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 consolidated financial statements of the Group for the year ended 31 December 2024 comprise the financial statements of the Company and its subsidiaries. The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 26 February 2025. The Management Board released the full-year results on 27 February 2025. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 10 April 2025.
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.
\nThe 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 2024. 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 with the exception of IFRS 18 which may have an impact on the presentation within the financial statements.
global minimum tax (Pillar Two)
The Group falls within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the Netherlands and in various other jurisdictions in which the Group operates and has come into effect on January 1, 2024. The Group has applied the temporary mandatory relief from deferred tax accounting (including disclosure) related to Pillar Two income taxes and accounts for them as current taxes when they are incurred.
Since the Ultimate Parent Entity of the Group resides in an implementing jurisdiction, all entities in the group are in scope of the Pillar Two rules. Some jurisdictions in which the Group operates have introduced local Pillar 2 rules, the so-called QDMTTs, which means that these jurisdictions have the primary Pillar Two (Top-up) taxing rights. These QDMTTs do not materially impact the Top-up Tax due by the Group. Other jurisdictions in which the Group operates have not yet enacted (local) Pillar 2 rules, although they may or may not introduce such rules in the (near) future. Overall, the Group does not expect that local enactment of Pillar 2 rules will have a material impact on the Group\u2019s Top-up Tax liability, given the fact that the Group is already in scope of the Pillar Two rules in its entirety.
\nNo significant changes in presentation have been made in the financial statements 2024 compared to 2023 except for segment reporting.\u00a0 In December 2024 and as part of the strategy update 'thrive 2030' a new simplified reporting structure was introduced during the Capital Markets Day. Aalberts will focus on leadership positions in three attractive end markets with high organic growth potential: building, industry and semicon.\u00a0 This leads to further alignment of the reporting structure, technologies and end markets as well as increased transparency. Going forward Aalberts will present information in 3 reportable segments (building, industry and semicon) were previously the information was presented in 2 reportable segments (building technnology and industrial technology).
\nThe 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.\u00a0
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.
\nItems 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.
\nForeign 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:
| \n | \n\n 1 EUR = USD | \n \n 1 EUR = GBP | \n
| \n 2024 year-end | \n \n 1.035 | \n \n 0.827 | \n
| \n 2024 average | \n \n 1.082 | \n \n 0.846 | \n
| \n 2023 year-end | \n \n 1.104 | \n \n 0.867 | \n
| \n 2023 average | \n \n 1.082 | \n \n 0.870 | \n
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:
assets and liabilities are translated at the exchange rate at the date of that balance sheet
income and expenses are translated at average exchange rates (approximating the exchange rates at the transactions dates), and
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.
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.
\nThe 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.
\nThe preparation of financial statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenues and expenses. The estimates and judgements are based on experience and factors that are believed to be reasonable under circumstances. Estimates and assumptions are reviewed on an ongoing basis taking into account risks associated with the impact of climate change, geopolitical developments and foreseen changes in the economic landscape.
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.
\nThe 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). The impact of climate change including relevant transition risks were considered in relation to indications of impairment and the forecast of cash flows used in the value-in-use calculations. Details on the impairment tests performed are stated in note 5.
\nThe 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. The impact of climate change on the useful life and residual values were also considered including physical risks to our locations caused by extreme weather conditions. This had no significant impact on the carrying amounts of these assets.
\nThe 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.
\nAssumptions 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.
\nProvisions for restructuring, claims, warranties and environmental restoration (note 18) are based on estimates and judgements based on available information. The main part of the provision for claims is based on judgement of the possible outcome of the request for annulment of an arbitral award. In case the award is annulled, the outcome of the provision will change. The impact of climate change was considered in relation to the recognition and measurement of provisions and had no significant impact on the amounts included.
\nThe 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.
\nFor the purpose of the purchase price allocation (note 29.1) judgements and estimates on 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.
\n\u2003
\nAalberts businesses are presented in the reportable segments building, industry and semicon.
Within building, the Aalberts companies design, develop and manufacture products that enable and control the transport, distribution and emitter of water and gas flows to enable heating and cooling. These products are mainly present in the eco-friendly buildings, and industrial niches such as data centres. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers.
Within industry, the Aalberts companies co-develop, engineer and manufacture for worldwide active OEMs within industrial niches and \u200bare offering an extensive range of technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches.\u00a0
Within semicon, the Aalberts companies deliver leading-edge innovative, tailor-made and future-proof technologies, enabling the roadmaps and manufacturing challenges of high-tech customers.\u00a0
\nBesides 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.\u00a0Operational segment reporting is performed consistently with the internal reporting as provided to the Management Board.\u200b\u200b
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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIf one of the following criteria are met, then the Group recognises revenue over time:
the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs;
the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIn 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200bThe 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:
within building and most businesses within industry and semicon 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.
within industry and semicon 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.
for some made-to-order product contracts within industry and semicon, 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.
\n\u2003
\nGoodwill 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.
\nOther 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.
\nAn 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.
\nAcquired 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.
\nAmortisation 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
\nProperty, 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:
| \n category | \n \n useful life (minimum) | \n \n useful life (maximum) | \n
| \n land | \n \n infinite | \n \n infinite | \n
| \n buildings | \n \n 5 years | \n \n 40 years | \n
| \n plant and equipment | \n \n 3 years | \n \n 15 years | \n
| \n other | \n \n 3 years | \n \n 5 years | \n
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.
\nThe 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.\u00a0
\nNon-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.
\nInventories 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.
\nTrade 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
\nFor 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.
\nA 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.
\nBank 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.
\nLease 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.
\nDeferred 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.
The group has applied a temporary mandatory relief from deferred tax accounting for the impact of Pillar Two income taxes and accounts for them as current taxes when they are incurred.
\nThe 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 and France, 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.\u00a0Any 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.
\nA 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.
\nTrade 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.
\nThe 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.
\nPersonnel 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.
\nOther 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.
\nInterest 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.
\nThe 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.\u00a0
\nThe 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.
\nA 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.
\nBusiness 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIf 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.
\nNon-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.
\nNo 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1008m1000p": { "value": "\nThe 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 consolidated financial statements of the Group for the year ended 31 December 2024 comprise the financial statements of the Company and its subsidiaries. The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 26 February 2025. The Management Board released the full-year results on 27 February 2025. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 10 April 2025.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2085m1600p": { "value": "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.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2084m1609p": { "value": "The consolidated financial statements of the Group for the year ended 31 December 2024 comprise the financial statements of the Company and its subsidiaries. The financial statements were signed and authorised for issue by the Management Board and Supervisory Board on 26 February 2025. The Management Board released the full-year results on 27 February 2025. The adoption of the financial statements and the dividend are reserved for the shareholders in the General Meeting on 10 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2083m1608p": { "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:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2113m1610p": { "value": "\nThe 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 2024. 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 with the exception of IFRS 18 which may have an impact on the presentation within the financial statements.
global minimum tax (Pillar Two)
The Group falls within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the Netherlands and in various other jurisdictions in which the Group operates and has come into effect on January 1, 2024. The Group has applied the temporary mandatory relief from deferred tax accounting (including disclosure) related to Pillar Two income taxes and accounts for them as current taxes when they are incurred.
Since the Ultimate Parent Entity of the Group resides in an implementing jurisdiction, all entities in the group are in scope of the Pillar Two rules. Some jurisdictions in which the Group operates have introduced local Pillar 2 rules, the so-called QDMTTs, which means that these jurisdictions have the primary Pillar Two (Top-up) taxing rights. These QDMTTs do not materially impact the Top-up Tax due by the Group. Other jurisdictions in which the Group operates have not yet enacted (local) Pillar 2 rules, although they may or may not introduce such rules in the (near) future. Overall, the Group does not expect that local enactment of Pillar 2 rules will have a material impact on the Group\u2019s Top-up Tax liability, given the fact that the Group is already in scope of the Pillar Two rules in its entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2114m1611p": { "value": "\nThe 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 2024. 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 with the exception of IFRS 18 which may have an impact on the presentation within the financial statements.
global minimum tax (Pillar Two)
The Group falls within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the Netherlands and in various other jurisdictions in which the Group operates and has come into effect on January 1, 2024. The Group has applied the temporary mandatory relief from deferred tax accounting (including disclosure) related to Pillar Two income taxes and accounts for them as current taxes when they are incurred.
Since the Ultimate Parent Entity of the Group resides in an implementing jurisdiction, all entities in the group are in scope of the Pillar Two rules. Some jurisdictions in which the Group operates have introduced local Pillar 2 rules, the so-called QDMTTs, which means that these jurisdictions have the primary Pillar Two (Top-up) taxing rights. These QDMTTs do not materially impact the Top-up Tax due by the Group. Other jurisdictions in which the Group operates have not yet enacted (local) Pillar 2 rules, although they may or may not introduce such rules in the (near) future. Overall, the Group does not expect that local enactment of Pillar 2 rules will have a material impact on the Group\u2019s Top-up Tax liability, given the fact that the Group is already in scope of the Pillar Two rules in its entirety.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2115m1612p": { "value": "\nNo significant changes in presentation have been made in the financial statements 2024 compared to 2023 except for segment reporting.\u00a0 In December 2024 and as part of the strategy update 'thrive 2030' a new simplified reporting structure was introduced during the Capital Markets Day. Aalberts will focus on leadership positions in three attractive end markets with high organic growth potential: building, industry and semicon.\u00a0 This leads to further alignment of the reporting structure, technologies and end markets as well as increased transparency. Going forward Aalberts will present information in 3 reportable segments (building, industry and semicon) were previously the information was presented in 2 reportable segments (building technnology and industrial technology).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2116m1613p": { "value": "\nThe 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.\u00a0
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:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2123m1614p": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2118m1615p": { "value": "\nItems 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.
\nForeign 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:
| \n | \n\n 1 EUR = USD | \n \n 1 EUR = GBP | \n
| \n 2024 year-end | \n \n 1.035 | \n \n 0.827 | \n
| \n 2024 average | \n \n 1.082 | \n \n 0.846 | \n
| \n 2023 year-end | \n \n 1.104 | \n \n 0.867 | \n
| \n 2023 average | \n \n 1.082 | \n \n 0.870 | \n
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:
assets and liabilities are translated at the exchange rate at the date of that balance sheet
income and expenses are translated at average exchange rates (approximating the exchange rates at the transactions dates), and
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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2124m1617p": { "value": "\nIf 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2125m1618p": { "value": "\nThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2126m1619p": { "value": "\nThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2127m1620p": { "value": "\nThe preparation of financial statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenues and expenses. The estimates and judgements are based on experience and factors that are believed to be reasonable under circumstances. Estimates and assumptions are reviewed on an ongoing basis taking into account risks associated with the impact of climate change, geopolitical developments and foreseen changes in the economic landscape.
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.
\nThe 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). The impact of climate change including relevant transition risks were considered in relation to indications of impairment and the forecast of cash flows used in the value-in-use calculations. Details on the impairment tests performed are stated in note 5.
\nThe 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. The impact of climate change on the useful life and residual values were also considered including physical risks to our locations caused by extreme weather conditions. This had no significant impact on the carrying amounts of these assets.
\nThe 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.
\nAssumptions 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.
\nProvisions for restructuring, claims, warranties and environmental restoration (note 18) are based on estimates and judgements based on available information. The main part of the provision for claims is based on judgement of the possible outcome of the request for annulment of an arbitral award. In case the award is annulled, the outcome of the provision will change. The impact of climate change was considered in relation to the recognition and measurement of provisions and had no significant impact on the amounts included.
\nThe 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.
\nFor the purpose of the purchase price allocation (note 29.1) judgements and estimates on 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2128m1002p": { "value": "\nThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2129m1621p": { "value": "\nThe 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 2024, 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 1.7 million (2023: positive EUR 1.9 million) and the net equity would have been impacted by positive EUR 59.6 million (2023: positive EUR 63.3 million). As at 31 December 2024, 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 positive EUR 0.2 million (2023: negative EUR 0.3 million) and the net equity would have been impacted by positive EUR 22.8 million (2023: positive EUR 24.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2138m1622p": { "value": "\nThe 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 2024, 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 1.7 million (2023: positive EUR 1.9 million) and the net equity would have been impacted by positive EUR 59.6 million (2023: positive EUR 63.3 million). As at 31 December 2024, 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 positive EUR 0.2 million (2023: negative EUR 0.3 million) and the net equity would have been impacted by positive EUR 22.8 million (2023: positive EUR 24.2 million).
\nAs 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:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n bank loans: | \n \n | \n\n | \n
| \n floating rate | \n \n 24.8 | \n \n 12.2 | \n
| \n hedged from floating rate to fixed rate | \n \n 383.6 | \n \n 473.4 | \n
| \n total bank loans | \n \n 408.4 | \n \n 485.6 | \n
| \n current borrowings \u2013 floating rate | \n \n 82.7 | \n \n 55.1 | \n
| \n total bank loans and current borrowings | \n \n 491.1 | \n \n 540.7 | \n
As at 31 December 2024, if the market interest rates 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 0.5 million (2023: positive EUR 0.1 million). 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.
\nThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2133m1623p": { "value": "\nThe 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 579.7 million (2023: EUR 603.3 million):
| \n in EUR\u00a0million | \n \n 31-12-2024 | \n \n 31-12-2023 | \n
| \n trade receivables (gross) | \n \n 389.6 | \n \n 396.6 | \n
| \n non-current financial assets | \n \n 4.0 | \n \n 5.0 | \n
| \n other current assets | \n \n 96.3 | \n \n 82.0 | \n
| \n cash and cash equivalents | \n \n 89.8 | \n \n 119.7 | \n
| \n total | \n \n 579.7 | \n \n 603.3 | \n
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:
\u2003
\u2003
| \n as at 31 December 2024 | \n \n within 1 year | \n \n between 1 - 5 years | \n \n over 5 years | \n \n total contractual cash flows | \n \n carrying amount | \n
| \n bank loans | \n \n 138.4 | \n \n 285.0 | \n \n 27.8 | \n \n 451.2 | \n \n 408.4 | \n
| \n lease liabilities | \n \n 42.9 | \n \n 93.5 | \n \n 72.7 | \n \n 209.1 | \n \n 195.5 | \n
| \n current borrowings | \n \n 82.7 | \n \n \u2013 | \n \n \u2013 | \n \n 82.7 | \n \n 82.7 | \n
| \n trade and other payables | \n \n 408.0 | \n \n \u2013 | \n \n \u2013 | \n \n 408.0 | \n \n 408.0 | \n
| \n other current liabilities1 | \n \n 161.9 | \n \n \u2013 | \n \n \u2013 | \n \n 161.9 | \n \n 161.9 | \n
| \n total financial liabilities at amortised cost | \n \n 833.9 | \n \n 378.5 | \n \n 100.5 | \n \n 1,312.9 | \n \n 1,256.5 | \n
| \n derivative liabilities | \n \n 0.5 | \n \n \u2013 | \n \n \u2013 | \n \n 0.5 | \n \n 0.5 | \n
| \n total financial liabilities | \n \n 834.4 | \n \n 378.5 | \n \n 100.5 | \n \n 1,313.4 | \n \n 1,257.0 | \n
| \n as at 31 December 2023 | \n \n within 1 year | \n \n between 1 - 5 years | \n \n over 5 years | \n \n total contractual cash flows | \n \n carrying amount | \n
| \n bank loans | \n \n 121.2 | \n \n 401.2 | \n \n 25.4 | \n \n 547.8 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 36.1 | \n \n 78.9 | \n \n 54.1 | \n \n 169.1 | \n \n 161.9 | \n
| \n current borrowings | \n \n 55.1 | \n \n \u2013 | \n \n \u2013 | \n \n 55.1 | \n \n 55.1 | \n
| \n trade and other payables | \n \n 436.9 | \n \n \u2013 | \n \n \u2013 | \n \n 436.9 | \n \n 436.9 | \n
| \n other current liabilities1 | \n \n 151.6 | \n \n \u2013 | \n \n \u2013 | \n \n 151.6 | \n \n 151.6 | \n
| \n total financial liabilities at amortised cost | \n \n 800.9 | \n \n 480.1 | \n \n 79.5 | \n \n 1,360.5 | \n \n 1,291.1 | \n
| \n derivative liabilities | \n \n 0.4 | \n \n \u2013 | \n \n \u2013 | \n \n 0.4 | \n \n 0.4 | \n
| \n total financial liabilities | \n \n 801.3 | \n \n 480.1 | \n \n 79.5 | \n \n 1,360.9 | \n \n 1,291.5 | \n
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:
leverage ratio (net debt / EBITDA): 1.0 (2023: 0.9)
interest cover ratio (EBITDA / net interest expense): 21.3 (2023: 19.7)
gearing ratio (net debt / total equity): 0.2 (2023: 0.2)
EBITDA is adjusted for non-recurring items. Both EBITDA and net interest expense are on 12-month rolling basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2142m1626p": { "value": "\nThe Group holds the following financial instruments:
| \n | \n\n notes | \n \n 31-12-2024 | \n \n 31-12-2023 | \n
| \n financial assets | \n \n | \n\n | \n\n | \n
| \n non-current financial assets | \n \n 8 | \n \n 4.0 | \n \n 5.0 | \n
| \n trade receivables | \n \n 10 | \n \n 385.1 | \n \n 392.4 | \n
| \n other current assets1 | \n \n 11 | \n \n 80.4 | \n \n 56.8 | \n
| \n cash and cash equivalents | \n \n 12 | \n \n 89.8 | \n \n 119.7 | \n
| \n financial assets at amortised cost | \n \n | \n\n 559.3 | \n \n 573.9 | \n
| \n derivative assets at fair value | \n \n 20.1 | \n \n 6.3 | \n \n 15.0 | \n
| \n total financial assets | \n \n | \n\n 565.6 | \n \n 588.9 | \n
| \n | \n\n | \n\n | \n\n | \n
| \n financial liabilities | \n \n | \n\n | \n\n | \n
| \n bank loans | \n \n 14 | \n \n 408.4 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 15 | \n \n 195.5 | \n \n 161.9 | \n
| \n current borrowings | \n \n 12 | \n \n 82.7 | \n \n 55.1 | \n
| \n trade and other payables | \n \n 19 | \n \n 408.0 | \n \n 436.9 | \n
| \n other current liabilities1 | \n \n 20 | \n \n 161.9 | \n \n 151.6 | \n
| \n financial liabilities at amortised cost | \n \n | \n\n 1,256.5 | \n \n 1,291.1 | \n
| \n derivative liabilities at fair value | \n \n 20.1 | \n \n 0.5 | \n \n 0.4 | \n
| \n total financial liabilities | \n \n | \n\n 1,257.0 | \n \n 1,291.5 | \n
The Group holds the following financial instruments:
| \n | \n\n notes | \n \n 31-12-2024 | \n \n 31-12-2023 | \n
| \n financial assets | \n \n | \n\n | \n\n | \n
| \n non-current financial assets | \n \n 8 | \n \n 4.0 | \n \n 5.0 | \n
| \n trade receivables | \n \n 10 | \n \n 385.1 | \n \n 392.4 | \n
| \n other current assets1 | \n \n 11 | \n \n 80.4 | \n \n 56.8 | \n
| \n cash and cash equivalents | \n \n 12 | \n \n 89.8 | \n \n 119.7 | \n
| \n financial assets at amortised cost | \n \n | \n\n 559.3 | \n \n 573.9 | \n
| \n derivative assets at fair value | \n \n 20.1 | \n \n 6.3 | \n \n 15.0 | \n
| \n total financial assets | \n \n | \n\n 565.6 | \n \n 588.9 | \n
| \n | \n\n | \n\n | \n\n | \n
| \n financial liabilities | \n \n | \n\n | \n\n | \n
| \n bank loans | \n \n 14 | \n \n 408.4 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 15 | \n \n 195.5 | \n \n 161.9 | \n
| \n current borrowings | \n \n 12 | \n \n 82.7 | \n \n 55.1 | \n
| \n trade and other payables | \n \n 19 | \n \n 408.0 | \n \n 436.9 | \n
| \n other current liabilities1 | \n \n 20 | \n \n 161.9 | \n \n 151.6 | \n
| \n financial liabilities at amortised cost | \n \n | \n\n 1,256.5 | \n \n 1,291.1 | \n
| \n derivative liabilities at fair value | \n \n 20.1 | \n \n 0.5 | \n \n 0.4 | \n
| \n total financial liabilities | \n \n | \n\n 1,257.0 | \n \n 1,291.5 | \n
The Group holds the following financial instruments:
| \n | \n\n notes | \n \n 31-12-2024 | \n \n 31-12-2023 | \n
| \n financial assets | \n \n | \n\n | \n\n | \n
| \n non-current financial assets | \n \n 8 | \n \n 4.0 | \n \n 5.0 | \n
| \n trade receivables | \n \n 10 | \n \n 385.1 | \n \n 392.4 | \n
| \n other current assets1 | \n \n 11 | \n \n 80.4 | \n \n 56.8 | \n
| \n cash and cash equivalents | \n \n 12 | \n \n 89.8 | \n \n 119.7 | \n
| \n financial assets at amortised cost | \n \n | \n\n 559.3 | \n \n 573.9 | \n
| \n derivative assets at fair value | \n \n 20.1 | \n \n 6.3 | \n \n 15.0 | \n
| \n total financial assets | \n \n | \n\n 565.6 | \n \n 588.9 | \n
| \n | \n\n | \n\n | \n\n | \n
| \n financial liabilities | \n \n | \n\n | \n\n | \n
| \n bank loans | \n \n 14 | \n \n 408.4 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 15 | \n \n 195.5 | \n \n 161.9 | \n
| \n current borrowings | \n \n 12 | \n \n 82.7 | \n \n 55.1 | \n
| \n trade and other payables | \n \n 19 | \n \n 408.0 | \n \n 436.9 | \n
| \n other current liabilities1 | \n \n 20 | \n \n 161.9 | \n \n 151.6 | \n
| \n financial liabilities at amortised cost | \n \n | \n\n 1,256.5 | \n \n 1,291.1 | \n
| \n derivative liabilities at fair value | \n \n 20.1 | \n \n 0.5 | \n \n 0.4 | \n
| \n total financial liabilities | \n \n | \n\n 1,257.0 | \n \n 1,291.5 | \n
The Group holds the following financial instruments:
| \n | \n\n notes | \n \n 31-12-2024 | \n \n 31-12-2023 | \n
| \n financial assets | \n \n | \n\n | \n\n | \n
| \n non-current financial assets | \n \n 8 | \n \n 4.0 | \n \n 5.0 | \n
| \n trade receivables | \n \n 10 | \n \n 385.1 | \n \n 392.4 | \n
| \n other current assets1 | \n \n 11 | \n \n 80.4 | \n \n 56.8 | \n
| \n cash and cash equivalents | \n \n 12 | \n \n 89.8 | \n \n 119.7 | \n
| \n financial assets at amortised cost | \n \n | \n\n 559.3 | \n \n 573.9 | \n
| \n derivative assets at fair value | \n \n 20.1 | \n \n 6.3 | \n \n 15.0 | \n
| \n total financial assets | \n \n | \n\n 565.6 | \n \n 588.9 | \n
| \n | \n\n | \n\n | \n\n | \n
| \n financial liabilities | \n \n | \n\n | \n\n | \n
| \n bank loans | \n \n 14 | \n \n 408.4 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 15 | \n \n 195.5 | \n \n 161.9 | \n
| \n current borrowings | \n \n 12 | \n \n 82.7 | \n \n 55.1 | \n
| \n trade and other payables | \n \n 19 | \n \n 408.0 | \n \n 436.9 | \n
| \n other current liabilities1 | \n \n 20 | \n \n 161.9 | \n \n 151.6 | \n
| \n financial liabilities at amortised cost | \n \n | \n\n 1,256.5 | \n \n 1,291.1 | \n
| \n derivative liabilities at fair value | \n \n 20.1 | \n \n 0.5 | \n \n 0.4 | \n
| \n total financial liabilities | \n \n | \n\n 1,257.0 | \n \n 1,291.5 | \n
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:
level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
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
level 3 inputs are unobservable inputs for the asset or liability.
