or costs incurred to date). If none of these criteria are met, the Group considers the control being transferred to the customer at a point in time and the Group recognises revenue at that point in time. The following is a description of the activities where the Group generates revenue, including the nature and timing of satisfaction of the performance obligations, which is consistent with the revenue information that is disclosed for each reportable segment: \u2022 within building technology and some business within industrial technology revenue is related to the sale of goods. Revenue is recognised for each separate performance obligation when control over the corresponding goods is transferred to the customer and in accordance with the applicable incoterms. \u2022 within industrial technology some businesses are involved in performing several services under one contract. If the services under a single arrangement are rendered in different reporting periods then the consideration is allocated on a relative fair value basis between the different services. Revenue is recognised at a point in time since none of the criteria to recognise revenue over time are met. The customer can only benefit from the services rendered after Group\u2019s performance and not when the performance is delivered. \u2022 for some made-to-order product contracts within industrial technology, the customer controls the work in progress during manufacturing. When this is the case, revenue is recognised as the products are being manufactured. This results in revenue for these contracts being recognised over time. The transaction price allocated to (partially) unsatisfied performance obligations at period end date are limited given the nature and timing of satisfaction of the performance obligations as described above. Contract balances and relevant disclosures are limited to receivables and are described as \u2018trade receivables\u2019 in note 10. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "5. intangible assets other assets under other assets under goodwill intangibles software construction total goodwill intangibles software construction total 2022 2021 as at 1 January cost 881.3 787.0 70.8 13.2 1,752.3 834.2 696.4 67.9 10.3 1,608.8 accumulated amortisation \u2013 (319.3) (55.7) \u2013 (375.0) \u2013 (301.0) (52.1) \u2013 (353.1) net book amount as at 1 January 881.3 467.7 15.1 13.2 1,377.3 834.2 395.4 15.8 10.3 1,255.7 additions \u2013 5.1 2.4 3.9 11.4 \u2013 2.3 2.6 7.6 12.5 transfers \u2013 \u2013 1.5 \u2013 1.5 \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation \u2013 0.7 1.1 (1.8) \u2013 \u2013 0.5 4.6 (5.1) \u2013 acquisition of subsidiaries 81.0 111.7 0.1 \u2013 192.8 74.8 110.1 0.1 \u2013 185.0 disposal of subsidiaries \u2013 (0.5) (0.2) \u2013 (0.7) (37.2) (8.8) (1.6) \u2013 (47.6) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (5.3) (3.7) \u2013 \u2013 (9.0) amortisation \u2013 (48.9) (6.0) \u2013 (54.9) \u2013 (41.6) (6.8) \u2013 (48.4) currency translation 9.5 11.8 0.1 0.5 21.9 14.8 13.5 0.4 0.4 29.1 net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 as at 31 December cost 971.8 920.6 68.9 15.8 1,977.1 881.3 787.0 70.8 13.2 1,752.3 accumulated amortisation \u2013 (373.0) (54.8) \u2013 (427.8) \u2013 (319.3) (55.7) \u2013 (375.0) net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 Other intangible assets mainly consist of intangible assets from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired brand names and technology. Intangible assets under construction are ongoing development costs mainly related to ERP and other IT solutions. These costs are related to assets that are not yet available for use and are therefore not amortised. At year-end, Group companies had EUR 2.0 million investment commitments outstanding in respect of intangible assets (2021: EUR 0.0 million). goodwill impairment test The book amount of goodwill has been allocated to the cash generating units within building technology and industrial technology for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows: 1 31-12-2022 31-12-2021 building technology 441.5 417.1 industrial technology 530.3 464.2 total 971.8 881.3 1. adjusted for comparison purposes The recoverable amount of a cash generating unit is determined based on their calculated value-in-use. These calculations are pre-tax cash flow projections based on the strategic business plans for the coming years. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2027 a growth rate equal to expected long-term inflation is taken into account. The discount rates used are pre-tax and reflect specific risks relating to the relevant cash generating units. The assumptions used for impairment tests are as follows: building industrial building industrial technology technology technology technology 2022 2022 2021 2021 average growth rate 2.4% - 7.2% 1.5% - 14.2% 1.6% - 7.0% 1.4% - 8.8% (first 5 years) long-term average growth 1.5% 1.5% 1.0% 1.0% rate (after 5 years) discount rate (pre-tax) 10.9% - 15.9% 10.2% - 12.9% 9.1% - 12.0% 8.8% - 10.1% discount rate (post-tax) 8.3% - 12.2% 8.3% - 9.7% 6.9% - 9.1% 6.7% - 7.7% No impairment was necessary following impairment tests on all cash generating units within the Group, since the discounted future cash flows from the cash generating units exceeded the value of the capital employed. It is inherent in the method of computation used that a change in the assumptions may lead to a different conclusion on the impairment required. Therefore a sensitivity analysis is performed based on a change in an assumption while holding all other assumptions constant. To reflect the increased uncertainty related to the COVID pandemic, the parameters of the sensitivity analysis were amended in 2020 and 2021. In 2022 the parameters were amended to pre-COVID levels, which means the following changes in assumptions are assessed: \u2022 decrease of the average growth rate by 3.0% (2021: 5.0%) \u2022 decrease of the long-term average growth rate by 1.0% to 0.5% (2021: 0.0%) \u2022 increase of the discount rate (post-tax) by 1.0% (2021: 2.0%) Based on the sensitivity analysis performed it is concluded that any reasonable change in the key assumptions would also not require an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "5. intangible assets other assets under other assets under goodwill intangibles software construction total goodwill intangibles software construction total 2022 2021 as at 1 January cost 881.3 787.0 70.8 13.2 1,752.3 834.2 696.4 67.9 10.3 1,608.8 accumulated amortisation \u2013 (319.3) (55.7) \u2013 (375.0) \u2013 (301.0) (52.1) \u2013 (353.1) net book amount as at 1 January 881.3 467.7 15.1 13.2 1,377.3 834.2 395.4 15.8 10.3 1,255.7 additions \u2013 5.1 2.4 3.9 11.4 \u2013 2.3 2.6 7.6 12.5 transfers \u2013 \u2013 1.5 \u2013 1.5 \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation \u2013 0.7 1.1 (1.8) \u2013 \u2013 0.5 4.6 (5.1) \u2013 acquisition of subsidiaries 81.0 111.7 0.1 \u2013 192.8 74.8 110.1 0.1 \u2013 185.0 disposal of subsidiaries \u2013 (0.5) (0.2) \u2013 (0.7) (37.2) (8.8) (1.6) \u2013 (47.6) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (5.3) (3.7) \u2013 \u2013 (9.0) amortisation \u2013 (48.9) (6.0) \u2013 (54.9) \u2013 (41.6) (6.8) \u2013 (48.4) currency translation 9.5 11.8 0.1 0.5 21.9 14.8 13.5 0.4 0.4 29.1 net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 as at 31 December cost 971.8 920.6 68.9 15.8 1,977.1 881.3 787.0 70.8 13.2 1,752.3 accumulated amortisation \u2013 (373.0) (54.8) \u2013 (427.8) \u2013 (319.3) (55.7) \u2013 (375.0) net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 amortisation and impairment Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives from the date they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Changes in useful lives or residual value are recognised prospectively. 6. property, plant and equipment land and plant and assets under land and plant and assets under buildings equipment other construction total buildings equipment other construction total 2022 2021 as at 1 January cost 689.8 1,720.6 98.0 82.8 2,591.2 648.7 1,671.3 100.8 63.4 2,484.2 accumulated depreciation (339.4) (1,288.5) (82.7) \u2013 (1,710.6) (329.9) (1,241.1) (84.6) \u2013 (1,655.6) net book amount as at 1 January 350.4 432.1 15.3 82.8 880.6 318.8 430.2 16.2 63.4 828.6 additions 18.3 50.7 4.8 129.4 203.2 22.3 45.0 3.8 75.6 146.7 transfers \u2013 \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation 8.9 37.0 1.7 (47.6) \u2013 21.4 31.6 1.4 (54.4) \u2013 disposals (5.0) \u2013 (0.2) \u2013 (5.2) (1.9) (0.3) (0.4) (0.7) (3.3) acquisition of subsidiaries 10.3 2.2 0.9 1.0 14.4 13.2 17.9 0.4 1.3 32.8 disposal of subsidiaries (0.8) (2.6) \u2013 (0.2) (3.6) (8.6) (16.6) (0.9) (3.7) (29.8) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (3.1) (0.1) (0.1) (4.3) depreciation (19.2) (74.4) (5.6) \u2013 (99.2) (20.0) (83.0) (5.5) \u2013 (108.5) currency translation 2.1 4.2 \u2013 \u2013 6.3 6.2 10.4 0.4 1.4 18.4 net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 as at 31 December cost 721.0 1,778.7 94.5 163.9 2,758.1 689.8 1,720.6 98.0 82.8 2,591.2 accumulated depreciation (356.0) (1,329.5) (77.6) \u2013 (1,763.1) (339.4) (1,288.5) (82.7) \u2013 (1,710.6) net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 The income statement includes the following amounts relating to leases: 2022 2021 depreciation expense right-of-use assets: \u2022 land and buildings 21.8 30.2 \u2022 plant and equipment 4.5 4.4 \u2022 company cars and other 7.7 8.5 total depreciation expense right-of-use assets 34.0 43.1 interest expense on lease liabilities 2.1 2.4 expenses relating to leases 36.1 45.5 As part of the operational excellence programme, the Group has impaired right-of-use assets in 2021 related to land and buildings for an amount of EUR 7.0 million which was included in the depreciation of EUR 43.1 million. In 2022, there was no impairment of right-of-use assets. Lease expenses in relation to short-term and low-value assets are included in other operating expenses. Payment of principal amounts of leases amount to EUR 36.6 million (2021: EUR 36.2 million) and payments of interest on leases amount to EUR 2.1 million (2021: EUR 2.4 million). The lease liabilities related to the right-of-use assets are disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-4": {
"value": "5. intangible assets other assets under other assets under goodwill intangibles software construction total goodwill intangibles software construction total 2022 2021 as at 1 January cost 881.3 787.0 70.8 13.2 1,752.3 834.2 696.4 67.9 10.3 1,608.8 accumulated amortisation \u2013 (319.3) (55.7) \u2013 (375.0) \u2013 (301.0) (52.1) \u2013 (353.1) net book amount as at 1 January 881.3 467.7 15.1 13.2 1,377.3 834.2 395.4 15.8 10.3 1,255.7 additions \u2013 5.1 2.4 3.9 11.4 \u2013 2.3 2.6 7.6 12.5 transfers \u2013 \u2013 1.5 \u2013 1.5 \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation \u2013 0.7 1.1 (1.8) \u2013 \u2013 0.5 4.6 (5.1) \u2013 acquisition of subsidiaries 81.0 111.7 0.1 \u2013 192.8 74.8 110.1 0.1 \u2013 185.0 disposal of subsidiaries \u2013 (0.5) (0.2) \u2013 (0.7) (37.2) (8.8) (1.6) \u2013 (47.6) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (5.3) (3.7) \u2013 \u2013 (9.0) amortisation \u2013 (48.9) (6.0) \u2013 (54.9) \u2013 (41.6) (6.8) \u2013 (48.4) currency translation 9.5 11.8 0.1 0.5 21.9 14.8 13.5 0.4 0.4 29.1 net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 as at 31 December cost 971.8 920.6 68.9 15.8 1,977.1 881.3 787.0 70.8 13.2 1,752.3 accumulated amortisation \u2013 (373.0) (54.8) \u2013 (427.8) \u2013 (319.3) (55.7) \u2013 (375.0) net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 amortisation and impairment Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives from the date they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Changes in useful lives or residual value are recognised prospectively. 6. property, plant and equipment land and plant and assets under land and plant and assets under buildings equipment other construction total buildings equipment other construction total 2022 2021 as at 1 January cost 689.8 1,720.6 98.0 82.8 2,591.2 648.7 1,671.3 100.8 63.4 2,484.2 accumulated depreciation (339.4) (1,288.5) (82.7) \u2013 (1,710.6) (329.9) (1,241.1) (84.6) \u2013 (1,655.6) net book amount as at 1 January 350.4 432.1 15.3 82.8 880.6 318.8 430.2 16.2 63.4 828.6 additions 18.3 50.7 4.8 129.4 203.2 22.3 45.0 3.8 75.6 146.7 transfers \u2013 \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation 8.9 37.0 1.7 (47.6) \u2013 21.4 31.6 1.4 (54.4) \u2013 disposals (5.0) \u2013 (0.2) \u2013 (5.2) (1.9) (0.3) (0.4) (0.7) (3.3) acquisition of subsidiaries 10.3 2.2 0.9 1.0 14.4 13.2 17.9 0.4 1.3 32.8 disposal of subsidiaries (0.8) (2.6) \u2013 (0.2) (3.6) (8.6) (16.6) (0.9) (3.7) (29.8) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (3.1) (0.1) (0.1) (4.3) depreciation (19.2) (74.4) (5.6) \u2013 (99.2) (20.0) (83.0) (5.5) \u2013 (108.5) currency translation 2.1 4.2 \u2013 \u2013 6.3 6.2 10.4 0.4 1.4 18.4 net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 as at 31 December cost 721.0 1,778.7 94.5 163.9 2,758.1 689.8 1,720.6 98.0 82.8 2,591.2 accumulated depreciation (356.0) (1,329.5) (77.6) \u2013 (1,763.1) (339.4) (1,288.5) (82.7) \u2013 (1,710.6) net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 The income statement includes the following amounts relating to leases: 2022 2021 depreciation expense right-of-use assets: \u2022 land and buildings 21.8 30.2 \u2022 plant and equipment 4.5 4.4 \u2022 company cars and other 7.7 8.5 total depreciation expense right-of-use assets 34.0 43.1 interest expense on lease liabilities 2.1 2.4 expenses relating to leases 36.1 45.5 As part of the operational excellence programme, the Group has impaired right-of-use assets in 2021 related to land and buildings for an amount of EUR 7.0 million which was included in the depreciation of EUR 43.1 million. In 2022, there was no impairment of right-of-use assets. Lease expenses in relation to short-term and low-value assets are included in other operating expenses. Payment of principal amounts of leases amount to EUR 36.6 million (2021: EUR 36.2 million) and payments of interest on leases amount to EUR 2.1 million (2021: EUR 2.4 million). The lease liabilities related to the right-of-use assets are disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-5": {
"value": "5. intangible assets other assets under other assets under goodwill intangibles software construction total goodwill intangibles software construction total 2022 2021 as at 1 January cost 881.3 787.0 70.8 13.2 1,752.3 834.2 696.4 67.9 10.3 1,608.8 accumulated amortisation \u2013 (319.3) (55.7) \u2013 (375.0) \u2013 (301.0) (52.1) \u2013 (353.1) net book amount as at 1 January 881.3 467.7 15.1 13.2 1,377.3 834.2 395.4 15.8 10.3 1,255.7 additions \u2013 5.1 2.4 3.9 11.4 \u2013 2.3 2.6 7.6 12.5 transfers \u2013 \u2013 1.5 \u2013 1.5 \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation \u2013 0.7 1.1 (1.8) \u2013 \u2013 0.5 4.6 (5.1) \u2013 acquisition of subsidiaries 81.0 111.7 0.1 \u2013 192.8 74.8 110.1 0.1 \u2013 185.0 disposal of subsidiaries \u2013 (0.5) (0.2) \u2013 (0.7) (37.2) (8.8) (1.6) \u2013 (47.6) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (5.3) (3.7) \u2013 \u2013 (9.0) amortisation \u2013 (48.9) (6.0) \u2013 (54.9) \u2013 (41.6) (6.8) \u2013 (48.4) currency translation 9.5 11.8 0.1 0.5 21.9 14.8 13.5 0.4 0.4 29.1 net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 as at 31 December cost 971.8 920.6 68.9 15.8 1,977.1 881.3 787.0 70.8 13.2 1,752.3 accumulated amortisation \u2013 (373.0) (54.8) \u2013 (427.8) \u2013 (319.3) (55.7) \u2013 (375.0) net book amount as at 31 December 971.8 547.6 14.1 15.8 1,549.3 881.3 467.7 15.1 13.2 1,377.3 amortisation and impairment Amortisation is calculated over the cost of the asset less its residual value. Intangible assets with a finite life are amortised on a straight-line basis over their estimated useful lives from the date they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Changes in useful lives or residual value are recognised prospectively. 6. property, plant and equipment land and plant and assets under land and plant and assets under buildings equipment other construction total buildings equipment other construction total 2022 2021 as at 1 January cost 689.8 1,720.6 98.0 82.8 2,591.2 648.7 1,671.3 100.8 63.4 2,484.2 accumulated depreciation (339.4) (1,288.5) (82.7) \u2013 (1,710.6) (329.9) (1,241.1) (84.6) \u2013 (1,655.6) net book amount as at 1 January 350.4 432.1 15.3 82.8 880.6 318.8 430.2 16.2 63.4 828.6 additions 18.3 50.7 4.8 129.4 203.2 22.3 45.0 3.8 75.6 146.7 transfers \u2013 \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation 8.9 37.0 1.7 (47.6) \u2013 21.4 31.6 1.4 (54.4) \u2013 disposals (5.0) \u2013 (0.2) \u2013 (5.2) (1.9) (0.3) (0.4) (0.7) (3.3) acquisition of subsidiaries 10.3 2.2 0.9 1.0 14.4 13.2 17.9 0.4 1.3 32.8 disposal of subsidiaries (0.8) (2.6) \u2013 (0.2) (3.6) (8.6) (16.6) (0.9) (3.7) (29.8) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (3.1) (0.1) (0.1) (4.3) depreciation (19.2) (74.4) (5.6) \u2013 (99.2) (20.0) (83.0) (5.5) \u2013 (108.5) currency translation 2.1 4.2 \u2013 \u2013 6.3 6.2 10.4 0.4 1.4 18.4 net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 as at 31 December cost 721.0 1,778.7 94.5 163.9 2,758.1 689.8 1,720.6 98.0 82.8 2,591.2 accumulated depreciation (356.0) (1,329.5) (77.6) \u2013 (1,763.1) (339.4) (1,288.5) (82.7) \u2013 (1,710.6) net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 The income statement includes the following amounts relating to leases: 2022 2021 depreciation expense right-of-use assets: \u2022 land and buildings 21.8 30.2 \u2022 plant and equipment 4.5 4.4 \u2022 company cars and other 7.7 8.5 total depreciation expense right-of-use assets 34.0 43.1 interest expense on lease liabilities 2.1 2.4 expenses relating to leases 36.1 45.5 As part of the operational excellence programme, the Group has impaired right-of-use assets in 2021 related to land and buildings for an amount of EUR 7.0 million which was included in the depreciation of EUR 43.1 million. In 2022, there was no impairment of right-of-use assets. Lease expenses in relation to short-term and low-value assets are included in other operating expenses. Payment of principal amounts of leases amount to EUR 36.6 million (2021: EUR 36.2 million) and payments of interest on leases amount to EUR 2.1 million (2021: EUR 2.4 million). The lease liabilities related to the right-of-use assets are disclosed in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "Other intangible assets mainly consist of intangible assets from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired brand names and technology. Intangible assets under construction are ongoing development costs mainly related to ERP and other IT solutions. These costs are related to assets that are not yet available for use and are therefore not amortised. At year-end, Group companies had EUR 2.0 million investment commitments outstanding in respect of intangible assets (2021: EUR 0.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "goodwill impairment test The book amount of goodwill has been allocated to the cash generating units within building technology and industrial technology for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows: 1 31-12-2022 31-12-2021 building technology 441.5 417.1 industrial technology 530.3 464.2 total 971.8 881.3 1. adjusted for comparison purposes The recoverable amount of a cash generating unit is determined based on their calculated value-in-use. These calculations are pre-tax cash flow projections based on the strategic business plans for the coming years. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2027 a growth rate equal to expected long-term inflation is taken into account. The discount rates used are pre-tax and reflect specific risks relating to the relevant cash generating units. The assumptions used for impairment tests are as follows: building industrial building industrial technology technology technology technology 2022 2022 2021 2021 average growth rate 2.4% - 7.2% 1.5% - 14.2% 1.6% - 7.0% 1.4% - 8.8% (first 5 years) long-term average growth 1.5% 1.5% 1.0% 1.0% rate (after 5 years) discount rate (pre-tax) 10.9% - 15.9% 10.2% - 12.9% 9.1% - 12.0% 8.8% - 10.1% discount rate (post-tax) 8.3% - 12.2% 8.3% - 9.7% 6.9% - 9.1% 6.7% - 7.7% No impairment was necessary following impairment tests on all cash generating units within the Group, since the discounted future cash flows from the cash generating units exceeded the value of the capital employed. It is inherent in the method of computation used that a change in the assumptions may lead to a different conclusion on the impairment required. Therefore a sensitivity analysis is performed based on a change in an assumption while holding all other assumptions constant. To reflect the increased uncertainty related to the COVID pandemic, the parameters of the sensitivity analysis were amended in 2020 and 2021. In 2022 the parameters were amended to pre-COVID levels, which means the following changes in assumptions are assessed: \u2022 decrease of the average growth rate by 3.0% (2021: 5.0%) \u2022 decrease of the long-term average growth rate by 1.0% to 0.5% (2021: 0.0%) \u2022 increase of the discount rate (post-tax) by 1.0% (2021: 2.0%) Based on the sensitivity analysis performed it is concluded that any reasonable change in the key assumptions would also not require an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-4": {
"value": "goodwill impairment test The book amount of goodwill has been allocated to the cash generating units within building technology and industrial technology for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows: 1 31-12-2022 31-12-2021 building technology 441.5 417.1 industrial technology 530.3 464.2 total 971.8 881.3 1. adjusted for comparison purposes The recoverable amount of a cash generating unit is determined based on their calculated value-in-use. These calculations are pre-tax cash flow projections based on the strategic business plans for the coming years. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2027 a growth rate equal to expected long-term inflation is taken into account. The discount rates used are pre-tax and reflect specific risks relating to the relevant cash generating units. The assumptions used for impairment tests are as follows: building industrial building industrial technology technology technology technology 2022 2022 2021 2021 average growth rate 2.4% - 7.2% 1.5% - 14.2% 1.6% - 7.0% 1.4% - 8.8% (first 5 years) long-term average growth 1.5% 1.5% 1.0% 1.0% rate (after 5 years) discount rate (pre-tax) 10.9% - 15.9% 10.2% - 12.9% 9.1% - 12.0% 8.8% - 10.1% discount rate (post-tax) 8.3% - 12.2% 8.3% - 9.7% 6.9% - 9.1% 6.7% - 7.7% No impairment was necessary following impairment tests on all cash generating units within the Group, since the discounted future cash flows from the cash generating units exceeded the value of the capital employed. It is inherent in the method of computation used that a change in the assumptions may lead to a different conclusion on the impairment required. Therefore a sensitivity analysis is performed based on a change in an assumption while holding all other assumptions constant. To reflect the increased uncertainty related to the COVID pandemic, the parameters of the sensitivity analysis were amended in 2020 and 2021. In 2022 the parameters were amended to pre-COVID levels, which means the following changes in assumptions are assessed: \u2022 decrease of the average growth rate by 3.0% (2021: 5.0%) \u2022 decrease of the long-term average growth rate by 1.0% to 0.5% (2021: 0.0%) \u2022 increase of the discount rate (post-tax) by 1.0% (2021: 2.0%) Based on the sensitivity analysis performed it is concluded that any reasonable change in the key assumptions would also not require an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "goodwill Goodwill represents the excess of the costs 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. Goodwill is allocated to cash generating units, being the parts of the segments benefiting from the business combination in which the goodwill arose. Goodwill is not amortised but is tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-4": {
"value": "goodwill Goodwill represents the excess of the costs 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. Goodwill is allocated to cash generating units, being the parts of the segments benefiting from the business combination in which the goodwill arose. Goodwill is not amortised but is tested annually for impairment, or more frequently when there is an indication that the unit may be impaired. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": "other intangible assets Other intangible assets include brand names, customer base and technology. Intangible assets that are acquired through acquired companies are initially valued at fair value. These identifiable intangibles are then systematically amortised over the estimated useful life which is between 15 and 20 years. software Acquired software is capitalised and stated at cost less accumulated amortisation and impairment losses. Software is amortised over the estimated useful life, normally 3 to 5 years. Expenditure on internally developed software is capitalised when the expenditure qualifies as development activities, otherwise it is recognised in profit or loss when incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and new commercially feasible products is recognised in the income statement. An internally generated intangible asset arising from development is only recognised if all relevant criteria have been met, otherwise development expenditure is recognised in the income statement in the period in which it is incurred. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is available for use. After initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-3": {
"value": "Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised 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-of-disposal and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). An impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. Property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. accounting policies#### Non-current financial assets are initially measured at fair value. The Group holds these financial assets with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. An impairment loss is recognised 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-of-disposal and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). An impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. Property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-5": {