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:
level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
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
level 3 inputs are unobservable inputs for the asset or liability.
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:
level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
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
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3217m1008p": { "value": "\n\u2003
\nAalberts businesses are presented in the reportable segments building, industry and semicon.
Within building, the Aalberts companies design, develop and manufacture products that enable and control the transport, distribution and emitter of water and gas flows to enable heating and cooling. These products are mainly present in the eco-friendly buildings, and industrial niches such as data centres. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers.
Within industry, the Aalberts companies co-develop, engineer and manufacture for worldwide active OEMs within industrial niches and \u200bare offering an extensive range of technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches.\u00a0
Within semicon, the Aalberts companies deliver leading-edge innovative, tailor-made and future-proof technologies, enabling the roadmaps and manufacturing challenges of high-tech customers.\u00a0
\nBesides 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.\u00a0Operational segment reporting is performed consistently with the internal reporting as provided to the Management Board.\u200b\u200b
Information regarding the operating activities and performance of each reportable segment is as follows:
\u2003
\u2002
\u2003
| \n | \n\n building | \n \n industry | \n \n semicon | \n \n holding/eliminations | \n \n total 2024 | \n \n building | \n \n industry | \n \n semicon | \n \n holding/eliminations | \n \n total 2023 | \n
| \n revenue | \n \n 1,602.5 | \n \n 1,060.9 | \n \n 501.3 | \n \n (16.1) | \n \n 3,148.6 | \n \n 1,676.6 | \n \n 1,184.2 | \n \n 479.0 | \n \n (15.8) | \n \n 3,324.0 | \n
| \n EBITA before exceptionals | \n \n 206.5 | \n \n 197.2 | \n \n 71.4 | \n \n (4.0) | \n \n 471.1 | \n \n 233.2 | \n \n 223.4 | \n \n 69.5 | \n \n (5.1) | \n \n 521.0 | \n
| \n EBITA before exceptionals as % of revenue | \n \n 12.9 | \n \n 18.6 | \n \n 14.2 | \n \n \u2013 | \n \n 15.0 | \n \n 13.9 | \n \n 18.9 | \n \n 14.5 | \n \n \u2013 | \n \n 15.7 | \n
| \n total assets | \n \n 1,781.6 | \n \n 1,683.8 | \n \n 615.9 | \n \n 148.7 | \n \n 4,230.0 | \n \n 1,798.5 | \n \n 1,580.4 | \n \n 582.5 | \n \n 176.9 | \n \n 4,138.3 | \n
| \n total liabilities | \n \n 360.3 | \n \n 215.3 | \n \n 116.9 | \n \n 47.0 | \n \n 739.5 | \n \n 368.3 | \n \n 210.9 | \n \n 104.7 | \n \n 22.7 | \n \n 706.6 | \n
| \n depreciation of property, plant and equipment | \n \n 45.6 | \n \n 50.3 | \n \n 11.1 | \n \n 12.2 | \n \n 119.2 | \n \n 43.3 | \n \n 49.4 | \n \n 9.7 | \n \n 3.5 | \n \n 105.9 | \n
| \n capital expenditure of property, plant and equipment | \n \n 80.0 | \n \n 99.9 | \n \n 50.7 | \n \n 0.5 | \n \n 231.1 | \n \n 73.8 | \n \n 111.6 | \n \n 37.9 | \n \n 0.7 | \n \n 224.0 | \n
Reconciliation of EBITA before exceptionals of reportable segments to profit before income tax is as follows:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n total EBITA before exceptionals | \n \n 471.1 | \n \n 521.0 | \n
| \n amortisation of intangible assets | \n \n (58.2) | \n \n (57.6) | \n
| \n total exceptional income / (costs) | \n \n (120.5) | \n \n \u2013 | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n consolidated profit before income tax | \n \n 261.6 | \n \n 424.0 | \n
Total exceptional costs in 2024 consist of:
| \n impairment assets held for sale | \n \n (34.4) | \n
| \n personnel expenses | \n \n (30.8) | \n
| \n addition provision for claims | \n \n (28.2) | \n
| \n depreciation of property, plant and equipment | \n \n (10.4) | \n
| \n write-off inventories | \n \n (8.3) | \n
| \n other operating expenses | \n \n (8.4) | \n
| \n total exceptional income / (costs) | \n \n (120.5) | \n
The exceptional costs of EUR 120.5 million are related to the accelerated operational excellence programmes (EUR 54.8 million), the outcome of an arbitral award (EUR 28.7 million) and the decision to leave Russia (EUR 37.0 million)\u00a0\u00a0
During 2024, Aalberts accelerated the operational excellence programmes leading to exceptional costs amounting to EUR 54.8 million. These costs are considered to be one-off strategic restructuring costs and include personnel expenses (EUR 30.6 million), impairment of property, plant & equipment (EUR 10.4 million), write-off of inventories (EUR 6.2 million) and additional other operating expenses (EUR 7.6 million).\u00a0
At the end of 2024 Aalberts faced the outcome of an arbitral award leading to exceptional costs amounting to EUR 28.7 million. Although a request for annulment has been filed, we provided for the full amount that has been awarded. As a result, an amount of EUR 28.2 million was added to the provision for claims and recognised as other operating expenses in the income statement. In addition, related legal fees for an amount of EUR 0.5 million are recognised as other operating expenses in the income statement.\u00a0
At the end of 2024 Aalberts decided to leave Russia leading to exceptional costs amounting to EUR 37.0 million.\u00a0Efforts to sell the Russian disposal group are ongoing and Aalberts expects to reach an agreement in 2025. As a result, the Russian disposal group is classified as held for sale. Following the remeasurement to fair value less costs to sell, an impairment loss of EUR 34.4 million is recognised in the income statement. In addition, restructuring costs including write-off of inventories (EUR 2.1 million), personnel expenses (EUR 0.2 million) and other operating expenses (EUR 0.3 million) are recognised in the income statement.\u00a0\u00a0
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.
Reconciliation of total liabilities of reportable segments to the consolidated balance sheet is as follows:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n total liabilities of reportable segments | \n \n 739.5 | \n \n 706.6 | \n
| \n non-current and current borrowings | \n \n 491.1 | \n \n 540.7 | \n
| \n lease liabilities | \n \n 195.5 | \n \n 161.9 | \n
| \n tax liabilities | \n \n 198.8 | \n \n 211.8 | \n
| \n equity | \n \n 2,605.1 | \n \n 2,517.3 | \n
| \n consolidated equity and liabilities | \n \n 4,230.0 | \n \n 4,138.3 | \n
Revenue is allocated based on the geographical location of the customers:
| \n | \n\n 2024 | \n \n % | \n \n 2023 | \n \n % | \n
| \n revenue | \n \n | \n\n | \n\n | \n\n | \n
| \n Europe | \n \n 2,254.4 | \n \n 71.6 | \n \n 2,382.9 | \n \n 71.7 | \n
| \n America | \n \n 710.0 | \n \n 22.5 | \n \n 757.9 | \n \n 22.8 | \n
| \n APAC, Middle East, Africa | \n \n 184.2 | \n \n 5.9 | \n \n 183.2 | \n \n 5.5 | \n
| \n total | \n \n 3,148.6 | \n \n 100.0 | \n \n 3,324.0 | \n \n 100.0 | \n
Non-current assets are allocated based on the country in which the assets are located and include intangible assets, property, plant & equipment and right-of-use assets:
| \n | \n\n 31-12-2024 | \n \n % | \n \n 31-12-2023 | \n \n % | \n
| \n non-current assets | \n \n | \n\n | \n\n | \n\n | \n
| \n Europe | \n \n 2,148.5 | \n \n 75.6 | \n \n 2,056.7 | \n \n 75.9 | \n
| \n America | \n \n 658.1 | \n \n 23.2 | \n \n 621.7 | \n \n 23.0 | \n
| \n APAC, Middle East, Africa | \n \n 35.5 | \n \n 1.2 | \n \n 29.0 | \n \n 1.1 | \n
| \n total | \n \n 2,842.1 | \n \n 100.0 | \n \n 2,707.4 | \n \n 100.0 | \n
| \n | \n\n 2024 | \n \n % | \n \n 2023 | \n \n % | \n
| \n revenue | \n \n | \n\n | \n\n | \n\n | \n
| \n sale of goods | \n \n 2,523.4 | \n \n 80.1 | \n \n 2,654.6 | \n \n 79.9 | \n
| \n services | \n \n 625.2 | \n \n 19.9 | \n \n 669.4 | \n \n 20.1 | \n
| \n total | \n \n 3,148.6 | \n \n 100.0 | \n \n 3,324.0 | \n \n 100.0 | \n
| \n | \n\n 2024 | \n \n % | \n \n 2023 | \n \n % | \n
| \n revenue | \n \n | \n\n | \n\n | \n\n | \n
| \n sale of goods | \n \n 2,523.4 | \n \n 80.1 | \n \n 2,654.6 | \n \n 79.9 | \n
| \n services | \n \n 625.2 | \n \n 19.9 | \n \n 669.4 | \n \n 20.1 | \n
| \n total | \n \n 3,148.6 | \n \n 100.0 | \n \n 3,324.0 | \n \n 100.0 | \n
\u2003
\nAalberts businesses are presented in the reportable segments building, industry and semicon.
Within building, the Aalberts companies design, develop and manufacture products that enable and control the transport, distribution and emitter of water and gas flows to enable heating and cooling. These products are mainly present in the eco-friendly buildings, and industrial niches such as data centres. The market approach in this segment is based on local sales platforms focused on installers, contractors and wholesalers.
Within industry, the Aalberts companies co-develop, engineer and manufacture for worldwide active OEMs within industrial niches and \u200bare offering an extensive range of technologies utilising a global network of service locations with excellent local knowledge to customers active in sustainable transportation and industrial niches.\u00a0
Within semicon, the Aalberts companies deliver leading-edge innovative, tailor-made and future-proof technologies, enabling the roadmaps and manufacturing challenges of high-tech customers.\u00a0
\nThe 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIf one of the following criteria are met, then the Group recognises revenue over time:
the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs;
the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIn 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200bThe 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:
within building and most businesses within industry and semicon 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.
within industry and semicon 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.
for some made-to-order product contracts within industry and semicon, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2216m1637p": { "value": "\n| \n | \n\n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2024 | \n \n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n \n 971.8 | \n \n 920.6 | \n \n 68.9 | \n \n 15.8 | \n \n 1,977.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n \n \u2013 | \n \n (373.0) | \n \n (54.8) | \n \n \u2013 | \n \n (427.8) | \n
| \n net book amount as at 1 January | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n \n 971.8 | \n \n 547.6 | \n \n 14.1 | \n \n 15.8 | \n \n 1,549.3 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n additions | \n \n \u2013 | \n \n 3.9 | \n \n 6.5 | \n \n 9.6 | \n \n 20.0 | \n \n \u2013 | \n \n 4.4 | \n \n 4.1 | \n \n 4.6 | \n \n 13.1 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 2.8 | \n \n 2.8 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.1 | \n \n 3.1 | \n
| \n assets taken into operation | \n \n \u2013 | \n \n 3.4 | \n \n 6.4 | \n \n (9.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.7 | \n \n (3.7) | \n \n \u2013 | \n
| \n acquisition of subsidiaries | \n \n 5.3 | \n \n 6.9 | \n \n \u2013 | \n \n \u2013 | \n \n 12.2 | \n \n 1.3 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.3 | \n
| \n disposal of subsidiaries | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n (24.9) | \n \n (12.4) | \n \n (0.2) | \n \n \u2013 | \n \n (37.5) | \n
| \n reclassified to held for sale | \n \n (10.7) | \n \n (1.2) | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n amortisation | \n \n \u2013 | \n \n (51.2) | \n \n (7.0) | \n \n \u2013 | \n \n (58.2) | \n \n \u2013 | \n \n (51.9) | \n \n (5.7) | \n \n \u2013 | \n \n (57.6) | \n
| \n currency translation | \n \n 14.3 | \n \n 12.5 | \n \n 0.1 | \n \n 0.5 | \n \n 27.4 | \n \n (19.5) | \n \n (5.3) | \n \n (0.1) | \n \n (0.2) | \n \n (25.1) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 925.7 | \n \n 913.7 | \n \n 84.0 | \n \n 22.7 | \n \n 1,946.1 | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (457.0) | \n \n (62.1) | \n \n \u2013 | \n \n (519.1) | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
Other intangibles mainly consist of intangible assets originating from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired technology and brand names. Intangible assets under construction are ongoing development costs mainly related to software, software related assets and other intangibles. 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 (2023: EUR 1.5 million).
\nThe book amount of goodwill has been allocated to the cash generating units within building, industry and semicon for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n building | \n \n 362.1 | \n \n 372.4 | \n
| \n industry | \n \n 433.5 | \n \n 427.8 | \n
| \n semicon | \n \n 130.1 | \n \n 128.5 | \n
| \n total | \n \n 925.7 | \n \n 928.7 | \n
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, excluding the net present value of new business and expansion capital expenditures. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2029 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:
| \n | \n\n building | \n \n industry | \n \n semicon | \n \n building | \n \n industry | \n \n semicon | \n
| \n | \n\n 2024 | \n \n 2024 | \n \n 2024 | \n \n 2023 | \n \n 2023 | \n \n 2023 | \n
| \n average growth rate (first 5 years) | \n \n 2.4% | \n \n 4.8% | \n \n 6.2% | \n \n 4.1% | \n \n 3.1% | \n \n 4.5% | \n
| \n long-term average growth rate (after 5 years) | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n
| \n discount rate (pre-tax) | \n \n 12.2% | \n \n 11.9% | \n \n 11.0% | \n \n 12.6% | \n \n 11.8% | \n \n 11.1% | \n
| \n discount rate (post-tax) | \n \n 9.4% | \n \n 9.1% | \n \n 8.4% | \n \n 9.6% | \n \n 9.1% | \n \n 8.4% | \n
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.