"value": "6. property, plant and equipment land and plant and assets under land and plant and assets under buildings equipment other construction total buildings equipment other construction total 2022 2021 as at 1 January cost 689.8 1,720.6 98.0 82.8 2,591.2 648.7 1,671.3 100.8 63.4 2,484.2 accumulated depreciation (339.4) (1,288.5) (82.7) \u2013 (1,710.6) (329.9) (1,241.1) (84.6) \u2013 (1,655.6) net book amount as at 1 January 350.4 432.1 15.3 82.8 880.6 318.8 430.2 16.2 63.4 828.6 additions 18.3 50.7 4.8 129.4 203.2 22.3 45.0 3.8 75.6 146.7 transfers \u2013 \u2013 \u2013 (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 \u2013 assets taken into operation 8.9 37.0 1.7 (47.6) \u2013 21.4 31.6 1.4 (54.4) \u2013 disposals (5.0) \u2013 (0.2) \u2013 (5.2) (1.9) (0.3) (0.4) (0.7) (3.3) acquisition of subsidiaries 10.3 2.2 0.9 1.0 14.4 13.2 17.9 0.4 1.3 32.8 disposal of subsidiaries (0.8) (2.6) \u2013 (0.2) (3.6) (8.6) (16.6) (0.9) (3.7) (29.8) reclassified to held for sale \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (3.1) (0.1) (0.1) (4.3) depreciation (19.2) (74.4) (5.6) \u2013 (99.2) (20.0) (83.0) (5.5) \u2013 (108.5) currency translation 2.1 4.2 \u2013 \u2013 6.3 6.2 10.4 0.4 1.4 18.4 net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 as at 31 December cost 721.0 1,778.7 94.5 163.9 2,758.1 689.8 1,720.6 98.0 82.8 2,591.2 accumulated depreciation (356.0) (1,329.5) (77.6) \u2013 (1,763.1) (339.4) (1,288.5) (82.7) \u2013 (1,710.6) net book amount as at 31 December 365.0 449.2 16.9 163.9 995.0 350.4 432.1 15.3 82.8 880.6 In 2022 there were no impairments of property, plant and equipment (2021: EUR 13.7 million, as part of the operational excellence programme). At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 51.3 million (2021: EUR 54.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of directly attributable overheads. The Group recognises in the net book amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs such as repair and maintenance costs are recognised in the income statement as an expense as incurred. The difference between opening and closing balance of assets under construction normally consists of additions and reclassifications to other categories of property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-4": {
"value": "Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of directly attributable overheads. The Group recognises in the net book amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs such as repair and maintenance costs are recognised in the income statement as an expense as incurred. The difference between opening and closing balance of assets under construction normally consists of additions and reclassifications to other categories of property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "For depreciation, the straight-line method is used. The useful life and residual value are reviewed periodically through the life of an asset to ensure that it reflects current circumstances. Depreciation will be applied to property, plant and equipment as soon as the assets are put into operation. The following useful lives are used for depreciation purposes: useful life useful life (minimum) (maximum) land infinite infinite buildings 5 years 40 years plant and equipment 3 years 15 years other 3 years 5 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "For depreciation, the straight-line method is used. The useful life and residual value are reviewed periodically through the life of an asset to ensure that it reflects current circumstances. Depreciation will be applied to property, plant and equipment as soon as the assets are put into operation. The following useful lives are used for depreciation purposes: useful life useful life (minimum) (maximum) land infinite infinite buildings 5 years 40 years plant and equipment 3 years 15 years other 3 years 5 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-2": {
"value": "7. right-of-use assets 31-12-2022 31-12-2021 land and buildings 139.2 147.4 plant and equipment 14.9 14.8 company cars and other 14.0 13.1 net book amount right-of-use assets 168.1 175.3 Additions to the right-of-use assets during 2022 amounted to EUR 22.6 million (2021: EUR 65.1 million). The income statement includes the following amounts relating to leases: 2022 2021 depreciation expense right-of-use assets: \u2022 land and buildings 21.8 30.2 \u2022 plant and equipment 4.5 4.4 \u2022 company cars and other 7.7 8.5 total depreciation expense right-of-use assets 34.0 43.1 interest expense on lease liabilities 2.1 2.4 expenses relating to leases 36.1 45.5 As part of the operational excellence programme, the Group has impaired right-of-use assets in 2021 related to land and buildings for an amount of EUR 7.0 million which was included in the depreciation of EUR 43.1 million. In 2022, there was no impairment of right-of-use assets. Lease expenses in relation to short-term and low-value assets are included in other operating expenses. Payment of principal amounts of leases amount to EUR 36.6 million (2021: EUR 36.2 million) and payments of interest on leases amount to EUR 2.1 million (2021: EUR 2.4 million). The lease liabilities related to the right-of-use assets are disclosed in note 15. \ue619\ue61a\ue618\ue61flease\ue61fliabilities\ue61f2022 2021 as at 1 January 183.5 159.1 new leases and renewals 22.6 65.1 lease payments (38.7) (38.6) interest expense on lease liabilities 2.1 2.4 acquisition of subsidiaries 4.0 3.0 disposal of subsidiaries \u2013 (10.0) reclassified to held for sale \u2013 (1.3) early terminations (1.1) (1.5) currency translation differences 1.8 5.3 as at 31 December 174.2 183.5 current portion of lease liabilities 35.0 33.7 non-current lease liabilities 139.2 149.8 as at 31 December 174.2 183.5 The right-of-use assets related to the lease liabilities are disclosed in note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "accounting policies#### The Group leases various production facilities, machinery and equipment, warehouses and company cars. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Extension and termination options are included in a number of leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Non-lease components are included in the lease liability for company cars and are excluded for other lease categories. Right-of-use assets are measured at cost and comprise the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise low-value items of IT equipment and office furniture. accounting policies#### Lease liabilities are initially measured at the present value of the lease payment to be paid during the lease term, discounted using the incremental borrowing rate. Lease liabilities are subsequently increased by the interest expense on the lease liabilities and decreased by lease payments made during the lease term. Lease contracts may have extension or termination options. Lease payments to be made under reasonably certain extension options are also included (termination options: excluded) in the measurement of the liability. Lease liabilities are remeasured when there is a change in the amount to be paid (variable lease payments based on an index or rate) or when there is a change in the assessment of the lease term (making use of the extension and termination options). To determine the incremental borrowing rate, the Group uses a build-up approach that includes a risk-free interest rate adjusted for credit risk for leases held by Aalberts, and makes adjustments specific to the lease, e.g. term, country, currency and security. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payment of principal amounts are included in the cash flow from financing activities, while payments of interest are included in the cash flow from operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "8. non-current financial assets 2022 2021 as at 1 January 9.0 11.7 additions 0.2 0.4 payments (1.9) (1.2) disposal of subsidiaries 3.8 (1.9) as at 31 December 11.1 9.0 current portion of deferred consideration receivable 5.0 1.7 non-current financial assets 6.1 7.3 as at 31 December 11.1 9.0 Non-current financial assets consist of deferred consideration receivables in relation to the disposal of subsidiaries. No loss allowance is recognised for the financial asset. The current portion of the deferred consideration amounting to EUR 5.0 million is presented under other current assets. \ue619\ue619\ue618\ue61fother\ue61fcurrent\ue61fassets\ue61f31-12-2022 31-12-2021 prepaid expenses and accrued income 26.6 22.3 deferred consideration receivable 5.0 1.7 value added tax receivable 12.7 13.7 derivative financial instruments 29.6 1.9 other receivables 22.9 15.1 total 96.8 54.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-3": {
"value": "8. non-current financial assets 2022 2021 as at 1 January 9.0 11.7 additions 0.2 0.4 payments (1.9) (1.2) disposal of subsidiaries 3.8 (1.9) as at 31 December 11.1 9.0 current portion of deferred consideration receivable 5.0 1.7 non-current financial assets 6.1 7.3 as at 31 December 11.1 9.0 Non-current financial assets consist of deferred consideration receivables in relation to the disposal of subsidiaries. No loss allowance is recognised for the financial asset. The current portion of the deferred consideration amounting to EUR 5.0 million is presented under other current assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-4": {
"value": "accounting policies#### Non-current financial assets are initially measured at fair value. The Group holds these financial assets with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-5": {
"value": "accounting policies#### Non-current financial assets are initially measured at fair value. The Group holds these financial assets with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "9. inventories 31-12-2022 31-12-2021 raw materials 271.2 186.4 work in progress 244.7 189.3 finished goods 383.9 301.4 other inventories 11.5 11.3 total 911.3 688.4 The costs of inventories are recognised as an expense and write-offs on inventories are included in \u2018raw materials used and work subcontracted\u2019 in the income statement. In 2022 an amount of EUR 1,129.5 million (2021: EUR 1,072.9 million) is recognised as raw materials used. In 2022 a net write-off expense of EUR 1.4 million (2021: EUR 13.5 million) is recognised. The provision for write-down of inventories, due to obsolescence and slow-moving stock, amounts to EUR 29.4 million (2021: EUR 28.7 million). The vast majority of the inventory has a turnover of less than one year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "accounting policies#### Inventories are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditures, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The cost of inventories is calculated by using a weighted average cost formula or on a first-in-first-out basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "\ue619\ue613\ue618\ue61ftrade\ue61freceivables\ue61f31-12-2022 31-12-2021 trade receivables (gross amount) 386.8 342.1 allowance for expected credit losses of receivables (6.2) (5.4) trade receivables (net amount) 380.6 336.7 The past due aging analysis of the trade receivables is as follows: 31-12-2022 31-12-2021 not past due 324.5 293.5 past due less than 30 days 41.3 29.6 past due between 30 days and 60 days 9.1 6.4 past due between 60 days and 90 days 3.1 3.5 past due more than 90 days 8.8 9.1 trade receivables (gross amount) 386.8 342.1 The majority of the carrying amounts is denominated in the functional currency of the reported entities: 31-12-2022 31-12-2021 Euro 190.7 169.2 US dollar 104.6 84.1 British pound 33.6 33.3 other currencies 57.9 55.5 trade receivables (gross amount) 386.8 342.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "The movement in the allowance for expected credit losses of receivables is as follows: 2022 2021 as at 1 January 5.4 4.6 additions/(reversals) 1.0 1.5 used during year (0.8) (0.7) acquisition of subsidiaries 0.2 0.2 disposal of subsidiaries \u2013 (0.3) currency translation differences 0.4 0.1 as at 31 December 6.2 5.4 Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. There is no concentration of credit risk with respect to trade receivables, as the Group has a large customer base which is internationally dispersed and makes use of credit insurance for a majority of its receivables. The allowance for expected credit losses of receivables of EUR 6.2 million (2021: EUR 5.4 million) is mainly related to receivables past due more than 90 days. The allowance for expected credit losses (ECL) of trade receivables is based on a periodically review whether an allowance for credit losses is needed by considering factors such as payment history, credit quality, expected lifetime losses and current economic conditions that may affect a customer\u2019s ability to pay. Additions to the allowance for expected credit losses amount to EUR 1.0 million (2021: EUR 1.5 million) and are included in the \u2018other operating expenses\u2019. Receivables fall due in less than one year. The fair value of the receivables approximates the book value, due to their short-term character. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-3": {
"value": "accounting policies#### Trade receivables are initially measured at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost minus any impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-3": {
"value": "\ue619\ue619\ue618\ue61fother\ue61fcurrent\ue61fassets\ue61f31-12-2022 31-12-2021 prepaid expenses and accrued income 26.6 22.3 deferred consideration receivable 5.0 1.7 value added tax receivable 12.7 13.7 derivative financial instruments 29.6 1.9 other receivables 22.9 15.1 total 96.8 54.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-4": {
"value": "\ue619\ue619\ue618\ue61fother\ue61fcurrent\ue61fassets\ue61f31-12-2022 31-12-2021 prepaid expenses and accrued income 26.6 22.3 deferred consideration receivable 5.0 1.7 value added tax receivable 12.7 13.7 derivative financial instruments 29.6 1.9 other receivables 22.9 15.1 total 96.8 54.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-2": {
"value": "\ue619\ue61d\ue618\ue61fcash\ue61fand\ue61fcurrent\ue61fborrowings\ue61f31-12-2022 31-12-2021 cash and cash equivalents 79.2 72.0 current borrowings (161.4) (104.1) total cash and current borrowings (82.2) (32.1) The cash and current borrowings amount to EUR 82.2 million negative (2021: EUR 32.1 million negative). The carrying amounts of cash and current borrowings approximate their fair values. The current borrowings of EUR 161.4 million (2021: EUR 104.1 million) are drawn on short-term credit facilities consisting of committed and uncommitted credit lines, provided by a number of credit institutions. The total of these facilities at year-end 2022 amounted to EUR 939.3 million (2021: EUR 938.0 million), of which generally between EUR 214 million and EUR 352 million was used throughout the year. At year-end 2022, the total committed revolving credit facilities amounted to EUR 443.4 million (2021: EUR 438.0 million), consisting of seven credit facilities of EUR 50 million and two credit facilities of USD 50 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "The cash consists of cash and bank balances for an amount of EUR 79.2 million (2021: EUR 72.0 million). Cash is freely disposable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-3": {
"value": "accounting policies#### For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise cash balances, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s cash management and are shown within current borrowings in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-2": {
"value": "13.1 share capital The total number of ordinary shares outstanding at year-end was 110.6 million shares (2021: 110.6 million shares) with a par value of EUR 0.25 per share. In addition, there are 100 priority shares issued with a par value of EUR 1.00 per share. An explanation of the total number of shares outstanding is included in note 33.4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-2": {
"value": "13.2 currency translation and hedging reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-2": {
"value": "13.3 share-based payments (performance share plan) Aalberts reviews on an annual basis whether awards from the existing Performance Share Plan will be granted to a limited number of executives. This plan is a share-based equity-settled incentive plan. Conditional shares are awarded that become unconditional three years after the start of the performance period as long as the related conditions with regard to employment and performance have been met. The performance conditions attached to the granting of Performance Shares are based on the Group\u2019s financial performance over a three-year performance period. The financial performance over the three calendar years is measured based on the average growth of the earnings per share before amortisation and exceptionals (EPS) for PSP 2019-2021 and PSP 2019-2022 BT. For PSP 2021-2023 the financial performance over the three calendar years is measured based on the average growth of EPS and based on the average ROCE percentage. The conditions of the plan stipulate that ultimately a maximum of 125% of the number of conditionally granted shares at the start of the performance period can be paid out. PSP 2019-2021: Based on the average growth of the earnings per share before amortisation and exceptionals (EPS) over the three-year period (2019-2021) 125% of the conditional shares at the end of 2021 (143,500 shares) vested in 2022 (173,125 shares). In June 2022, a total of 149,804 shares were purchased at market value for EUR 7.1 million and transferred to the security account of the individual employees. A total of 23,321 shares with a market value of EUR 1.1 million were used to settle the income tax liability of several employees (\u2018net settlement feature\u2019). An amount of EUR 0.5 million (2021: 2.3 million) was charged to personnel expenses and credited to total equity (overall no impact on equity). PSP 2019-2022 BT: In May/June 2019, a total number of 112,500 (100%) conditional shares were granted and accepted. As at the end of 2022, there are still 70,500 conditional shares in circulation because a number of employees left (2021: 78,000 shares). The fair value of the Performance Shares is based on the share price on the grant date, minus the discounted value of the expected dividends in the period that the shares were granted conditionally, in view of the fact that the participants are not entitled to dividends during the vesting period. The expected dividends are based on the Group\u2018s dividend policy. Based on the performance over the four-year period (2019-2022) it is expected that 100% of the conditional shares will vest in May 2023. As at the end of 2022, the total fair value of the 70,500 conditional shares was EUR 2.0 million. An amount of EUR 0.5 million was charged to the personnel expenses and credited to total equity (overall no impact on equity). PSP 2021-2023: In May/June 2021, a total number of 150,000 (100%) conditional shares were granted and accepted. As at the end of 2022, there are still 132,000 conditional shares in circulation because a number of employees left (2021: 150,000 shares). The fair value of the Performance Shares is based on the share price on the grant date, minus the discounted value of the expected dividends in the period that the shares were granted conditionally, in view of the fact that the participants are not entitled to dividends during the vesting period. The expected dividends are based on the Group\u2018s dividend policy. As at the end of 2022, the total fair value of the 132,000 conditional shares was EUR 5.7 million. An amount of EUR 1.7 million was charged to the personnel expenses and credited to total equity (overall no impact on equity). The Management Board members participate in the Performance Share Plan. The details are mentioned in the remuneration of the Management and Supervisory Board as disclosed in note 33.9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "accounting policies#### A limited number of executives of the Group are given the opportunity to participate in a long-term equity-settled incentive plan. The fair value of the rights to shares is expensed on a straight-line basis over the vesting period with a corresponding increase in equity. The total amount taken into account is determined based on the fair value of the shares as determined on the grant date without taking into account the non-market related performance criteria and continued employment conditions (\u2018vesting conditions\u2019). These vesting conditions are included in the expected number of shares that will be vested and this estimate will be revised at the end of each reporting period. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the other reserves. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "13.4 dividend The dividends paid in 2022 amounted to EUR 1.65 per share (2021: EUR 0.60 per share) which included a special dividend of EUR 0.64 per share. A dividend in respect of the year ended 31 December 2022 of EUR 1.11 per share will be proposed at the General Meeting to be held on 25 May 2023. These financial statements do not reflect this dividend payable. The dividend payment will be subject to 15% Dutch withholding tax. 26.2 dividends per share The dividends paid in 2022 were EUR 1.65 per share (2021: EUR 0.60 per share). This payment in 2022 included a special dividend of EUR 0.64 per share. A dividend in respect of the year ended 31 December 2022 of EUR 1.11 per share will be proposed at the General Meeting to be held on 25 May 2023. These financial statements do not reflect this dividend payable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-2": {
"value": "13.5 non-controlling interests Non-controlling interests amount to EUR 44.2 million (2021: EUR 40.0 million), where the result for the year, including other comprehensive income, amounts to EUR 4.2 million (2021: EUR 7.9 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-2": {
"value": "\ue619\ue61b\ue618\ue61fbank\ue61floans\ue61f2022 2021 as at 1 January 275.3 425.4 repayment of bank loans (100.5) (163.2) new bank loans 351.3 \u2013 currency translation differences 11.1 13.1 as at 31 December 537.2 275.3 current portion of bank loans 60.2 96.4 non-current bank loans 477.0 178.9 as at 31 December 537.2 275.3 The carrying amount of bank loans approximates the fair value; the effective interest rate approximates the average interest rate. The average effective interest rate on the portfolio of loans outstanding in 2022, including hedge instruments related to these loans, amounted to 2.4% (2021: 2.2%). There are no assets pledged as security for bank loans. The Group\u2019s bank loans are denominated in the following currencies: 31-12-2022 31-12-2021 Euro 405.6 109.0 Polish Zloty 1.3 \u2013 US dollar 130.3 166.3 Total 537.2 275.3 14.1 bank covenants Aalberts has agreed the following covenants with its banks which are tested twice a year: leverage interest ratio cover ratio as at 30 June of each year < 3.5 > 3.0 as at 31 December of each year < 3.0 > 3.0 The interest rate margin depends on the leverage ratio achieved. The following definitions are used to calculate the ratios: \u2022 leverage ratio: net debt / EBITDA \u2022 interest cover ratio: EBITDA / net interest expense EBITDA is adjusted for non-recurring items in accordance with the bank covenants. Both EBITDA and net interest expense are on 12 months rolling basis. At year-end the requirements in the covenants are met as stated below: 31-12-2022 31-12-2021 leverage ratio 1.3 0.9 interest cover ratio 31.4 42.7 EBITDA and net debt amounts are calculated as follows: 2022 2021 reported EBITDA 633.5 706.1 adjustment for acquisitions and disposals (28.6) (176.2) adjustment for non-recurring items 26.7 42.5 EBITDA 631.6 572.4 31-12-2022 31-12-2021 bank loans 537.2 275.3 lease liabilities 174.2 183.5 lease liabilities held for sale \u2013 1.3 current borrowings 161.4 104.1 cash (79.2) (72.0) net debt 793.6 492.2 The net interest expense is disclosed in note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "accounting policies#### Bank loans are initially recognised at fair value net of transaction costs and are subsequently stated at amortised cost using the effective interest method. Bank loans 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 balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-4": {
"value": "accounting policies#### Bank loans are initially recognised at fair value net of transaction costs and are subsequently stated at amortised cost using the effective interest method. Bank loans 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 balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "\ue619\ue617\ue618\ue61fdeferred\ue61fincome\ue61ftaxes\ue61fproperty, working intangible plant and right-of-use lease capital and net (asset)/ tax losses assets equipment assets liabilities provisions other offsetting liability as at 1 January 2022 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 income statement 0.5 (6.8) 2.0 (1.9) 2.4 0.8 5.5 \u2013 2.5 other comprehensive income (equity) \u2013 \u2013 \u2013 \u2013 \u2013 3.6 8.7 \u2013 12.3 acquisition of subsidiaries \u2013 28.9 (0.1) \u2013 \u2013 (0.2) 0.2 \u2013 28.8 disposal of subsidiaries \u2013 \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 currency translation \u2013 2.5 1.3 \u2013 \u2013 (0.2) (0.1) \u2013 3.5 as at 31 December 2022 (2.3) 132.4 33.4 41.0 (43.1) (13.4) 14.0 \u2013 162.0 deferred income tax assets (2.3) \u2013 (6.5) \u2013 (43.1) (14.3) (7.4) 59.9 (13.7) deferred income tax liabilities \u2013 132.4 39.9 41.0 \u2013 0.9 21.4 (59.9) 175.7 as at 31 December 2022 (2.3) 132.4 33.4 41.0 (43.1) (13.4) 14.0 \u2013 162.0 property, working intangible plant and right-of-use lease capital and net (asset)/ tax losses assets equipment assets liabilities provisions other offsetting liability as at 1 January 2021 (9.1) 98.0 29.4 38.0 (38.9) (22.0) (4.0) \u2013 91.4 income statement 5.0 (4.6) 0.4 4.9 (6.6) \u2013 1.7 \u2013 0.8 other comprehensive income (equity) \u2013 \u2013 \u2013 \u2013 \u2013 4.3 1.7 \u2013 6.0 acquisition of subsidiaries 0.2 20.2 (1.3) \u2013 \u2013 0.5 0.2 \u2013 19.8 disposal of subsidiaries 1.5 (7.8) \u2013 \u2013 \u2013 0.4 (0.1) \u2013 (6.0) currency translation (0.4) 2.0 1.7 \u2013 \u2013 (0.7) 0.2 \u2013 2.8 as at 31 December 2021 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 deferred income tax assets (2.8) (0.7) (7.9) \u2013 (45.5) (18.5) (8.3) 64.3 (19.4) deferred income tax liabilities \u2013 108.5 38.1 42.9 \u2013 1.0 8.0 (64.3) 134.2 as at 31 December 2021 (2.8) 107.8 30.2 42.9 (45.5) (17.5) (0.3) \u2013 114.8 unrecognised unused tax losses The Group has unrecognised carry-forward tax losses amounting to EUR 32.6 million (2021: EUR 36.5 million). The related deferred income tax assets have not been recorded.31-12-2022 31-12-2021 expire in less than 1 year \u2013 5.6 expire between 1 and 5 years 8.1 5.8 expire from 5 years or more 9.5 11.1 indefinite 15.0 14.0 total 32.6 36.5 unrecognised temporary differences The Group has no unrecognised temporary differences (2021: EUR 22.4 million) relating to undistributed earnings of subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "accounting policies#### Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, it is not accounted for. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred income tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The deferred tax asset is recognised for the carry-forward of unused tax losses, unused tax credits and deductible temporary differences to the extent that these can be offset by probable future taxable profits. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax asset will be realised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances of an entity relate to the same taxation authority, or for different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "\ue619\ue61e\ue618\ue61fprovisions\ue61ffor\ue61femployee\ue61fbenefits\ue61fpresent present present value net liability value present value net liability value (partly) funded fair value of funded unfunded (partly) funded fair value of funded unfunded obligations plan assets schemes obligations total obligations plan assets schemes obligations total 2022 2021 as at 1 January 205.7 (170.0) 35.7 17.8 53.5 205.9 (148.2) 57.7 19.6 77.3 current service cost 1.1 \u2013 1.1 1.0 2.1 1.2 \u2013 1.2 0.8 2.0 interest expense / (income) 3.3 (2.8) 0.5 0.2 0.7 2.6 (1.9) 0.7 0.1 0.8 curtailments and settlements (2.5) 2.2 (0.3) (0.3) (0.6) (1.5) 0.8 (0.7) (0.1) (0.8) in income statement 1.9 (0.6) 1.3 0.9 2.2 2.3 (1.1) 1.2 0.8 2.0 remeasurements: \u2022 plan assets \u2013 49.7 49.7 \u2013 49.7 \u2013 (14.2) (14.2) \u2013 (14.2) \u2022 demographic assumptions 1.0 \u2013 1.0 (0.1) 0.9 0.5 \u2013 0.5 \u2013 0.5 \u2022 financial assumptions (64.3) \u2013 (64.3) (3.0) (67.3) (5.1) \u2013 (5.1) (1.3) (6.4) \u2022 experience adjustments 2.1 \u2013 2.1 0.2 2.3 (2.0) \u2013 (2.0) (0.1) (2.1) in other comprehensive income (61.2) 49.7 (11.5) (2.9) (14.4) (6.6) (14.2) (20.8) (1.4) (22.2) contributions by employer \u2013 (4.7) (4.7) \u2013 (4.7) \u2013 (4.6) (4.6) \u2013 (4.6) contributions by participants 0.2 (0.2) \u2013 \u2013 \u2013 0.2 (0.2) \u2013 \u2013 \u2013 benefits paid (7.3) 7.3 \u2013 (1.1) (1.1) (7.3) 7.3 \u2013 (1.1) (1.1) acquisition of subsidiaries 1.2 \u2013 1.2 \u2013 1.2 \u2013 \u2013 \u2013 \u2013 \u2013 disposal of subsidiaries \u2013 \u2013 \u2013 (0.6) (0.6) \u2013 \u2013 \u2013 \u2013 \u2013 currency translation (6.3) 5.4 (0.9) \u2013 (0.9) 11.2 (9.0) 2.2 (0.1) 2.1 as at 31 December 134.2 (113.1) 21.1 14.1 35.2 205.7 (170.0) 35.7 17.8 53.5 The retirement benefit obligations are largely related to defined benefit plans in the UK, Germany and France. The liability in the balance sheet and the amounts recognised in the income statement for these countries are as follows: United United Kingdom Germany France other total Kingdom Germany France other total 2022 2021 balance sheet funded obligations 106.2 8.0 1.5 18.5 134.2 170.3 11.0 1.7 22.7 205.7 fair value of plan assets (91.3) (5.3) (0.8) (15.7) (113.1) (145.5) (5.6) (0.8) (18.1) (170.0) net liability of funded schemes 14.9 2.7 0.7 2.8 21.1 24.8 5.4 0.9 4.6 35.7 unfunded obligations 0.2 5.1 6.6 2.2 14.1 \u2013 7.3 7.9 2.6 17.8 as at 31 December 15.1 7.8 7.3 5.0 35.2 24.8 12.7 8.8 7.2 53.5 income statement current service cost 0.4 0.1 0.8 0.8 2.1 0.3 0.1 0.7 0.9 2.0 interest expense / (income) 0.4 0.2 0.1 \u2013 0.7 0.6 0.2 \u2013 \u2013 0.8 curtailments and settlements \u2013 \u2013 (0.3) (0.3) (0.6) \u2013 \u2013 (0.2) (0.6) (0.8) in income statement 0.8 0.3 0.6 0.5 2.2 0.9 0.3 0.5 0.3 2.0 The significant actuarial assumptions used for the calculations of the defined benefit obligations are: United United Kingdom Germany France Kingdom Germany France actuarial assumptions discount rate 4.8% 3.5% 3.8% 1.8% 1.2% 0.8% rate of inflation 3.2% 2.0% 2.2% 3.4% 1.7% 2.0% future salary increases \u2013 2.5% 3.0% \u2013 2.5% 2.0% Assumptions regarding future mortality are based on published statistics and mortality tables in the respective countries. The sensitivity of the defined benefit obligation to changes in the actuarial assumptions is: impact on change in defined benefit assumption obligation actuarial assumptions discount rate + 0.5% decrease by 6% rate of inflation + 0.5% increase by 5% future salary increases + 0.5% increase by 1% life expectancy + 1 year increase by 3% The sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, the outcome will deviate from this analysis because assumptions may be correlated. The plan assets consist of the following categories: 2022 2021 equities 47% 60% bonds 3% 3% other net assets 50% 37% total 100% 100% The other net assets mainly comprise collective insurance contracts held by insurance companies. The Dutch subsidiaries participate in multi-employer pension plans. Under IFRS these plans qualify as defined contribution plans as sufficient information is not available to recognise as a defined benefit plan. The Group expects EUR 4.6 million in contributions to be paid to its defined benefit plans in 2023 of which EUR 3.7 million is related to the UK defined benefit plans. United Kingdom defined benefit plans The defined benefit plans in the UK comprise the Yorkshire Fittings Pension Scheme and the Hauck Heat Treatment Limited Group Pension Scheme (previously known as TTI Group Pension Scheme). The defined benefit plans can be classified as final salary benefit plans. Both plans are subject to funding legislation, which came into force on 30 December 2005, outlined in the Pensions Act 2004. This, together with documents issued by the Pensions Regulator, and Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension plans. Together with the trustees, the investment strategy is reviewed at the time of each funding valuation. In addition and in accordance with the actuarial valuations, the Group has agreed with the trustees of the pension schemes that it will meet expenses of the plans and levies to the Pension Protection Fund as and when they are due. None of the fair values of the related assets include any direct investments in the company\u2019s own financial instruments or any property occupied by, or other assets used by, the company. All the scheme assets have a quoted market price in an active market with the exception of the Trustee\u2019s bank account balance. The plan asset scheme of Yorkshire Fittings Pension Scheme holds next to equities, bonds, property and cash also Liability Driven Investments (\u2018LDI\u2019). The LDI aim to hedge a significant part of the inflation risk and interest rate risk to the liabilities. The LDI are classified as \u2018other net assets\u2019. Yorkshire Fittings Pension Scheme The Yorkshire Fittings Pension Scheme is a separate trustee administrated fund, holding the pension assets to meet long-term pension liabilities for some 560 past employees. The scheme closed to future accrual with effect from 31 December 2010. The weighted average duration of the defined benefit obligation at the period ended 31 December 2022 is 14 years. The most recent statutory funding valuation of Yorkshire Fittings Pension Scheme was carried out as at 31 March 2021 and showed a deficit of GBP 30.2 million. Allowing for actual asset returns, contributions and changes in market conditions between 31 March 2021 and 31 October 2021 reduced the deficit to GBP 23.0 million. The company has agreed with the trustees that it will aim to eliminate the deficit over a period of 7 years and 10 months from 1 April 2022 by the payment of GBP 2.4 million per annum, increasing by 4% per annum. The Company has issued a parent guarantee, for a maximum amount of GBP 75.0 million. The IAS 19 actuarial report of the Yorkshire Fittings Pension Scheme shows a deficit of GBP 12.3 million as at 31 December 2022 (2021: GBP 15.4 million). Hauck Heat Treatment Limited Group Pension Scheme The Hauck Heat Treatment Limited Group Pension Scheme is a separate trustee administrated fund, holding the pension assets to meet long-term pension liabilities for some 160 past employees. The scheme closed to future accrual with effect from 30 September 2007. The average duration of the defined benefit obligation at the period ended 31 December 2022 is 12 years. The most recent statutory funding valuation of Hauck Heat Treatment Limited Group Pension Scheme was carried out as at 31 December 2021 and showed a deficit of GBP 7.8 million. The company has agreed with the trustees that it will aim to eliminate the deficit. The fundings shortfall is expected to be addressed by 28 February 2027 by the payments of annual contributions of GBP 0.7 million in respect of the deficit. The Company has issued a parent guarantee, for a maximum amount of GBP 9.5 million. The IAS 19 actuarial report of the Hauck Heat Treatment Limited Group Pension Scheme shows a deficit of GBP 0.8 million as at 31 December 2022 (2021: GBP 5.5 million). \ue61d\ue619\ue618\ue61fpersonnel\ue61fexpenses\ue61f2022 2021 wages and salaries (726.3) (669.2) social security charges (120.0) (107.1) defined benefit plans (1.5) (1.2) defined contribution plans (20.0) (19.9) termination benefits (10.6) (13.5) other expenses related to employees (28.2) (26.1) total (906.6) (837.0) In the year under review, the average number of full-time employees amounted to 15,035 (2021: 15,013) of which 12,750 (2021: 12,885) full-time employees are active outside the Netherlands. The termination benefits of EUR 10.6 million relate to 2022 operational excellence programme (2021: EUR 13.5 million). The remuneration of the Management and Supervisory Board is disclosed as part of the company financial statements (note 33.9). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "accounting policies#### The Group has a number of pension plans in accordance with local conditions and practices. 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 sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Mainly in the UK, Germany, France, Italy and Norway, the plans are partly defined benefit plans. 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 or asset recognised in the balance sheet 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. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. 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 outflows 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 liability. Remeasurements, including actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income and therefore immediately charged or credited to equity. The service costs including past service costs and the impact of curtailments and settlements are recognised as personnel expenses. The interest expenses are recognised as net interest expenses on employee benefit plans as part of net finance cost. Curtailment gains and losses are accounted for as past service costs. accounting policies#### Personnel expenses are recognised when the related service is provided. For more details on accounting policies related to employee benefits provisions and share-based payments refer to note 17 and 13 respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "accounting policies#### The Group has a number of pension plans in accordance with local conditions and practices. 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 sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Mainly in the UK, Germany, France, Italy and Norway, the plans are partly defined benefit plans. 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 or asset recognised in the balance sheet 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. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. 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 outflows 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 liability. Remeasurements, including actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions, are recognised in other comprehensive income and therefore immediately charged or credited to equity. The service costs including past service costs and the impact of curtailments and settlements are recognised as personnel expenses. The interest expenses are recognised as net interest expenses on employee benefit plans as part of net finance cost. Curtailment gains and losses are accounted for as past service costs. accounting policies#### A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. accounting policies#### Personnel expenses are recognised when the related service is provided. For more details on accounting policies related to employee benefits provisions and share-based payments refer to note 17 and 13 respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-2": {
"value": "\ue619\ue615\ue618\ue61fprovisions\ue61fearn out restructuring other total current portion \u2013 12.5 \u2013 12.5 non-current portion \u2013 \u2013 7.3 7.3 as at 1 January 2022 \u2013 12.5 7.3 19.8 additions 0.3 11.1 8.1 19.5 used / paid during year \u2013 (10.3) (1.2) (11.5) acquired subsidiaries 24.1 \u2013 0.9 25.0 disposal of subsidiaries \u2013 \u2013 (0.1) (0.1) unused amounts reversed (5.2) (2.3) (0.8) (8.3) as at 31 December 2022 19.2 11.0 14.2 44.4 current portion 10.1 11.0 \u2013 21.1 non-current portion 9.1 \u2013 14.2 23.3 as at 31 December 2022 19.2 11.0 14.2 44.4 Provision for earn out relates to result dependent deferred purchase consideration for acquisitions for an amount of EUR 19.2 million, of which EUR 10.1 million is included in other current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "\ue619\ue615\ue618\ue61fprovisions\ue61fearn out restructuring other total current portion \u2013 12.5 \u2013 12.5 non-current portion \u2013 \u2013 7.3 7.3 as at 1 January 2022 \u2013 12.5 7.3 19.8 additions 0.3 11.1 8.1 19.5 used / paid during year \u2013 (10.3) (1.2) (11.5) acquired subsidiaries 24.1 \u2013 0.9 25.0 disposal of subsidiaries \u2013 \u2013 (0.1) (0.1) unused amounts reversed (5.2) (2.3) (0.8) (8.3) as at 31 December 2022 19.2 11.0 14.2 44.4 current portion 10.1 11.0 \u2013 21.1 non-current portion 9.1 \u2013 14.2 23.3 as at 31 December 2022 19.2 11.0 14.2 44.4 Provision for earn out relates to result dependent deferred purchase consideration for acquisitions for an amount of EUR 19.2 million, of which EUR 10.1 million is included in other current liabilities. In 2022 an amount of EUR 11.1 million was added to the restructuring provision as part of the operational excellence programme (2021: EUR 11.5 million). At year-end the restructuring provision amounts to EUR 11.0 million (2021: EUR 12.5 million). Other provisions include liabilities related to normal business operations and provisions for environmental restoration amount to EUR 14.2 million as per 31 December 2022 (2021: EUR 7.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-3": {