The following changes in assumptions are assessed:
decrease of the average growth rate by 3.0% (2023: 3.0%)
decrease of the long-term average growth rate by 1.0% (2023: 1.0%)
increase of the discount rate (post-tax) by 1.0% (2023: 1.0%)
Based on the sensitivity analysis performed it is concluded that any reasonable change in the key assumptions would also not require an impairment.
\n\u2003
\nGoodwill 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.
\nOther 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.
\nAn 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.
\nAcquired 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.
\nAmortisation 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
\n| \n | \n\n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2024 | \n \n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n \n 971.8 | \n \n 920.6 | \n \n 68.9 | \n \n 15.8 | \n \n 1,977.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n \n \u2013 | \n \n (373.0) | \n \n (54.8) | \n \n \u2013 | \n \n (427.8) | \n
| \n net book amount as at 1 January | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n \n 971.8 | \n \n 547.6 | \n \n 14.1 | \n \n 15.8 | \n \n 1,549.3 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n additions | \n \n \u2013 | \n \n 3.9 | \n \n 6.5 | \n \n 9.6 | \n \n 20.0 | \n \n \u2013 | \n \n 4.4 | \n \n 4.1 | \n \n 4.6 | \n \n 13.1 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 2.8 | \n \n 2.8 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.1 | \n \n 3.1 | \n
| \n assets taken into operation | \n \n \u2013 | \n \n 3.4 | \n \n 6.4 | \n \n (9.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.7 | \n \n (3.7) | \n \n \u2013 | \n
| \n acquisition of subsidiaries | \n \n 5.3 | \n \n 6.9 | \n \n \u2013 | \n \n \u2013 | \n \n 12.2 | \n \n 1.3 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.3 | \n
| \n disposal of subsidiaries | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n (24.9) | \n \n (12.4) | \n \n (0.2) | \n \n \u2013 | \n \n (37.5) | \n
| \n reclassified to held for sale | \n \n (10.7) | \n \n (1.2) | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n amortisation | \n \n \u2013 | \n \n (51.2) | \n \n (7.0) | \n \n \u2013 | \n \n (58.2) | \n \n \u2013 | \n \n (51.9) | \n \n (5.7) | \n \n \u2013 | \n \n (57.6) | \n
| \n currency translation | \n \n 14.3 | \n \n 12.5 | \n \n 0.1 | \n \n 0.5 | \n \n 27.4 | \n \n (19.5) | \n \n (5.3) | \n \n (0.1) | \n \n (0.2) | \n \n (25.1) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 925.7 | \n \n 913.7 | \n \n 84.0 | \n \n 22.7 | \n \n 1,946.1 | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (457.0) | \n \n (62.1) | \n \n \u2013 | \n \n (519.1) | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
Other intangibles mainly consist of intangible assets originating from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired technology and brand names. Intangible assets under construction are ongoing development costs mainly related to software, software related assets and other intangibles. 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 (2023: EUR 1.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3167m1639p": { "value": "| \n | \n\n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2024 | \n \n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n \n 971.8 | \n \n 920.6 | \n \n 68.9 | \n \n 15.8 | \n \n 1,977.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n \n \u2013 | \n \n (373.0) | \n \n (54.8) | \n \n \u2013 | \n \n (427.8) | \n
| \n net book amount as at 1 January | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n \n 971.8 | \n \n 547.6 | \n \n 14.1 | \n \n 15.8 | \n \n 1,549.3 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n additions | \n \n \u2013 | \n \n 3.9 | \n \n 6.5 | \n \n 9.6 | \n \n 20.0 | \n \n \u2013 | \n \n 4.4 | \n \n 4.1 | \n \n 4.6 | \n \n 13.1 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 2.8 | \n \n 2.8 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.1 | \n \n 3.1 | \n
| \n assets taken into operation | \n \n \u2013 | \n \n 3.4 | \n \n 6.4 | \n \n (9.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.7 | \n \n (3.7) | \n \n \u2013 | \n
| \n acquisition of subsidiaries | \n \n 5.3 | \n \n 6.9 | \n \n \u2013 | \n \n \u2013 | \n \n 12.2 | \n \n 1.3 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.3 | \n
| \n disposal of subsidiaries | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n (24.9) | \n \n (12.4) | \n \n (0.2) | \n \n \u2013 | \n \n (37.5) | \n
| \n reclassified to held for sale | \n \n (10.7) | \n \n (1.2) | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n amortisation | \n \n \u2013 | \n \n (51.2) | \n \n (7.0) | \n \n \u2013 | \n \n (58.2) | \n \n \u2013 | \n \n (51.9) | \n \n (5.7) | \n \n \u2013 | \n \n (57.6) | \n
| \n currency translation | \n \n 14.3 | \n \n 12.5 | \n \n 0.1 | \n \n 0.5 | \n \n 27.4 | \n \n (19.5) | \n \n (5.3) | \n \n (0.1) | \n \n (0.2) | \n \n (25.1) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 925.7 | \n \n 913.7 | \n \n 84.0 | \n \n 22.7 | \n \n 1,946.1 | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (457.0) | \n \n (62.1) | \n \n \u2013 | \n \n (519.1) | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
Other intangibles mainly consist of intangible assets originating from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired technology and brand names. Intangible assets under construction are ongoing development costs mainly related to software, software related assets and other intangibles. 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 (2023: EUR 1.5 million).
| \n | \n\n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2024 | \n \n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n \n 721.0 | \n \n 1,778.7 | \n \n 94.5 | \n \n 163.9 | \n \n 2,758.1 | \n
| \n accumulated depreciation | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n \n (356.0) | \n \n (1,329.5) | \n \n (77.6) | \n \n \u2013 | \n \n (1,763.1) | \n
| \n net book amount as at 1 January | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n \n 365.0 | \n \n 449.2 | \n \n 16.9 | \n \n 163.9 | \n \n 995.0 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n addition | \n \n 20.8 | \n \n 58.5 | \n \n 3.5 | \n \n 148.4 | \n \n 231.2 | \n \n 19.6 | \n \n 69.0 | \n \n 4.0 | \n \n 131.4 | \n \n 224.0 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (2.8) | \n \n (2.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (3.1) | \n \n (3.1) | \n
| \n assets taken into operation | \n \n 35.2 | \n \n 76.4 | \n \n 0.9 | \n \n (112.5) | \n \n \u2013 | \n \n 28.7 | \n \n 56.1 | \n \n 0.2 | \n \n (85.0) | \n \n \u2013 | \n
| \n disposals | \n \n (3.8) | \n \n (0.5) | \n \n (0.3) | \n \n (2.4) | \n \n (7.0) | \n \n (9.9) | \n \n \u2013 | \n \n (0.2) | \n \n (1.9) | \n \n (12.0) | \n
| \n acquisition of subsidiaries | \n \n 0.4 | \n \n 1.8 | \n \n \u2013 | \n \n \u2013 | \n \n 2.2 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (1.0) | \n \n (3.0) | \n \n \u2013 | \n \n (1.5) | \n \n (5.5) | \n \n (4.2) | \n \n (3.1) | \n \n (0.2) | \n \n (0.5) | \n \n (8.0) | \n
| \n reclassified to held for sale | \n \n (3.2) | \n \n (1.6) | \n \n (0.1) | \n \n (0.1) | \n \n (5.0) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n depreciation | \n \n (21.1) | \n \n (92.9) | \n \n (5.2) | \n \n \u2013 | \n \n (119.2) | \n \n (20.7) | \n \n (80.3) | \n \n (4.9) | \n \n \u2013 | \n \n (105.9) | \n
| \n currency translation | \n \n 4.0 | \n \n 8.3 | \n \n \u2013 | \n \n 2.7 | \n \n 15.0 | \n \n (0.7) | \n \n (1.5) | \n \n (0.2) | \n \n 0.8 | \n \n (1.6) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 778.0 | \n \n 1,899.9 | \n \n 92.8 | \n \n 237.4 | \n \n 3,008.1 | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n
| \n accumulated depreciation | \n \n (368.9) | \n \n (1,363.5) | \n \n (78.4) | \n \n \u2013 | \n \n (1,810.8) | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
As part of the accelerated operational excellence programmes in 2024, the Group has impaired property, plant and equipment for an amount of EUR 10.4 million which is included in the depreciation of EUR 119.2 million and is related to land and buildings and plant and equipment.
At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 86.7 million (2023: EUR 32.0 million).
The income statement includes the following amounts relating to leases:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n depreciation expense right-of-use assets: | \n \n | \n\n | \n
| \n land and buildings | \n \n 25.7 | \n \n 22.5 | \n
| \n plant and equipment | \n \n 4.7 | \n \n 5.2 | \n
| \n company cars and other | \n \n 10.7 | \n \n 8.0 | \n
| \n total depreciation expense right-of-use assets | \n \n 41.1 | \n \n 35.7 | \n
| \n interest expense on lease liabilities | \n \n 3.4 | \n \n 2.2 | \n
| \n expenses relating to leases | \n \n 44.5 | \n \n 37.9 | \n
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 41.7 million (2023: EUR 37.3 million) and payments of interest on leases amount to EUR 3.4 million (2023: EUR 2.2 million). The lease liabilities related to the right-of-use assets are disclosed in note 15.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n wages and salaries | \n \n (727.0) | \n \n (735.7) | \n
| \n social security charges | \n \n (123.3) | \n \n (121.6) | \n
| \n defined benefit plans | \n \n (1.5) | \n \n (0.9) | \n
| \n defined contribution plans | \n \n (26.3) | \n \n (24.5) | \n
| \n termination benefits | \n \n (30.8) | \n \n (7.3) | \n
| \n other expenses related to employees | \n \n (23.8) | \n \n (26.1) | \n
| \n total | \n \n (932.7) | \n \n (916.1) | \n
In the year under review, the average number of full-time employees amounted to 13,774 (2023: 14,571) of which 11,401 (2023: 12,187) full-time employees are active outside the Netherlands.
The termination benefits of EUR 30.8 million relate to the 2024 accelerated operational excellence programmes (2023: EUR 7.3 million).
The remuneration of the Management and Supervisory Board is disclosed as part of the company financial statements (note 33.9).
\nPersonnel 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.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n production expenses | \n \n (292.3) | \n \n (322.3) | \n
| \n selling expenses | \n \n (47.2) | \n \n (51.7) | \n
| \n housing expenses | \n \n (36.0) | \n \n (35.0) | \n
| \n general expenses | \n \n (177.9) | \n \n (130.5) | \n
| \n warranty costs | \n \n (2.6) | \n \n (4.4) | \n
| \n total | \n \n (556.0) | \n \n (543.9) | \n
| \n | \n\n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2024 | \n \n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n \n 971.8 | \n \n 920.6 | \n \n 68.9 | \n \n 15.8 | \n \n 1,977.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n \n \u2013 | \n \n (373.0) | \n \n (54.8) | \n \n \u2013 | \n \n (427.8) | \n
| \n net book amount as at 1 January | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n \n 971.8 | \n \n 547.6 | \n \n 14.1 | \n \n 15.8 | \n \n 1,549.3 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n additions | \n \n \u2013 | \n \n 3.9 | \n \n 6.5 | \n \n 9.6 | \n \n 20.0 | \n \n \u2013 | \n \n 4.4 | \n \n 4.1 | \n \n 4.6 | \n \n 13.1 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 2.8 | \n \n 2.8 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.1 | \n \n 3.1 | \n
| \n assets taken into operation | \n \n \u2013 | \n \n 3.4 | \n \n 6.4 | \n \n (9.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.7 | \n \n (3.7) | \n \n \u2013 | \n
| \n acquisition of subsidiaries | \n \n 5.3 | \n \n 6.9 | \n \n \u2013 | \n \n \u2013 | \n \n 12.2 | \n \n 1.3 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.3 | \n
| \n disposal of subsidiaries | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n (24.9) | \n \n (12.4) | \n \n (0.2) | \n \n \u2013 | \n \n (37.5) | \n
| \n reclassified to held for sale | \n \n (10.7) | \n \n (1.2) | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n amortisation | \n \n \u2013 | \n \n (51.2) | \n \n (7.0) | \n \n \u2013 | \n \n (58.2) | \n \n \u2013 | \n \n (51.9) | \n \n (5.7) | \n \n \u2013 | \n \n (57.6) | \n
| \n currency translation | \n \n 14.3 | \n \n 12.5 | \n \n 0.1 | \n \n 0.5 | \n \n 27.4 | \n \n (19.5) | \n \n (5.3) | \n \n (0.1) | \n \n (0.2) | \n \n (25.1) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 925.7 | \n \n 913.7 | \n \n 84.0 | \n \n 22.7 | \n \n 1,946.1 | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (457.0) | \n \n (62.1) | \n \n \u2013 | \n \n (519.1) | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
Other intangibles mainly consist of intangible assets originating from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired technology and brand names. Intangible assets under construction are ongoing development costs mainly related to software, software related assets and other intangibles. 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 (2023: EUR 1.5 million).
| \n | \n\n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2024 | \n \n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n \n 721.0 | \n \n 1,778.7 | \n \n 94.5 | \n \n 163.9 | \n \n 2,758.1 | \n
| \n accumulated depreciation | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n \n (356.0) | \n \n (1,329.5) | \n \n (77.6) | \n \n \u2013 | \n \n (1,763.1) | \n
| \n net book amount as at 1 January | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n \n 365.0 | \n \n 449.2 | \n \n 16.9 | \n \n 163.9 | \n \n 995.0 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n addition | \n \n 20.8 | \n \n 58.5 | \n \n 3.5 | \n \n 148.4 | \n \n 231.2 | \n \n 19.6 | \n \n 69.0 | \n \n 4.0 | \n \n 131.4 | \n \n 224.0 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (2.8) | \n \n (2.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (3.1) | \n \n (3.1) | \n
| \n assets taken into operation | \n \n 35.2 | \n \n 76.4 | \n \n 0.9 | \n \n (112.5) | \n \n \u2013 | \n \n 28.7 | \n \n 56.1 | \n \n 0.2 | \n \n (85.0) | \n \n \u2013 | \n
| \n disposals | \n \n (3.8) | \n \n (0.5) | \n \n (0.3) | \n \n (2.4) | \n \n (7.0) | \n \n (9.9) | \n \n \u2013 | \n \n (0.2) | \n \n (1.9) | \n \n (12.0) | \n
| \n acquisition of subsidiaries | \n \n 0.4 | \n \n 1.8 | \n \n \u2013 | \n \n \u2013 | \n \n 2.2 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (1.0) | \n \n (3.0) | \n \n \u2013 | \n \n (1.5) | \n \n (5.5) | \n \n (4.2) | \n \n (3.1) | \n \n (0.2) | \n \n (0.5) | \n \n (8.0) | \n
| \n reclassified to held for sale | \n \n (3.2) | \n \n (1.6) | \n \n (0.1) | \n \n (0.1) | \n \n (5.0) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n depreciation | \n \n (21.1) | \n \n (92.9) | \n \n (5.2) | \n \n \u2013 | \n \n (119.2) | \n \n (20.7) | \n \n (80.3) | \n \n (4.9) | \n \n \u2013 | \n \n (105.9) | \n
| \n currency translation | \n \n 4.0 | \n \n 8.3 | \n \n \u2013 | \n \n 2.7 | \n \n 15.0 | \n \n (0.7) | \n \n (1.5) | \n \n (0.2) | \n \n 0.8 | \n \n (1.6) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 778.0 | \n \n 1,899.9 | \n \n 92.8 | \n \n 237.4 | \n \n 3,008.1 | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n
| \n accumulated depreciation | \n \n (368.9) | \n \n (1,363.5) | \n \n (78.4) | \n \n \u2013 | \n \n (1,810.8) | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
As part of the accelerated operational excellence programmes in 2024, the Group has impaired property, plant and equipment for an amount of EUR 10.4 million which is included in the depreciation of EUR 119.2 million and is related to land and buildings and plant and equipment.
At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 86.7 million (2023: EUR 32.0 million).
The income statement includes the following amounts relating to leases:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n depreciation expense right-of-use assets: | \n \n | \n\n | \n
| \n land and buildings | \n \n 25.7 | \n \n 22.5 | \n
| \n plant and equipment | \n \n 4.7 | \n \n 5.2 | \n
| \n company cars and other | \n \n 10.7 | \n \n 8.0 | \n
| \n total depreciation expense right-of-use assets | \n \n 41.1 | \n \n 35.7 | \n
| \n interest expense on lease liabilities | \n \n 3.4 | \n \n 2.2 | \n
| \n expenses relating to leases | \n \n 44.5 | \n \n 37.9 | \n
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 41.7 million (2023: EUR 37.3 million) and payments of interest on leases amount to EUR 3.4 million (2023: EUR 2.2 million). The lease liabilities related to the right-of-use assets are disclosed in note 15.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n wages and salaries | \n \n (727.0) | \n \n (735.7) | \n
| \n social security charges | \n \n (123.3) | \n \n (121.6) | \n
| \n defined benefit plans | \n \n (1.5) | \n \n (0.9) | \n
| \n defined contribution plans | \n \n (26.3) | \n \n (24.5) | \n
| \n termination benefits | \n \n (30.8) | \n \n (7.3) | \n
| \n other expenses related to employees | \n \n (23.8) | \n \n (26.1) | \n
| \n total | \n \n (932.7) | \n \n (916.1) | \n
In the year under review, the average number of full-time employees amounted to 13,774 (2023: 14,571) of which 11,401 (2023: 12,187) full-time employees are active outside the Netherlands.
The termination benefits of EUR 30.8 million relate to the 2024 accelerated operational excellence programmes (2023: EUR 7.3 million).
The remuneration of the Management and Supervisory Board is disclosed as part of the company financial statements (note 33.9).
\nPersonnel 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.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n production expenses | \n \n (292.3) | \n \n (322.3) | \n
| \n selling expenses | \n \n (47.2) | \n \n (51.7) | \n
| \n housing expenses | \n \n (36.0) | \n \n (35.0) | \n
| \n general expenses | \n \n (177.9) | \n \n (130.5) | \n
| \n warranty costs | \n \n (2.6) | \n \n (4.4) | \n
| \n total | \n \n (556.0) | \n \n (543.9) | \n
| \n | \n\n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2024 | \n \n goodwill | \n \n other intangibles | \n \n software | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n \n 971.8 | \n \n 920.6 | \n \n 68.9 | \n \n 15.8 | \n \n 1,977.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n \n \u2013 | \n \n (373.0) | \n \n (54.8) | \n \n \u2013 | \n \n (427.8) | \n
| \n net book amount as at 1 January | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n \n 971.8 | \n \n 547.6 | \n \n 14.1 | \n \n 15.8 | \n \n 1,549.3 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n additions | \n \n \u2013 | \n \n 3.9 | \n \n 6.5 | \n \n 9.6 | \n \n 20.0 | \n \n \u2013 | \n \n 4.4 | \n \n 4.1 | \n \n 4.6 | \n \n 13.1 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 2.8 | \n \n 2.8 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.1 | \n \n 3.1 | \n
| \n assets taken into operation | \n \n \u2013 | \n \n 3.4 | \n \n 6.4 | \n \n (9.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 3.7 | \n \n (3.7) | \n \n \u2013 | \n
| \n acquisition of subsidiaries | \n \n 5.3 | \n \n 6.9 | \n \n \u2013 | \n \n \u2013 | \n \n 12.2 | \n \n 1.3 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.3 | \n
| \n disposal of subsidiaries | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n (24.9) | \n \n (12.4) | \n \n (0.2) | \n \n \u2013 | \n \n (37.5) | \n
| \n reclassified to held for sale | \n \n (10.7) | \n \n (1.2) | \n \n \u2013 | \n \n \u2013 | \n \n (11.9) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n amortisation | \n \n \u2013 | \n \n (51.2) | \n \n (7.0) | \n \n \u2013 | \n \n (58.2) | \n \n \u2013 | \n \n (51.9) | \n \n (5.7) | \n \n \u2013 | \n \n (57.6) | \n
| \n currency translation | \n \n 14.3 | \n \n 12.5 | \n \n 0.1 | \n \n 0.5 | \n \n 27.4 | \n \n (19.5) | \n \n (5.3) | \n \n (0.1) | \n \n (0.2) | \n \n (25.1) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 925.7 | \n \n 913.7 | \n \n 84.0 | \n \n 22.7 | \n \n 1,946.1 | \n \n 928.7 | \n \n 893.0 | \n \n 73.8 | \n \n 19.6 | \n \n 1,915.1 | \n
| \n accumulated amortisation | \n \n \u2013 | \n \n (457.0) | \n \n (62.1) | \n \n \u2013 | \n \n (519.1) | \n \n \u2013 | \n \n (410.6) | \n \n (57.9) | \n \n \u2013 | \n \n (468.5) | \n
| \n net book amount as at 31 December | \n \n 925.7 | \n \n 456.7 | \n \n 21.9 | \n \n 22.7 | \n \n 1,427.0 | \n \n 928.7 | \n \n 482.4 | \n \n 15.9 | \n \n 19.6 | \n \n 1,446.6 | \n
Other intangibles mainly consist of intangible assets originating from acquisitions. Approximately two third of the book amount relates to acquired customer relationships. The remainder relates to acquired technology and brand names. Intangible assets under construction are ongoing development costs mainly related to software, software related assets and other intangibles. 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 (2023: EUR 1.5 million).
| \n | \n\n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2024 | \n \n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n \n 721.0 | \n \n 1,778.7 | \n \n 94.5 | \n \n 163.9 | \n \n 2,758.1 | \n
| \n accumulated depreciation | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n \n (356.0) | \n \n (1,329.5) | \n \n (77.6) | \n \n \u2013 | \n \n (1,763.1) | \n
| \n net book amount as at 1 January | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n \n 365.0 | \n \n 449.2 | \n \n 16.9 | \n \n 163.9 | \n \n 995.0 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n addition | \n \n 20.8 | \n \n 58.5 | \n \n 3.5 | \n \n 148.4 | \n \n 231.2 | \n \n 19.6 | \n \n 69.0 | \n \n 4.0 | \n \n 131.4 | \n \n 224.0 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (2.8) | \n \n (2.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (3.1) | \n \n (3.1) | \n
| \n assets taken into operation | \n \n 35.2 | \n \n 76.4 | \n \n 0.9 | \n \n (112.5) | \n \n \u2013 | \n \n 28.7 | \n \n 56.1 | \n \n 0.2 | \n \n (85.0) | \n \n \u2013 | \n
| \n disposals | \n \n (3.8) | \n \n (0.5) | \n \n (0.3) | \n \n (2.4) | \n \n (7.0) | \n \n (9.9) | \n \n \u2013 | \n \n (0.2) | \n \n (1.9) | \n \n (12.0) | \n
| \n acquisition of subsidiaries | \n \n 0.4 | \n \n 1.8 | \n \n \u2013 | \n \n \u2013 | \n \n 2.2 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (1.0) | \n \n (3.0) | \n \n \u2013 | \n \n (1.5) | \n \n (5.5) | \n \n (4.2) | \n \n (3.1) | \n \n (0.2) | \n \n (0.5) | \n \n (8.0) | \n
| \n reclassified to held for sale | \n \n (3.2) | \n \n (1.6) | \n \n (0.1) | \n \n (0.1) | \n \n (5.0) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n depreciation | \n \n (21.1) | \n \n (92.9) | \n \n (5.2) | \n \n \u2013 | \n \n (119.2) | \n \n (20.7) | \n \n (80.3) | \n \n (4.9) | \n \n \u2013 | \n \n (105.9) | \n
| \n currency translation | \n \n 4.0 | \n \n 8.3 | \n \n \u2013 | \n \n 2.7 | \n \n 15.0 | \n \n (0.7) | \n \n (1.5) | \n \n (0.2) | \n \n 0.8 | \n \n (1.6) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 778.0 | \n \n 1,899.9 | \n \n 92.8 | \n \n 237.4 | \n \n 3,008.1 | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n
| \n accumulated depreciation | \n \n (368.9) | \n \n (1,363.5) | \n \n (78.4) | \n \n \u2013 | \n \n (1,810.8) | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
As part of the accelerated operational excellence programmes in 2024, the Group has impaired property, plant and equipment for an amount of EUR 10.4 million which is included in the depreciation of EUR 119.2 million and is related to land and buildings and plant and equipment.
At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 86.7 million (2023: EUR 32.0 million).
The income statement includes the following amounts relating to leases:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n depreciation expense right-of-use assets: | \n \n | \n\n | \n
| \n land and buildings | \n \n 25.7 | \n \n 22.5 | \n
| \n plant and equipment | \n \n 4.7 | \n \n 5.2 | \n
| \n company cars and other | \n \n 10.7 | \n \n 8.0 | \n
| \n total depreciation expense right-of-use assets | \n \n 41.1 | \n \n 35.7 | \n
| \n interest expense on lease liabilities | \n \n 3.4 | \n \n 2.2 | \n
| \n expenses relating to leases | \n \n 44.5 | \n \n 37.9 | \n
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 41.7 million (2023: EUR 37.3 million) and payments of interest on leases amount to EUR 3.4 million (2023: EUR 2.2 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2234m1642p": { "value": "\nThe book amount of goodwill has been allocated to the cash generating units within building, industry and semicon for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n building | \n \n 362.1 | \n \n 372.4 | \n
| \n industry | \n \n 433.5 | \n \n 427.8 | \n
| \n semicon | \n \n 130.1 | \n \n 128.5 | \n
| \n total | \n \n 925.7 | \n \n 928.7 | \n
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, excluding the net present value of new business and expansion capital expenditures. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2029 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:
| \n | \n\n building | \n \n industry | \n \n semicon | \n \n building | \n \n industry | \n \n semicon | \n
| \n | \n\n 2024 | \n \n 2024 | \n \n 2024 | \n \n 2023 | \n \n 2023 | \n \n 2023 | \n
| \n average growth rate (first 5 years) | \n \n 2.4% | \n \n 4.8% | \n \n 6.2% | \n \n 4.1% | \n \n 3.1% | \n \n 4.5% | \n
| \n long-term average growth rate (after 5 years) | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n
| \n discount rate (pre-tax) | \n \n 12.2% | \n \n 11.9% | \n \n 11.0% | \n \n 12.6% | \n \n 11.8% | \n \n 11.1% | \n
| \n discount rate (post-tax) | \n \n 9.4% | \n \n 9.1% | \n \n 8.4% | \n \n 9.6% | \n \n 9.1% | \n \n 8.4% | \n
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.
The following changes in assumptions are assessed:
decrease of the average growth rate by 3.0% (2023: 3.0%)
decrease of the long-term average growth rate by 1.0% (2023: 1.0%)
increase of the discount rate (post-tax) by 1.0% (2023: 1.0%)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2235m1643p": { "value": "\nThe book amount of goodwill has been allocated to the cash generating units within building, industry and semicon for the purpose of impairment testing. The allocation of the book amount of goodwill to the reportable segments is, on aggregated level, as follows:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n building | \n \n 362.1 | \n \n 372.4 | \n
| \n industry | \n \n 433.5 | \n \n 427.8 | \n
| \n semicon | \n \n 130.1 | \n \n 128.5 | \n
| \n total | \n \n 925.7 | \n \n 928.7 | \n
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, excluding the net present value of new business and expansion capital expenditures. Management determined forecasted growth rates based on past performance and its expectations of market developments. For the period after 2029 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:
| \n | \n\n building | \n \n industry | \n \n semicon | \n \n building | \n \n industry | \n \n semicon | \n
| \n | \n\n 2024 | \n \n 2024 | \n \n 2024 | \n \n 2023 | \n \n 2023 | \n \n 2023 | \n
| \n average growth rate (first 5 years) | \n \n 2.4% | \n \n 4.8% | \n \n 6.2% | \n \n 4.1% | \n \n 3.1% | \n \n 4.5% | \n
| \n long-term average growth rate (after 5 years) | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n \n 1.5% | \n
| \n discount rate (pre-tax) | \n \n 12.2% | \n \n 11.9% | \n \n 11.0% | \n \n 12.6% | \n \n 11.8% | \n \n 11.1% | \n
| \n discount rate (post-tax) | \n \n 9.4% | \n \n 9.1% | \n \n 8.4% | \n \n 9.6% | \n \n 9.1% | \n \n 8.4% | \n
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.
The following changes in assumptions are assessed:
decrease of the average growth rate by 3.0% (2023: 3.0%)
decrease of the long-term average growth rate by 1.0% (2023: 1.0%)
increase of the discount rate (post-tax) by 1.0% (2023: 1.0%)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2263m1644p": { "value": "\n\u2003
\nGoodwill 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.
\nOther 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.
\nGoodwill 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.
\nBusiness 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIf 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.
\nGoodwill 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2272m1646p": { "value": "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.
\nAn 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.
\nAcquired 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.
\nAmortisation 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
\nExpenditure on research activities, undertaken with the prospect of gaining new technical knowledge and new commercially feasible products is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3213m1721p": { "value": "\nAmortisation 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.
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:
| \n category | \n \n useful life (minimum) | \n \n useful life (maximum) | \n
| \n land | \n \n infinite | \n \n infinite | \n
| \n buildings | \n \n 5 years | \n \n 40 years | \n
| \n plant and equipment | \n \n 3 years | \n \n 15 years | \n
| \n other | \n \n 3 years | \n \n 5 years | \n
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.\u00a0
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.
\nPersonnel 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.
\nInterest 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.
\nThe 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.\u00a0
\nGoodwill 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.
\nNon-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.
\nGoodwill 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3165m1650p": { "value": "\n| \n | \n\n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2024 | \n \n land and buildings | \n \n plant and equipment | \n \n other | \n \n assets under construction | \n \n total 2023 | \n
| \n as at 1 January | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n \n 721.0 | \n \n 1,778.7 | \n \n 94.5 | \n \n 163.9 | \n \n 2,758.1 | \n
| \n accumulated depreciation | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n \n (356.0) | \n \n (1,329.5) | \n \n (77.6) | \n \n \u2013 | \n \n (1,763.1) | \n
| \n net book amount as at 1 January | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n \n 365.0 | \n \n 449.2 | \n \n 16.9 | \n \n 163.9 | \n \n 995.0 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n addition | \n \n 20.8 | \n \n 58.5 | \n \n 3.5 | \n \n 148.4 | \n \n 231.2 | \n \n 19.6 | \n \n 69.0 | \n \n 4.0 | \n \n 131.4 | \n \n 224.0 | \n
| \n transfers | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (2.8) | \n \n (2.8) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (3.1) | \n \n (3.1) | \n
| \n assets taken into operation | \n \n 35.2 | \n \n 76.4 | \n \n 0.9 | \n \n (112.5) | \n \n \u2013 | \n \n 28.7 | \n \n 56.1 | \n \n 0.2 | \n \n (85.0) | \n \n \u2013 | \n
| \n disposals | \n \n (3.8) | \n \n (0.5) | \n \n (0.3) | \n \n (2.4) | \n \n (7.0) | \n \n (9.9) | \n \n \u2013 | \n \n (0.2) | \n \n (1.9) | \n \n (12.0) | \n
| \n acquisition of subsidiaries | \n \n 0.4 | \n \n 1.8 | \n \n \u2013 | \n \n \u2013 | \n \n 2.2 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (1.0) | \n \n (3.0) | \n \n \u2013 | \n \n (1.5) | \n \n (5.5) | \n \n (4.2) | \n \n (3.1) | \n \n (0.2) | \n \n (0.5) | \n \n (8.0) | \n
| \n reclassified to held for sale | \n \n (3.2) | \n \n (1.6) | \n \n (0.1) | \n \n (0.1) | \n \n (5.0) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n depreciation | \n \n (21.1) | \n \n (92.9) | \n \n (5.2) | \n \n \u2013 | \n \n (119.2) | \n \n (20.7) | \n \n (80.3) | \n \n (4.9) | \n \n \u2013 | \n \n (105.9) | \n
| \n currency translation | \n \n 4.0 | \n \n 8.3 | \n \n \u2013 | \n \n 2.7 | \n \n 15.0 | \n \n (0.7) | \n \n (1.5) | \n \n (0.2) | \n \n 0.8 | \n \n (1.6) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n as at 31 December | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n cost | \n \n 778.0 | \n \n 1,899.9 | \n \n 92.8 | \n \n 237.4 | \n \n 3,008.1 | \n \n 738.6 | \n \n 1,830.6 | \n \n 93.4 | \n \n 205.6 | \n \n 2,868.2 | \n
| \n accumulated depreciation | \n \n (368.9) | \n \n (1,363.5) | \n \n (78.4) | \n \n \u2013 | \n \n (1,810.8) | \n \n (360.8) | \n \n (1,341.2) | \n \n (77.8) | \n \n \u2013 | \n \n (1,779.8) | \n
| \n net book amount as at 31 December | \n \n 409.1 | \n \n 536.4 | \n \n 14.4 | \n \n 237.4 | \n \n 1,197.3 | \n \n 377.8 | \n \n 489.4 | \n \n 15.6 | \n \n 205.6 | \n \n 1,088.4 | \n
As part of the accelerated operational excellence programmes in 2024, the Group has impaired property, plant and equipment for an amount of EUR 10.4 million which is included in the depreciation of EUR 119.2 million and is related to land and buildings and plant and equipment.
At year-end, Group companies had investment commitments outstanding in respect of property, plant and equipment amounting to EUR 86.7 million (2023: EUR 32.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3180m1651p": { "value": "\nProperty, 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:
| \n category | \n \n useful life (minimum) | \n \n useful life (maximum) | \n
| \n land | \n \n infinite | \n \n infinite | \n
| \n buildings | \n \n 5 years | \n \n 40 years | \n
| \n plant and equipment | \n \n 3 years | \n \n 15 years | \n
| \n other | \n \n 3 years | \n \n 5 years | \n
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.
\nFor 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:
| \n category | \n \n useful life (minimum) | \n \n useful life (maximum) | \n
| \n land | \n \n infinite | \n \n infinite | \n
| \n buildings | \n \n 5 years | \n \n 40 years | \n
| \n plant and equipment | \n \n 3 years | \n \n 15 years | \n
| \n other | \n \n 3 years | \n \n 5 years | \n
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2612m1652p": { "value": "\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n land and buildings | \n \n 158.3 | \n \n 128.1 | \n
| \n plant and equipment | \n \n 9.3 | \n \n 12.3 | \n
| \n company cars and other | \n \n 23.2 | \n \n 16.6 | \n
| \n net book amount right-of-use assets | \n \n 190.8 | \n \n 157.0 | \n
Additions to the right-of-use assets during 2024 amounted to EUR 70.6 million (2023:\u00a0EUR 30.0 million). These additions include new leases and renewals of existing contracts.\u00a0
The income statement includes the following amounts relating to leases:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n depreciation expense right-of-use assets: | \n \n | \n\n | \n
| \n land and buildings | \n \n 25.7 | \n \n 22.5 | \n
| \n plant and equipment | \n \n 4.7 | \n \n 5.2 | \n
| \n company cars and other | \n \n 10.7 | \n \n 8.0 | \n
| \n total depreciation expense right-of-use assets | \n \n 41.1 | \n \n 35.7 | \n
| \n interest expense on lease liabilities | \n \n 3.4 | \n \n 2.2 | \n
| \n expenses relating to leases | \n \n 44.5 | \n \n 37.9 | \n
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 41.7 million (2023: EUR 37.3 million) and payments of interest on leases amount to EUR 3.4 million (2023: EUR 2.2 million). The lease liabilities related to the right-of-use assets are disclosed in note 15.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 161.9 | \n \n 174.2 | \n
| \n new leases and renewals | \n \n 70.6 | \n \n 30.0 | \n
| \n lease payments | \n \n (45.1) | \n \n (39.5) | \n
| \n interest expense on lease liabilities | \n \n 3.4 | \n \n 2.2 | \n
| \n acquisition of subsidiaries | \n \n 1.5 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n \u2013 | \n \n (3.0) | \n
| \n reclassified to held for sale | \n \n (0.6) | \n \n \u2013 | \n
| \n early terminations | \n \n \u2013 | \n \n (0.7) | \n
| \n currency translation differences | \n \n 3.8 | \n \n (1.3) | \n
| \n as at 31 December | \n \n 195.5 | \n \n 161.9 | \n
| \n | \n\n | \n\n | \n
| \n current portion of lease liabilities | \n \n 42.6 | \n \n 33.7 | \n
| \n non-current lease liabilities | \n \n 152.9 | \n \n 128.2 | \n
| \n as at 31 December | \n \n 195.5 | \n \n 161.9 | \n
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2620m1653p": { "value": "\nThe 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.\u00a0
\nLease 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.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 11.5 | \n \n 11.1 | \n
| \n additions / (reversals) | \n \n 1.0 | \n \n (2.3) | \n
| \n unwinding of discounts | \n \n 0.1 | \n \n 0.2 | \n
| \n payments | \n \n (7.3) | \n \n (3.9) | \n
| \n disposal of subsidiaries | \n \n (0.6) | \n \n 6.4 | \n
| \n as at 31 December | \n \n 4.7 | \n \n 11.5 | \n
| \n | \n\n | \n\n | \n
| \n current portion of deferred consideration receivable | \n \n 0.7 | \n \n 6.5 | \n
| \n non-current financial assets | \n \n 4.0 | \n \n 5.0 | \n
| \n as at 31 December | \n \n 4.7 | \n \n 11.5 | \n
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 0.7 million is presented under other current assets (2023: EUR 6.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2422m1655p": { "value": "\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 11.5 | \n \n 11.1 | \n
| \n additions / (reversals) | \n \n 1.0 | \n \n (2.3) | \n
| \n unwinding of discounts | \n \n 0.1 | \n \n 0.2 | \n
| \n payments | \n \n (7.3) | \n \n (3.9) | \n
| \n disposal of subsidiaries | \n \n (0.6) | \n \n 6.4 | \n
| \n as at 31 December | \n \n 4.7 | \n \n 11.5 | \n
| \n | \n\n | \n\n | \n
| \n current portion of deferred consideration receivable | \n \n 0.7 | \n \n 6.5 | \n
| \n non-current financial assets | \n \n 4.0 | \n \n 5.0 | \n
| \n as at 31 December | \n \n 4.7 | \n \n 11.5 | \n
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 0.7 million is presented under other current assets (2023: EUR 6.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2424m1656p": { "value": "\nNon-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.