"value": "In 2022 an amount of EUR 11.1 million was added to the restructuring provision as part of the operational excellence programme (2021: EUR 11.5 million). At year-end the restructuring provision amounts to EUR 11.0 million (2021: EUR 12.5 million). Other provisions include liabilities related to normal business operations and provisions for environmental restoration amount to EUR 14.2 million as per 31 December 2022 (2021: EUR 7.3 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-4": {
"value": "A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-2": {
"value": "\ue619\ue616\ue618\ue61ftrade\ue61fand\ue61fother\ue61fpayables\ue61f31-12-2022 31-12-2021 trade creditors 359.5 341.6 investment creditors 30.8 16.6 customer related payables 79.8 92.1 total 470.1 450.3 Trade and other payables are payables arising from the Group\u2019s normal business operations. Trade and other payables fall due in less than one year. The fair value of the trade and other payables approximates the book value, due to their short-term character. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-3": {
"value": "accounting policies#### Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade payables are derecognised when the contractual obligation is either discharged, cancelled or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "\ue61d\ue613\ue618\ue61fother\ue61fcurrent\ue61fliabilities\ue61f31-12-2022 31-12-2021 social security charges and taxes 28.7 24.2 value added tax 21.1 20.0 accrued expenses 48.8 57.1 amounts due to personnel 69.6 68.3 deferred consideration liability 5.1 9.4 current earn out obligations 10.1 \u2013 derivative financial instruments 1.4 4.5 other 27.8 21.6 total 212.6 205.1 Other current liabilities fall due in less than one year. The fair value of the current liabilities approximates the book value, due to their short-term character. 20.2 deferred consideration liability 2022 2021 as at 1 January 11.2 1.5 payments (8.5) (1.7) acquired subsidiaries 3.2 10.9 currency translation 0.7 0.5 as at 31 December 6.6 11.2 current portion of deferred consideration liability 5.1 9.4 non-current financial liabilities 1.5 1.8 as at 31 December 6.6 11.2 The deferred consideration liability consists of fixed deferred payments in relation to the acquisition of subsidiaries and amounts to EUR 6.6 million as per 31 December 2022 (2021: EUR 11.2 million). The non-current portion is presented under non-current financial liabilities and the current portion under other current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "\ue61d\ue613\ue618\ue61fother\ue61fcurrent\ue61fliabilities\ue61f31-12-2022 31-12-2021 social security charges and taxes 28.7 24.2 value added tax 21.1 20.0 accrued expenses 48.8 57.1 amounts due to personnel 69.6 68.3 deferred consideration liability 5.1 9.4 current earn out obligations 10.1 \u2013 derivative financial instruments 1.4 4.5 other 27.8 21.6 total 212.6 205.1 Other current liabilities fall due in less than one year. The fair value of the current liabilities approximates the book value, due to their short-term character. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "\ue61d\ue613\ue618\ue61fother\ue61fcurrent\ue61fliabilities\ue61f31-12-2022 31-12-2021 social security charges and taxes 28.7 24.2 value added tax 21.1 20.0 accrued expenses 48.8 57.1 amounts due to personnel 69.6 68.3 deferred consideration liability 5.1 9.4 current earn out obligations 10.1 \u2013 derivative financial instruments 1.4 4.5 other 27.8 21.6 total 212.6 205.1 Other current liabilities fall due in less than one year. The fair value of the current liabilities approximates the book value, due to their short-term character. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "20.1 derivative financial instruments The derivative financial instruments consist of the following items: 31-12-2022 31-12-2021 interest rate swap contracts \u2013 4.3 foreign currency exchange contracts 1.4 0.2 derivative financial instruments - liabilities 1.4 4.5 interest rate swap contracts (29.4) \u2013 foreign currency exchange contracts (0.2) (1.4) metal price hedging contracts \u2013 (0.5) derivative financial instruments - assets (29.6) (1.9) total (28.2) 2.6 The principal amounts of the outstanding interest rate swap contracts at 31 December 2022 were EUR 535.3 million (2021: EUR 241.3 million), for foreign currency exchange contracts EUR 149.0 million (2021: EUR 133.7 million) and for metal price hedging contracts EUR 1.2 million (2021: EUR 7.0 million). The maturity of interest rate swaps is directly related to the bank loans (note 14) and are used for hedging. The foreign currency exchange and metal hedging contracts are classified as held for trading and are short-term. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "The fair value of financial instruments equals the market value at 31 December 2022. All financial instruments are classified as level 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": "accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-5": {
"value": "accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-6": {
"value": "accounting policies#### The Group uses derivative financial instruments like interest rate swaps, foreign currency contracts and commodity futures to hedge cash flow risks from non-current borrowings, foreign currency exchange and commodity prices. In accordance with its treasury policy, the Group neither holds nor issues derivate financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are classified as held for trading instruments for accounting purposes and are accounted for at fair value through profit and loss. Derivatives are stated at fair value. Changes in the fair value of these financial instruments are recognised immediately in the income statement. However, where the derivatives qualify for hedge accounting, recognition of any resulting gain or loss depends on the nature of the item being hedged. At the inception of the hedge relationship, the Group determines 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 ongoing basis, the Group determines whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the \u2018other gains and losses\u2019 line item. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The valuation of the interest rate swaps is based on future cash flows which are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. The valuation of foreign currency hedging contracts is based on future cash flows which are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-3": {
"value": "20.2 deferred consideration liability 2022 2021 as at 1 January 11.2 1.5 payments (8.5) (1.7) acquired subsidiaries 3.2 10.9 currency translation 0.7 0.5 as at 31 December 6.6 11.2 current portion of deferred consideration liability 5.1 9.4 non-current financial liabilities 1.5 1.8 as at 31 December 6.6 11.2 The deferred consideration liability consists of fixed deferred payments in relation to the acquisition of subsidiaries and amounts to EUR 6.6 million as per 31 December 2022 (2021: EUR 11.2 million). The non-current portion is presented under non-current financial liabilities and the current portion under other current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "In the year under review, the average number of full-time employees amounted to 15,035 (2021: 15,013) of which 12,750 (2021: 12,885) full-time employees are active outside the Netherlands. The termination benefits of EUR 10.6 million relate to 2022 operational excellence programme (2021: EUR 13.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "\ue61d\ue61d\ue618\ue61fother\ue61foperating\ue61fexpenses\ue61f2022 2021 production expenses (318.4) (272.4) selling expenses (49.4) (42.0) housing expenses (31.6) (32.9) general expenses (128.8) (123.0) warranty costs (2.5) (4.7) total (530.7) (475.0) \ue61d\ue61c\ue618\ue61fother\ue61fincome\ue61f2022 2021 gains on disposal and earn-out gains 39.6 173.7 insurance amounts received 5.9 0.5 government grants 1.9 1.7 result on property, plant and equipment 1.0 (1.1) other 6.4 2.7 total 54.8 177.5 The gains on disposals and earn-out gains of EUR 39.6 million in 2022 mostly relates to the disposals of VTI Ventil Technik GmbH and Elkhart Tri-Went Industrial. In 2021, the gains on disposals and earn-out gains of EUR 173.7 million mostly related to the disposal of Lasco. Refer to note 29.2 for further details on the disposal of subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "\ue61d\ue61d\ue618\ue61fother\ue61foperating\ue61fexpenses\ue61f2022 2021 production expenses (318.4) (272.4) selling expenses (49.4) (42.0) housing expenses (31.6) (32.9) general expenses (128.8) (123.0) warranty costs (2.5) (4.7) total (530.7) (475.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-3": {
"value": "\ue61d\ue61c\ue618\ue61fother\ue61fincome\ue61f2022 2021 gains on disposal and earn-out gains 39.6 173.7 insurance amounts received 5.9 0.5 government grants 1.9 1.7 result on property, plant and equipment 1.0 (1.1) other 6.4 2.7 total 54.8 177.5 The gains on disposals and earn-out gains of EUR 39.6 million in 2022 mostly relates to the disposals of VTI Ventil Technik GmbH and Elkhart Tri-Went Industrial. In 2021, the gains on disposals and earn-out gains of EUR 173.7 million mostly related to the disposal of Lasco. Refer to note 29.2 for further details on the disposal of subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-4": {
"value": "\ue61d\ue61c\ue618\ue61fother\ue61fincome\ue61f2022 2021 gains on disposal and earn-out gains 39.6 173.7 insurance amounts received 5.9 0.5 government grants 1.9 1.7 result on property, plant and equipment 1.0 (1.1) other 6.4 2.7 total 54.8 177.5 The gains on disposals and earn-out gains of EUR 39.6 million in 2022 mostly relates to the disposals of VTI Ventil Technik GmbH and Elkhart Tri-Went Industrial. In 2021, the gains on disposals and earn-out gains of EUR 173.7 million mostly related to the disposal of Lasco. Refer to note 29.2 for further details on the disposal of subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-3": {
"value": "accounting policies#### Other income is income not related to the key business activities of the Group or relates to non-recurring items. Other income from asset disposals is recognised in profit or loss when control over the sold asset is transferred to the buyer. The amount recognised as other income equals the proceeds obtained minus the net book value of the sold asset. Insurance amounts received relate to business interruption insurance and to the excess amounts received above the net book value of the lost assets. Government grants are recognised at fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all related conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match the costs they are intended to compensate. Government grants relating to compensation for personnel are deducted from the personnel expenses. Government grants relating to the purchase of property, plant and equipment are deducted from the carrying amount of that property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-2": {
"value": "\ue61d\ue61b\ue618\ue61fnet\ue61ffinance\ue61fcost\ue61f2022 2021 interest cost on bank loans and current borrowings (18.4) (11.3) interest cost on lease liabilities (2.1) (2.4) total interest expense (20.5) (13.7) interest income 0.4 0.3 net interest expense (20.1) (13.4) foreign currency exchange contracts (2.4) 0.3 metal price hedge contracts (0.5) 0.3 fair value results on derivative financial instruments (2.9) 0.6 net interest expense on employee benefit plans (0.7) (0.8) unwinding of discounts (0.1) 0.3 foreign currency exchange results 3.0 0.1 net finance cost (20.8) (13.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-3": {
"value": "\ue61d\ue61b\ue618\ue61fnet\ue61ffinance\ue61fcost\ue61f2022 2021 interest cost on bank loans and current borrowings (18.4) (11.3) interest cost on lease liabilities (2.1) (2.4) total interest expense (20.5) (13.7) interest income 0.4 0.3 net interest expense (20.1) (13.4) foreign currency exchange contracts (2.4) 0.3 metal price hedge contracts (0.5) 0.3 fair value results on derivative financial instruments (2.9) 0.6 net interest expense on employee benefit plans (0.7) (0.8) unwinding of discounts (0.1) 0.3 foreign currency exchange results 3.0 0.1 net finance cost (20.8) (13.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-4": {
"value": "\ue61d\ue61b\ue618\ue61fnet\ue61ffinance\ue61fcost\ue61f2022 2021 interest cost on bank loans and current borrowings (18.4) (11.3) interest cost on lease liabilities (2.1) (2.4) total interest expense (20.5) (13.7) interest income 0.4 0.3 net interest expense (20.1) (13.4) foreign currency exchange contracts (2.4) 0.3 metal price hedge contracts (0.5) 0.3 fair value results on derivative financial instruments (2.9) 0.6 net interest expense on employee benefit plans (0.7) (0.8) unwinding of discounts (0.1) 0.3 foreign currency exchange results 3.0 0.1 net finance cost (20.8) (13.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-5": {
"value": "\ue61d\ue61b\ue618\ue61fnet\ue61ffinance\ue61fcost\ue61f2022 2021 interest cost on bank loans and current borrowings (18.4) (11.3) interest cost on lease liabilities (2.1) (2.4) total interest expense (20.5) (13.7) interest income 0.4 0.3 net interest expense (20.1) (13.4) foreign currency exchange contracts (2.4) 0.3 metal price hedge contracts (0.5) 0.3 fair value results on derivative financial instruments (2.9) 0.6 net interest expense on employee benefit plans (0.7) (0.8) unwinding of discounts (0.1) 0.3 foreign currency exchange results 3.0 0.1 net finance cost (20.8) (13.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "accounting policies#### Interest expense and income on current and non-current borrowings, foreign currency exchange results and fair value changes on derivative financial instruments are recognised in the income statement in net finance cost if no hedge accounting is applied. Results from derivative financial instruments for which hedge accounting is applied are brought from equity to net finance cost upon expiration and in relation with the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-4": {