\nNon-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.
\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n raw materials | \n \n 201.5 | \n \n 217.8 | \n
| \n work in progress | \n \n 234.1 | \n \n 242.9 | \n
| \n finished goods | \n \n 353.6 | \n \n 349.6 | \n
| \n other inventories | \n \n 10.4 | \n \n 12.3 | \n
| \n total | \n \n 799.6 | \n \n 822.6 | \n
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 2024 an amount of EUR 1,076.2 million (2023: EUR 1,155.2 million) is recognised as raw materials used.
In 2024 a net write-off expense of EUR 9.0 million (2023: EUR 3.3 million) is recognised of which EUR 8.3 million are exceptional costs related to restructurings. The provision for write-down of inventories, due to obsolescence and slow-moving stock, amounts to EUR 35.0 million (2023: EUR 32.1 million) excluding inventories amounting to EUR 12.4 million reclassified to assets held for sale. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2464m1659p": { "value": "\nInventories 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.
\nTrade 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
\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n trade receivables (gross amount) | \n \n 389.6 | \n \n 396.6 | \n
| \n allowance for expected credit losses of receivables | \n \n (4.5) | \n \n (4.2) | \n
| \n trade receivables (net amount) | \n \n 385.1 | \n \n 392.4 | \n
The movement in the allowance for expected credit losses of receivables is as follows:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 4.2 | \n \n 6.2 | \n
| \n additions/(reversals) | \n \n 0.7 | \n \n (0.2) | \n
| \n used during year | \n \n (0.4) | \n \n (0.9) | \n
| \n acquisition of subsidiaries | \n \n 0.1 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (0.2) | \n \n (0.7) | \n
| \n currency translation differences | \n \n 0.1 | \n \n (0.2) | \n
| \n as at 31 December | \n \n 4.5 | \n \n 4.2 | \n
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 4.5 million (2023: EUR 4.2 million) is mainly related to receivables past due more than 90 days and is excluding an amount of EUR 2.8 million reclassified to assets held for sale. 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. Addition to the allowance for expected credit losses amount to EUR 0.7 million (2023: EUR 0.2 million reversal) 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:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n not past due | \n \n 332.1 | \n \n 335.5 | \n
| \n past due less than 30 days | \n \n 39.6 | \n \n 41.3 | \n
| \n past due between 30 days and 60 days | \n \n 7.7 | \n \n 8.4 | \n
| \n past due between 60 days and 90 days | \n \n 3.3 | \n \n 2.6 | \n
| \n past due more than 90 days | \n \n 6.9 | \n \n 8.8 | \n
| \n trade receivables (gross amount) | \n \n 389.6 | \n \n 396.6 | \n
The majority of the carrying amounts is denominated in the functional currency of the\u00a0reported entities:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n Euro | \n \n 189.8 | \n \n 192.9 | \n
| \n US dollar | \n \n 94.2 | \n \n 89.6 | \n
| \n British pound | \n \n 40.2 | \n \n 45.4 | \n
| \n other currencies | \n \n 65.4 | \n \n 68.7 | \n
| \n trade receivables (gross amount) | \n \n 389.6 | \n \n 396.6 | \n
The movement in the allowance for expected credit losses of receivables is as follows:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 4.2 | \n \n 6.2 | \n
| \n additions/(reversals) | \n \n 0.7 | \n \n (0.2) | \n
| \n used during year | \n \n (0.4) | \n \n (0.9) | \n
| \n acquisition of subsidiaries | \n \n 0.1 | \n \n \u2013 | \n
| \n disposal of subsidiaries | \n \n (0.2) | \n \n (0.7) | \n
| \n currency translation differences | \n \n 0.1 | \n \n (0.2) | \n
| \n as at 31 December | \n \n 4.5 | \n \n 4.2 | \n
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n prepaid expenses and accrued income | \n \n 34.0 | \n \n 27.9 | \n
| \n deferred consideration receivable | \n \n 0.7 | \n \n 6.5 | \n
| \n value added tax receivable | \n \n 9.6 | \n \n 10.2 | \n
| \n derivative financial instruments | \n \n 6.3 | \n \n 15.0 | \n
| \n other receivables | \n \n 45.7 | \n \n 22.4 | \n
| \n total | \n \n 96.3 | \n \n 82.0 | \n
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n prepaid expenses and accrued income | \n \n 34.0 | \n \n 27.9 | \n
| \n deferred consideration receivable | \n \n 0.7 | \n \n 6.5 | \n
| \n value added tax receivable | \n \n 9.6 | \n \n 10.2 | \n
| \n derivative financial instruments | \n \n 6.3 | \n \n 15.0 | \n
| \n other receivables | \n \n 45.7 | \n \n 22.4 | \n
| \n total | \n \n 96.3 | \n \n 82.0 | \n
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.
\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n cash and cash equivalents | \n \n 89.8 | \n \n 119.7 | \n
| \n current borrowings | \n \n (82.7) | \n \n (55.1) | \n
| \n total cash and current borrowings | \n \n 7.1 | \n \n 64.6 | \n
The cash and current borrowings amount to EUR 7.1 million positive (2023: EUR 64.6 million positive). 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 89.8 million (2023: EUR 119.7 million). Cash is freely disposable although certain restrictions for withdrawal and distribution are applicable for the EUR 9.5 million of cash and bank balances within the Russian entities.
The current borrowings of EUR 82.7 million (2023: EUR 55.1 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 2024 amounted to EUR 954.2 million (2023: EUR 944.8 million), of which generally between EUR 0 million and EUR 243.4 million was used throughout the year. At year-end 2024, the total committed revolving credit facilities amounted to EUR 423.3 million (2023: EUR 420.3 million), consisting of three credit facilities of EUR 50 million, three credit facilities of EUR 75 million available in EUR and USD and one credit facility of USD 50 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3215m1723p": { "value": "Cash is freely disposable although certain restrictions for withdrawal and distribution are applicable for the EUR 9.5 million of cash and bank balances within the Russian entities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2538m1667p": { "value": "\nThe total number of ordinary shares outstanding at year-end was 110.6 million shares (2023: 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.
\nThe 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.
\nAalberts 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. Under the PSP 2021-2023 and the PSP 2023-2025, the financial performance over the three calendar years is measured based on the average annual growth of earnings per share before amortisation (EPS) and based on the average return on capital employed (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 2021-2023: Based on the average annual growth of the earnings per share before amortisation and exceptionals (EPS) and on the average return on capital employed (ROCE) percentage over the three-year period (2021-2023) 118.2% of the conditional shares at the end of 2023 (92,000 shares) vested in 2024 (108,744 shares). In June 2024, a total of 88,246 shares were purchased at market value for EUR 3.8 million and transferred to the security account of the individual employees. A total of 20,498 shares with a market value of EUR 0.9 million were used to settle the income tax liability of several employees (\u2018net settlement feature\u2019). An amount of EUR 0.5 million (2023: 2.7 million) was charged to personnel expenses and credited to total equity (overall no impact on equity).
PSP 2023-2025: In May/June 2023, a total number of 135,500 (100%) conditional shares were granted and accepted. In February 2024, a total number of 39,000 (100%) conditional shares were granted to the CEO and accepted. In October, a total number of 25,000 (100%) conditional shares were granted to new employees and accepted. 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 2024, there are still 186,500 conditional shares in circulation (2023: 135,500 shares). The total fair value of the 186,500 conditional shares was EUR 6.7 million. An amount of EUR 2.1 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.
\nA 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.
\nThe dividends paid in 2024 amounted to EUR 1.13 per share (2023: EUR 1.11 per share).\u00a0
A dividend in respect of the year ended 31 December 2024 of EUR 1.13 per share will be proposed at the General Meeting to be held on 10 April 2025.
These financial statements do not reflect this dividend payable. The dividend payment will be subject to 15% Dutch withholding tax.
\nNon-controlling interests amount to EUR 61.2 million (2023: EUR 52.1 million), where the result for the year, including other comprehensive income, amounts to EUR 9.2 million (2023: EUR 8.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2539m1668p": { "value": "\nThe total number of ordinary shares outstanding at year-end was 110.6 million shares (2023: 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2540m1669p": { "value": "\nThe 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2541m1670p": { "value": "\nAalberts 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. Under the PSP 2021-2023 and the PSP 2023-2025, the financial performance over the three calendar years is measured based on the average annual growth of earnings per share before amortisation (EPS) and based on the average return on capital employed (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 2021-2023: Based on the average annual growth of the earnings per share before amortisation and exceptionals (EPS) and on the average return on capital employed (ROCE) percentage over the three-year period (2021-2023) 118.2% of the conditional shares at the end of 2023 (92,000 shares) vested in 2024 (108,744 shares). In June 2024, a total of 88,246 shares were purchased at market value for EUR 3.8 million and transferred to the security account of the individual employees. A total of 20,498 shares with a market value of EUR 0.9 million were used to settle the income tax liability of several employees (\u2018net settlement feature\u2019). An amount of EUR 0.5 million (2023: 2.7 million) was charged to personnel expenses and credited to total equity (overall no impact on equity).
PSP 2023-2025: In May/June 2023, a total number of 135,500 (100%) conditional shares were granted and accepted. In February 2024, a total number of 39,000 (100%) conditional shares were granted to the CEO and accepted. In October, a total number of 25,000 (100%) conditional shares were granted to new employees and accepted. 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 2024, there are still 186,500 conditional shares in circulation (2023: 135,500 shares). The total fair value of the 186,500 conditional shares was EUR 6.7 million. An amount of EUR 2.1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2542m1671p": { "value": "\nA 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.
\nA 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.
\nThe 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 and France, 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.\u00a0Any 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.
\nPersonnel 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.
\nThe dividends paid in 2024 amounted to EUR 1.13 per share (2023: EUR 1.11 per share).\u00a0
A dividend in respect of the year ended 31 December 2024 of EUR 1.13 per share will be proposed at the General Meeting to be held on 10 April 2025.
These financial statements do not reflect this dividend payable. The dividend payment will be subject to 15% Dutch withholding tax.
\nThe dividends paid in 2024 were EUR 1.13 per share (2023: EUR 1.11 per share). A dividend in respect of the year ended 31 December 2024 of EUR 1.13 per share will be proposed at the General Meeting to be held on 10 April 2025. These financial statements do not reflect this dividend payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2572m1673p": { "value": "\nNon-controlling interests amount to EUR 61.2 million (2023: EUR 52.1 million), where the result for the year, including other comprehensive income, amounts to EUR 9.2 million (2023: EUR 8.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2579m1674p": { "value": "\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 485.6 | \n \n 537.2 | \n
| \n repayment of bank loans | \n \n (109.0) | \n \n (59.3) | \n
| \n new bank loans | \n \n 27.3 | \n \n 10.3 | \n
| \n currency translation differences | \n \n 4.5 | \n \n (2.6) | \n
| \n as at 31 December | \n \n 408.4 | \n \n 485.6 | \n
| \n | \n\n | \n\n | \n
| \n current portion of bank loans | \n \n 126.6 | \n \n 96.9 | \n
| \n non-current bank loans | \n \n 281.8 | \n \n 388.7 | \n
| \n as at 31 December | \n \n 408.4 | \n \n 485.6 | \n
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 2024, including hedge instruments related to these loans, amounted to 2.4% (2024: 2.4%). There are no assets pledged as security for bank loans.
The Group\u2019s bank loans are denominated in the following currencies:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n Euro | \n \n 330.0 | \n \n 385.0 | \n
| \n Polish Zloty | \n \n 24.8 | \n \n 12.2 | \n
| \n US dollar | \n \n 53.6 | \n \n 88.4 | \n
| \n Total | \n \n 408.4 | \n \n 485.6 | \n
Aalberts has agreed the following covenants with its banks which are tested twice a year:
| \n | \n\n leverage ratio | \n \n interest cover ratio | \n
| \n facilities refinanced in 2021 | \n \n | \n\n | \n
| \n as at 30 June of each year | \n \n < 3.5 | \n \n > 3.0 | \n
| \n as at 31 December of each year | \n \n < 3.0 | \n \n > 3.0 | \n
| \n | \n\n | \n\n | \n
| \n facilities refinanced in 2023 | \n \n | \n\n | \n
| \n as at 30 June of each year | \n \n < 3.75 | \n \n > 3.0 | \n
| \n as at 31 December of each year | \n \n < 3.25 | \n \n > 3.0 | \n
The interest rate margin depends on the leverage ratio achieved.
The following definitions are used to calculate the ratios:
leverage ratio: net debt / EBITDA
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-month rolling basis.
At year-end the requirements in the covenants are met as stated below:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n leverage ratio | \n \n 1.0 | \n \n 0.9 | \n
| \n interest cover ratio | \n \n 21.3 | \n \n 19.7 | \n
EBITDA and net debt amounts are calculated as follows:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n reported EBITDA | \n \n 545.3 | \n \n 662.6 | \n
| \n adjustment for acquisitions and disposals | \n \n (12.6) | \n \n (32.5) | \n
| \n adjustment for non-recurring items | \n \n 74.4 | \n \n 19.1 | \n
| \n EBITDA | \n \n 607.1 | \n \n 649.2 | \n
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n bank loans | \n \n 408.4 | \n \n 485.6 | \n
| \n lease liabilities | \n \n 195.5 | \n \n 161.9 | \n
| \n current borrowings | \n \n 82.7 | \n \n 55.1 | \n
| \n cash | \n \n (89.8) | \n \n (119.7) | \n
| \n liabilities held for sale | \n \n 0.6 | \n \n \u2013 | \n
| \n net debt | \n \n 597.4 | \n \n 582.9 | \n
The net interest expense is disclosed in note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2581m1675p": { "value": "\nBank 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.
\nBank 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.
\n| \n | \n\n tax losses | \n \n intangible assets | \n \n property, plant and equipment | \n \n right-of-use assets | \n \n lease liabilities | \n \n provisions | \n \n working capital and other | \n \n offsetting | \n \n net (asset)/ liability | \n
| \n as at 1 January 2024 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
| \n income statement | \n \n (2.7) | \n \n (10.5) | \n \n (16.0) | \n \n 8.8 | \n \n (8.6) | \n \n (1.2) | \n \n 4.0 | \n \n \u2013 | \n \n (26.2) | \n
| \n other comprehensive income (equity) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 0.6 | \n \n (2.2) | \n \n \u2013 | \n \n (1.6) | \n
| \n reclassified to held for sale | \n \n \u2013 | \n \n \u2013 | \n \n (0.1) | \n \n \u2013 | \n \n \u2013 | \n \n 0.1 | \n \n 0.3 | \n \n | \n\n 0.3 | \n
| \n currency translation | \n \n \u2013 | \n \n 2.5 | \n \n 1.6 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n 0.6 | \n \n \u2013 | \n \n 4.1 | \n
| \n as at 31 December 2024 | \n \n (6.2) | \n \n 112.3 | \n \n 20.7 | \n \n 47.3 | \n \n (48.8) | \n \n (14.1) | \n \n 9.5 | \n \n \u2013 | \n \n 120.7 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n deferred income tax assets | \n \n (6.2) | \n \n (0.1) | \n \n (17.1) | \n \n \u2013 | \n \n (48.8) | \n \n (15.4) | \n \n (17.1) | \n \n 81.7 | \n \n (23.0) | \n
| \n deferred income tax liabilities | \n \n \u2013 | \n \n 112.4 | \n \n 37.8 | \n \n 47.3 | \n \n \u2013 | \n \n 1.3 | \n \n 26.6 | \n \n (81.7) | \n \n 143.7 | \n
| \n as at 31 December 2024 | \n \n (6.2) | \n \n 112.3 | \n \n 20.7 | \n \n 47.3 | \n \n (48.8) | \n \n (14.1) | \n \n 9.5 | \n \n \u2013 | \n \n 120.7 | \n
| \n | \n\n tax losses | \n \n intangible assets | \n \n property, plant and equipment | \n \n right-of-use assets | \n \n lease liabilities | \n \n provisions | \n \n working capital and other | \n \n offsetting | \n \n net (asset)/ liability | \n
| \n as at 1 January 2023 | \n \n (2.3) | \n \n 132.4 | \n \n 33.4 | \n \n 41.0 | \n \n (43.1) | \n \n (13.4) | \n \n 14.0 | \n \n \u2013 | \n \n 162.0 | \n
| \n income statement | \n \n (1.3) | \n \n (7.6) | \n \n 2.8 | \n \n (2.5) | \n \n 2.9 | \n \n 0.6 | \n \n (3.0) | \n \n \u2013 | \n \n (8.1) | \n
| \n other comprehensive income (equity) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n (3.8) | \n \n \u2013 | \n \n (4.4) | \n
| \n disposal of subsidiaries | \n \n \u2013 | \n \n (3.3) | \n \n (0.3) | \n \n \u2013 | \n \n \u2013 | \n \n 0.4 | \n \n 0.2 | \n \n \u2013 | \n \n (3.0) | \n
| \n currency translation | \n \n 0.1 | \n \n (1.2) | \n \n (0.7) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n \u2013 | \n \n (2.4) | \n
| \n as at 31 December 2023 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n deferred income tax assets | \n \n (3.5) | \n \n \u2013 | \n \n (3.2) | \n \n \u2013 | \n \n (40.2) | \n \n (14.4) | \n \n (10.3) | \n \n 61.2 | \n \n (10.4) | \n
| \n deferred income tax liabilities | \n \n \u2013 | \n \n 120.3 | \n \n 38.4 | \n \n 38.5 | \n \n \u2013 | \n \n 1.4 | \n \n 17.1 | \n \n (61.2) | \n \n 154.5 | \n
| \n as at 31 December 2023 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
The Group has unrecognised carry-forward tax losses amounting to EUR 50.4 million (2023: EUR 36.2 million). The related deferred income tax assets have not been recorded.
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n expire in less than 1 year | \n \n 1.8 | \n \n \u2013 | \n
| \n expire between 1 and 5 years | \n \n 12.2 | \n \n 9.3 | \n
| \n expire from 5 years or more | \n \n 11.8 | \n \n 11.3 | \n
| \n indefinite | \n \n 24.6 | \n \n 15.6 | \n
| \n total | \n \n 50.4 | \n \n 36.2 | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n current tax: | \n \n | \n\n | \n
| \n current year | \n \n (96.0) | \n \n (115.0) | \n
| \n prior years | \n \n (4.4) | \n \n 3.4 | \n
| \n total current tax | \n \n (100.4) | \n \n (111.6) | \n
| \n deferred tax | \n \n 26.2 | \n \n 8.1 | \n
| \n total income tax expense | \n \n (74.2) | \n \n (103.5) | \n
| \n | \n\n 2024 | \n \n % | \n \n 2023 | \n \n % | \n
| \n profit before tax | \n \n 261.6 | \n \n 100.0 | \n \n 424.0 | \n \n 100.0 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n
| \n tax at domestic rates | \n \n (67.7) | \n \n (25.9) | \n \n (107.7) | \n \n (25.4) | \n
| \n non-deductible expenses | \n \n (15.1) | \n \n (5.8) | \n \n (5.2) | \n \n (1.2) | \n
| \n tax-exempt results and tax relief facilities | \n \n 13.6 | \n \n 5.2 | \n \n 9.0 | \n \n 2.1 | \n
| \n other effects | \n \n (5.0) | \n \n (1.9) | \n \n 0.4 | \n \n 0.1 | \n
| \n total income tax expense and effective tax rate % | \n \n (74.2) | \n \n (28.4) | \n \n (103.5) | \n \n (24.4) | \n
| \n | \n\n tax losses | \n \n intangible assets | \n \n property, plant and equipment | \n \n right-of-use assets | \n \n lease liabilities | \n \n provisions | \n \n working capital and other | \n \n offsetting | \n \n net (asset)/ liability | \n
| \n as at 1 January 2024 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
| \n income statement | \n \n (2.7) | \n \n (10.5) | \n \n (16.0) | \n \n 8.8 | \n \n (8.6) | \n \n (1.2) | \n \n 4.0 | \n \n \u2013 | \n \n (26.2) | \n
| \n other comprehensive income (equity) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 0.6 | \n \n (2.2) | \n \n \u2013 | \n \n (1.6) | \n
| \n reclassified to held for sale | \n \n \u2013 | \n \n \u2013 | \n \n (0.1) | \n \n \u2013 | \n \n \u2013 | \n \n 0.1 | \n \n 0.3 | \n \n | \n\n 0.3 | \n
| \n currency translation | \n \n \u2013 | \n \n 2.5 | \n \n 1.6 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n 0.6 | \n \n \u2013 | \n \n 4.1 | \n
| \n as at 31 December 2024 | \n \n (6.2) | \n \n 112.3 | \n \n 20.7 | \n \n 47.3 | \n \n (48.8) | \n \n (14.1) | \n \n 9.5 | \n \n \u2013 | \n \n 120.7 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n deferred income tax assets | \n \n (6.2) | \n \n (0.1) | \n \n (17.1) | \n \n \u2013 | \n \n (48.8) | \n \n (15.4) | \n \n (17.1) | \n \n 81.7 | \n \n (23.0) | \n
| \n deferred income tax liabilities | \n \n \u2013 | \n \n 112.4 | \n \n 37.8 | \n \n 47.3 | \n \n \u2013 | \n \n 1.3 | \n \n 26.6 | \n \n (81.7) | \n \n 143.7 | \n
| \n as at 31 December 2024 | \n \n (6.2) | \n \n 112.3 | \n \n 20.7 | \n \n 47.3 | \n \n (48.8) | \n \n (14.1) | \n \n 9.5 | \n \n \u2013 | \n \n 120.7 | \n
| \n | \n\n tax losses | \n \n intangible assets | \n \n property, plant and equipment | \n \n right-of-use assets | \n \n lease liabilities | \n \n provisions | \n \n working capital and other | \n \n offsetting | \n \n net (asset)/ liability | \n
| \n as at 1 January 2023 | \n \n (2.3) | \n \n 132.4 | \n \n 33.4 | \n \n 41.0 | \n \n (43.1) | \n \n (13.4) | \n \n 14.0 | \n \n \u2013 | \n \n 162.0 | \n
| \n income statement | \n \n (1.3) | \n \n (7.6) | \n \n 2.8 | \n \n (2.5) | \n \n 2.9 | \n \n 0.6 | \n \n (3.0) | \n \n \u2013 | \n \n (8.1) | \n
| \n other comprehensive income (equity) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n (3.8) | \n \n \u2013 | \n \n (4.4) | \n
| \n disposal of subsidiaries | \n \n \u2013 | \n \n (3.3) | \n \n (0.3) | \n \n \u2013 | \n \n \u2013 | \n \n 0.4 | \n \n 0.2 | \n \n \u2013 | \n \n (3.0) | \n
| \n currency translation | \n \n 0.1 | \n \n (1.2) | \n \n (0.7) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (0.6) | \n \n \u2013 | \n \n (2.4) | \n
| \n as at 31 December 2023 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n deferred income tax assets | \n \n (3.5) | \n \n \u2013 | \n \n (3.2) | \n \n \u2013 | \n \n (40.2) | \n \n (14.4) | \n \n (10.3) | \n \n 61.2 | \n \n (10.4) | \n
| \n deferred income tax liabilities | \n \n \u2013 | \n \n 120.3 | \n \n 38.4 | \n \n 38.5 | \n \n \u2013 | \n \n 1.4 | \n \n 17.1 | \n \n (61.2) | \n \n 154.5 | \n
| \n as at 31 December 2023 | \n \n (3.5) | \n \n 120.3 | \n \n 35.2 | \n \n 38.5 | \n \n (40.2) | \n \n (13.0) | \n \n 6.8 | \n \n \u2013 | \n \n 144.1 | \n
The Group has unrecognised carry-forward tax losses amounting to EUR 50.4 million (2023: EUR 36.2 million). The related deferred income tax assets have not been recorded.
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n expire in less than 1 year | \n \n 1.8 | \n \n \u2013 | \n
| \n expire between 1 and 5 years | \n \n 12.2 | \n \n 9.3 | \n
| \n expire from 5 years or more | \n \n 11.8 | \n \n 11.3 | \n
| \n indefinite | \n \n 24.6 | \n \n 15.6 | \n
| \n total | \n \n 50.4 | \n \n 36.2 | \n
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.
The group has applied a temporary mandatory relief from deferred tax accounting for the impact of Pillar Two income taxes and accounts for them as current taxes when they are incurred.
\n| \n | \n\n present value (partly) funded obligations | \n \n fair value plan assets | \n \n net liability of funded schemes | \n \n present value unfunded obligations | \n \n total 2024 | \n \n present value (partly) funded obligations | \n \n fair value plan assets | \n \n net liability of funded schemes | \n \n present value unfunded obligations | \n \n total 2023 | \n
| \n as at 1 January | \n \n 133.2 | \n \n (114.0) | \n \n 19.2 | \n \n 13.7 | \n \n 32.9 | \n \n 134.2 | \n \n (113.1) | \n \n 21.1 | \n \n 14.1 | \n \n 35.2 | \n
| \n current service cost | \n \n 0.5 | \n \n \u2013 | \n \n 0.5 | \n \n 0.7 | \n \n 1.2 | \n \n 0.8 | \n \n \u2013 | \n \n 0.8 | \n \n 0.6 | \n \n 1.4 | \n
| \n interest expense / (income) | \n \n 5.4 | \n \n (4.7) | \n \n 0.7 | \n \n 0.5 | \n \n 1.2 | \n \n 5.7 | \n \n (4.9) | \n \n 0.8 | \n \n 0.5 | \n \n 1.3 | \n
| \n curtailments and settlements | \n \n \u2013 | \n \n 0.4 | \n \n 0.4 | \n \n (0.1) | \n \n 0.3 | \n \n (4.3) | \n \n 3.8 | \n \n (0.5) | \n \n \u2013 | \n \n (0.5) | \n
| \n in income statement | \n \n 5.9 | \n \n (4.3) | \n \n 1.6 | \n \n 1.1 | \n \n 2.7 | \n \n 2.2 | \n \n (1.1) | \n \n 1.1 | \n \n 1.1 | \n \n 2.2 | \n
| \n remeasurements: | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n plan assets | \n \n \u2013 | \n \n 5.4 | \n \n 5.4 | \n \n \u2013 | \n \n 5.4 | \n \n \u2013 | \n \n (1.1) | \n \n (1.1) | \n \n \u2013 | \n \n (1.1) | \n
| \n demographic assumptions | \n \n 1.5 | \n \n \u2013 | \n \n 1.5 | \n \n \u2013 | \n \n 1.5 | \n \n (1.3) | \n \n \u2013 | \n \n (1.3) | \n \n \u2013 | \n \n (1.3) | \n
| \n financial assumptions | \n \n (8.9) | \n \n \u2013 | \n \n (8.9) | \n \n 0.6 | \n \n (8.3) | \n \n 2.3 | \n \n \u2013 | \n \n 2.3 | \n \n 0.2 | \n \n 2.5 | \n
| \n experience adjustments | \n \n (0.1) | \n \n \u2013 | \n \n (0.1) | \n \n (0.3) | \n \n (0.4) | \n \n 2.3 | \n \n \u2013 | \n \n 2.3 | \n \n \u2013 | \n \n 2.3 | \n
| \n in other comprehensive income | \n \n (7.5) | \n \n 5.4 | \n \n (2.1) | \n \n 0.3 | \n \n (1.8) | \n \n 3.3 | \n \n (1.1) | \n \n 2.2 | \n \n 0.2 | \n \n 2.4 | \n
| \n contributions by employer | \n \n \u2013 | \n \n (4.4) | \n \n (4.4) | \n \n \u2013 | \n \n (4.4) | \n \n \u2013 | \n \n (4.0) | \n \n (4.0) | \n \n \u2013 | \n \n (4.0) | \n
| \n contributions by participants | \n \n 0.2 | \n \n (0.2) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 0.2 | \n \n (0.2) | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n benefits paid | \n \n (6.8) | \n \n 6.8 | \n \n \u2013 | \n \n (1.3) | \n \n (1.3) | \n \n (6.7) | \n \n 6.7 | \n \n \u2013 | \n \n (1.5) | \n \n (1.5) | \n
| \n disposal of subsidiaries | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n (2.6) | \n \n 1.2 | \n \n (1.4) | \n \n (0.1) | \n \n (1.5) | \n
| \n currency translation | \n \n 4.9 | \n \n (4.5) | \n \n 0.4 | \n \n \u2013 | \n \n 0.4 | \n \n 2.6 | \n \n (2.4) | \n \n 0.2 | \n \n (0.1) | \n \n 0.1 | \n
| \n as at 31 December | \n \n 129.9 | \n \n (115.2) | \n \n 14.7 | \n \n 13.8 | \n \n 28.5 | \n \n 133.2 | \n \n (114.0) | \n \n 19.2 | \n \n 13.7 | \n \n 32.9 | \n
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:
\u2003
\u2003
| \n | \n\n United Kingdom | \n \n Germany | \n \n France | \n \n other | \n \n total 2024 | \n \n United Kingdom | \n \n Germany | \n \n France | \n \n other | \n \n total 2023 | \n
| \n balance sheet | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n funded obligations | \n \n 106.0 | \n \n 5.5 | \n \n 1.8 | \n \n 16.6 | \n \n 129.9 | \n \n 110.3 | \n \n 5.8 | \n \n 1.7 | \n \n 15.4 | \n \n 133.2 | \n
| \n fair value of plan assets | \n \n (97.8) | \n \n (3.9) | \n \n (0.9) | \n \n (12.6) | \n \n (115.2) | \n \n (96.1) | \n \n (4.1) | \n \n (0.8) | \n \n (13.0) | \n \n (114.0) | \n
| \n net liability of funded schemes | \n \n 8.2 | \n \n 1.6 | \n \n 0.9 | \n \n 4.0 | \n \n 14.7 | \n \n 14.2 | \n \n 1.7 | \n \n 0.9 | \n \n 2.4 | \n \n 19.2 | \n
| \n unfunded obligations | \n \n 0.2 | \n \n 4.1 | \n \n 7.9 | \n \n 1.6 | \n \n 13.8 | \n \n 0.1 | \n \n 4.8 | \n \n 6.4 | \n \n 2.4 | \n \n 13.7 | \n
| \n as at 31 December | \n \n 8.4 | \n \n 5.7 | \n \n 8.8 | \n \n 5.6 | \n \n 28.5 | \n \n 14.3 | \n \n 6.5 | \n \n 7.3 | \n \n 4.8 | \n \n 32.9 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n income statement | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n current service cost | \n \n \u2013 | \n \n 0.1 | \n \n 0.6 | \n \n 0.5 | \n \n 1.2 | \n \n 0.3 | \n \n 0.1 | \n \n 0.6 | \n \n 0.4 | \n \n 1.4 | \n
| \n interest expense / (income) | \n \n 0.5 | \n \n 0.2 | \n \n 0.3 | \n \n 0.2 | \n \n 1.2 | \n \n 0.6 | \n \n 0.3 | \n \n 0.3 | \n \n 0.1 | \n \n 1.3 | \n
| \n curtailments and settlements | \n \n 0.4 | \n \n \u2013 | \n \n \u2013 | \n \n (0.1) | \n \n 0.3 | \n \n \u2013 | \n \n \u2013 | \n \n (0.1) | \n \n (0.4) | \n \n (0.5) | \n
| \n in income statement | \n \n 0.9 | \n \n 0.3 | \n \n 0.9 | \n \n 0.6 | \n \n 2.7 | \n \n 0.9 | \n \n 0.4 | \n \n 0.8 | \n \n 0.1 | \n \n 2.2 | \n
The significant actuarial assumptions used for the calculations of the defined benefit obligations are:
\u2003
| \n | \n\n 2024 | \n \n | \n\n | \n\n | \n\n 2023 | \n \n | \n\n | \n
| \n | \n\n United Kingdom | \n \n Germany | \n \n France | \n \n | \n\n United Kingdom | \n \n Germany | \n \n France | \n
| \n actuarial assumptions | \n \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n discount rate | \n \n 5.4% | \n \n 3.2% | \n \n 3.4% | \n \n | \n\n 4.5% | \n \n 3.5% | \n \n 4.1% | \n
| \n rate of inflation | \n \n 3.3% | \n \n 2.2% | \n \n 2.0% | \n \n | \n\n 3.1% | \n \n 2.4% | \n \n 2.2% | \n
| \n future salary increases | \n \n \u2013 | \n \n 2.8% | \n \n 3.0% | \n \n | \n\n \u2013 | \n \n 2.8% | \n \n 3.0% | \n
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:
| \n | \n\n change in assumption | \n \n impact on defined benefit obligation | \n
| \n actuarial assumptions | \n \n | \n\n | \n
| \n discount rate | \n \n + 0.5% | \n \n decrease by 5.0% | \n
| \n rate of inflation | \n \n + 0.5% | \n \n increase by 3.1% | \n
| \n future salary increases | \n \n + 0.5% | \n \n increase by 0.3% | \n
| \n life expectancy | \n \n + 1 year | \n \n increase by 1.8% | \n
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:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n equities | \n \n 36% | \n \n 35% | \n
| \n bonds | \n \n 5% | \n \n 6% | \n
| \n other net assets | \n \n 59% | \n \n 59% | \n
| \n total | \n \n 100% | \n \n 100% | \n
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 4.8 million in contributions to be paid to its defined benefit plans in 2025 of which EUR 4.1 million is related to the UK defined benefit plans.
\nThe 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.
\nThe 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 2024 is 12 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. 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 an amount of GBP 48.0 million.
The IAS 19 actuarial report of the Yorkshire Fittings Pension Scheme shows a deficit of GBP 7.2 million as at 31 December 2024 (2023: GBP 11.9 million).
\nThe 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 2023 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 over a period of 5 years and 2 months from 1 January 2022 by the payment of GBP 0.7 million per annum in respect of the deficit. The Company has issued a parent guarantee, for a maximum amount of GBP 15.5 million.
The IAS 19 actuarial report of the Hauck Heat Treatment Limited Group Pension Scheme shows a surplus of GBP 0.4 million as at 31 December 2024 (2023: deficit GBP 0.5 million).
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n wages and salaries | \n \n (727.0) | \n \n (735.7) | \n
| \n social security charges | \n \n (123.3) | \n \n (121.6) | \n
| \n defined benefit plans | \n \n (1.5) | \n \n (0.9) | \n
| \n defined contribution plans | \n \n (26.3) | \n \n (24.5) | \n
| \n termination benefits | \n \n (30.8) | \n \n (7.3) | \n
| \n other expenses related to employees | \n \n (23.8) | \n \n (26.1) | \n
| \n total | \n \n (932.7) | \n \n (916.1) | \n
In the year under review, the average number of full-time employees amounted to 13,774 (2023: 14,571) of which 11,401 (2023: 12,187) full-time employees are active outside the Netherlands.
The termination benefits of EUR 30.8 million relate to the 2024 accelerated operational excellence programmes (2023: EUR 7.3 million).
The remuneration of the Management and Supervisory Board is disclosed as part of the company financial statements (note 33.9).
\nPersonnel 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.
\n| \n | \n\n earn out | \n \n restructuring | \n \n claims | \n \n other | \n \n total | \n
| \n current portion | \n \n \u2013 | \n \n 9.9 | \n \n \u2013 | \n \n \u2013 | \n \n 9.9 | \n
| \n non-current portion | \n \n 4.1 | \n \n \u2013 | \n \n 7.9 | \n \n 9.4 | \n \n 21.4 | \n
| \n as at 1 January 2024 | \n \n 4.1 | \n \n 9.9 | \n \n 7.9 | \n \n 9.4 | \n \n 31.3 | \n
| \n additions | \n \n 11.3 | \n \n 30.8 | \n \n 30.7 | \n \n 1.8 | \n \n 74.6 | \n
| \n used / paid during year | \n \n \u2013 | \n \n (14.6) | \n \n (3.8) | \n \n (2.1) | \n \n (20.5) | \n
| \n acquisition of subsidiaries | \n \n 1.0 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.0 | \n
| \n unused amounts reversed | \n \n \u2013 | \n \n (0.6) | \n \n \u2013 | \n \n (1.0) | \n \n (1.6) | \n
| \n as at 31 December 2024 | \n \n 16.4 | \n \n 25.5 | \n \n 34.8 | \n \n 8.1 | \n \n 84.8 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n current portion | \n \n 15.3 | \n \n 25.5 | \n \n 33.2 | \n \n \u2013 | \n \n 74.0 | \n
| \n non-current portion | \n \n 1.1 | \n \n \u2013 | \n \n 1.6 | \n \n 8.1 | \n \n 10.8 | \n
| \n as at 31 December 2024 | \n \n 16.4 | \n \n 25.5 | \n \n 34.8 | \n \n 8.1 | \n \n 84.8 | \n
Provision for earn out relates to result dependent deferred purchase consideration for acquisitions for an amount of EUR 16.4 million (2023: EUR 4.1 million).
An amount of EUR 30.8 million was added to the restructuring provision mainly as part of the 2024 accelerated operational excellence programmes. The amount of EUR 30.8 million is recognised in the income statement as personnel expenses. At year-end the restructuring provision amounts to EUR 25.5 million (2023: EUR 9.9 million), of which EUR 21.2 million relates to the operational excellence programme of 2024.