"value": "accounting policies#### Interest expense and income on current and non-current borrowings, foreign currency exchange results and fair value changes on derivative financial instruments are recognised in the income statement in net finance cost if no hedge accounting is applied. Results from derivative financial instruments for which hedge accounting is applied are brought from equity to net finance cost upon expiration and in relation with the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-5": {
"value": "accounting policies#### Interest expense and income on current and non-current borrowings, foreign currency exchange results and fair value changes on derivative financial instruments are recognised in the income statement in net finance cost if no hedge accounting is applied. Results from derivative financial instruments for which hedge accounting is applied are brought from equity to net finance cost upon expiration and in relation with the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-2": {
"value": "\ue61d\ue61a\ue618\ue61fincome\ue61ftax\ue61fexpense\ue61f2022 2021 current tax: \u2022 current year (102.6) (127.0) \u2022 prior years 2.8 2.7 total current tax (99.8) (124.3) deferred tax (2.5) (0.8) total income tax expense (102.3) (125.1) 2022 % 2021 % profit before tax 424.6 100.0 492.9 100.0 tax at domestic rates (108.3) (25.5) (123.2) (25.0) non-deductible expenses (3.7) (0.9) (3.8) (0.8) tax-exempt results and 12.3 2.9 6.3 1.3 tax relief facilities other effects (2.6) (0.6) (4.4) (0.9) total income tax expense (102.3) (24.1) (125.1) (25.4) and effective tax rate % ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-3": {
"value": "accounting policies#### The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. 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 Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which an applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-2": {
"value": "\ue61d\ue617\ue618\ue61fearnings\ue61fand\ue61fdividends\ue61fper\ue61fshare\ue61f26.1 earnings per share Earnings per share are calculated as follows: 2022 2021 net profit (in EUR million) 317.3 360.1 weighted average number of shares in issue (in units) 110,580,102 110,580,102 basic earnings per share (in EUR) 2.87 3.26 net profit (in EUR million) 317.3 360.1 weighted average number of shares in issue including 110,782,602 110,951,602 effect of performance share plan (in units) diluted earnings per share (in EUR) 2.86 3.25 In addition to the earnings per share based on net profit, the Group calculated earnings per share before amortisation and exceptionals: 2022 2021 net profit before amortisation and exceptionals 372.2 337.3 (in EUR million) weighted average number of shares in issue (in units) 110,580,102 110,580,102 basic earnings per share before amortisation and 3.37 3.05 exceptionals (in EUR) net profit before amortisation and exceptionals 372.2 337.3 (in EUR million) weighted average number of shares in issue including 110,782,602 110,951,602 effect of performance share plan (in units) diluted earnings per share before amortisation and 3.36 3.04 exceptionals (in EUR) The net profit before amortisation and exceptionals (in EUR million) is as follows: in EUR million 2022 2021 net profit 317.3 360.1 amortisation 54.9 48.4 exceptional (income) / costs \u2013 (100.3) tax impact on exceptionals \u2013 29.1 net profit before amortisation and exceptionals 372.2 337.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-3": {
"value": "accounting policies#### The Group presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average number of shares outstanding, adjusted for the effects of all dilutive potential shares which comprise share rights granted for performance share plans. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-2": {
"value": "\ue61d\ue61e\ue618\ue61fcontingent\ue61fliabilities\ue61fThe Group has contingent liabilities in respect of bank and other guarantees arising from the ordinary course of business. It is not anticipated that any material liabilities will rise from the contingent liabilities. The Group has provided bank guarantees in the ordinary course of business amounting to EUR 13.5 million (2021: EUR 6.0 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. \ue61d\ue615\ue618\ue61fcommitments\ue61fAt year-end, outstanding commitments related to the purchase of copper, steel, brass and aluminium for the European building technology operations amounted to EUR 69.9 million (2021: EUR 67.4 million). At year-end, outstanding investment commitments in respect of property, plant and equipment EUR 51.3 million (2021: EUR 54.5 million) and in respect to intangible assets EUR 2.0 million (2021: EUR 0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-3": {
"value": "\ue61d\ue61e\ue618\ue61fcontingent\ue61fliabilities\ue61fThe Group has contingent liabilities in respect of bank and other guarantees arising from the ordinary course of business. It is not anticipated that any material liabilities will rise from the contingent liabilities. The Group has provided bank guarantees in the ordinary course of business amounting to EUR 13.5 million (2021: EUR 6.0 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-3": {
"value": "accounting policies#### A contingent liability is a liability of uncertain timing and amount. Contingencies are not recognised in the balance sheet because the existence can only be confirmed by occurrence or non-occurrence of one or more uncertain future events, or because the risk of loss is estimated to be possible but not probable or because the amount cannot be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "\ue61d\ue615\ue618\ue61fcommitments\ue61fAt year-end, outstanding commitments related to the purchase of copper, steel, brass and aluminium for the European building technology operations amounted to EUR 69.9 million (2021: EUR 67.4 million). At year-end, outstanding investment commitments in respect of property, plant and equipment EUR 51.3 million (2021: EUR 54.5 million) and in respect to intangible assets EUR 2.0 million (2021: EUR 0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "\ue61d\ue616\ue618\ue61fbusiness\ue61fcombinations\ue61f29.1 acquisition of subsidiaries The following Group companies were acquired in 2022: as of interest segment industrial ISEL Germany AG February 2022 100% technology building UWS Technologie GmbH April 2022 100% technology industrial KML Linear Motion Technology GmbH September 2022 100% technology ISEL Germany AG (Germany) Aalberts acquired 100% of the shares of ISEL Germany AG, based in Germany and generating an annual revenue of approximately EUR 35 million with 200 employees. ISEL combines mechanics, electronics and software knowledge to develop, engineer and manufacture wafer handling & robotics and machine systems with digital services. ISEL is active in the semicon efficiency and industrial niches end markets. Moreover, most of the components needed for these systems are manufactured in-house, such as linear motion units, rotary stages and drive elements. ISEL is able to offer completely customised advanced mechatronics solutions with digital services. Through this acquisition Aalberts strengthens its technology portfolio in advanced mechatronics and expands its manufacturing footprint in Germany. The combined strength and knowledge will result in long-term innovation roadmaps for our customers, driving significant future growth in fast-growing end markets. UWS Technologie GmbH (Germany) Aalberts acquired 100% of the shares of UWS Technologie GmbH (UWS) and service company Heat-Power 24 GmbH (Heat-Power), based in Germany and generating an annual revenue of approximately EUR 25 million with 90 employees. UWS develops and manufactures water treatment systems to improve the energy efficiency of heating and cooling installations in eco-friendly buildings. Heat-Power offers filling services and regular maintenance of the UWS systems for eco-friendly buildings, in close cooperation with the building owner and installer. These services are often combined with Internet of Things (IoT) solutions to optimise energy efficiency in the heating and cooling systems by measuring and improving water quality according to government regulations. The UWS systems and Heat-Power services are complementary to the technology offering of Aalberts hydronic flow control and Sentinel, acquired in 2021. The UWS systems and Heat-Power services can be introduced in almost all regions where Aalberts hydronic flow control and Sentinel are active, utilising the existing sales forces. The combined strength and knowledge of the service, innovation and digital teams will drive significant future growth in improving the energy efficiency of heating and cooling systems for the eco-friendly buildings end market. KML Linear Motion Technology GmbH (Austria) Aalberts acquired 100% of the shares of KML Linear Motion Technology GmbH and KML Precision Machining GmbH (KML), based in Austria and generating an annual revenue of approximately EUR 35 million with 120 employees. KML provides cutting-edge mechatronic solutions performing linear and rotative high-speed movements in complex areas of application. KML systems are predominantly used as integral subsystem of machinery, enabling high-performance manufacturing in semicon efficiency. KML\u2019s portfolio encompasses mainly customised solutions, tailored precisely to the customers\u2019 individual needs from design to series production. KML is a partner from project definition and conception to engineering, manufacturing and assembly, including training and aftersales service. In addition, KML offers standardised linear motor systems and components. Both companies can offer combined mechatronics solutions to existing key accounts and new customers in the different regions. Technology will be exchanged between the companies to drive innovations and further capacity expansions will be executed. As at acquisition date the fair values of assets, liabilities and cash flow on account of these acquisitions were as follows: building industrial technology technology total fair values of assets and liabilities arising from business combinations intangible assets 27.0 84.8 111.8 property, plant and equipment 1.2 13.2 14.4 right-of-use assets 0.4 3.6 4.0 inventories 2.2 24.0 26.2 receivables and other current assets 2.2 12.2 14.4 cash and current borrowings 1.4 11.6 13.0 net deferred tax asset/(liability) (6.0) (22.8) (28.8) lease liabilities (0.4) (3.6) (4.0) provisions \u2013 (2.1) (2.1) payables and other current liabilities (1.8) (12.9) (14.7) net assets acquired 26.2 108.0 134.2 purchase consideration settled in cash 42.7 144.6 187.3 minority interest \u2013 0.6 0.6 deferred purchase consideration 6.7 20.6 27.3 total purchase consideration 49.4 165.8 215.2 goodwill 23.2 57.8 81.0 purchase consideration settled in cash 42.7 144.6 187.3 cash and current borrowings (1.4) (11.6) (13.0) cash outflow from acquisitions 41.3 133.0 174.3 The fair values of the identifiable assets and liabilities as at acquisition date for the acquisitions in 2022 are based on the outcome of the preliminary purchase price allocations. Therefore, the fair values of the identifiable assets and liabilities were determined provisionally and are subject to change, awaiting further validation and verification of assumptions used. The purchase price allocations will be finalised within 12 months from the applicable acquisition dates. The total purchase consideration of EUR 215.2 million includes a minority interest of EUR 0.6 million and deferred purchase considerations of EUR 27.3 million. This is related to fixed deferred payments and agreed upon additional considerations depending on the results for the years 2022, 2023 and 2024.The deferred purchase consideration relating to these transactions represents its fair value as at acquisition date. The deferred purchase considerations are recognised as part of the provisions and deferred consideration liability (see notes 18 and 20). The goodwill of EUR 81.0 million related to the acquired businesses mainly include the benefit of anticipated synergies, future market developments and knowhow. The goodwill arising on these acquisitions is not tax deductible. The nominal value of the acquired receivables and other current assets at acquisition dates amounts to EUR 14.6 million (fair value EUR 14.4 million). The increase of the 2022 revenue due to the consolidation of acquisitions amounted to EUR 76.3 million. The contribution to the 2022 operating profit of Aalberts amounted to EUR 16.4 million. Had these acquisitions been effected at 1 January 2022, the contribution to the 2022 revenue would have been EUR 105.7 million (pro forma). The contribution to the operating profit for the year would have been EUR 23.7 million (pro forma). The Group incurred acquisition related costs such as external legal fees and due diligence costs for an amount of EUR 1.3 million. These costs have been excluded from the purchase consideration and have been recognised as an expense in the current year within the general expenses line item (part of other operating expenses). Contingent purchase considerations with respect to prior year acquisitions were paid in cash during 2022 for a total amount of EUR 8.5 million. Together with the EUR 174.3 million cash outflow for 2022 acquisitions, this results in a total cash outflow from acquisitions of EUR 182.8 million. 29.2 disposal of subsidiaries The following Group companies were divested in 2022: as of interest segment building Elkhart Tri-Went Industrial January 2022 100% technology industrial VTI Ventil Technik GmbH December 2022 100% technology Elkhart Tri-Went Industrial (United States) In January 2022 Aalberts divested 100% of the shares of Elkhart Tri-Went Industrial (\u2018ETI\u2019) with locations in the USA and Canada. ETI generated an annual revenue of approximately USD 45 million. As at 31 December 2021, ETI qualified as a subsidiary held for sale. VTI Ventil Technik GmbH (Germany) In December 2022 Aalberts divested 100% of the shares of VTI Ventil Technik GmbH in Germany, generating an annual revenue of approximately EUR 20 million. The book value of the assets and liabilities disposed of and the cash flow impact in 2022 is as follows: building industrial technology technology total book value of the assets and liabilities disposed intangible assets \u2013 0.7 0.7 property, plant and equipment \u2013 3.6 3.6 inventories \u2013 7.3 7.3 receivables and other current assets \u2013 2.5 2.5 assets held for sale 27.9 \u2013 27.9 cash and current borrowings 0.7 2.2 2.9 net deferred tax asset/(liability) \u2013 0.1 0.1 provisions \u2013 (0.7) (0.7) payables and other current liabilities \u2013 (2.9) (2.9) liabilities held for sale (4.7) \u2013 (4.7) currency translation (1.3) \u2013 (1.3) net assets disposed 22.6 12.8 35.4 consideration settled in cash 30.1 35.9 66.0 deferred consideration \u2013 4.1 4.1 total consideration 30.1 40.0 70.1 gain on disposal 7.5 27.2 34.7 consideration settled in cash 30.1 35.9 66.0 cash and current borrowings (0.7) (2.2) (2.9) cash inflow from disposals 29.4 33.7 63.1 The gain on the disposals in 2022 amounted to EUR 34.7 million (2021: EUR 173.7 million), while the deferred consideration related to prior year divestments decreased with EUR 0.3 million. As a result, the book profit on the 2022 disposals and the adjustment to prior year divestments amounted to EUR 34.4 million and is recognised in other income (see note 23). The 2022 disposals resulted in a net cash inflow of EUR 63.1 million. Deferred considerations for prior year disposals were settled in cash in 2022 for an amount of EUR 1.9 million. Together with the cash inflow for 2022 disposals, this results in a total cash inflow from disposals of EUR 65.0 million. In 2021, the total cash inflow from disposals amounted to EUR 298.4 million which included the net cash inflow of EUR 297.2 million from the 2021 disposals (Adex, Lasco Fitings and Standard Hidr\u00e1ulica Group) and EUR 1.2 million from settlements in cash of deferred considerations for prior year disposals. The contribution of the disposed activities to the 2022 revenue amounted to EUR 24.0 million. The contribution to the 2022 operating profit amounted to EUR 4.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-3": {
"value": "accounting policies#### Business combinations are accounted for using the acquisition method. This means that at the time of acquisition the identifiable assets and liabilities of the acquiree are included at their fair value, considering any contingent liabilities, indemnification assets, reacquired rights and the settlement of existing clients with the acquired group company. The purchase consideration is set at the payment transferred and consists of the fair value of all assets transferred, obligations entered into, and shares issued in order to obtain control of the acquired entity. This includes an estimate of the conditional purchase consideration. Any contingent consideration payable is measured at fair value at acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. All identifiable intangible assets of the acquired company are recorded at fair value. Intangible assets are separately identified and valued. An asset is identifiable when it either arises from contractual or other legal rights or if it is separable. An asset is separable if it can be sold on its own or with other assets. The transferred payment is allocated across the fair value of all assets and liabilities with any residual allocated to goodwill. Excess of the acquirer\u2019s interest in the net fair value of the acquired identifiable assets over the fair value of the payment is recognised immediately in the statement of comprehensive income. Acquisition-related costs are expensed as incurred. The accounting of non-controlling interests is determined per transaction. The non-controlling interests are valued either at the fair value on the acquisition date or at a proportionate part of the acquiree\u2019s identifiable assets and liabilities. If an acquisition is affected by consecutive purchases (step acquisition) the identifiable assets and liabilities of the acquiree are included at their fair value once control is acquired. Any profit or loss pursuant to the difference between the fair value of the interest held previously in the acquiree and the carrying amount is included in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-127-4": {
"value": "accounting policies#### Business combinations are accounted for using the acquisition method. This means that at the time of acquisition the identifiable assets and liabilities of the acquiree are included at their fair value, considering any contingent liabilities, indemnification assets, reacquired rights and the settlement of existing clients with the acquired group company. The purchase consideration is set at the payment transferred and consists of the fair value of all assets transferred, obligations entered into, and shares issued in order to obtain control of the acquired entity. This includes an estimate of the conditional purchase consideration. Any contingent consideration payable is measured at fair value at acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. All identifiable intangible assets of the acquired company are recorded at fair value. Intangible assets are separately identified and valued. An asset is identifiable when it either arises from contractual or other legal rights or if it is separable. An asset is separable if it can be sold on its own or with other assets. The transferred payment is allocated across the fair value of all assets and liabilities with any residual allocated to goodwill. Excess of the acquirer\u2019s interest in the net fair value of the acquired identifiable assets over the fair value of the payment is recognised immediately in the statement of comprehensive income. Acquisition-related costs are expensed as incurred. The accounting of non-controlling interests is determined per transaction. The non-controlling interests are valued either at the fair value on the acquisition date or at a proportionate part of the acquiree\u2019s identifiable assets and liabilities. If an acquisition is affected by consecutive purchases (step acquisition) the identifiable assets and liabilities of the acquiree are included at their fair value once control is acquired. Any profit or loss pursuant to the difference between the fair value of the interest held previously in the acquiree and the carrying amount is included in the income statement. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-132-2": {
"value": "29.3 assets held for sale As at 31 December 2021 the company Elkhart Tri-Went Industrial (ETI) was classified as a subsidiary held for sale. Assets amounting to EUR 26.7 million and liabilities amounting to EUR 5.1 million were reclassified as held for sale as per 31 December 2021 (net assets held for sale of EUR 21.6 million). In January 2022 ETI was divested (see note 29.2). No subsidiary is classified as held for sale as per 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-3": {
"value": "accounting policies#### Non-current assets (or 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 and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets are not depreciated or amortised while they are classified as held for sale. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-2": {
"value": "\ue61c\ue613\ue618\ue61foverview\ue61fof\ue61fsignificant\ue61fsubsidiaries\ue61fThe consolidated financial statements of Aalberts incorporate the financial information of more than 200 legal entities controlled by the Company and its subsidiaries. The overview group companies as included in this annual report shows the most important operational legal entities including the country in which their main operations are located. They all are wholly owned subsidiaries, unless indicated otherwise. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-135-2": {
"value": "\ue61c\ue619\ue618\ue61frelated\ue61fparties\ue61fThe Management Board and the Supervisory Board are considered key management. Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the Group as a whole. The total remuneration of key management in 2022 amounts to EUR 3.7 million (2021: EUR 4.2 million). In addition transactions with Aalberts\u2019 pension funds qualify as related party transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-3": {
"value": "No material related party transactions have been executed other than transactions with pension funds (note 17) and remuneration of the Management Board and the Supervisory Board (note 33.9) under normal business conditions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-2": {
"value": "32. subsequent events There are no subsequent events to report. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-138-2": {
"value": "\ue61c\ue61c\ue618\ue615\ue61faudit\ue61ffees\ue61fThe following amounts are charged as audit fees by Deloitte Accountants B.V. and its member firm and/or affiliates (amounts in EUR 1,000). Deloitte Deloitte Deloitte 2022 Accountants B.V. network total audit of financial statements 960 1,837 2,797 other audit services \u2013 8 8 tax advisory services \u2013 66 66 other non-audit services \u2013 \u2013 \u2013 total 960 1,911 2,871 Deloitte Deloitte Deloitte 2021 Accountants B.V. network total audit of financial statements 829 1,742 2,571 other audit services \u2013 \u2013 \u2013 tax advisory services \u2013 89 89 other non-audit services \u2013 \u2013 \u2013 total 829 1,831 2,660 The fees listed above relate to the services applied to the Company and its consolidated group companies by accounting firms and independent external auditors as referred to in Section 1(1) of the Dutch Audit Firms (Supervision) Act (Wta), as well as by Dutch and foreign-based Deloitte audit firms, including their tax services and advisory groups. The audit fees relate to the audit of the 2022 financial statements, regardless of whether the work was performed during the financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-2": {
"value": "\ue61c\ue61c\ue618\ue616\ue61fremuneration\ue61fof\ue61fthe\ue61fManagement\ue61f\ue61f and\ue61fSupervisory\ue61fBoard\ue61fThe total remuneration of the members of the Management Board for 2022 amounted to EUR 3.7 million (2021: EUR 3.9 million) and is determined in accordance with the remuneration policy as disclosed in the remuneration report. amounts in EUR 1,000: Mr. W.A. Pelsma (CEO) received a salary of EUR 850 (2021: EUR 820), a bonus amounting to EUR 447 (2021: EUR 615) and a pension contribution of EUR 155 (2021: EUR 150). At year-end he held a total number of 181,875 (2021: 148,125) ordinary shares in Aalberts. Of the 35,000 conditional performance shares that were granted in 2019 (PSP 2019-2021), a total of 43,750 (125%) vested in 2022, for which EUR 160k (2021: EUR 565k) was charged to the income statement. Those shares are subject to a holding period of 2 years pursuant to the vesting and release of shares in 2022. The number of conditional performance shares awards that were granted in 2021 (PSP 2021-2023) amounted to 35,000 shares for which EUR 504k (2021: EUR 336k) was charged to the income statement. amounts in EUR 1,000: Mr. A.R. Monincx (CFO) received a salary of EUR 550 (2021: EUR 520), a bonus amounting to EUR 289 (2021: EUR 390) and a pension contribution of EUR 90 (2021: EUR 79). At year-end he held a total number of 33,000 (2021: 18,000) ordinary shares in Aalberts. Of the 15,000 conditional performance shares that were granted in 2019 (PSP 2019-2021), a total of 18,750 (125%) vested in 2022, for which EUR 69k (2021: EUR 242k) was charged to the income statement. Those shares are subject to a holding period of 2 years pursuant to the vesting and release of shares in 2022. The number of conditional performance shares awards that were granted in 2021 (PSP 2021-2023) amounted to 20,000 shares for which EUR 288k (2021: EUR 192k) was charged to the income statement. The share price of Aalberts as at 31 December 2022 amounted to EUR 36.23 per ordinary share. Additional information regarding conditional performances share awards is disclosed in note 13. The following fixed individual remunerations were paid to members of the Supervisory Board: amounts in EUR 1,000 2022 2021 1 Peter van Bommel 78.2 12.5 2Lieve Declercq 55.7 33.8 Piet Veenema 60.0 50.0 Jan van der Zouw 60.0 55.0 3 Martin van Pernis 31.5 65.0 4 Annette Rinck 19.2 45.0 5 Marjan Oudeman \u2013 22.9 total 304.6 284.2 1. appointed EGM 20212. appointed AGM 20213. untill AGM 2022 4. untill AGM 20225. untill AGM 2021 No loans, advances or guarantees have been granted to the members of the Management Board and the Supervisory Board. No options have been granted to members of the Supervisory Board. At year-end the members of the Supervisory Board do not hold shares in the Company. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EMP9DT6Q35HZ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}
}