An amount of EUR 30.7 million was added to the provision for claims in 2024 and recognised in the income statement as other operating expenses. This includes an addition of EUR 28.2 million to a prior year provision based on the outcome of an arbitral award in 2024.\u00a0Although a request for annulment will be filed, we provided for the full amount that has been awarded because we consider the possibility of annulment of the award to be low. The amount is due within one year and therefore recognised as a current liability. Any claims from legal proceedings are provided at best estimate for the lowest amount at which the Group expects the claim to be reasonably settled.\u00a0
O\u200b\u200b\u200b\u200b\u200b\u200bther provisions amount to EUR 8.1 million as per 31 December 2024 (2023: EUR 9.4 million) and include liabilities related to normal business operations and provisions for environmental restoration. Due to the highly uncertain timing of the expected future cash outflow, amounts provided are categorised to be settled after one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2728m1682p": { "value": "\nA 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.
\n| \n | \n\n earn out | \n \n restructuring | \n \n claims | \n \n other | \n \n total | \n
| \n current portion | \n \n \u2013 | \n \n 9.9 | \n \n \u2013 | \n \n \u2013 | \n \n 9.9 | \n
| \n non-current portion | \n \n 4.1 | \n \n \u2013 | \n \n 7.9 | \n \n 9.4 | \n \n 21.4 | \n
| \n as at 1 January 2024 | \n \n 4.1 | \n \n 9.9 | \n \n 7.9 | \n \n 9.4 | \n \n 31.3 | \n
| \n additions | \n \n 11.3 | \n \n 30.8 | \n \n 30.7 | \n \n 1.8 | \n \n 74.6 | \n
| \n used / paid during year | \n \n \u2013 | \n \n (14.6) | \n \n (3.8) | \n \n (2.1) | \n \n (20.5) | \n
| \n acquisition of subsidiaries | \n \n 1.0 | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n \n 1.0 | \n
| \n unused amounts reversed | \n \n \u2013 | \n \n (0.6) | \n \n \u2013 | \n \n (1.0) | \n \n (1.6) | \n
| \n as at 31 December 2024 | \n \n 16.4 | \n \n 25.5 | \n \n 34.8 | \n \n 8.1 | \n \n 84.8 | \n
| \n | \n\n | \n\n | \n\n | \n\n | \n\n | \n
| \n current portion | \n \n 15.3 | \n \n 25.5 | \n \n 33.2 | \n \n \u2013 | \n \n 74.0 | \n
| \n non-current portion | \n \n 1.1 | \n \n \u2013 | \n \n 1.6 | \n \n 8.1 | \n \n 10.8 | \n
| \n as at 31 December 2024 | \n \n 16.4 | \n \n 25.5 | \n \n 34.8 | \n \n 8.1 | \n \n 84.8 | \n
Provision for earn out relates to result dependent deferred purchase consideration for acquisitions for an amount of EUR 16.4 million (2023: EUR 4.1 million).
An amount of EUR 30.8 million was added to the restructuring provision mainly as part of the 2024 accelerated operational excellence programmes. The amount of EUR 30.8 million is recognised in the income statement as personnel expenses. At year-end the restructuring provision amounts to EUR 25.5 million (2023: EUR 9.9 million), of which EUR 21.2 million relates to the operational excellence programme of 2024.
An amount of EUR 30.7 million was added to the provision for claims in 2024 and recognised in the income statement as other operating expenses. This includes an addition of EUR 28.2 million to a prior year provision based on the outcome of an arbitral award in 2024.\u00a0Although a request for annulment will be filed, we provided for the full amount that has been awarded because we consider the possibility of annulment of the award to be low. The amount is due within one year and therefore recognised as a current liability. Any claims from legal proceedings are provided at best estimate for the lowest amount at which the Group expects the claim to be reasonably settled.\u00a0
O\u200b\u200b\u200b\u200b\u200b\u200bther provisions amount to EUR 8.1 million as per 31 December 2024 (2023: EUR 9.4 million) and include liabilities related to normal business operations and provisions for environmental restoration. Due to the highly uncertain timing of the expected future cash outflow, amounts provided are categorised to be settled after one year of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3253m1684p": { "value": "\nA 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.
\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n trade creditors | \n \n 309.9 | \n \n 317.9 | \n
| \n investment creditors | \n \n 27.8 | \n \n 36.2 | \n
| \n customer related payables | \n \n 70.3 | \n \n 82.8 | \n
| \n total | \n \n 408.0 | \n \n 436.9 | \n
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2836m1686p": { "value": "\nTrade 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.
\n| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n social security charges and taxes | \n \n 27.2 | \n \n 27.6 | \n
| \n value added tax | \n \n 24.2 | \n \n 25.9 | \n
| \n accrued expenses | \n \n 63.2 | \n \n 47.8 | \n
| \n accrued interest | \n \n 0.7 | \n \n 3.0 | \n
| \n amounts due to personnel | \n \n 71.9 | \n \n 72.9 | \n
| \n deferred consideration liability | \n \n \u2013 | \n \n 2.4 | \n
| \n derivative financial instruments | \n \n 0.5 | \n \n 0.4 | \n
| \n other | \n \n 26.1 | \n \n 25.5 | \n
| \n total | \n \n 213.8 | \n \n 205.5 | \n
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2840m1688p": { "value": "| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n social security charges and taxes | \n \n 27.2 | \n \n 27.6 | \n
| \n value added tax | \n \n 24.2 | \n \n 25.9 | \n
| \n accrued expenses | \n \n 63.2 | \n \n 47.8 | \n
| \n accrued interest | \n \n 0.7 | \n \n 3.0 | \n
| \n amounts due to personnel | \n \n 71.9 | \n \n 72.9 | \n
| \n deferred consideration liability | \n \n \u2013 | \n \n 2.4 | \n
| \n derivative financial instruments | \n \n 0.5 | \n \n 0.4 | \n
| \n other | \n \n 26.1 | \n \n 25.5 | \n
| \n total | \n \n 213.8 | \n \n 205.5 | \n
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2798m1689p": { "value": "| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n social security charges and taxes | \n \n 27.2 | \n \n 27.6 | \n
| \n value added tax | \n \n 24.2 | \n \n 25.9 | \n
| \n accrued expenses | \n \n 63.2 | \n \n 47.8 | \n
| \n accrued interest | \n \n 0.7 | \n \n 3.0 | \n
| \n amounts due to personnel | \n \n 71.9 | \n \n 72.9 | \n
| \n deferred consideration liability | \n \n \u2013 | \n \n 2.4 | \n
| \n derivative financial instruments | \n \n 0.5 | \n \n 0.4 | \n
| \n other | \n \n 26.1 | \n \n 25.5 | \n
| \n total | \n \n 213.8 | \n \n 205.5 | \n
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:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2843m1690p": { "value": "\nThe derivative financial instruments consist of the following items:
| \n | \n\n 31-12-2024 | \n \n 31-12-2023 | \n
| \n foreign currency exchange contracts | \n \n 0.5 | \n \n 0.4 | \n
| \n derivative financial instruments - liabilities | \n \n 0.5 | \n \n 0.4 | \n
| \n interest rate swap contracts | \n \n (6.1) | \n \n (14.5) | \n
| \n foreign currency exchange contracts | \n \n (0.2) | \n \n (0.5) | \n
| \n derivative financial instruments - assets | \n \n (6.3) | \n \n (15.0) | \n
| \n total | \n \n (5.8) | \n \n (14.6) | \n
The principal amounts of the outstanding interest rate swap contracts at 31 December 2024 were EUR 385.1 million (2023: EUR 474.7 million), for foreign currency exchange contracts EUR 192.0 million (2023: EUR 143.0 million).\u00a0
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 2024. All financial instruments are classified as level 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2844m1691p": { "value": "\nThe 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.
\nThe 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.
\nThe 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.
\nThe 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.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n as at 1 January | \n \n 2.4 | \n \n 6.6 | \n
| \n payments | \n \n (2.4) | \n \n (5.2) | \n
| \n acquired subsidiaries | \n \n \u2013 | \n \n 0.9 | \n
| \n currency translation | \n \n \u2013 | \n \n 0.1 | \n
| \n as at 31 December | \n \n \u2013 | \n \n 2.4 | \n
| \n | \n\n | \n\n | \n
| \n current portion of deferred consideration liability | \n \n \u2013 | \n \n 2.4 | \n
| \n non-current financial liabilities | \n \n \u2013 | \n \n \u2013 | \n
| \n as at 31 December | \n \n \u2013 | \n \n 2.4 | \n
The deferred consideration liability consists of fixed deferred payments in relation to the acquisition of subsidiaries. As per 31 December 2024 there is no deferred consideration liability outstanding (2023: EUR 2.4 million).\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2885m1696p": { "value": "In the year under review, the average number of full-time employees amounted to 13,774 (2023: 14,571) of which 11,401 (2023: 12,187) full-time employees are active outside the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2926m1697p": { "value": "\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n production expenses | \n \n (292.3) | \n \n (322.3) | \n
| \n selling expenses | \n \n (47.2) | \n \n (51.7) | \n
| \n housing expenses | \n \n (36.0) | \n \n (35.0) | \n
| \n general expenses | \n \n (177.9) | \n \n (130.5) | \n
| \n warranty costs | \n \n (2.6) | \n \n (4.4) | \n
| \n total | \n \n (556.0) | \n \n (543.9) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n gains on disposal and earn-out gains | \n \n 9.0 | \n \n 35.5 | \n
| \n insurance amounts received | \n \n 23.6 | \n \n 1.7 | \n
| \n government grants | \n \n 2.1 | \n \n 2.4 | \n
| \n result on property, plant and equipment | \n \n 0.8 | \n \n 4.4 | \n
| \n other | \n \n 9.7 | \n \n 5.3 | \n
| \n total | \n \n 45.2 | \n \n 49.3 | \n
The gains on disposals and earn-out gains of EUR 9.0 million in 2024 mostly relates to the disposal of Elkhart Products Corporation. In 2023, the gains on disposals and earn-out gains of EUR 35.5 million mostly related to the disposals of Disptek Group. Refer to note 29.2 for further details on the disposal of subsidiaries.
In 2024, the insurance amounts of EUR 23.6 million were mainly related to insurance reimbursement to compensate for damaged assets due to fire incidents and business interruption expenses.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2915m1698p": { "value": "\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n production expenses | \n \n (292.3) | \n \n (322.3) | \n
| \n selling expenses | \n \n (47.2) | \n \n (51.7) | \n
| \n housing expenses | \n \n (36.0) | \n \n (35.0) | \n
| \n general expenses | \n \n (177.9) | \n \n (130.5) | \n
| \n warranty costs | \n \n (2.6) | \n \n (4.4) | \n
| \n total | \n \n (556.0) | \n \n (543.9) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n gains on disposal and earn-out gains | \n \n 9.0 | \n \n 35.5 | \n
| \n insurance amounts received | \n \n 23.6 | \n \n 1.7 | \n
| \n government grants | \n \n 2.1 | \n \n 2.4 | \n
| \n result on property, plant and equipment | \n \n 0.8 | \n \n 4.4 | \n
| \n other | \n \n 9.7 | \n \n 5.3 | \n
| \n total | \n \n 45.2 | \n \n 49.3 | \n
The gains on disposals and earn-out gains of EUR 9.0 million in 2024 mostly relates to the disposal of Elkhart Products Corporation. In 2023, the gains on disposals and earn-out gains of EUR 35.5 million mostly related to the disposals of Disptek Group. Refer to note 29.2 for further details on the disposal of subsidiaries.
In 2024, the insurance amounts of EUR 23.6 million were mainly related to insurance reimbursement to compensate for damaged assets due to fire incidents and business interruption expenses.\u00a0
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2930m1700p": { "value": "| \n | \n\n 2024 | \n \n 2023 | \n
| \n gains on disposal and earn-out gains | \n \n 9.0 | \n \n 35.5 | \n
| \n insurance amounts received | \n \n 23.6 | \n \n 1.7 | \n
| \n government grants | \n \n 2.1 | \n \n 2.4 | \n
| \n result on property, plant and equipment | \n \n 0.8 | \n \n 4.4 | \n
| \n other | \n \n 9.7 | \n \n 5.3 | \n
| \n total | \n \n 45.2 | \n \n 49.3 | \n
The gains on disposals and earn-out gains of EUR 9.0 million in 2024 mostly relates to the disposal of Elkhart Products Corporation. In 2023, the gains on disposals and earn-out gains of EUR 35.5 million mostly related to the disposals of Disptek Group. Refer to note 29.2 for further details on the disposal of subsidiaries.
In 2024, the insurance amounts of EUR 23.6 million were mainly related to insurance reimbursement to compensate for damaged assets due to fire incidents and business interruption expenses.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2960m1701p": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f2979m1702p": { "value": "\nInterest 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.
\nInterest 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.
\nInterest 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.
\n| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
| \n | \n\n 2024 | \n \n 2023 | \n
| \n interest cost on bank loans and current borrowings | \n \n (26.4) | \n \n (31.4) | \n
| \n interest cost on lease liabilities | \n \n (3.4) | \n \n (2.2) | \n
| \n total interest expense | \n \n (29.8) | \n \n (33.6) | \n
| \n interest income | \n \n 1.3 | \n \n 0.6 | \n
| \n net interest expense | \n \n (28.5) | \n \n (33.0) | \n
| \n | \n\n | \n\n | \n
| \n foreign currency exchange contracts | \n \n (0.4) | \n \n 1.4 | \n
| \n fair value results on derivative financial instruments | \n \n (0.4) | \n \n 1.4 | \n
| \n | \n\n | \n\n | \n
| \n net interest expense on employee benefit plans | \n \n (1.2) | \n \n (1.3) | \n
| \n unwinding of discounts | \n \n \u2013 | \n \n (0.7) | \n
| \n foreign currency exchange results | \n \n (0.7) | \n \n (5.8) | \n
| \n net finance cost | \n \n (30.8) | \n \n (39.4) | \n
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.\u00a0
\nEarnings per share are calculated as follows:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n net profit (in EUR\u00a0million) | \n \n 179.1 | \n \n 315.8 | \n
| \n weighted average number of shares in issue (in units) | \n \n 110,580,102 | \n \n 110,580,102 | \n
| \n basic earnings per share (in EUR) | \n \n 1.62 | \n \n 2.86 | \n
| \n | \n\n | \n\n | \n
| \n net profit (in EUR\u00a0million) | \n \n 179.1 | \n \n 315.8 | \n
| \n weighted average number of shares in issue including effect of performance share plan (in units) | \n \n 110,766,602 | \n \n 110,807,602 | \n
| \n diluted earnings per share (in EUR) | \n \n 1.62 | \n \n 2.85 | \n
In addition to the earnings per share based on net profit, the Group calculated earnings\u00a0per share before amortisation and exceptionals:
| \n | \n\n 2024 | \n \n 2023 | \n
| \n net profit before amortisation and exceptionals (in EUR\u00a0million) | \n \n 344.5 | \n \n 373.4 | \n
| \n weighted average number of shares in issue (in units) | \n \n 110,580,102 | \n \n 110,580,102 | \n
| \n basic earnings per share before amortisation and exceptionals (in EUR) | \n \n 3.12 | \n \n 3.38 | \n
| \n | \n\n | \n\n | \n
| \n net profit before amortisation and exceptionals (in EUR\u00a0million) | \n \n 344.5 | \n \n 373.4 | \n
| \n weighted average number of shares in issue including effect of performance share plan (in units) | \n \n 110,766,602 | \n \n 110,807,602 | \n
| \n diluted earnings per share before amortisation and exceptionals (in EUR) | \n \n 3.11 | \n \n 3.37 | \n
The net profit before amortisation and exceptionals (in EUR million) is as follows:
| \n in EUR\u00a0million | \n \n 2024 | \n \n 2023 | \n
| \n net profit | \n \n 179.1 | \n \n 315.8 | \n
| \n amortisation | \n \n 58.2 | \n \n 57.6 | \n
| \n exceptional (income) / cost | \n \n 120.5 | \n \n \u2013 | \n
| \n tax impact on exceptionals | \n \n (13.3) | \n \n \u2013 | \n
| \n net profit before amortisation and exceptionals | \n \n 344.5 | \n \n 373.4 | \n
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.
\nThe 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 8.3 million (2023: EUR 16.1 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. In addition, a\u00a0contingent liability exists in relation to the foreseen disposal of the Russian activities. Based on a future transaction an amount of exit-tax needs to be paid to the government by the buyer. In case the exit-tax exceeds the available cash and bank balances within the disposed entities, it's possible that the shortfall will be paid to the buyer.
\nAt year-end, outstanding commitments related to the purchase of copper, steel, brass and aluminium for the European building and industry operations amounted to EUR 42.5 million (2023: EUR 48.2 million).
At year-end, outstanding investment commitments related to property, plant and equipment amounted to EUR 86.7 million (2023: EUR 32.0 million). Investment commitments related to intangible assets amounted to EUR 2.0 million (2023: EUR 1.5 million).
In December 2024, Aalberts N.V. has reached an agreement to acquire 100% of the shares of Paulo Products Company (Paulo), operating five facilities in the USA and one in Mexico, generating an annual revenue of approximately USD 105 million with 522 employees.\u00a0The transaction, which is conditional on regulatory approvals, is expected to be finalised in the second quarter of 2025. The results of Paulo will be consolidated immediately thereafter. The acquisition will directly contribute to the earnings per share and will be financed from existing credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3098m1715p": { "value": "The 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 8.3 million (2023: EUR 16.1 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. In addition, a\u00a0contingent liability exists in relation to the foreseen disposal of the Russian activities. Based on a future transaction an amount of exit-tax needs to be paid to the government by the buyer. In case the exit-tax exceeds the available cash and bank balances within the disposed entities, it's possible that the shortfall will be paid to the buyer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3099m1716p": { "value": "The 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 8.3 million (2023: EUR 16.1 million) to third parties. In addition, the guarantees and liability undertakings mentioned in note 33.10 apply to the Group. In addition, a\u00a0contingent liability exists in relation to the foreseen disposal of the Russian activities. Based on a future transaction an amount of exit-tax needs to be paid to the government by the buyer. In case the exit-tax exceeds the available cash and bank balances within the disposed entities, it's possible that the shortfall will be paid to the buyer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3100m1717p": { "value": "\nA 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.
\nA 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.
\nAt year-end, outstanding commitments related to the purchase of copper, steel, brass and aluminium for the European building and industry operations amounted to EUR 42.5 million (2023: EUR 48.2 million).
At year-end, outstanding investment commitments related to property, plant and equipment amounted to EUR 86.7 million (2023: EUR 32.0 million). Investment commitments related to intangible assets amounted to EUR 2.0 million (2023: EUR 1.5 million).
In December 2024, Aalberts N.V. has reached an agreement to acquire 100% of the shares of Paulo Products Company (Paulo), operating five facilities in the USA and one in Mexico, generating an annual revenue of approximately USD 105 million with 522 employees.\u00a0The transaction, which is conditional on regulatory approvals, is expected to be finalised in the second quarter of 2025. The results of Paulo will be consolidated immediately thereafter. The acquisition will directly contribute to the earnings per share and will be financed from existing credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3131m1718p": { "value": "At year-end, outstanding investment commitments related to property, plant and equipment amounted to EUR 86.7 million (2023: EUR 32.0 million). Investment commitments related to intangible assets amounted to EUR 2.0 million (2023: EUR 1.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3138m1601p": { "value": "\nThe following group company was acquired in 2024:
| \n company | \n \n as of | \n \n interest | \n \n segment | \n
| \n Steel Goode Products LLC (SGP) | \n \n October 2024 | \n \n 100% | \n \n industry | \n
Aalberts acquired 100% of the shares of Steel Goode Products LLC (SGP), generating an annual revenue of approximately USD 15 million with 75 FTE. SGP operates two facilities in Texas and one in Ohio, USA. SGP is a leading provider of thermal spraying and finishing services, specialising in enhancing wear resistance and corrosion protection for a wide range of critical components.\u00a0This acquisition is in line with our group strategy to expand our presence in the US and will strengthen our service network in the Southern region and expand our geographic footprint in the Northeast. By combining SGP\u2019s expertise with our existing technology solutions, we are creating a stronger business with significantly increased scale and enhanced benefits for our customers.\u00a0The experienced management of SGP will work closely with our management of Aalberts surface technologies in North America, who will continue to lead the business and drive future growth opportunities.
As at acquisition date the fair values of assets, liabilities and cash flow on account of this acquisition was as follows:
| \n | \n\n total | \n
| \n fair values of assets and liabilities arising from business combinations | \n \n | \n
| \n intangible assets | \n \n 6.9 | \n
| \n property, plant and equipment | \n \n 2.2 | \n
| \n right-of-use assets | \n \n 1.5 | \n
| \n inventories | \n \n 0.9 | \n
| \n receivables and other current assets | \n \n 3.4 | \n
| \n cash and current borrowings | \n \n 0.9 | \n
| \n lease liabilities | \n \n (1.5) | \n
| \n payables and other current liabilities | \n \n (0.8) | \n
| \n net assets acquired | \n \n 13.5 | \n
| \n | \n\n | \n
| \n purchase consideration settled in cash | \n \n 17.8 | \n
| \n deferred purchase consideration | \n \n 1.0 | \n
| \n total purchase consideration | \n \n 18.8 | \n
| \n | \n\n | \n
| \n goodwill | \n \n 5.3 | \n
| \n | \n\n | \n
| \n purchase consideration settled in cash | \n \n 17.8 | \n
| \n cash and current borrowings | \n \n (0.9) | \n
| \n cash outflow from acquisitions | \n \n 16.9 | \n
The fair values of the identifiable assets and liabilities as at acquisition date for the acquisition in 2024 is based on the outcome of the preliminary purchase price allocation. 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 date.
The total purchase consideration of EUR 18.8 million includes a contingent deferred purchase consideration of EUR 1.0 million, which is depending on the results for 2025. This contingent deferred purchase consideration represents the fair value as at acquisition date. The contingent deferred purchase consideration is recognised as part of the provisions.\u00a0
The goodwill of EUR 5.3 million that is related to the acquired business, mainly include the benefit of anticipated synergies, future market developments and knowhow.
The increase of the 2024 revenue due to the consolidation of the acquisition amounted to EUR 3.4 million. The contribution to the 2024 operating profit of Aalberts amounted to EUR 0.8 million. Had this acquisition been effected at 1 January 2024, the contribution to the 2024 revenue would have been EUR 11.6 million (pro-forma). The contribution to the operating profit for the year would have been EUR 1.2 million (pro-forma).
The Group incurred acquisition related costs such as external legal fees and due diligence costs for an amount of EUR 0.3 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 2024 for a total amount of EUR 2.4 million. Together with the EUR 16.9 million cash outflow for the 2024 acquisition, this resulted in a total cash outflow from acquisitions of EUR 19.3 million in 2024.
\nThe following group company was divested in 2024:
| \n company | \n \n as of | \n \n interest | \n \n segment | \n
| \n Elkhart Products Corporation Inc (EPC) | \n \n August 2024 | \n \n 100% | \n \n building | \n
Aalberts divested Elkhart Products Corporation, a copper solder fitting manufacturer in the United States generating an annual revenue of approximately USD 80 million.
The book value of the assets and liabilities disposed of and the cash flow impact in 2024 is as follows:
| \n | \n\n total | \n
| \n book value of the assets and liabilities disposed | \n \n | \n
| \n intangible assets | \n \n 11.9 | \n
| \n property, plant and equipment | \n \n 5.5 | \n
| \n inventories | \n \n 18.0 | \n
| \n receivables and other current assets | \n \n 13.7 | \n
| \n cash and current borrowings | \n \n 1.0 | \n
| \n payables and other current liabilities | \n \n (13.5) | \n
| \n currency translation | \n \n (8.8) | \n
| \n net assets disposed | \n \n 27.8 | \n
| \n | \n\n | \n
| \n consideration settled in cash | \n \n 36.4 | \n
| \n deferred consideration | \n \n (0.6) | \n
| \n total consideration | \n \n 35.8 | \n
| \n | \n\n | \n
| \n gain on disposal | \n \n 8.0 | \n
| \n | \n\n | \n
| \n consideration settled in cash | \n \n 36.4 | \n
| \n cash and current borrowings | \n \n (1.0) | \n
| \n cash inflow from disposals | \n \n 35.4 | \n
The gain on disposals in 2024 amounted to EUR 8.0 million, while the deferred consideration related to prior year divestments increased/reversed with EUR 1.0 million. As a result, the gain on the 2024 disposal and the adjustment to prior year divestments amounted to EUR 9.0 million and is recognised in other income (see note 23). The 2024 disposals resulted in a net cash inflow of EUR 35.4 million. Deferred considerations for prior year disposals were settled in cash in 2024 for an amount of EUR 7.3 million. Together with the cash inflow for 2024 disposals, this results in a total cash inflow from disposals of EUR 42.7 million.
The contribution of the disposed activities to the 2024 revenue amounted to EUR 39.1 million. The contribution to the 2024 operating profit amounted to EUR 3.7 million.
In August 2023 Aalberts divested 100% of the shares of Disptek Group (\u2018Disptek\u2019). Disptek was part of the industry segment and has locations in Germany, Italy, United Kingdom and the USA. Disptek generated an annual revenue of approximately EUR 75 million.
In 2023,\u00a0the gain on disposals amounted to EUR 32.3 million, while the deferred consideration related to prior year divestments reversed with EUR 2.3 million. As a result, the gain on the 2023 disposal and the adjustment to prior year divestments amounted to EUR 30.0 million and is recognised in other income (see note 23). The 2023 disposals resulted in a net cash inflow of EUR 94.2 million. Deferred considerations for prior year disposals were settled in cash in 2023 for an amount of EUR 3.9 million. Together with the cash inflow for 2023 disposals, this resulted in a total cash inflow from disposals in 2023 of EUR 98.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3135m1603p": { "value": "\nBusiness 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.
\u200b\u200b\u200b\u200b\u200b\u200b\u200bIf 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.
\nThe 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3160m1599p": { "value": "\nAalberts has made the decision to leave Russia at the end of December 2024. Efforts to sell the Russian disposal group are continuing and Aalberts expects to reach an agreement in 2025. As a result, the Russian disposal group is classified as held for sale. Following a remeasurement to the fair value less costs to sell, an impairment loss of EUR 34.4 million is recognised in the income statement.
The assets and liabilities reclassified to held for sale and the remaining book value of assets held for sale and liabilities held for sale can be summarised as follows:
| \n | \n\n total | \n
| \n | \n\n | \n
| \n intangible assets | \n \n 11.9 | \n
| \n property, plant and equipment | \n \n 5.0 | \n
| \n right-of-use assets | \n \n 0.5 | \n
| \n deferred tax asset | \n \n 0.3 | \n
| \n inventories | \n \n 12.4 | \n
| \n receivables and other current assets | \n \n 4.3 | \n
| \n | \n\n | \n
| \n impairment of assets held for sale | \n \n (34.4) | \n
| \n assets held for sale | \n \n - | \n
| \n | \n\n | \n
| \n lease liabilities | \n \n 0.6 | \n
| \n payables and other current liabilities | \n \n 3.8 | \n
| \n liabilities held for sale | \n \n 4.4 | \n
| \n | \n\n | \n
| \n net assets held for sale | \n \n (4.4) | \n
In addition to the impairment, restructuring costs including write-off of inventories, personnel expenses and other operating expenses for a total amount of EUR 2.6 million are related to the decision to leave Russia. As a result, a total amount of EUR 37.0 million is included as costs in the income statement and also included in exceptional costs.\u00a0
At 31 December 2024, the accumulated currency translation reserve within equity related to the Russian disposal group represented a loss of circa EUR 28.8 million.\u00a0On completion of the divestment, the currency translation reserve within equity related to the Russian disposal group will be reclassified from equity to the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3274m1719p": { "value": "\nAalberts has made the decision to leave Russia at the end of December 2024. Efforts to sell the Russian disposal group are continuing and Aalberts expects to reach an agreement in 2025. As a result, the Russian disposal group is classified as held for sale. Following a remeasurement to the fair value less costs to sell, an impairment loss of EUR 34.4 million is recognised in the income statement.
The assets and liabilities reclassified to held for sale and the remaining book value of assets held for sale and liabilities held for sale can be summarised as follows:
| \n | \n\n total | \n
| \n | \n\n | \n
| \n intangible assets | \n \n 11.9 | \n
| \n property, plant and equipment | \n \n 5.0 | \n
| \n right-of-use assets | \n \n 0.5 | \n
| \n deferred tax asset | \n \n 0.3 | \n
| \n inventories | \n \n 12.4 | \n
| \n receivables and other current assets | \n \n 4.3 | \n
| \n | \n\n | \n
| \n impairment of assets held for sale | \n \n (34.4) | \n
| \n assets held for sale | \n \n - | \n
| \n | \n\n | \n
| \n lease liabilities | \n \n 0.6 | \n
| \n payables and other current liabilities | \n \n 3.8 | \n
| \n liabilities held for sale | \n \n 4.4 | \n
| \n | \n\n | \n
| \n net assets held for sale | \n \n (4.4) | \n
In addition to the impairment, restructuring costs including write-off of inventories, personnel expenses and other operating expenses for a total amount of EUR 2.6 million are related to the decision to leave Russia. As a result, a total amount of EUR 37.0 million is included as costs in the income statement and also included in exceptional costs.\u00a0
At 31 December 2024, the accumulated currency translation reserve within equity related to the Russian disposal group represented a loss of circa EUR 28.8 million.\u00a0On completion of the divestment, the currency translation reserve within equity related to the Russian disposal group will be reclassified from equity to the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3152m1598p": { "value": "\nNon-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.
\nNon-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.
\nThe 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.
\nThe consolidated financial statements of Aalberts include the assets and liabilities of more than 200 legal entities. Set out below is an overview of the most important operational legal entities including the country of the main activity. All of the subsidiaries are 100% owned, unless indicated otherwise.
A list of subsidiaries is available at the Chamber of Commerce (the Netherlands). Aalberts N.V. is registered in the Trade Register of Utrecht under No. 30089954.
\u2003
\u2003
| \n building | \n \n | \n\n industry | \n \n | \n\n semicon | \n \n | \n
| \n Aalberts hfc holding B.V. | \n \n NLD | \n \n Aalberts Surface Technologies GmbH | \n \n DEU | \n \n Aalberts advanced mechatronics B.V. | \n \n NLD | \n
| \n Aalberts integrated piping systems Americas, Inc. | \n \n USA | \n \n Aalberts Surface Treatment Corp | \n \n USA | \n \n KML Linear Motion Technology GmbH | \n \n AUT | \n
| \n Aalberts integrated piping systems B.V. | \n \n NLD | \n \n iProcess Technologies GmbH | \n \n DEU | \n \n | \n\n | \n
| \n Aalberts integrated piping systems Limited | \n \n GBR | \n \n Metalis S.A.S. | \n \n FRA | \n \n | \n\n | \n
| \n Aalberts integrated piping systems APAC Inc. | \n \n TWN | \n \n Mifa Aluminium B.V. | \n \n NLD | \n \n | \n\n | \n
| \n KAN Sp. z.o.o. (51%) | \n \n POL | \n \n Ventrex Automotive GmbH | \n \n AUT | \n \n | \n\n | \n
| \n Henco Industries N.V. | \n \n BEL | \n \n BROEN A/S | \n \n DNK | \n \n | \n\n | \n
| \n ISIFLO AS | \n \n NOR | \n \n VAF Instruments B.V. | \n \n NLD | \n \n | \n\n | \n
Aalberts operates some 125+ locations with activities in over 50 countries.\u00a0To learn more, please visit aalberts.com/contact
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f3156m1597p": { "value": "\nThe 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.
\nThe consolidated financial statements of Aalberts include the assets and liabilities of more than 200 legal entities. Set out below is an overview of the most important operational legal entities including the country of the main activity. All of the subsidiaries are 100% owned, unless indicated otherwise.
A list of subsidiaries is available at the Chamber of Commerce (the Netherlands). Aalberts N.V. is registered in the Trade Register of Utrecht under No. 30089954.
\u2003
\u2003
| \n building | \n \n | \n\n industry | \n \n | \n\n semicon | \n \n | \n
| \n Aalberts hfc holding B.V. | \n \n NLD | \n \n Aalberts Surface Technologies GmbH | \n \n DEU | \n \n Aalberts advanced mechatronics B.V. | \n \n NLD | \n
| \n Aalberts integrated piping systems Americas, Inc. | \n \n USA | \n \n Aalberts Surface Treatment Corp | \n \n USA | \n \n KML Linear Motion Technology GmbH | \n \n AUT | \n
| \n Aalberts integrated piping systems B.V. | \n \n NLD | \n \n iProcess Technologies GmbH | \n \n DEU | \n \n | \n\n | \n
| \n Aalberts integrated piping systems Limited | \n \n GBR | \n \n Metalis S.A.S. | \n \n FRA | \n \n | \n\n | \n
| \n Aalberts integrated piping systems APAC Inc. | \n \n TWN | \n \n Mifa Aluminium B.V. | \n \n NLD | \n \n | \n\n | \n
| \n KAN Sp. z.o.o. (51%) | \n \n POL | \n \n Ventrex Automotive GmbH | \n \n AUT | \n \n | \n\n | \n
| \n Henco Industries N.V. | \n \n BEL | \n \n BROEN A/S | \n \n DNK | \n \n | \n\n | \n
| \n ISIFLO AS | \n \n NOR | \n \n VAF Instruments B.V. | \n \n NLD | \n \n | \n\n | \n
Aalberts operates some 125+ locations with activities in over 50 countries.\u00a0To learn more, please visit aalberts.com/contact
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1994m1594p": { "value": "\nThe 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 2024 amounts to EUR 3.8 million (2023: EUR 4.7 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1992m1593p": { "value": "\nThe 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 2024 amounts to EUR 3.8 million (2023: EUR 4.7 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1991m1592p": { "value": "\nIn relation to the outcome of the arbitral award and the addition to the provision for claims as disclosed in note 18, the Company filed a request for annulment of the arbitral award in February 2025.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1990m1591p": { "value": "\nThe following amounts are charged as audit fees by Deloitte Accountants B.V. and its member firm and/or affiliates (amounts in EUR 1,000).
| \n | \n\n Deloitte Accountants B.V. | \n \n Deloitte network | \n \n Deloitte total | \n
| \n 2024 | \n \n | \n\n | \n\n | \n
| \n audit of financial statements | \n \n 1,017 | \n \n 1,977 | \n \n 2,994 | \n
| \n other audit and assurance related services | \n \n 355 | \n \n 7 | \n \n 362 | \n
| \n tax compliances services | \n \n \u2013 | \n \n 95 | \n \n 95 | \n
| \n other non-audit services | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n total | \n \n 1,372 | \n \n 2,079 | \n \n 3,451 | \n
| \n | \n\n Deloitte Accountants B.V. | \n \n Deloitte network | \n \n Deloitte total | \n
| \n 2023 | \n \n | \n\n | \n\n | \n
| \n audit of financial statements | \n \n 990 | \n \n 1,946 | \n \n 2,936 | \n
| \n other audit and assurance related services | \n \n \u2013 | \n \n 6 | \n \n 6 | \n
| \n tax compliances services | \n \n \u2013 | \n \n 68 | \n \n 68 | \n
| \n other non-audit services | \n \n \u2013 | \n \n \u2013 | \n \n \u2013 | \n
| \n total | \n \n 990 | \n \n 2,020 | \n \n 3,010 | \n
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 2024 financial statements, regardless of whether the work was performed during the financial year. The other audit and assurance fees mainly relate to the limited assurance engagement on the 2024 sustainability statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1995m1595p": { "value": "\nThe total remuneration of the members of the Management Board for 2024 amounted to EUR 3.4 million (2023: EUR 4.3 million) and is determined in accordance with the remuneration policy as disclosed in the remuneration report.
amounts in EUR 1,000:
St\u00e9phane Simonetta (CEO) received a salary of EUR 884 (2023: EUR 283), a bonus amounting to EUR 488 (2023: EUR 379), a pension contribution of EUR 126 (2023: EUR 41 ) and other benefits of EUR 87. At year-end he held a total of 10,000 ordinary shares in Aalberts. The number of conditional performance share awards that were granted in 2024 (PSP 2023-2025) amounted to 39,000 shares for which EUR 535 was charged to the income statement. He is entitled to an additional compensation of EUR 500 over a period of 3 years. As per 31 December 2024 the outstanding commitment amounts to EUR 167 and is conditional to his continued employment.
amounts in EUR 1,000:
Arno Monincx (CFO) received a salary of EUR 588 (2023: EUR 565), a bonus amounting to EUR 210 (2023: EUR 346), a pension contribution of EUR 103 (2023: EUR 99) and other benefits of EUR 33. At year-end he held a total number of 12,000 (2023: 24,000) ordinary shares in Aalberts. In 2024 118% of the 20,000 conditional shares that were granted in 2021 (PSP 2021\u20132023) vested in May 2024 for which EUR 114 (2023: EUR 429) was charged to the income statement. The number of conditional performance share awards that were granted in 2023 (PSP 2023-2025) amounted to 20,000 shares for which EUR 251 (2023: EUR 167) was charged to the income statement.
The share price of Aalberts as at 31 December 2024 amounted to EUR 34.34 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:
| \n amounts in EUR 1,000 | \n \n 2024 | \n \n 2023 | \n
| \n P.A.M. van Bommel | \n \n 82.0 | \n \n 84.3 | \n
| \n L. Declercq | \n \n 57.5 | \n \n 57.5 | \n
| \n F. Melzer1 | \n \n 57.5 | \n \n 42.8 | \n
| \n T. Menssen1 | \n \n 57.5 | \n \n 43.1 | \n
| \n P. Veenema | \n \n 60.0 | \n \n 60.0 | \n
| \n J. van der Zouw | \n \n 60.0 | \n \n 60.0 | \n
| \n total | \n \n 374.5 | \n \n 347.7 | \n
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": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300EMP9DT6Q35HZ31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }