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"value": "Segment reporting Description of operating segments For management purposes, the group is organized into four segments based on its products and services. The four reportable segments are: Offshore Energy This segment provides engineering and contracting services globally in the offshore renewables and non-renewables. Those activities are executed with specialized offshore vessels and include among others the engineering, procurement, construction and installation of foundations, turbines, inter-array cables, export cables and substations. The segment also offers operations and maintenance, logistics, repair and decommissioning as well as salvage services to the market next to landfalls and civil works, rock placement, heavy lift and umbilicals. In addition to these main activities, the group also provides specialized offshore services, including geoscience services and the installation of suction pile anchors and foundations. Dredging & Infra In this segment the group performs a wide variety of dredging activities worldwide, including capital and maintenance dredging, land reclamation, soil improvement, port construction, coastal protection and beach nourishment works. These activities are executed with specialized dredging vessels and various types of auxiliary vessels and earth-moving equipment. The group also provides contracting services for marine infrastructure projects. This includes the engineering, design and construction of complex marine structures such as jetties, port terminals, locks and weirs, infrastructural works such as bored and immersed tunnels, foundation and marine works for bridges or other constructions in a marine or fluvial environment, and civil works for harbor construction, dams and sea defenses, canal construction, revetment, quay wall construction and shore protection. In addition, the group is active in the marine aggregate business, which includes dredging, processing, storage and transport of aggregates. Finally, the group provides maritime services for port terminals. Environmental The Environmental segment focuses on innovative environmental solutions for soil remediation and brownfield redevelopment, environmental dredging and sediment treatment and water treatment. It is mainly active in the Benelux, France, as well as in other European countries on a project-by-project basis. An external partner participates in the Environmental segment. The segment can be considered as a material partly owned aggregated level of subsidiaries with non-controlling interests of 25.1%. Reference is made to note (20) non-controlling interests. Concessions The Concessions segment, unlike the contracting segments, invests in and develops projects in wind, port infrastructure, green hydrogen and other special projects. It operates through participations in special purpose companies \u2013 greenfield and brownfield. Besides creating economic value on its projects and generating equity returns on its investments, it also aims to secure regular activities for the group contracting activities in the EPC phases of its projects. Within its concessions activities, the group also holds concessions of seabed areas which contain polymetallic nodules and develops a technology to collect and process these polymetallic nodules containing nickel, cobalt, manganese and copper from the deep ocean floor. Each of the four abovementioned segments has its own market, asset base and revenue model and is managed separately requiring different strategies. Dredging & Infra activities are complementary as the marine infrastructure works that DEME Infra undertakes are often combined with a dredging or land reclamation scope. The Offshore Energy segment is involved in and serves the offshore energy industry, both renewables and non-renewables sectors. The Environmental segment focuses on environmental solutions. The Concessions segment, unlike the contracting segments, invests in and develops projects in wind, port infrastructure, green hydrogen and other special projects. The segment reporting comprises financial information of these four segments that are separate operating segments. On a quarterly basis, separate operating results are prepared and reported to the Chief Operating Decision Maker (CEO), the DEME Executive Committee, as well as the Board of Directors. For the segment reporting, some activity lines, that are the lowest level of reportable activities within DEME, are aggregated. As such the activities of Combined Marine Terminal Operations Worldwide NV (CTOW) in the maritime services for port terminals and DEME Building Materials NV (DBM) in the marine aggregate business are aggregated in the Dredging & Infra segment. The works performed by Scaldis Salvage & Marine Contractors NV (salvage works) are aggregated in the Offshore Energy segment. The reporting of the management accounts (reporting on operating results) is an integral part of the financial reporting. At any time, the consolidated management report can be reconciled with the consolidated financial statements, both resulting in the same IFRS net result of the year (as such one version of the truth). The group\u2019s company structure is mostly, but not completely, built around the different segments. It is possible that a company of the group is executing projects in both the Dredging & Infra and Offshore Energy segment and also one project can trigger cost and income in different companies of the group worldwide. The list of group companies associated with their main operational segment for 2024 is available within the section group structure and changes in the reporting period. The DEME operational and management structure is aligned with the DEME operational segments as well as the management reporting that is based on a worldwide uniform analytical accounting system. The analytical result by company, that gives a breakdown by project and cost center, is the basis for the segment reporting that can always be reconciled with the income statement of the company. For projects in which two segments are involved (for instance an offshore contract with a dredging scope), the segments only report their own share in revenue and result. When one segment however is working for another segment as a subcontractor or when a segment hires equipment, to use on projects, that is dedicated to another segment, these inter-segment revenues are included in the revenues of the segment performing the work but are eliminated in the segment that is invoicing to the external customer. Such intersegment revenues are remunerated at arm's length basis. In general, for major projects they are within the same segment (dredging and infrastructure works, offshore and salvage works), although for some large offshore marine infrastructure works, they may occur across segments (dredging - infrastructure and offshore works). Intersegment revenues are considered as immaterial for both the current and previous financial year. For each segment the turnover, EBITDA, depreciation and impairment cost and EBIT is reported. For the Concessions segment these measures of performance are only applicable to the subsidiaries (fully consolidated entities included in this segment). As the business of the Concessions segment is often resulting in a minority stake in participations, the operating result of these participations is reflected in the result from associates and joint ventures that is also segmented. The basis for the segment reporting is the management reporting system. Next to all activities done by our subsidiaries, the management report also includes the projects executed by joint ventures, showing the DEME\u2019s share of revenues and expenses in the joint venture. This proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its share in the joint venture, is not allowed under IFRS for joint ventures. Management however has to monitor the performance of the entire business, both executed in control as in a joint venture. In the segment reporting the joint ventures are consolidated according to the proportionate consolidation method and the intercompany transactions between the joint ventures and DEME subsidiaries are eliminated following the rules of proportionate consolidation. The total of the reported segment amounts is reconciled with the corresponding amounts in the DEME consolidated financial statements. The share of the group (IFRS net result) is not affected by the difference in consolidation method, only the presentation of the result of the year is different. As for the net result from joint ventures and associates and the carrying amount of joint ventures and associates, the reconciliation column includes the net result and carrying amount of joint ventures that are consolidated according to the equity method in the financial statements but according to the proportionate consolidation method in the segment reporting. Reference is made to note (9) for more information about joint ventures and associates. DEME\u2019s management reporting focuses on both the current and future (financial) performance and on the current and future assets deployed for the execution of projects. The financing activities and monitoring of our working capital is performed centrally at DEME group level, and therefore no segmented financial information is presented for those activities. The segmentation of DEME's fleet is done based upon the nature of the equipment dedicated to a specific segment. An overview of the DEME fleet per nature is attached in the Annual Report 2024. A geographical segmentation of the fleet is not applicable for DEME as its vessels are continuously deployed on different projects around the world.Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. ",
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"f1__s8__7__113": {
"value": "Description of operating segments For management purposes, the group is organized into four segments based on its products and services. The four reportable segments are: Offshore Energy This segment provides engineering and contracting services globally in the offshore renewables and non-renewables. Those activities are executed with specialized offshore vessels and include among others the engineering, procurement, construction and installation of foundations, turbines, inter-array cables, export cables and substations. The segment also offers operations and maintenance, logistics, repair and decommissioning as well as salvage services to the market next to landfalls and civil works, rock placement, heavy lift and umbilicals. In addition to these main activities, the group also provides specialized offshore services, including geoscience services and the installation of suction pile anchors and foundations. Dredging & Infra In this segment the group performs a wide variety of dredging activities worldwide, including capital and maintenance dredging, land reclamation, soil improvement, port construction, coastal protection and beach nourishment works. These activities are executed with specialized dredging vessels and various types of auxiliary vessels and earth-moving equipment. The group also provides contracting services for marine infrastructure projects. This includes the engineering, design and construction of complex marine structures such as jetties, port terminals, locks and weirs, infrastructural works such as bored and immersed tunnels, foundation and marine works for bridges or other constructions in a marine or fluvial environment, and civil works for harbor construction, dams and sea defenses, canal construction, revetment, quay wall construction and shore protection. In addition, the group is active in the marine aggregate business, which includes dredging, processing, storage and transport of aggregates. Finally, the group provides maritime services for port terminals. Environmental The Environmental segment focuses on innovative environmental solutions for soil remediation and brownfield redevelopment, environmental dredging and sediment treatment and water treatment. It is mainly active in the Benelux, France, as well as in other European countries on a project-by-project basis. An external partner participates in the Environmental segment. The segment can be considered as a material partly owned aggregated level of subsidiaries with non-controlling interests of 25.1%. Reference is made to note (20) non-controlling interests. Concessions The Concessions segment, unlike the contracting segments, invests in and develops projects in wind, port infrastructure, green hydrogen and other special projects. It operates through participations in special purpose companies \u2013 greenfield and brownfield. Besides creating economic value on its projects and generating equity returns on its investments, it also aims to secure regular activities for the group contracting activities in the EPC phases of its projects. Within its concessions activities, the group also holds concessions of seabed areas which contain polymetallic nodules and develops a technology to collect and process these polymetallic nodules containing nickel, cobalt, manganese and copper from the deep ocean floor. Each of the four abovementioned segments has its own market, asset base and revenue model and is managed separately requiring different strategies. Dredging & Infra activities are complementary as the marine infrastructure works that DEME Infra undertakes are often combined with a dredging or land reclamation scope. The Offshore Energy segment is involved in and serves the offshore energy industry, both renewables and non-renewables sectors. The Environmental segment focuses on environmental solutions. The Concessions segment, unlike the contracting segments, invests in and develops projects in wind, port infrastructure, green hydrogen and other special projects. The segment reporting comprises financial information of these four segments that are separate operating segments. On a quarterly basis, separate operating results are prepared and reported to the Chief Operating Decision Maker (CEO), the DEME Executive Committee, as well as the Board of Directors. For the segment reporting, some activity lines, that are the lowest level of reportable activities within DEME, are aggregated. As such the activities of Combined Marine Terminal Operations Worldwide NV (CTOW) in the maritime services for port terminals and DEME Building Materials NV (DBM) in the marine aggregate business are aggregated in the Dredging & Infra segment. The works performed by Scaldis Salvage & Marine Contractors NV (salvage works) are aggregated in the Offshore Energy segment. The reporting of the management accounts (reporting on operating results) is an integral part of the financial reporting. At any time, the consolidated management report can be reconciled with the consolidated financial statements, both resulting in the same IFRS net result of the year (as such one version of the truth). The group\u2019s company structure is mostly, but not completely, built around the different segments. It is possible that a company of the group is executing projects in both the Dredging & Infra and Offshore Energy segment and also one project can trigger cost and income in different companies of the group worldwide. The list of group companies associated with their main operational segment for 2024 is available within the section group structure and changes in the reporting period. The DEME operational and management structure is aligned with the DEME operational segments as well as the management reporting that is based on a worldwide uniform analytical accounting system. The analytical result by company, that gives a breakdown by project and cost center, is the basis for the segment reporting that can always be reconciled with the income statement of the company. For projects in which two segments are involved (for instance an offshore contract with a dredging scope), the segments only report their own share in revenue and result. When one segment however is working for another segment as a subcontractor or when a segment hires equipment, to use on projects, that is dedicated to another segment, these inter-segment revenues are included in the revenues of the segment performing the work but are eliminated in the segment that is invoicing to the external customer. Such intersegment revenues are remunerated at arm's length basis. In general, for major projects they are within the same segment (dredging and infrastructure works, offshore and salvage works), although for some large offshore marine infrastructure works, they may occur across segments (dredging - infrastructure and offshore works). Intersegment revenues are considered as immaterial for both the current and previous financial year. For each segment the turnover, EBITDA, depreciation and impairment cost and EBIT is reported. For the Concessions segment these measures of performance are only applicable to the subsidiaries (fully consolidated entities included in this segment). As the business of the Concessions segment is often resulting in a minority stake in participations, the operating result of these participations is reflected in the result from associates and joint ventures that is also segmented. The basis for the segment reporting is the management reporting system. Next to all activities done by our subsidiaries, the management report also includes the projects executed by joint ventures, showing the DEME\u2019s share of revenues and expenses in the joint venture. This proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its share in the joint venture, is not allowed under IFRS for joint ventures. Management however has to monitor the performance of the entire business, both executed in control as in a joint venture. In the segment reporting the joint ventures are consolidated according to the proportionate consolidation method and the intercompany transactions between the joint ventures and DEME subsidiaries are eliminated following the rules of proportionate consolidation. The total of the reported segment amounts is reconciled with the corresponding amounts in the DEME consolidated financial statements. The share of the group (IFRS net result) is not affected by the difference in consolidation method, only the presentation of the result of the year is different. As for the net result from joint ventures and associates and the carrying amount of joint ventures and associates, the reconciliation column includes the net result and carrying amount of joint ventures that are consolidated according to the equity method in the financial statements but according to the proportionate consolidation method in the segment reporting. Reference is made to note (9) for more information about joint ventures and associates. DEME\u2019s management reporting focuses on both the current and future (financial) performance and on the current and future assets deployed for the execution of projects. The financing activities and monitoring of our working capital is performed centrally at DEME group level, and therefore no segmented financial information is presented for those activities. The segmentation of DEME's fleet is done based upon the nature of the equipment dedicated to a specific segment. An overview of the DEME fleet per nature is attached in the Annual Report 2024. A geographical segmentation of the fleet is not applicable for DEME as its vessels are continuously deployed on different projects around the world.",
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"f1__s8__7__110-1": {
"value": "Environmental The Environmental segment focuses on innovative environmental solutions for soil remediation and brownfield redevelopment, environmental dredging and sediment treatment and water treatment. It is mainly active in the Benelux, France, as well as in other European countries on a project-by-project basis. An external partner participates in the Environmental segment. The segment can be considered as a material partly owned aggregated level of subsidiaries with non-controlling interests of 25.1%. Reference is made to note (20) non-controlling interests.DEME Environmental NV, the parent company of the Environmental segment, is partially owned (25.10%) by a third party. In the Dredging & Infra segment, particularly in the maritime services business, Combined Marine Terminal Operations Worldwide NV (CTOW) and its affiliates are owned for 45.62 % by third parties. In the marine aggregate business, one affiliate has non-controlling interests amounting to 30%. In the dredging business, only minor interests are held by third parties. In the Concessions segment a strategic partner invested in Global Sea Mineral Resources NV (GSR) and its affiliates in 2023, acquiring a minority shareholding of 15.78% as explained in section changes in the consolidation scope of both current and previous reporting period. As of 31 December 2024, there are no non-controlling interests in the Offshore segment. Reference is made to note (20) non-controlling interests for further details.Note 20 \u2013 Non-controlling interests For the year ended 31 December Financial information of subsidiaries that have material non-controlling interests is provided below: Proportion at year-end of equity interest held by non-controlling interests: Reference is made to the section group structure and changes in the reporting period. Country of incorporation Name 2024 2023 of the parent company DEME Environmental NV and affiliates Belgium 25.10% 25.10% CTOW NV and affiliates Belgium 45.62% 45.62% GSR NV and affiliates Belgium 15.78% 15.70% Equity attributable to non-controlling interests: (in thousands of euro) 2024 2023 DEME Environmental NV and affiliates 30,469 26,040 CTOW NV and affiliates 4,290 3,003 GSR NV and affiliates 19,055 19,513 Other 2,429 1,781 Total non-controlling interests at 31 December 56,243 50,337 Result attributable to non-controlling interests: (in thousands of euro) 2024 2023 DEME Environmental NV and affiliates 6,148 8,302 CTOW NV and affiliates 1,360 286 GSR NV and affiliates -982 -880 Other 1,019 1,123 Total result attributable to non-controlling interests 7,545 8,831 Other comprehensive income attributable to non-controlling interests 41 -316 Total comprehensive income attributable to non-controlling interests 7,586 8,515 DEME Environmental NV and affiliates again demonstrate a healthy profitability. The financial performance in 2023 was partially driven by a favorable settlement on a completed project, which explains the decrease in result attributable to non-controlling interests in 2024. In 2024 an amount of 2.0 million euro was paid to non-controlling interests as a gross dividend, compared to 0.9 million euro in 2023. The summarized financial information of these subsidiaries that have material non-controlling interests is provided below. This information is based on amounts before intercompany eliminations. DEME Environmental CTOW NV and GSR NV and 2024 NV and affiliates affiliates (in thousands of euro) (100% standalone amounts) affiliates Financial position Non-current assets 93,347 28,314 106,141 Current assets 324,492 9,615 16,896 Equity 121,834 9,492 113,905 Non-current liabilities 24,912 18,089 -3,724 Current liabilities 269,759 10,349 8,349 Statement of income Turnover 391,891 9,972 2,717 Result for the period 22,936 2,981 -6,223 Share of the group 16,788 1,621 -5,241 Non-controlling interests 6,148 1,360 -982 Other comprehensive income -1,225 -38 -64 Share of the group -910 -21 -54 Non-controlling interests -315 -17 -10 Total comprehensive income 21,711 2,943 -6,287 Share of the group 15,878 1,601 -5,295 Non-controlling interests 5,833 1,342 -992 DEME Environmental CTOW NV and GSR NV and 2023 NV and affiliates affiliates (in thousands of euro) (100% standalone amounts) affiliates Financial position Non-current assets 88,466 31,129 107,075 Current assets 274,911 6,930 21,192 Equity 103,983 6,670 124,162 Non-current liabilities 25,081 20,641 -3,563 Current liabilities 234,313 10,748 7,668 Statement of income Turnover 335,563 9,380 3,520 Result for the period 32,295 626 -5,604 Share of the group 23,993 340 -4,724 Non-controlling interests 8,302 286 -880 Other comprehensive income -996 87 -2 Share of the group -748 48 -2 Non-controlling interests -248 39 - Total comprehensive income 31,299 713 -5,606 Share of the group 23,245 388 -4,726 Non-controlling interests 8,054 325 -880",
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"f1__s8__7__327-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,022\u2018Concessions, patents and licenses\u2019 do not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly relate to the capitalization of development costs in the Concessions segment. Research and development costs that are not eligible for capitalization have been expensed within the OpEx of DEME\u2019s subsidiaries involved in deep sea harvesting for an amount of 4.54 million euro. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4). The \u2018sales and disposal\u2019 of the development costs are part of the strategic partnership deal between DEME, OQ and bp, in which bp joined as an equity partner (49% stake) and operator of the HYPORT Duqm project, resulting in a zero net book value at the end of 2024. Reference is made to section group structure and changes in the reporting period. Within the line \u2018transfers from one heading to another\u2019, also transfers from assets under construction originally booked within property, plant and equipment were included (see note (7)). \u2018Amortization of the year\u2019 is recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated statement of income for an amount of 5.2 million euro. The total net book value of 15.0 million euro at the end of the year 2024, includes the intangible assets of the SPT Offshore group (10.7 million euro) that are amortized over the economic lifetime of 10 years. SPT Offshore Holding BV and affiliates within the Offshore Energy segment was acquired by the group at the end of 2020. 2023 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2023 5,840 34,408 13,588 53,836 Additions, including fixed assets, own production 2,552 229 74 2,855 Sales and disposals - -222 -32 -254 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 8,392 34,405 13,630 56,427 Cumulative amortization and impairment at 1 January 2023 4,096 15,481 9,944 29,521 Amortization of the year 229 3,048 988 4,265 Written down after sales and disposals - -189 - -189 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 4,325 18,330 10,932 33,587 Net book value at the end of prior year 1,744 18,927 3,644 24,315 Net book value at the end of the year 4,067 16,075 2,698 22,840\u2018Concessions, patents and licenses\u2019 did not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly related to the capitalization of development costs in the Concessions segment. \u2018Amortization of the year\u2019 was recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated income statement for an amount of 4.3 million euro. The total net book value of 22.8 million euro at the end of the year 2023, included the intangible assets of the SPT Offshore group for an amount of 12.6 million euro.Note 6 \u2013 Goodwill (in thousands of euro) 2024 2023 Balance at 1 January 13,028 13,028 Acquisitions through business combinations - - Movements during the Disposals - - year Impairment losses - - Balance at 31 December 13,028 13,028Impairment testing of goodwill In accordance with IAS 36 impairment of assets, goodwill was tested for impairment at 31 December 2024 and 2023. No impairment losses were recognized. Within the DEME group, goodwill is tested for impairment annually. The impairment tests are based on figures and insights of the third quarter of the reporting year. If there is an indication that the cash generating unit to which the goodwill is allocated could have suffered a loss of value, impairment testing is done more frequently than once a year. In 2024, there were no such indicators and no additional impairment tests have been prepared. Significant judgment by management is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters (more detailed in section disclosures related to specific topics). Management does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk). The group believes the estimates and assumptions used in the impairment testing are reasonable and are comparable to those that would be used by competitors. Carrying amount of goodwill Goodwill is allocated to the cash generating unit that is expected to benefit the most of the acquisition. Management has identified the lowest level of cash generating units based on the most appropriate and most detailed level of information about operations available for internal reporting purposes. The current outstanding goodwill of the DEME group is allocated as follows: Carrying amount of goodwill (in thousands of euro) 2024 2023 CGU Infra 3,536 3,536 CGU Dredging \u2013 Asia Pacific 3,024 3,024 CGU Environmental \u2013 Environnement 2,496 2,496 CGU Offshore 1,943 1,943 CGU Offshore \u2013 Foundations 1,256 1,256 CGU Concessions 605 605 CGU Dredging \u2013 DBM 168 168 Total 13,028 13,028 The comparison of the carrying amount of each mentioned cash generating unit with the recoverable amount of the respective cash generating unit did not result in an impairment need for the annual reporting year 2024. The recoverable amount of each cash generating unit is based on a discounted cash flow model that represents the fair value minus the cost of disposal. The projected cash flows used are obtained from the budgets, prepared by management, of the respective cash generating unit and approved by the Board of Directors. These budgets cover a three-year period. Cash flows beyond the three-year period are extrapolated using a cautious growth rate of 1%. The discount rate used equals the weighted average cost of capital (WACC) calculated on the consolidated DEME group figures, as per third quarter of 2024, amounting to 8.11% compared to 7.83% in 2023. Sensitivity analysis A sensitivity analysis has been performed by adjusting important assumptions used in the calculation of the recoverable amount. Gross margin The gross margin used in the discounted cash flow model is based upon the estimates of management and has been approved by the Board of Directors for a period of three years to come. Sensitivity is tested by reducing the estimated gross margins to 95% of their initial value. Adjusting the gross margin downwards did not result in impairment for any of the mentioned cash generating units. Discount rate The discount rate used is the weighted average cost of capital, calculated on DEME group figures. Future cash flows will negatively be impacted if the discount rate rises. Sensitivity is tested by increasing the weighted average cost of capital with 1%. Adjusting the weighted average cost of capital to a higher value did not result in an impairment for any of the mentioned cash generating units. Growth rate The DEME group assumes a careful growth of 1% of its gross margin in the years to come. Should the growth percentage be lower, the recoverable amount of each cash generating unit will drop. Sensitivity is tested by reducing the growth rate to 0%. Adjusting the growth rate did not result in an impairment for any of the mentioned cash generating units.The \u2018additions\u2019 within floating and other construction equipment mainly include recurring investments and the capitalization of major repair costs of the main production equipment, whereas the \u2018additions\u2019 within assets under construction mainly relate to the amounts invested in the new DP2 fallpipe vessel \u2018Yellowstone\u2019, the construction of pontoons for the Fehmarnbelt project (construction of the world\u2019s largest immersed tunnel between Germany and Denmark), a life time extension investment for the fallpipe vessel \u2018Rollingstone\u2019, a new offshore survey vessel named \u2018Karina\u2019 and the DEME campus for which reference is made to note (29) related party disclosures. In 2024, \u2018Yellowstone\u2019 that joined the fleet in the second quarter of the year, the pontoons, the survey vessel and the building were all transferred to respectively floating and other construction equipment and land and buildings. There was also a transfer of development costs in the segment Concessions from assets under construction to intangible assets (see note (5)).The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates.",
"dimensions": {
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"f1__s8__7__249-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Operating result or EBIT increased by 112.3 million euro primarily due to the significant increase in turnover and an improvement in the EBIT margin, which rose to 8.6% from 7.3% last year.",
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"f1__s8__7__245-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019.Note 2 \u2013 Other operating income and expenses For the year ended 31 December Other operating income (in thousands of euro/ (-) is expense) 2024 2023 Gain on sale of property, plant and equipment 8,924 18,615 Gain on disposal of financial fixed assets 1,430 - Other operating income 32,281 40,054 Total other operating income 42,635 58,669 Total other operating income for 2024 relates among others to the sale of the workshop in Zeebrugge (see note (15) assets held for sale) and miscellaneous equipment within the Dredging & Infra segment. In addition to various insurance claim income related to equipment and included in other operating income, a gain on the sale of shares of Hyport Coordination Company Llc and a gain on the sale of shares of C-Power NV, together 1.4 million euro is included. Reference is made to section changes in the consolidation scope. In 2023, the sale of \u2018Groenewind\u2019 (Offshore Energy segment) and a damage claim income for \u2018Ambiorix\u2019 for an amount of 7 million euro were included within total other operating income. The net of gain and loss on sale of property, plant and equipment amounts to 8.9 million euro. This amount is included in the cash flow from divestments.In 2023, the workshop in Zeebrugge with a net book value of 1.6 million euro was classified as an asset held for sale as a sale within the next 12 months was highly probable. In June 2024, this workshop was effectively sold, resulting in a gain on sale which is included in other operating income in 2024. Reference is made to note (2) other operating income and expenses.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__238-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway.Current assets increased significantly by 739.4 million euro. This substantial growth is primarily attributed to the rise in cash and cash equivalents (+464.3 million euro). The increase in operating working capital within current assets, specifically in trade and other operating receivables (+ 216.7 million euro), other current assets (+24.7 million euro) and contract assets (+18.4 million euro), is explained by the higher operational activity in the prior consecutive years.The increase in operating working capital is particularly noticeable this year in both current assets and current liabilities, reflecting higher activity in 2024 and in 2023. The larger rise in working capital liabilities is primarily due to the increase in advance payments and the growth in trade payables and contract liabilities.Note 1 \u2013 Turnover and orderbook For the year ended 31 December Turnover A breakdown of the DEME turnover by nature, segment and geographical market can be found below. Turnover by nature (in thousands of euro) 2024 2023 Revenue from contracts with customers 4,083,957 3,268,156 Revenue from ancillary activities 17,202 17,266 Total turnover as per financial statements 4,101,159 3,285,422 Revenue from contracts with customers comprises the net revenue from operational activities of the segments and is recognized by reference to the stage of completion of the contract activity at the end of each reporting period. For most contracting activities the contract is based on a fixed or lump sum price, or based on quantities. The group can act both as contractor and principal of an engagement. Revenue from ancillary activities is revenue that can be very divers such as sale of equipment or fees. It is turnover that is not followed up as a separate contracting project in the management reporting system. The group has determined that the disaggregation of revenue by product line is best reflected by the revenue information that is disclosed for each reportable segment under IFRS 8, as this information is regularly reviewed by the chief decision makers (see also separate section on segment reporting) and best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Turnover of segments (in thousands of euro) 2024 2023 Offshore Energy 2,055,040 1,501,551 Dredging & Infra 1,962,558 1,604,610 Environmental 336,774 304,314 Concessions 7,828 4,972 Total turnover of segments 4,362,200 3,415,447 Reconciliation (*) -261,041 -130,025 Total turnover as per financial statements 4,101,159 3,285,422 (*) The reconciliation between the segment turnover and the turnover in the consolidated statement of income refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation method (application of IAS 28) in the financial statements. The group's turnover increased sequentially each quarter, reaching a record high of more than 4.1 billion euro. The growth was driven by double-digit increases in all contracting segments, reflecting high activity levels and effective project execution throughout 2024. Offshore Energy delivered an exceptional performance in 2024, with turnover growing two-fold since 2022. Turnover exceeded 2 billion euro, reflecting a 37% growth for the year, following a remarkable 57% growth in 2023. Dredging & Infra reported a turnover of almost 2 billion euro, marking a 22% increase from the previous year. The topline growth within the Environmental segment was driven by ongoing work on long-term and complex remediation and high-water protection projects across Belgium, the Netherlands, UK and Norway. The main projects for the Offshore Energy segment included Dogger Bank and Moray West in the UK, Coastal Virginia in the US, \u00cele d\u2019Yeu and Noirmoutier in France, and Zhong Neng and Hai Long in Taiwan. The Dredging & Infra segment made good progress in maintenance and capital dredging projects across Europe, Africa, Asia, and the Middle East, and advanced its marine infrastructure works, including the installation of immersed tunnels in continental Europe. Turnover by geographical market (*) (in thousands of euro) 2024 2023 Belgium 729,294 476,773 Europe (excl. Belgium) 1,715,719 1,576,956 Africa 306,655 256,951 America 751,447 597,431 Asia 382,317 275,745 Middle East 215,727 101,565 Total turnover as per financial statements 4,101,159 3,285,422 (*) A geographical market is determined as the area (location) where projects are realized. The Asian region covers both Asia and Oceania. The geographical breakdown highlights DEME\u2019s continued strong position in Europe, with double-digit year-over-year growth in 2024. For the second consecutive year, America was DEME\u2019s second-largest market, showing marked growth fueled by solid progress on its ongoing offshore projects. Africa, Asia, and the Middle East each contributed between 5% and 10% of the group's total turnover, with significant year-over-year growth, supported by a healthy project intake in recent years. Similar to last year, there are no clients contributing more than 10% in the group\u2019s turnover. Moreover, as a result of the occasional nature and spread of the contracts, none of the DEME clients will ever structurally qualify as a material client in relation to the total turnover of the group. DEME's taxonomy-eligible and aligned activities continued to expand in 2024, with 45% of the group\u2019s turnover now classified as eligible and 42% as aligned, compared to 42% and 33% in 2023, respectively. This growth is primarily driven by the group\u2019s involvement in additional offshore wind projects. Additionally, as from 2024 the EU Taxonomy requires companies to report alignment with all six environmental objectives, resulting in the inclusion of DEME\u2019s environmental activities in the taxonomy-aligned turnover. All these DEME\u2019s activities are making a substantial contribution to either pollution prevention and control, circular economy and climate change mitigation. The significant contribution of Offshore Energy to the group\u2019s turnover of 47.1% and an orderbook contribution of 51.9% (see below) continues to create opportunities for energy transition. A more comprehensive explanation will be available in Chapter 07.Sustainability Statements, included in this Annual Report. Orderbook The group\u2019s orderbook is the contract value of assignments acquired as of 31 December but that is not yet accounted for as turnover because of non-completion. The orderbook also includes the group\u2019s share in the orderbook of joint ventures, but not of associates. Contracts are not included in the orderbook until the agreement with the client is signed. A letter of award is not sufficient to include the contract in the orderbook according to the group\u2019s policy. In addition, financial close must be reached when projects will be executed in \u2018uncertain\u2019 countries before including them in the orderbook. \u2018Uncertain countries\u2019 are identified at the discretion of the Executive Committee. Furthermore, experience shows that, once an agreement has been reached, cancellations or significant reductions in the scope or size of contracts are relatively rare, but may occur, particularly when markets come under severe pressure. In the event of such cancellations, the group is usually entitled to receive contractual cancellation fees. DEME\u2019s orderbook reached a new record, exceeding 8 billion euro, even with the high conversion of backlog into revenue. The year-over-year growth of 8% was mainly driven by continued increases in Offshore Energy orders. While Dredging & Infra experienced a more moderate but still healthy rise, Environmental maintained a stable orderbook. Key additions in 2024 included four major cabling contracts in the Netherlands and Belgium, foundation transport and installation projects in Taiwan and Germany, and Dredging & Infra projects in various regions. Orderbook by segments (in thousands of euro) 2024 2023 Offshore Energy 4,259,185 3,754,649 Dredging & Infra 3,588,880 3,472,387 Environmental 352,084 354,724 Concessions - - Total orderbook 8,200,149 7,581,760 The orderbook of Offshore Energy reached a record high of 4.3 billion euro, up from 3.8 billion euro at the end of last year, driven by strong demand, the recent expansion of fleet capacity, add-ons to existing projects and the addition of new contracts in the APAC region and Europe. Notable additions include the foundation installation contract for the Nordlicht 1 and 2 wind farms in Germany, the foundation and offshore substation installation contract for the Fengmiao 1 offshore wind farm in Taiwan and four cable installation contracts - three in the Netherlands and one in Belgium. The orderbook of Dredging & Infra grew by 3% year-over-year, reaching 3.6 billion euro, and remains at a solid level with a healthy intake of diverse new projects across the globe. As of 31 December 2024, the Environmental orderbook stand at a steady 352 million euro, a small decrease of 1% compared to 355 million euro a year earlier. Environmental is working on some selected initial environmental study efforts in the UK and Italy, actively exploring new, targeted opportunities. Orderbook by geographical market (in thousands of euro) 2024 2023 Europe 5,792,521 4,391,552 Africa 339,160 394,161 America 1,016,617 1,329,957 Asia 819,118 918,976 Middle East 232,733 547,114 Total orderbook 8,200,149 7,581,760 Europe retained its leading position for DEME, achieving 32% year-over-year growth and representing 71% of the group\u2019s orderbook. In contrast, all other regions saw a decline compared to a strong 2023. With effective project execution on several offshore projects along the US East Coast and minor new additions in 2024, the orderbook for the Americas region declined from 18% of the total a year ago to 12% today, representing a 24% decrease in nominal value. Orderbook run-off Year N+1 Year N+2 Year N+3 and Total beyond (in thousands of euro) Orderbook 2023 3,692,355 2,650,172 1,239,233 7,581,760 Orderbook 2024 3,639,194 2,290,125 2,270,830 8,200,149 The group estimates that 44.4% of the orderbook will be executed in the next year (2023: 48.7%). The current orderbook run-off includes a volume for 2025 in line with a year ago and volumes exceeding 4.6 billion euro spread across 2026 and beyond. The execution of the orderbook depends on several factors, such as weather circumstances, soil and technical conditions, vessel availability and a lot of other factors.Note 13 \u2013 Contract assets and contract liabilities For the year ended 31 December Contract assets and contract liabilities, in accordance with IFRS 15 revenue from contracts with customers, relate to the work in progress of construction projects executed by the group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and provisions for expected losses. Advances received are amounts received by the group before the related work is performed. The group presents those separately from other contract liabilities. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract and payment conditions and geographical location. Most of the revenue is paid with an advance received at the beginning of the project followed by milestone payments after execution of the work and approval by the client. (in thousands of euro / (-) is credit) 2024 2023 Contract assets 651,459 633,027 Contract liabilities -661,057 -447,363 Advances received -181,041 -84,486 Net balance -190,639 101,178 Contract assets are the group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. A contract asset arises when the group performed works for a customer that are recognized as revenue to date but are not yet invoiced or paid. As such the revenue recognition reflects the rate at which the group\u2019s performance obligations are fulfilled corresponding to the transfer of control of a good or service to the customers. When there is no transfer of control throughout the contract, revenue is still recognized over time, based on the fact that the asset created has no alternative use, as well as the fact that the group has an enforceable right to the payment for performance completed to date. Contract assets turn into receivables when those works are accepted by the client. Contract liabilities are the group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. A contract liability arises when the group has invoiced the customer or received payment from them while the work was not done yet and the invoices and/or payments exceed the revenue recognized to date. Provisions are recognized for expected losses on work in progress as soon as they are foreseen and if necessary, any profit already recognized is reversed. Those provisions are also recognized as contract liabilities for an amount of 36.8 million euro as of 31 December 2024, compared to 54.2 million euro at the end of 2023. The determination of estimated profit (or loss) is based on estimated costs and revenues of the related projects and for profitable projects only, in proportion to the stage of completion. These estimates and judgments may contain some uncertainties. 2024 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes (*) consolidation scope December Offshore Energy 234,542 -48,090 - 186,452 Dredging & Infra 352,195 64,146 - 416,341 Environmental 46,290 2,376 - 48,666 Concessions - - - - Total 633,027 18,432 - 651,459 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes (*) consolidation scope December Offshore Energy -306,829 -177,552 - -484,381 Dredging & Infra -124,738 -44,918 - -169,656 Environmental -15,796 8,776 - -7,020 Concessions - - - - Total -447,363 -213,694 - -661,057 2024 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes (*) consolidation scope December Offshore Energy -51,168 8,618 - -42,550 Dredging & Infra -12,266 -105,572 - -117,838 Environmental -21,052 399 - -20,653 Concessions - - - - Total -84,486 -96,555 - -181,041 2024 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes (*) consolidation scope December Offshore Energy -123,455 -217,024 - -340,479 Dredging & Infra 215,191 -86,344 - 128,847 Environmental 9,442 11,551 - 20,993 Concessions - - - - Total 101,178 -291,817 - -190,639 (*) \u201cBusiness-related changes\u201d relate to cumulative catch-up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. Given the high level of operating activity during the year, contract assets remain at a very high level, while contract liabilities continue to show a strong increase (especially within Offshore Energy) due to more pre-invoicing compared to work in progress and an increase in advance payments received from customers (among others for the Fehmarnbelt project in Denmark). As a result of the high number of individual projects (with all different aspects regarding nature, type of clients, contract and payment conditions) a more in-depth description of changes in contract assets and contract liabilities compared to prior year is not deemed relevant. Around 52% of the performance obligations, meaning the turnover to be executed in the upcoming years regarding the current ongoing construction contracts for which contract assets and contract liabilities are booked, is expected to be fulfilled by the group next year, followed by 21% in 2026, 27% in 2027 and beyond. The related contract assets and contract liabilities as of 31 December 2024 are expected to follow a similar timing for run-off. 2023 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes consolidation scope December Offshore Energy 102,561 131,981 - 234,542 Dredging & Infra 202,297 149,898 - 352,195 Environmental 39,893 6,397 - 46,290 Concessions - - - - Total 344,751 288,276 - 633,027 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes consolidation scope December Offshore Energy -231,791 -75,038 - -306,829 Dredging & Infra -83,567 -41,171 - -124,738 Environmental -7,942 -7,854 - -15,796 Concessions - - - - Total -323,300 -124,063 - -447,363 2023 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes consolidation scope December Offshore Energy -53,098 1,930 - -51,168 Dredging & Infra -18,968 6,702 - -12,266 Environmental -473 -20,579 - -21,052 Concessions - - - - Total -72,539 -11,947 - -84,486 2023 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes consolidation scope December Offshore Energy -182,328 58,873 - -123,455 Dredging & Infra 99,762 115,429 - 215,191 Environmental 31,478 -22,036 - 9,442 Concessions - - - - Total -51,088 152,266 - 101,178Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV. Shareholders CFE NV, DEME\u2019s previous shareholder before the public listing, is considered to be a fellow subsidiary as from 30 June 2022, date of the partial demerger of CFE NV. CFE NV and DEME Group NV have both Ackermans & van Haaren as their main shareholder. Since 2001, DEME has a service agreement with Ackermans & van Haaren NV for services rendered which is subject to indexation on a yearly basis. The service agreement covers specialized advice delivered by Ackermans & van Haaren NV. The remuneration due by DEME in 2024 towards Ackermans & van Haaren upon the conditions of the contract amounted to 1.46 million euro (2023: 1.43 million euro). DEME also received incoming invoices of its shareholder and/or fellow subsidiary for an amount of 0.33 million euro, a.o. relating to a maintenance contract for central heating and air conditioning (2023: 0.55 million euro, mainly related to that same maintenance contract and for its presence on business specific events). On the other hand, DEME itself invoiced around 0.12 million euro to its shareholder, mainly IT licenses and tax consulting services (2023: 0.66 million euro, mainly IT, tax and also accounting consulting services). DEME recently built a visitor pavilion on the site of its headquarters in Beveren-Kruibeke-Zwijndrecht. Execution of works was done by a subsidiary of CFE NV. In November 2024, the construction of the visitor pavilion was completed and a total of 7.98 million euro was transferred from assets under construction to buildings, of which 3.8 million euro was capitalized in 2023. In 2025, DEME has started the demolition of three old buildings and the construction of a new one at its headquarters, also to be carried out by a subsidiary of CFE NV.",
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"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. In 2024, total non-current assets decreased by 23.9 million euro. While the net book value of right-of-use assets increased by 58.7 million euro (reference is made to note (8)), the net book value of property, plant, and equipment declined by 114.4 million euro as the total depreciation, amortization expenses, and impairment losses for the year surpassed new investments.Note 8 \u2013 Right-of-use assets Floating 2024 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2024 119,451 23,314 44,758 187,523 Additions 37,506 46,817 26,780 111,103 Sales and disposals -23,381 -6,499 -14,135 -44,015 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 1,148 1,828 28 3,004 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 134,724 65,460 57,176 257,360 Cumulative depreciation and impairment at 1 January 2024 39,597 13,644 23,189 76,430 Depreciation charge of the year 15,731 24,304 12,322 52,357 Written down after sales and disposals -21,808 -6,499 -13,704 -42,011 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 407 672 6 1,085 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 33,927 32,121 21,558 87,606 Net book value at the end of prior year 79,854 9,670 21,569 111,093 Net book value at the end of the year 100,797 33,339 35,618 169,754The net carrying amount of right-of-use assets amounts to 169.8 million euro at 31 December 2024, compared to 111.1 million euro at the end of 2023. At 31 December 2024, the net book value of land and buildings can be split into 83.6 million euro \u2018land\u2019 and 17.2 million euro \u2018buildings\u2019. The significant increase in land and buildings in 2024 is primarily attributed, among other factors, to the renewal of a concession of a dredge area and the hire of additional land in Flushing. The category floating and other construction equipment encompasses various items, including support vessels and dry earth equipment. The significant increase in this category in 2024 is due to the mid-term hire of support vessels, which also explains the rise in depreciation charges from 30.9 million euro in 2023 to 52.4 million euro in 2024. The increase in additions in furniture and vehicles is mainly related to the accelerated electrification of DEME\u2019s car fleet, an increase in fleet size (due to a higher number of cars) and the elevated lease cost associated with electric vehicles. Lease liabilities corresponding to the right-of-use assets are detailed in note (23). Floating 2023 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2023 99,303 21,410 38,147 158,860 Additions 25,759 5,599 13,893 45,251 Sales and disposals -5,485 -3,569 -7,255 -16,309 Movements Transfers from one heading to another - - - - during the Translation differences -126 -126 -27 -279 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 119,451 23,314 44,758 187,523 Cumulative depreciation and impairment at 1 January 2023 29,639 9,759 20,468 59,866 Depreciation charge of the year 14,923 7,437 8,505 30,865 Written down after sales and disposals -4,843 -3,488 -5,762 -14,093 Movements Transfers from one heading to another - 4 -4 - during the Translation differences -122 -68 -18 -208 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 39,597 13,644 23,189 76,430 Net book value at the end of prior year 69,664 11,651 17,679 98,994 Net book value at the end of the year 79,854 9,670 21,569 111,093The net carrying amount of right-of-use assets amounted to 111.1 million euro at 31 December 2023, compared to 99.0 million euro at the end of 2022. At 31 December 2023, the net book value of land and buildings was split in 63.7 million euro \u2018land\u2019 and 16.1 million euro \u2018buildings\u2019. Cash flow related to interest-bearing debt Total interest-bearing debt 2024 2023 (in thousands of euro) Balance at 1 January 901,266 1,042,774 Cash movements as per cash flow from financial activities -254,029 -186,408 New interest-bearing debt 26,935 74,486 Movements during the Repayment of interest-bearing debt -225,679 -228,557 year Payment of lease liabilities -55,285 -32,337 Non-cash movements 115,088 44,900 Movements Assumed in business combinations - - during the year IFRS 16 leases115,088 44,900 Balance at 31 December 762,325 901,266 The non-cash movement related to IFRS 16 leases is the net of new lease contracts and disposal of lease contracts that has no cash impact but that is included in the movement of the year of interest-bearing debt. The cash impact of IFRS 16 leases is the payment of the lease liability or lease cost of the year.Note 23 \u2013 Lease liabilities For the year ended 31 December 2024 2023 (in thousands of euro) More than 5 years Between 1 and 5 years Less than 1 year Total Total Gross lease payments 78,858 67,860 56,970 203,688 135,249 Interest payments -24,330 -4,739 -957 -30,026 -21,391 Lease liabilities present value 54,528 63,121 56,013 173,662 113,858 Land and buildings 103,830 82,241 Floating and other construction equipment 33,579 9,688 Furniture and vehicles 36,253 21,929 Total lease payments per class of property, plant and 173,662 113,858 equipment Reference is also made to note (21) interest-bearing debt and net financial debt. There are no material leases concluded at reporting date that didn't commence as of 31 December 2024. The amount of renewal options and termination options not reflected in the lease liabilities is immaterial. As mentioned in note (8) right-of-use assets, there is a significant increase in 'land and buildings' in 2024, mainly due to the renewal of a dredging concession and the lease of additional land in Flushing. The significant increase in 'floating and other construction equipment' in 2024 is related to the lease of support vessels, mainly in the US, while the electrification of DEME's car fleet, included in \u2018furniture and vehicles\u2019 is still ongoing, all resulting in higher lease liabilities. The amounts related to leasing recognized in the consolidated statement of income are included in the table below: (in thousands of euro) 2024 2023 Land and buildings 15,731 14,923 Floating and other construction equipment 24,304 7,437 Furniture and vehicles 12,322 8,505 Total depreciation charge of right-of-use assets (note (8)) 52,357 30,865 Interest expense (note (4) financial result) 4,045 1,938 Expense relating to short-term leases 43,173 5,554 Expense relating to leases of low-value assets that are not short-term leases 203 202 Total expense related to leases 99,778 38,559 The increase in right-of-use assets, and as such lease liabilities, resulted in higher depreciation and interest expenses for 2024. The increase in short-term rental expenses in the income statement in 2024 is mainly due to expensive specialized short-term project equipment required for US offshore projects and more short-term rental cars. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__97-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. In 2024, total non-current assets decreased by 23.9 million euro. While the net book value of right-of-use assets increased by 58.7 million euro (reference is made to note (8)), the net book value of property, plant, and equipment declined by 114.4 million euro as the total depreciation, amortization expenses, and impairment losses for the year surpassed new investments.Note 2 \u2013 Other operating income and expenses For the year ended 31 December Other operating income (in thousands of euro/ (-) is expense) 2024 2023 Gain on sale of property, plant and equipment 8,924 18,615 Gain on disposal of financial fixed assets 1,430 - Other operating income 32,281 40,054 Total other operating income 42,635 58,669 Total other operating income for 2024 relates among others to the sale of the workshop in Zeebrugge (see note (15) assets held for sale) and miscellaneous equipment within the Dredging & Infra segment. In addition to various insurance claim income related to equipment and included in other operating income, a gain on the sale of shares of Hyport Coordination Company Llc and a gain on the sale of shares of C-Power NV, together 1.4 million euro is included. Reference is made to section changes in the consolidation scope. In 2023, the sale of \u2018Groenewind\u2019 (Offshore Energy segment) and a damage claim income for \u2018Ambiorix\u2019 for an amount of 7 million euro were included within total other operating income. The net of gain and loss on sale of property, plant and equipment amounts to 8.9 million euro. This amount is included in the cash flow from divestments.Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 \u2018Concessions, patents and licenses\u2019 do not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly relate to the capitalization of development costs in the Concessions segment. Research and development costs that are not eligible for capitalization have been expensed within the OpEx of DEME\u2019s subsidiaries involved in deep sea harvesting for an amount of 4.54 million euro. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4). The \u2018sales and disposal\u2019 of the development costs are part of the strategic partnership deal between DEME, OQ and bp, in which bp joined as an equity partner (49% stake) and operator of the HYPORT Duqm project, resulting in a zero net book value at the end of 2024. Reference is made to section group structure and changes in the reporting period. Within the line \u2018transfers from one heading to another\u2019, also transfers from assets under construction originally booked within property, plant and equipment were included (see note (7)).Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784At 31 December 2024, the net book value of \u2018floating equipment\u2019 as part of floating and other construction equipment contributes 96% to the total of this category. \u2018Other construction equipment\u2019 within floating and other construction equipment consists amongst other of dry earth moving equipment, pipelines and equipment of DEME Infra. The \u2018additions\u2019 within floating and other construction equipment mainly include recurring investments and the capitalization of major repair costs of the main production equipment, whereas the \u2018additions\u2019 within assets under construction mainly relate to the amounts invested in the new DP2 fallpipe vessel \u2018Yellowstone\u2019, the construction of pontoons for the Fehmarnbelt project (construction of the world\u2019s largest immersed tunnel between Germany and Denmark), a life time extension investment for the fallpipe vessel \u2018Rollingstone\u2019, a new offshore survey vessel named \u2018Karina\u2019 and the DEME campus for which reference is made to note (29) related party disclosures. In 2024, \u2018Yellowstone\u2019 that joined the fleet in the second quarter of the year, the pontoons, the survey vessel and the building were all transferred to respectively floating and other construction equipment and land and buildings. There was also a transfer of development costs in the segment Concessions from assets under construction to intangible assets (see note (5)). Since 30 June 2024, the net book value of the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane, included within floating and other construction equipment was transferred to \u2018assets held for sale\u2019 (note (15)) as a sale within 12 months to a Japanese joint venture between DEME (49%) and partner Penta-Ocean Construction is considered as highly probable. After this sale, \u2018Sea Challenger\u2019 will receive an extensive upgrade, positioning the vessel for offshore wind farm projects in Japan. The crane\u2019s lifting capacity will increase from 900 tons to 1,600 tons. Additionally, enhancements such as a wider beam and longer legs will enable the vessel to handle the next generation of mega wind turbines. The joint venture will further upgrade and take ownership of \u2018Sea Challenger\u2019 and reflag the vessel to the Japanese flag. In accordance with shareholder\u2019s agreement and under certain conditions, DEME retains a buy-back right for \u2018Sea Challenger\u2019. As the joint venture is integrated according to the equity method, the investment will not be included in property, plant and equipment of the consolidated statement of financial position. DEME is however financing the upgrade of the vessel through capital and shareholders loan, booked as financial asset. In 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea mining) through the contribution of the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, which is still included within the net book value of assets under construction at end of 2024. In 2024, specific borrowing costs amounting to 2.2 million euro, related to assets under construction, were capitalized (note (4) financial result). At 31 December 2024, the commitments made for investments in coming years amount to 5 million euro, mainly relating to the upgrade of vessels \u2018Yellowstone\u2019 and \u2018Karina\u2019. The investments aimed at transitioning the DEME campus into a sustainable and energy-neutral office have been incorporated into the net book value of land and buildings. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 353 million euro in total compared to 320 million euro in 2023. The higher level of depreciation charges in 2024 is primarily attributed to \u2018Yellowstone\u2019 that joined the fleet on the second quarter of 2024 and to the investments in upgrading \u2018Sea installer\u2019 (depreciated as from July 2023). The amount of the year also includes a 14.8 million euro impairment cost. In H1 2024 an \u2018impairment cost\u2019 of 4.4 million euro was booked for the crane of \u2018Sea Challenger\u2019, whereas at the end of 2024, an additional \u2018impairment cost\u2019 of 10.4 million euro was booked for \u2018Samson\u2019, a backhoe dredger. The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint ventures. In 2023, 49% of DEME's capital expenditure was considered as taxonomy-eligible and aligned CapEx, while in the current period, this figure stands at 47% for the taxonomy-eligible and 46% for the taxonomy aligned CapEx. This percentage is directly tied to DEME's fleet engaged in projects aimed at mitigating climate change, such as constructing and installing foundations and wind turbines, along with their shore connections. Additionally, as of now, climate risks are not affecting the useful life of the group's assets. Reference is made to Chapter 07.Sustainability Statements. Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220At 31 December 2023, the net book value of \u2018floating equipment\u2019 as part of floating and other construction equipment contributed 96% to the total of this category. In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment. DEME also upgraded \u2018Viking Neptun\u2019 into a cable laying vessel and since the first quarter of 2023, the vessel has been actively engaged in project deployments. The reclassification of the vessel occurred from assets under construction to floating and other construction equipment. The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019. As part of its efforts to enhance its fallpipe vessel fleet, DEME made an investment in a new DP2 fallpipe vessel by purchasing and converting a bulk carrier. This vessel named \u2018Yellowstone\u2019 joined the DEME fleet in the first half of 2024 whereas it was included within assets under construction at the end of 2023. The ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019 was also included within the additions and net book value of assets under construction, as in the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea mining) through the contribution of this vessel, and a cash investment. This addition of the year was considered as a non-cash item. The other additions within assets under construction mainly included the amounts invested in 2023 in \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019, some additional modifications for \u2018Orion\u2019, the new offshore survey vessel \u2018Karina\u2019 and a new office building. As of 31 December 2023, \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to floating and other construction equipment and land and buildings. In 2023, specific borrowing costs amounting to 1.6 million euro, related to assets under construction, were capitalized. At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 320 million euro in total compared to 286 million euro in 2022. The higher level of depreciation charges in 2023 was attributed primarily to the investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also included a 13 million euro impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels. In 2023, the workshop in Zeebrugge, included within land and buildings and with a net book value of 1.6 million euro, was transferred to assets held for sale (note (15)). The vessel \u2018Groenewind\u2019, with a net book value of 32 million euro that was transferred in 2022 to assets held for sale, was sold in 2023.Deferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityShareholders CFE NV, DEME\u2019s previous shareholder before the public listing, is considered to be a fellow subsidiary as from 30 June 2022, date of the partial demerger of CFE NV. CFE NV and DEME Group NV have both Ackermans & van Haaren as their main shareholder. Since 2001, DEME has a service agreement with Ackermans & van Haaren NV for services rendered which is subject to indexation on a yearly basis. The service agreement covers specialized advice delivered by Ackermans & van Haaren NV. The remuneration due by DEME in 2024 towards Ackermans & van Haaren upon the conditions of the contract amounted to 1.46 million euro (2023: 1.43 million euro). DEME also received incoming invoices of its shareholder and/or fellow subsidiary for an amount of 0.33 million euro, a.o. relating to a maintenance contract for central heating and air conditioning (2023: 0.55 million euro, mainly related to that same maintenance contract and for its presence on business specific events). On the other hand, DEME itself invoiced around 0.12 million euro to its shareholder, mainly IT licenses and tax consulting services (2023: 0.66 million euro, mainly IT, tax and also accounting consulting services). DEME recently built a visitor pavilion on the site of its headquarters in Beveren-Kruibeke-Zwijndrecht. Execution of works was done by a subsidiary of CFE NV. In November 2024, the construction of the visitor pavilion was completed and a total of 7.98 million euro was transferred from assets under construction to buildings, of which 3.8 million euro was capitalized in 2023. In 2025, DEME has started the demolition of three old buildings and the construction of a new one at its headquarters, also to be carried out by a subsidiary of CFE NV.",
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"f1__s8__7__94-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,022\u2018Concessions, patents and licenses\u2019 do not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly relate to the capitalization of development costs in the Concessions segment. Research and development costs that are not eligible for capitalization have been expensed within the OpEx of DEME\u2019s subsidiaries involved in deep sea harvesting for an amount of 4.54 million euro. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4). The \u2018sales and disposal\u2019 of the development costs are part of the strategic partnership deal between DEME, OQ and bp, in which bp joined as an equity partner (49% stake) and operator of the HYPORT Duqm project, resulting in a zero net book value at the end of 2024. Reference is made to section group structure and changes in the reporting period. Within the line \u2018transfers from one heading to another\u2019, also transfers from assets under construction originally booked within property, plant and equipment were included (see note (7)). \u2018Amortization of the year\u2019 is recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated statement of income for an amount of 5.2 million euro. The total net book value of 15.0 million euro at the end of the year 2024, includes the intangible assets of the SPT Offshore group (10.7 million euro) that are amortized over the economic lifetime of 10 years. SPT Offshore Holding BV and affiliates within the Offshore Energy segment was acquired by the group at the end of 2020. 2023 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2023 5,840 34,408 13,588 53,836 Additions, including fixed assets, own production 2,552 229 74 2,855 Sales and disposals - -222 -32 -254 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 8,392 34,405 13,630 56,427 Cumulative amortization and impairment at 1 January 2023 4,096 15,481 9,944 29,521 Amortization of the year 229 3,048 988 4,265 Written down after sales and disposals - -189 - -189 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 4,325 18,330 10,932 33,587 Net book value at the end of prior year 1,744 18,927 3,644 24,315 Net book value at the end of the year 4,067 16,075 2,698 22,840\u2018Concessions, patents and licenses\u2019 did not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly related to the capitalization of development costs in the Concessions segment. \u2018Amortization of the year\u2019 was recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated income statement for an amount of 4.3 million euro. The total net book value of 22.8 million euro at the end of the year 2023, included the intangible assets of the SPT Offshore group for an amount of 12.6 million euro.The \u2018additions\u2019 within floating and other construction equipment mainly include recurring investments and the capitalization of major repair costs of the main production equipment, whereas the \u2018additions\u2019 within assets under construction mainly relate to the amounts invested in the new DP2 fallpipe vessel \u2018Yellowstone\u2019, the construction of pontoons for the Fehmarnbelt project (construction of the world\u2019s largest immersed tunnel between Germany and Denmark), a life time extension investment for the fallpipe vessel \u2018Rollingstone\u2019, a new offshore survey vessel named \u2018Karina\u2019 and the DEME campus for which reference is made to note (29) related party disclosures. In 2024, \u2018Yellowstone\u2019 that joined the fleet in the second quarter of the year, the pontoons, the survey vessel and the building were all transferred to respectively floating and other construction equipment and land and buildings. There was also a transfer of development costs in the segment Concessions from assets under construction to intangible assets (see note (5)).",
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"entity": "scheme:549300FPFPQPKI3PJV37",
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},
"f1__s8__7__87-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Although joint ventures and associates contributed 40.4 million euro to the year\u2019s results, the increase in investments in these entities was only 11.6 million euro. The discrepancy is mainly due to the 32.9 million in dividends distributed by joint ventures and associates in 2024. Conversely, loans provided to joint ventures and associates, which are included in other non-current assets, increased by 18.5 million euro (see note (10)).Since 30 June 2024, the net book value of the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane, included within floating and other construction equipment was transferred to \u2018assets held for sale\u2019 (note (15)) as a sale within 12 months to a Japanese joint venture between DEME (49%) and partner Penta-Ocean Construction is considered as highly probable. After this sale, \u2018Sea Challenger\u2019 will receive an extensive upgrade, positioning the vessel for offshore wind farm projects in Japan. The crane\u2019s lifting capacity will increase from 900 tons to 1,600 tons. Additionally, enhancements such as a wider beam and longer legs will enable the vessel to handle the next generation of mega wind turbines. The joint venture will further upgrade and take ownership of \u2018Sea Challenger\u2019 and reflag the vessel to the Japanese flag. In accordance with shareholder\u2019s agreement and under certain conditions, DEME retains a buy-back right for \u2018Sea Challenger\u2019. As the joint venture is integrated according to the equity method, the investment will not be included in property, plant and equipment of the consolidated statement of financial position. DEME is however financing the upgrade of the vessel through capital and shareholders loan, booked as financial asset.In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment.The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019.The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint venturesNote 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental). In the financial statements, all investments in joint ventures and associates are accounted for using the equity method. Only in the segment reporting, a separate section in this report, joint ventures are accounted for using the proportionate consolidation method. The changes over the period are explained below. The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates. Changes over the period Investments Investments Investments Investments in joint 2024 in joint 2023 (in thousands of euro) in associates in associates ventures ventures Balance at 1 January 49,094 120,869 169,963 94,619 106,891 201,510 Additions 2,532 11,263 13,795 891 7,671 8,562 Disposals (-) - -10,439 -10,439 -1,143 - -1,143 Share in the result of participations accounted for 27,974 12,400 40,374 -34,545 37,762 3,217 using the equity method Movements during the Dividends distributed by participations -14,603 -18,312 -32,915 -9,873 -17,879 -27,752 year Other comprehensive income -306 -4,456 -4,762 -3,164 -11,089 -14,253 Other movements 796 -3,064 -2,268 393 -1,641 -1,248 Translation differences 110 2,481 2,591 1,916 -846 1,070 Balance at 31 December 65,597 110,742 176,339 49,094 120,869 169,963 Booked as a non-current financial asset 67,179 114,686 181,865 49,353 120,942 170,295 Booked as a non-current financial liability -1,582 -3,944 -5,526 -259 -73 -332 (- is credit)The majority of the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in associates is linked to the Concessions segment. The Concessions segment associates delivered a net result of 12.4 million euro, down from 37.8 million euro a year ago. The second half of 2024 experienced softer wind production compared to both the first half of the year and 2023, which had benefitted from higher electricity prices and new legislation in Belgium. Consequently, the financial performance of Rentel NV, C-Power NV, and Seamade NV, which operate wind farms in Belgium, was adversely affected. The decrease in the result from associates was more than compensated by the result of the joint ventures that amounted to 28.0 million euro at the end of 2024 compared to a loss of 34.5 million euro in the previous year. Last year CDWE Taiwan Ltd, DEME\u2019s Taiwanese joint venture company in the Offshore segment absorbed project losses on the Zhong Neng project in Taiwan, whereas this year CDWE Taiwan Ltd is contributing very positively to the result of the year. The Offshore segment contributes for 29 million euro to the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in joint ventures compared to -35 million euro in 2023. As for \u2018dividends distributed by participations\u2019 in 2024, the amount received from associates mainly comes from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly comes from Deeprock CV. In 2023, the amount received from associates came from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly came from Earth Moving Worldwide Cyprus Ltd (EMW). Some joint ventures and associates finance substantial assets such as infrastructure works, offshore wind farms or vessels and can therefore hold interest rate swaps (IRS). As per 31 December 2024, the \u2018other comprehensive income (OCI)\u2019 includes a positive amount of 9.3 million euro compared to a positive amount of 14.0 million euro at the end of 2023 (as such indicating a year-over-year movement of -4.7 million euro). This figure reflects DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP and CDWE Green Jade Co Ltd, net of deferred tax assets. This fair value (DEME share) is indirectly reflected in the consolidated statement of financial position in the net assets of the investees for the same amount. Similar like last year the negative movement of the year in the hedging reserve of joint ventures and associates (-4.7 million euro) is related to the decline in market interest rates compared to the hedged interest rates (prior year impact however was larger -14.2 million euro). A minor amount of -0.049 million euro in the OCI movement is attributable to the remeasurement of net liabilities relating to defined benefit and contribution plans. There are in 2024 and in 2023 no equity accounted for investees where DEME has not recorded the share in the negative equity of the joint venture or associate. The equity accounted for investees for whom the share in the net assets is negative, are reallocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This reallocation is presented in the line \u2018other movements\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. If after allocation the negative net asset exceeds the investor\u2019s interest, a corresponding liability (non-current financial liability) is recorded instead of a negative investment within non-current financial assets. In 2024, the \u2018additions\u2019 include investments totaling 11.3 million euro in associates and 2.5 million euro in joint ventures The current year investments in associates mainly relate to the Concessions segment and more specifically to the capital increase in Hyport Coordination Company Llc . In the Offshore Energy segment there is an addition of the year for 0.9 million euro in GBM Works Holding BV. Reference is made to section changes in the consolidation scope. Last year the investments in associates mainly related to the Concessions segment and more specifically to the investment in Hyport Coordination Company Llc, Ayre Offshore Wind Farm Ltd and Bowdun Offshore Wind Farm Ltd. The investments in joint ventures for 2024 are related to an investment in Cargen Group NV and in Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA , both within the Environmental segment. The investments in joint ventures for 2023 related to an investment in D&S Contractors NV, within the Dredging & Infra segment. 2024 summarized financial information and reconciliation to the carrying amount Summarized financial information of the group\u2019s associates and joint ventures by segments is set out below. This information represents 100% amounts in associates and joint ventures financial statements prepared in accordance with IFRS Standards. Intercompany transactions are not eliminated. Balance at 31 December Summarized financial information of associates Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 5,475 1 27,641 2,797,399 2,830,516 Current assets 42,668 42,184 49,511 1,081,596 1,215,959 Equity 839 11,406 13,973 1,034,113 1,060,331 Non-current liabilities 34,658 107 19,701 2,585,438 2,639,904 Current liabilities 15,687 34,522 56,811 499,972 606,992 Cash and cash equivalents 3,041 3,851 13,332 240,528 260,752 Net financial debt (+ is net debt) 44,905 -3,851 9,613 2,371,735 2,422,402 Statement of income Turnover 781 54,572 51,905 624,655 731,913 Operating result 10,057 722 6,430 164,067 181,276 Financial result 22 -148 -1,164 -45,170 -46,460 Result for the period -5,241 394 4,499 88,659 88,311 Other comprehensive income - 306 - -20,634 -20,328 Changes in fair value related to hedging instruments - - - -27,685 -27,685 Changes in cumulative translation adjustment reserve - 306 - 7,030 7,336 Remeasurement of net liabilities relating to defined - - - 21 21 benefit plans Total comprehensive income -5,241 700 4,499 68,025 67,983 Group's share of profit (loss) -1,054 107 851 12,496 12,400 Group's share in other comprehensive income - 156 - -2,131 -1,975 Group's share in total comprehensive income -1,054 263 851 10,365 10,425 Associates of the group are mainly situated within the Concessions segment. The non-current assets and liabilities of those associates are mainly related to the assets and financing of offshore wind farms C-Power, Rentel and Seamade as well as to the building and financing of the roadway and tunnel of Blankenburg in the Netherlands (BAAK). Since 2024, DEME Offshore Holding NV, within Offshore Energy, holds a 19.73% interest in GBM Works Holding BV and subsidiaries, which reported a loss for the year. Summarized financial Concessions information of main associates BAAK Blankenburg-Total 2024 Verbinding BV C-Power NV Rentel NV Seamade NV (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 471,848 659,818 931,217 - 2,062,883 Current assets 39,663 64,607 66,306 817,967 988,543 Equity 269,514 130,148 155,469 60,022 615,153 Non-current liabilities 238,079 540,550 793,822 756,153 2,328,604 Current liabilities 72,797 74,182 105,752 14,903 267,634 Cash and cash equivalents 68,878 20,455 57,520 13,110 159,963 Net financial debt (+ is net debt) 195,286 518,443 772,150 722,175 2,208,054 Statement of income Turnover 146,391 142,180 185,885 62,999 537,455 Operating result 39,661 59,878 86,511 -5,320 180,730 Financial result -13,892 -15,217 -27,536 9,748 -46,897 Result for the period 19,852 33,748 44,260 3,293 101,153 Other comprehensive income 112 -9,148 -11,585 -5,317 -25,938 Changes in fair value related to hedging instruments 111 -9,148 -11,585 -5,317 -25,939 Changes in cumulative translation adjustment reserve - - - - - Remeasurement of net liabilities relating to defined 1 - - - 1 benefit plans Total comprehensive income 19,964 24,600 32,675 -2,024 75,215 Group's share of profit (loss) 1,256 6,374 5,852 494 13,976 Group's share in other comprehensive income 7 -1,728 -1,532 -797 -4,050 Group's share in total comprehensive income 1,263 4,646 4,320 -303 9,926 Summarized financial information of joint ventures Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 463,387 6,587 11,983 - 481,957 Current assets 160,729 9,301 23,240 - 193,270 Equity 212,919 -354 12,846 - 225,411 Non-current liabilities 207,396 6,585 2,160 - 216,141 Current liabilities 276,010 14,203 27,522 - 317,735 Cash and cash equivalents 72,209 4,546 7,304 - 84,059 Net financial debt (+ is net debt) 159,609 3,285 -3,001 - 159,893 Statement of income Turnover 619,528 26,146 13,773 - 659,447 Operating result 85,388 -3,498 2,183 - 84,073 Financial result -12,814 -265 -125 - -13,204 Result for the period 59,596 -3,524 1,483 - 57,555 Other comprehensive income -721 180 - - -541 Changes in fair value related to hedging instruments -661 - - - -661 Changes in cumulative translation adjustment reserve 37 180 - - 217 Remeasurement of net liabilities relating to defined -97 - - - -97 benefit plans Total comprehensive income 58,875 -3,344 1,483 - 57,014 Group's share of profit (loss) 29,092 -1,673 555 - 27,974 Group's share in other comprehensive income -289 93 - - -196 Group's share in total comprehensive income 28,803 -1,580 555 - 27,778 Within the Offshore Energy segment, the group's joint venture activities primarily involve offshore projects in CSBC DEME Wind Engineering Co Ltd (CDWE) and in Deeprock Beheer BV, as well as salvage operations conducted by Scaldis Salvage & Marine Contractors NV. In the Dredging & Infra segment, significant activity is noted in the joint venture K3 DEME BV, a joint venture in which DEME Building Materials BV takes part. Silvamo NV and W\u00e9risol SA are contributing to the results of 2024 within the Environmental segment. The reconciliation of the total net assets to the carrying amount of the group\u2019s interests in the associates and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 839 11,406 13,973 1,034,113 1,060,331 Proportion of the group's ownership interests in the -135 5,610 2,532 174,690 182,697 standalone amounts Reconciliation items - - 173 -72,128 -71,955 Carrying amount of the group's interest in associates -135 5,610 2,705 102,562 110,742 Booked as a non-current financial asset 30 5,610 2,714 106,332 114,686 Booked as a non-current financial liability -165 - -9 -3,770 -3,944 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 212,919 -354 12,846 - 225,411 Proportion of the group's ownership interests in the 99,983 -115 4,811 - 104,679 standalone amounts Reconciliation items -40,071 -195 1,184 - -39,082 Carrying amount of the group's interest in joint ventures 59,912 -310 5,995 - 65,597 Booked as a non-current financial asset 59,912 1,272 5,995 - 67,179 Booked as a non-current financial liability - -1,582 - - -1,582 (- is credit) The reconciliation items are related to the recognition of the income in accordance with the DEME group accounting policies and to the intercompany eliminations. 2023 summarized financial information and reconciliation to the carrying amount Summarized financial information of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets - 21 30,031 2,755,053 2,785,105 Current assets 25,517 76,954 50,988 1,666,906 1,820,365 Equity 1,569 10,706 12,919 1,108,019 1,133,213 Non-current liabilities 17,817 89 19,066 2,752,111 2,789,083 Current liabilities 6,131 66,180 49,034 561,828 683,173 Cash and cash equivalents - 525 867 97,122 98,514 Net financial debt (+ is net debt) 23,805 -3,331 12,232 2,395,043 2,427,749 Statement of income Turnover - 89,186 32,112 965,141 1,086,439 Operating result 10,864 356 5,296 385,174 401,690 Financial result 50 -354 -924 -51,531 -52,759 Result for the period 63 -3 2,785 253,484 256,329 Other comprehensive income - -240 - -73,482 -73,722 Changes in fair value related to hedging instruments - - - -71,126 -71,126 Changes in cumulative translation adjustment reserve - -240 - -2,223 -2,463 Remeasurement of net liabilities relating to defined - - - -133 -133 benefit plans Total comprehensive income 63 -243 2,785 180,002 182,607 Group's share of profit (loss) 1 -2 377 37,386 37,762 Group's share in other comprehensive income - -122 - -11,813 -11,935 Group's share in total comprehensive income 1 -124 377 25,573 25,827 Summarized financial information of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 455,510 2,754 5,374 - 463,638 Current assets 339,511 15,593 13,877 - 368,981 Equity 181,759 2,991 8,291 - 193,041 Non-current liabilities 206,579 1,869 3,083 - 211,531 Current liabilities 406,683 13,487 7,876 - 428,046 Cash and cash equivalents 5,819 285 1,908 - 8,012 Net financial debt (+ is net debt) 178,698 -2,076 -1,985 - 174,637 Statement of income Turnover 350,100 24,376 10,296 - 384,772 Operating result -77,546 -213 1,918 - -75,841 Financial result -9,077 389 -30 - -8,718 Result for the period -68,787 179 1,259 - -67,349 Other comprehensive income -1,854 -68 -801 - -2,723 Changes in fair value related to hedging instruments -6,512 - - - -6,512 Changes in cumulative translation adjustment reserve 4,654 -68 -801 - 3,785 Remeasurement of net liabilities relating to defined 4 - - - 4 benefit plans Total comprehensive income -70,641 111 458 - -70,072 Group's share of profit (loss) -35,032 15 472 - -34,545 Group's share in other comprehensive income -914 -34 -300 - -1,248 Group's share in total comprehensive income -35,946 -19 172 - -35,793 The reconciliation of the total net assets to the carrying amount of the group's interests in the associated and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 1,569 10,706 12,919 1,108,019 1,133,213 Proportion of the group's ownership interests in the 28 5,347 2,332 178,669 186,376 standalone amounts Reconciliation items - - 173 -65,680 -65,507 Carrying amount of the group's interest in associates 28 5,347 2,505 112,989 120,869 Booked as a non-current financial asset 28 5,347 2,521 113,046 120,942 Booked as a non-current financial liability - - -16 -57 -73 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 181,759 2,991 8,291 - 193,041 Proportion of the group's ownership interests in the 85,035 1,466 3,105 - 89,606 standalone amounts Reconciliation items -40,985 -75 548 - -40,512 Carrying amount of the group's interest in joint ventures 44,050 1,391 3,653 - 49,094 Booked as a non-current financial asset 44,050 1,650 3,653 - 49,353 Booked as a non-current financial liability - -259 - - -259 (- is credit)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__74-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Notes Depreciation and amortization expenses 2024 (5)/(7)/(8) 2023 -395,830 Delta -342,050 REVENUES -53,780 4,143,794 Impairment of property, plant and equipment and right-of-use assets 3,344,091 (7)/(8) 799,703 -14,772 Turnover -13,148 (1) -1,624 4,101,159 Impairment of goodwill and intangible assets 3,285,422 (5)/(6) 815,737 - Other operating income - (2) - 42,635 Other operating expenses 58,669 (2) -16,034 -26,649 OPERATING EXPENSES -20,784 -3,790,185 -5,865 -3,102,828 OPERATING RESULT -687,357 353,609 Raw materials, consumables, services and subcontracted work 241,263 -2,685,547 112,346 -2,138,962 FINANCIAL RESULT -546,585 (4) Personnel expenses -8,674 (3) -23,269 -667,387 14,595 -587,884 Interest income -79,503 13,534 8,252 5,282 Interest expense -16,797 -20,149 3,352 Realized/unrealized foreign currency translation effects -1,263 -9,825 8,562 Other financial result -4,148 -1,547 -2,601 RESULT BEFORE TAXES 344,935 217,994 126,941 Current taxes and deferred taxes (11) -89,536 -49,618 -39,918 RESULT AFTER TAXES 255,399 168,376 87,023 Share of profit (loss) of joint ventures and associates (9) 40,374 3,217 37,157 RESULT FOR THE PERIOD 295,773 171,593 124,180 Attributable to non-controlling interests (20) 7,545 8,831 -1,286 SHARE OF THE GROUP 288,228 162,762 125,466 Earnings per share (basic) (in euro) (19) 11.40 6.43 4.98 Earnings per share (diluted) (in euro) (19) 11.40 6.43 4.97 In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway. Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019. Depreciation and amortization expenses increased to 395.8 million euro from 342.1 million euro in 2023, due to investments in upgrading \u2018Sea Installer\u2019 and converting \u2018Yellowstone\u2019, DEME\u2019s fallpipe vessel that joined the fleet in the second quarter of 2024. Also the depreciation of the year for IFRS 16 leases increased by 21.5 million euro. Impairment losses for the year totaled 14.8 million euro, encompassing the crane of \u2018Sea Challenger\u2019 and \u2018Samson\u2019, a backhoe dredger, compared to 13.1 million euro last year, attributed to \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.\u2018Amortization of the year\u2019 is recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated statement of income for an amount of 5.2 million euro.Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,0222023 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2023 5,840 34,408 13,588 53,836 Additions, including fixed assets, own production 2,552 229 74 2,855 Sales and disposals - -222 -32 -254 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 8,392 34,405 13,630 56,427 Cumulative amortization and impairment at 1 January 2023 4,096 15,481 9,944 29,521 Amortization of the year 229 3,048 988 4,265 Written down after sales and disposals - -189 - -189 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 4,325 18,330 10,932 33,587 Net book value at the end of prior year 1,744 18,927 3,644 24,315 Net book value at the end of the year 4,067 16,075 2,698 22,840\u2018Amortization of the year\u2019 was recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated income statement for an amount of 4.3 million euro.Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784Depreciation charge and impairment cost of the year\u2019 increased to 353 million euro in total compared to 320 million euro in 2023. The higher level of depreciation charges in 2024 is primarily attributed to \u2018Yellowstone\u2019 that joined the fleet on the second quarter of 2024 and to the investments in upgrading \u2018Sea installer\u2019 (depreciated as from July 2023). The amount of the year also includes a 14.8 million euro impairment cost. In H1 2024 an \u2018impairment cost\u2019 of 4.4 million euro was booked for the crane of \u2018Sea Challenger\u2019, whereas at the end of 2024, an additional \u2018impairment cost\u2019 of 10.4 million euro was booked for \u2018Samson\u2019, a backhoe dredger.Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint ventures. In 2023, 49% of DEME's capital expenditure was considered as taxonomy-eligible and aligned CapEx, while in the current period, this figure stands at 47% for the taxonomy-eligible and 46% for the taxonomy aligned CapEx. This percentage is directly tied to DEME's fleet engaged in projects aimed at mitigating climate change, such as constructing and installing foundations and wind turbines, along with their shore connections. Additionally, as of now, climate risks are not affecting the useful life of the group's assets. Reference is made to Chapter 07.Sustainability Statements. At 31 December 2023, the net book value of \u2018floating equipment\u2019 as part of floating and other construction equipment contributed 96% to the total of this category. In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment. DEME also upgraded \u2018Viking Neptun\u2019 into a cable laying vessel and since the first quarter of 2023, the vessel has been actively engaged in project deployments. The reclassification of the vessel occurred from assets under construction to floating and other construction equipment. The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019. As part of its efforts to enhance its fallpipe vessel fleet, DEME made an investment in a new DP2 fallpipe vessel by purchasing and converting a bulk carrier. This vessel named \u2018Yellowstone\u2019 joined the DEME fleet in the first half of 2024 whereas it was included within assets under construction at the end of 2023. The ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019 was also included within the additions and net book value of assets under construction, as in the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea mining) through the contribution of this vessel, and a cash investment. This addition of the year was considered as a non-cash item. The other additions within assets under construction mainly included the amounts invested in 2023 in \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019, some additional modifications for \u2018Orion\u2019, the new offshore survey vessel \u2018Karina\u2019 and a new office building. As of 31 December 2023, \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to floating and other construction equipment and land and buildings. In 2023, specific borrowing costs amounting to 1.6 million euro, related to assets under construction, were capitalized. At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 320 million euro in total compared to 286 million euro in 2022. The higher level of depreciation charges in 2023 was attributed primarily to the investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also included a 13 million euro impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.Note 8 \u2013 Right-of-use assets Floating 2024 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2024 119,451 23,314 44,758 187,523 Additions 37,506 46,817 26,780 111,103 Sales and disposals -23,381 -6,499 -14,135 -44,015 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 1,148 1,828 28 3,004 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 134,724 65,460 57,176 257,360 Cumulative depreciation and impairment at 1 January 2024 39,597 13,644 23,189 76,430 Depreciation charge of the year 15,731 24,304 12,322 52,357 Written down after sales and disposals -21,808 -6,499 -13,704 -42,011 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 407 672 6 1,085 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 33,927 32,121 21,558 87,606 Net book value at the end of prior year 79,854 9,670 21,569 111,093 Net book value at the end of the year 100,797 33,339 35,618 169,754Floating 2023 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2023 99,303 21,410 38,147 158,860 Additions 25,759 5,599 13,893 45,251 Sales and disposals -5,485 -3,569 -7,255 -16,309 Movements Transfers from one heading to another - - - - during the Translation differences -126 -126 -27 -279 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 119,451 23,314 44,758 187,523 Cumulative depreciation and impairment at 1 January 2023 29,639 9,759 20,468 59,866 Depreciation charge of the year 14,923 7,437 8,505 30,865 Written down after sales and disposals -4,843 -3,488 -5,762 -14,093 Movements Transfers from one heading to another - 4 -4 - during the Translation differences -122 -68 -18 -208 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 39,597 13,644 23,189 76,430 Net book value at the end of prior year 69,664 11,651 17,679 98,994 Net book value at the end of the year 79,854 9,670 21,569 111,093The amounts related to leasing recognized in the consolidated statement of income are included in the table below: (in thousands of euro) 2024 2023 Land and buildings 15,731 14,923 Floating and other construction equipment 24,304 7,437 Furniture and vehicles 12,322 8,505 Total depreciation charge of right-of-use assets (note (8)) 52,357 30,865 Interest expense (note (4) financial result) 4,045 1,938 Expense relating to short-term leases 43,173 5,554 Expense relating to leases of low-value assets that are not short-term leases 203 202 Total expense related to leases 99,778 38,559 The increase in right-of-use assets, and as such lease liabilities, resulted in higher depreciation and interest expenses for 2024. The increase in short-term rental expenses in the income statement in 2024 is mainly due to expensive specialized short-term project equipment required for US offshore projects and more short-term rental cars. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__50-1": {
"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023. Movement in retirement benefit obligations is the non-paid net defined benefit cost (related to the retirement benefit obligations) that is recorded in the statement of income. The defined benefit cost that is paid (contributions from employer) is recorded as pension expenses in the statement of income. Reference is made to note (24) retirement benefit obligations and to note (3) personnel expenses and employment. Movement in provisions mainly relates to the movement in warranty provisions. Reference is made to note (26) provisions. Other operating expenses mainly include various taxes, import and stamp duties. Personnel expenses (in thousands of euro) 2024 2023 Remuneration 576,035 505,674 Social charges 72,554 68,054 Share-based payments 1,062 - Pension expenses 17,736 14,156 Total 667,387 587,884 The increase in payroll expenses compared to the previous year is attributed to a rise in the average headcount by 372 FTEs, along with salary increases across the entire group in 2024, partly due to the (automatic) indexation of salaries and wages (particularly in Belgium). DEME\u2019s employees receive various forms of compensation, including salaries and wages and retirement benefits (see note (24)). In 2024, a stock option plan was introduced for the benefit of DEME's Executive Committee and Management Team members. The cost of share-based payments is determined by the fair value at the date when the grant is made on a straight-line basis over the vesting period. The cost as of 31 December 2024 amounts to 1.1 million euro and was booked as a personnel expense against equity (share-based payments reserve). Reference is made to note (18).Note 3 \u2013 Personnel expenses and employment For the year ended 31 DecemberNotes Depreciation and amortization expenses 2024 (5)/(7)/(8) 2023 -395,830 Delta -342,050 REVENUES -53,780 4,143,794 Impairment of property, plant and equipment and right-of-use assets 3,344,091 (7)/(8) 799,703 -14,772 Turnover -13,148 (1) -1,624 4,101,159 Impairment of goodwill and intangible assets 3,285,422 (5)/(6) 815,737 - Other operating income - (2) - 42,635 Other operating expenses 58,669 (2) -16,034 -26,649 OPERATING EXPENSES -20,784 -3,790,185 -5,865 -3,102,828 OPERATING RESULT -687,357 353,609 Raw materials, consumables, services and subcontracted work 241,263 -2,685,547 112,346 -2,138,962 FINANCIAL RESULT -546,585 (4) Personnel expenses -8,674 (3) -23,269 -667,387 14,595 -587,884 Interest income -79,503 13,534 8,252 5,282 Interest expense -16,797 -20,149 3,352 Realized/unrealized foreign currency translation effects -1,263 -9,825 8,562 Other financial result -4,148 -1,547 -2,601 RESULT BEFORE TAXES 344,935 217,994 126,941 Current taxes and deferred taxes (11) -89,536 -49,618 -39,918 RESULT AFTER TAXES 255,399 168,376 87,023 Share of profit (loss) of joint ventures and associates (9) 40,374 3,217 37,157 RESULT FOR THE PERIOD 295,773 171,593 124,180 Attributable to non-controlling interests (20) 7,545 8,831 -1,286 SHARE OF THE GROUP 288,228 162,762 125,466 Earnings per share (basic) (in euro) (19) 11.40 6.43 4.98 Earnings per share (diluted) (in euro) (19) 11.40 6.43 4.97 In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway. Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019. Depreciation and amortization expenses increased to 395.8 million euro from 342.1 million euro in 2023, due to investments in upgrading \u2018Sea Installer\u2019 and converting \u2018Yellowstone\u2019, DEME\u2019s fallpipe vessel that joined the fleet in the second quarter of 2024. Also the depreciation of the year for IFRS 16 leases increased by 21.5 million euro. Impairment losses for the year totaled 14.8 million euro, encompassing the crane of \u2018Sea Challenger\u2019 and \u2018Samson\u2019, a backhoe dredger, compared to 13.1 million euro last year, attributed to \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels. The increase in other operating expenses by 5.8 million euro compared to 2023, is related to the movement in amounts written off trade receivables and the movement in retirement benefit obligations.Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,022The \u2018additions of the year\u2019 mainly relate to the capitalization of development costs in the Concessions segment. Research and development costs that are not eligible for capitalization have been expensed within the OpEx of DEME\u2019s subsidiaries involved in deep sea harvesting for an amount of 4.54 million euro. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4). The \u2018sales and disposal\u2019 of the development costs are part of the strategic partnership deal between DEME, OQ and bp, in which bp joined as an equity partner (49% stake) and operator of the HYPORT Duqm project, resulting in a zero net book value at the end of 2024. Reference is made to section group structure and changes in the reporting period. Within the line \u2018transfers from one heading to another\u2019, also transfers from assets under construction originally booked within property, plant and equipment were included (see note (7)). \u2018Amortization of the year\u2019 is recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated statement of income for an amount of 5.2 million euro.The total net book value of 15.0 million euro at the end of the year 2024, includes the intangible assets of the SPT Offshore group (10.7 million euro) that are amortized over the economic lifetime of 10 years. SPT Offshore Holding BV and affiliates within the Offshore Energy segment was acquired by the group at the end of 2020. 2023 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2023 5,840 34,408 13,588 53,836 Additions, including fixed assets, own production 2,552 229 74 2,855 Sales and disposals - -222 -32 -254 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 8,392 34,405 13,630 56,427 Cumulative amortization and impairment at 1 January 2023 4,096 15,481 9,944 29,521 Amortization of the year 229 3,048 988 4,265 Written down after sales and disposals - -189 - -189 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 4,325 18,330 10,932 33,587 Net book value at the end of prior year 1,744 18,927 3,644 24,315 Net book value at the end of the year 4,067 16,075 2,698 22,840\u2018Concessions, patents and licenses\u2019 did not include indefinite useful lives intangible assets. The \u2018additions of the year\u2019 mainly related to the capitalization of development costs in the Concessions segment. \u2018Amortization of the year\u2019 was recognized under \u2018depreciation and amortization expenses\u2019 in the consolidated income statement for an amount of 4.3 million euro.Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784Depreciation charge and impairment cost of the year\u2019 increased to 353 million euro in total compared to 320 million euro in 2023. The higher level of depreciation charges in 2024 is primarily attributed to \u2018Yellowstone\u2019 that joined the fleet on the second quarter of 2024 and to the investments in upgrading \u2018Sea installer\u2019 (depreciated as from July 2023). The amount of the year also includes a 14.8 million euro impairment cost. In H1 2024 an \u2018impairment cost\u2019 of 4.4 million euro was booked for the crane of \u2018Sea Challenger\u2019, whereas at the end of 2024, an additional \u2018impairment cost\u2019 of 10.4 million euro was booked for \u2018Samson\u2019, a backhoe dredger.Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint ventures. In 2023, 49% of DEME's capital expenditure was considered as taxonomy-eligible and aligned CapEx, while in the current period, this figure stands at 47% for the taxonomy-eligible and 46% for the taxonomy aligned CapEx. This percentage is directly tied to DEME's fleet engaged in projects aimed at mitigating climate change, such as constructing and installing foundations and wind turbines, along with their shore connections. Additionally, as of now, climate risks are not affecting the useful life of the group's assets. Reference is made to Chapter 07.Sustainability Statements. At 31 December 2023, the net book value of \u2018floating equipment\u2019 as part of floating and other construction equipment contributed 96% to the total of this category. In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment. DEME also upgraded \u2018Viking Neptun\u2019 into a cable laying vessel and since the first quarter of 2023, the vessel has been actively engaged in project deployments. The reclassification of the vessel occurred from assets under construction to floating and other construction equipment. The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019. As part of its efforts to enhance its fallpipe vessel fleet, DEME made an investment in a new DP2 fallpipe vessel by purchasing and converting a bulk carrier. This vessel named \u2018Yellowstone\u2019 joined the DEME fleet in the first half of 2024 whereas it was included within assets under construction at the end of 2023. The ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019 was also included within the additions and net book value of assets under construction, as in the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea mining) through the contribution of this vessel, and a cash investment. This addition of the year was considered as a non-cash item. The other additions within assets under construction mainly included the amounts invested in 2023 in \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019, some additional modifications for \u2018Orion\u2019, the new offshore survey vessel \u2018Karina\u2019 and a new office building. As of 31 December 2023, \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to floating and other construction equipment and land and buildings. In 2023, specific borrowing costs amounting to 1.6 million euro, related to assets under construction, were capitalized. At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 320 million euro in total compared to 286 million euro in 2022. The higher level of depreciation charges in 2023 was attributed primarily to the investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also included a 13 million euro impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.Note 8 \u2013 Right-of-use assets Floating 2024 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2024 119,451 23,314 44,758 187,523 Additions 37,506 46,817 26,780 111,103 Sales and disposals -23,381 -6,499 -14,135 -44,015 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 1,148 1,828 28 3,004 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 134,724 65,460 57,176 257,360 Cumulative depreciation and impairment at 1 January 2024 39,597 13,644 23,189 76,430 Depreciation charge of the year 15,731 24,304 12,322 52,357 Written down after sales and disposals -21,808 -6,499 -13,704 -42,011 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 407 672 6 1,085 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 33,927 32,121 21,558 87,606 Net book value at the end of prior year 79,854 9,670 21,569 111,093 Net book value at the end of the year 100,797 33,339 35,618 169,754Floating 2023 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2023 99,303 21,410 38,147 158,860 Additions 25,759 5,599 13,893 45,251 Sales and disposals -5,485 -3,569 -7,255 -16,309 Movements Transfers from one heading to another - - - - during the Translation differences -126 -126 -27 -279 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 119,451 23,314 44,758 187,523 Cumulative depreciation and impairment at 1 January 2023 29,639 9,759 20,468 59,866 Depreciation charge of the year 14,923 7,437 8,505 30,865 Written down after sales and disposals -4,843 -3,488 -5,762 -14,093 Movements Transfers from one heading to another - 4 -4 - during the Translation differences -122 -68 -18 -208 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 39,597 13,644 23,189 76,430 Net book value at the end of prior year 69,664 11,651 17,679 98,994 Net book value at the end of the year 79,854 9,670 21,569 111,093Note 12 \u2013 Inventories For the year ended 31 December (in thousands of euro) 2024 2023 Raw materials 3,851 9,163 Consumables 16,589 22,852 Total inventories 20,440 32,015 Movement of the year recorded in statement of income (+ is credit) -11,575 6,319 Inventories can be split into raw materials and consumables. Raw materials are mainly related to ballast & dredged material and sand from the marine aggregate business within the segment Dredging & Infra. Consumables mainly consist out of fuel and auxiliary materials. The movement of the year of consumables is impacted by the moment of refueling of the vessels and the fuel usage up till closing date. Also the start-up of projects and preparation of the fleet can impact this movement. No inventories are pledged as security for liabilities.The amounts related to leasing recognized in the consolidated statement of income are included in the table below: (in thousands of euro) 2024 2023 Land and buildings 15,731 14,923 Floating and other construction equipment 24,304 7,437 Furniture and vehicles 12,322 8,505 Total depreciation charge of right-of-use assets (note (8)) 52,357 30,865 Interest expense (note (4) financial result) 4,045 1,938 Expense relating to short-term leases 43,173 5,554 Expense relating to leases of low-value assets that are not short-term leases 203 202 Total expense related to leases 99,778 38,559 The increase in right-of-use assets, and as such lease liabilities, resulted in higher depreciation and interest expenses for 2024. The increase in short-term rental expenses in the income statement in 2024 is mainly due to expensive specialized short-term project equipment required for US offshore projects and more short-term rental cars. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4).Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV. Shareholders CFE NV, DEME\u2019s previous shareholder before the public listing, is considered to be a fellow subsidiary as from 30 June 2022, date of the partial demerger of CFE NV. CFE NV and DEME Group NV have both Ackermans & van Haaren as their main shareholder. Since 2001, DEME has a service agreement with Ackermans & van Haaren NV for services rendered which is subject to indexation on a yearly basis. The service agreement covers specialized advice delivered by Ackermans & van Haaren NV. The remuneration due by DEME in 2024 towards Ackermans & van Haaren upon the conditions of the contract amounted to 1.46 million euro (2023: 1.43 million euro). DEME also received incoming invoices of its shareholder and/or fellow subsidiary for an amount of 0.33 million euro, a.o. relating to a maintenance contract for central heating and air conditioning (2023: 0.55 million euro, mainly related to that same maintenance contract and for its presence on business specific events). On the other hand, DEME itself invoiced around 0.12 million euro to its shareholder, mainly IT licenses and tax consulting services (2023: 0.66 million euro, mainly IT, tax and also accounting consulting services). DEME recently built a visitor pavilion on the site of its headquarters in Beveren-Kruibeke-Zwijndrecht. Execution of works was done by a subsidiary of CFE NV. In November 2024, the construction of the visitor pavilion was completed and a total of 7.98 million euro was transferred from assets under construction to buildings, of which 3.8 million euro was capitalized in 2023. In 2025, DEME has started the demolition of three old buildings and the construction of a new one at its headquarters, also to be carried out by a subsidiary of CFE NV. Key management personnel DEME Group NV has a \u201cone tier\u201d governance structure consisting of a Board of Directors (as collegiate body). The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of the Company\u2019s corporate object, except for those actions that are specifically reserved by law for the Shareholders\u2019 Meeting. On 29 June 2022, the Board of Directors has delegated the daily management of the Company from the Executive Committee to the CEO. The CEO is assisted in the exercise of its powers by the Executive Committee, which operates as an advisory committee (separate from the Board of Directors). The Executive Committee, chaired by the CEO, is responsible for discussing the general management of the Company and, from 2023, the statutory members of the Executive Committee have a self-employed status. Representatives who are members of the Board of Directors, Audit Committee and Remuneration Committee are remunerated since the public listing of the group. On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. Reference is made to the Remuneration Report and Corporate governance statement within Chapter 05.Corporate governance and risk management and note (18) share-based payments. For his role as Executive Director, Luc Vandenbulcke received a fixed and variable remuneration of 1.8 million euro in 2024 (2023: 2.0 million euro). The 2023 annual salary included an exception of an early single and double holiday payment settlement upon transition towards a self-employed status. (in thousands of euro) 2024 2023 Director fees at the expense of DEME group Total 826 785 Remuneration of the CEO Fixed annual remuneration 537 534 Short-term variable remuneration 1,278 1,452 Long-term variable remuneration (*) - - Total 1,815 1,986 Group insurance / Pension (Plan) contributions 106 87 Other benefits (**) 178 3 Remuneration of the members of the Executive Committee (excluding CEO) Fixed annual remuneration 1,422 1,436 Short-term variable remuneration 3,807 3,044 Long-term variable remuneration (*) - - Total 5,229 4,480 Group insurance / Pension (Plan) contributions 304 237 Other benefits (**) 244 15 (*) No vested options from the 2024 stock option plan yet. (**) The other benefits include e.g. taxable benefits and income tax coverage on stock option grantNote 30 \u2013 Auditor remuneration For the year ended 31 December An overview of the total remuneration paid to the auditors by DEME Group NV and its consolidated subsidiaries is presented below. A distinction (both in absolute figures and in percentage) is made between fees paid by the group to the statutory auditor of DEME Group NV, EY, and fees paid to other audit firms. EY Others Total 2024 Amount % Amount % (in thousands of euro) Audit fees 1,427 53.1% 1,262 46.9% 2,689 Tax advisory services 155 8.1% 1,755 91.9% 1,910 Assurance related and other non-audit services 238 14.8% 1,374 85.2% 1,612 1,820 29.3% 4,391 70.7% 6,211 The amount of assurance related and other non-audit services provided by the statutory auditor and persons professionally related to him are in line with article 3:64 and 65 of the Code of Companies and Associations and approved by the Audit Committee in advance. They mainly relate to ad hoc attestations and, in 2024, to a readiness check for CSRD reporting. The other (non-audit) services provided by other auditors, who are not the statutory auditors of DEME Group NV, mainly relate to tax services and advisory services. As a result of working in a diverse global environment, the number of tax advisory services provided each year remains high (regional and project specific advice, transfer pricing, the new pillar Two legislation, etc.). Other non-audit services provided in 2024 mainly relate to consultancy services for the further optimization of DEME's 'Third Party Management' screening tool. EY Others Total 2023 Amount % Amount % (in thousands of euro) Audit fees 1,176 43.2% 1,549 56.8% 2,725 Tax advisory services 222 8.9% 2,284 91.1% 2,506 Assurance related and other non-audit services 127 9.1% 1,273 90.9% 1,400 1,525 23.0% 5,106 77.0% 6,631",
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"value": "Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway.Current assets increased significantly by 739.4 million euro. This substantial growth is primarily attributed to the rise in cash and cash equivalents (+464.3 million euro). The increase in operating working capital within current assets, specifically in trade and other operating receivables (+ 216.7 million euro), other current assets (+24.7 million euro) and contract assets (+18.4 million euro), is explained by the higher operational activity in the prior consecutive years.The increase in operating working capital is particularly noticeable this year in both current assets and current liabilities, reflecting higher activity in 2024 and in 2023. The larger rise in working capital liabilities is primarily due to the increase in advance payments and the growth in trade payables and contract liabilities.Note 1 \u2013 Turnover and orderbook For the year ended 31 December Turnover A breakdown of the DEME turnover by nature, segment and geographical market can be found below. Turnover by nature (in thousands of euro) 2024 2023 Revenue from contracts with customers 4,083,957 3,268,156 Revenue from ancillary activities 17,202 17,266 Total turnover as per financial statements 4,101,159 3,285,422 Revenue from contracts with customers comprises the net revenue from operational activities of the segments and is recognized by reference to the stage of completion of the contract activity at the end of each reporting period. For most contracting activities the contract is based on a fixed or lump sum price, or based on quantities. The group can act both as contractor and principal of an engagement. Revenue from ancillary activities is revenue that can be very divers such as sale of equipment or fees. It is turnover that is not followed up as a separate contracting project in the management reporting system. The group has determined that the disaggregation of revenue by product line is best reflected by the revenue information that is disclosed for each reportable segment under IFRS 8, as this information is regularly reviewed by the chief decision makers (see also separate section on segment reporting) and best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Turnover of segments (in thousands of euro) 2024 2023 Offshore Energy 2,055,040 1,501,551 Dredging & Infra 1,962,558 1,604,610 Environmental 336,774 304,314 Concessions 7,828 4,972 Total turnover of segments 4,362,200 3,415,447 Reconciliation (*) -261,041 -130,025 Total turnover as per financial statements 4,101,159 3,285,422 (*) The reconciliation between the segment turnover and the turnover in the consolidated statement of income refers to the turnover of joint ventures. They are consolidated according to the proportionate method in the segment reporting but according to the equity consolidation method (application of IAS 28) in the financial statements. The group's turnover increased sequentially each quarter, reaching a record high of more than 4.1 billion euro. The growth was driven by double-digit increases in all contracting segments, reflecting high activity levels and effective project execution throughout 2024. Offshore Energy delivered an exceptional performance in 2024, with turnover growing two-fold since 2022. Turnover exceeded 2 billion euro, reflecting a 37% growth for the year, following a remarkable 57% growth in 2023. Dredging & Infra reported a turnover of almost 2 billion euro, marking a 22% increase from the previous year. The topline growth within the Environmental segment was driven by ongoing work on long-term and complex remediation and high-water protection projects across Belgium, the Netherlands, UK and Norway. The main projects for the Offshore Energy segment included Dogger Bank and Moray West in the UK, Coastal Virginia in the US, \u00cele d\u2019Yeu and Noirmoutier in France, and Zhong Neng and Hai Long in Taiwan. The Dredging & Infra segment made good progress in maintenance and capital dredging projects across Europe, Africa, Asia, and the Middle East, and advanced its marine infrastructure works, including the installation of immersed tunnels in continental Europe. Turnover by geographical market (*) (in thousands of euro) 2024 2023 Belgium 729,294 476,773 Europe (excl. Belgium) 1,715,719 1,576,956 Africa 306,655 256,951 America 751,447 597,431 Asia 382,317 275,745 Middle East 215,727 101,565 Total turnover as per financial statements 4,101,159 3,285,422 (*) A geographical market is determined as the area (location) where projects are realized. The Asian region covers both Asia and Oceania. The geographical breakdown highlights DEME\u2019s continued strong position in Europe, with double-digit year-over-year growth in 2024. For the second consecutive year, America was DEME\u2019s second-largest market, showing marked growth fueled by solid progress on its ongoing offshore projects. Africa, Asia, and the Middle East each contributed between 5% and 10% of the group's total turnover, with significant year-over-year growth, supported by a healthy project intake in recent years. Similar to last year, there are no clients contributing more than 10% in the group\u2019s turnover. Moreover, as a result of the occasional nature and spread of the contracts, none of the DEME clients will ever structurally qualify as a material client in relation to the total turnover of the group. DEME's taxonomy-eligible and aligned activities continued to expand in 2024, with 45% of the group\u2019s turnover now classified as eligible and 42% as aligned, compared to 42% and 33% in 2023, respectively. This growth is primarily driven by the group\u2019s involvement in additional offshore wind projects. Additionally, as from 2024 the EU Taxonomy requires companies to report alignment with all six environmental objectives, resulting in the inclusion of DEME\u2019s environmental activities in the taxonomy-aligned turnover. All these DEME\u2019s activities are making a substantial contribution to either pollution prevention and control, circular economy and climate change mitigation. The significant contribution of Offshore Energy to the group\u2019s turnover of 47.1% and an orderbook contribution of 51.9% (see below) continues to create opportunities for energy transition. A more comprehensive explanation will be available in Chapter 07.Sustainability Statements, included in this Annual Report. Orderbook The group\u2019s orderbook is the contract value of assignments acquired as of 31 December but that is not yet accounted for as turnover because of non-completion. The orderbook also includes the group\u2019s share in the orderbook of joint ventures, but not of associates. Contracts are not included in the orderbook until the agreement with the client is signed. A letter of award is not sufficient to include the contract in the orderbook according to the group\u2019s policy. In addition, financial close must be reached when projects will be executed in \u2018uncertain\u2019 countries before including them in the orderbook. \u2018Uncertain countries\u2019 are identified at the discretion of the Executive Committee. Furthermore, experience shows that, once an agreement has been reached, cancellations or significant reductions in the scope or size of contracts are relatively rare, but may occur, particularly when markets come under severe pressure. In the event of such cancellations, the group is usually entitled to receive contractual cancellation fees. DEME\u2019s orderbook reached a new record, exceeding 8 billion euro, even with the high conversion of backlog into revenue. The year-over-year growth of 8% was mainly driven by continued increases in Offshore Energy orders. While Dredging & Infra experienced a more moderate but still healthy rise, Environmental maintained a stable orderbook. Key additions in 2024 included four major cabling contracts in the Netherlands and Belgium, foundation transport and installation projects in Taiwan and Germany, and Dredging & Infra projects in various regions. Orderbook by segments (in thousands of euro) 2024 2023 Offshore Energy 4,259,185 3,754,649 Dredging & Infra 3,588,880 3,472,387 Environmental 352,084 354,724 Concessions - - Total orderbook 8,200,149 7,581,760 The orderbook of Offshore Energy reached a record high of 4.3 billion euro, up from 3.8 billion euro at the end of last year, driven by strong demand, the recent expansion of fleet capacity, add-ons to existing projects and the addition of new contracts in the APAC region and Europe. Notable additions include the foundation installation contract for the Nordlicht 1 and 2 wind farms in Germany, the foundation and offshore substation installation contract for the Fengmiao 1 offshore wind farm in Taiwan and four cable installation contracts - three in the Netherlands and one in Belgium. The orderbook of Dredging & Infra grew by 3% year-over-year, reaching 3.6 billion euro, and remains at a solid level with a healthy intake of diverse new projects across the globe. As of 31 December 2024, the Environmental orderbook stand at a steady 352 million euro, a small decrease of 1% compared to 355 million euro a year earlier. Environmental is working on some selected initial environmental study efforts in the UK and Italy, actively exploring new, targeted opportunities. Orderbook by geographical market (in thousands of euro) 2024 2023 Europe 5,792,521 4,391,552 Africa 339,160 394,161 America 1,016,617 1,329,957 Asia 819,118 918,976 Middle East 232,733 547,114 Total orderbook 8,200,149 7,581,760 Europe retained its leading position for DEME, achieving 32% year-over-year growth and representing 71% of the group\u2019s orderbook. In contrast, all other regions saw a decline compared to a strong 2023. With effective project execution on several offshore projects along the US East Coast and minor new additions in 2024, the orderbook for the Americas region declined from 18% of the total a year ago to 12% today, representing a 24% decrease in nominal value. Orderbook run-off Year N+1 Year N+2 Year N+3 and Total beyond (in thousands of euro) Orderbook 2023 3,692,355 2,650,172 1,239,233 7,581,760 Orderbook 2024 3,639,194 2,290,125 2,270,830 8,200,149 The group estimates that 44.4% of the orderbook will be executed in the next year (2023: 48.7%). The current orderbook run-off includes a volume for 2025 in line with a year ago and volumes exceeding 4.6 billion euro spread across 2026 and beyond. The execution of the orderbook depends on several factors, such as weather circumstances, soil and technical conditions, vessel availability and a lot of other factors.Note 13 \u2013 Contract assets and contract liabilities For the year ended 31 December Contract assets and contract liabilities, in accordance with IFRS 15 revenue from contracts with customers, relate to the work in progress of construction projects executed by the group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and provisions for expected losses. Advances received are amounts received by the group before the related work is performed. The group presents those separately from other contract liabilities. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract and payment conditions and geographical location. Most of the revenue is paid with an advance received at the beginning of the project followed by milestone payments after execution of the work and approval by the client. (in thousands of euro / (-) is credit) 2024 2023 Contract assets 651,459 633,027 Contract liabilities -661,057 -447,363 Advances received -181,041 -84,486 Net balance -190,639 101,178 Contract assets are the group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. A contract asset arises when the group performed works for a customer that are recognized as revenue to date but are not yet invoiced or paid. As such the revenue recognition reflects the rate at which the group\u2019s performance obligations are fulfilled corresponding to the transfer of control of a good or service to the customers. When there is no transfer of control throughout the contract, revenue is still recognized over time, based on the fact that the asset created has no alternative use, as well as the fact that the group has an enforceable right to the payment for performance completed to date. Contract assets turn into receivables when those works are accepted by the client. Contract liabilities are the group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. A contract liability arises when the group has invoiced the customer or received payment from them while the work was not done yet and the invoices and/or payments exceed the revenue recognized to date. Provisions are recognized for expected losses on work in progress as soon as they are foreseen and if necessary, any profit already recognized is reversed. Those provisions are also recognized as contract liabilities for an amount of 36.8 million euro as of 31 December 2024, compared to 54.2 million euro at the end of 2023. The determination of estimated profit (or loss) is based on estimated costs and revenues of the related projects and for profitable projects only, in proportion to the stage of completion. These estimates and judgments may contain some uncertainties. 2024 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes (*) consolidation scope December Offshore Energy 234,542 -48,090 - 186,452 Dredging & Infra 352,195 64,146 - 416,341 Environmental 46,290 2,376 - 48,666 Concessions - - - - Total 633,027 18,432 - 651,459 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes (*) consolidation scope December Offshore Energy -306,829 -177,552 - -484,381 Dredging & Infra -124,738 -44,918 - -169,656 Environmental -15,796 8,776 - -7,020 Concessions - - - - Total -447,363 -213,694 - -661,057 2024 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes (*) consolidation scope December Offshore Energy -51,168 8,618 - -42,550 Dredging & Infra -12,266 -105,572 - -117,838 Environmental -21,052 399 - -20,653 Concessions - - - - Total -84,486 -96,555 - -181,041 2024 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes (*) consolidation scope December Offshore Energy -123,455 -217,024 - -340,479 Dredging & Infra 215,191 -86,344 - 128,847 Environmental 9,442 11,551 - 20,993 Concessions - - - - Total 101,178 -291,817 - -190,639 (*) \u201cBusiness-related changes\u201d relate to cumulative catch-up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. Given the high level of operating activity during the year, contract assets remain at a very high level, while contract liabilities continue to show a strong increase (especially within Offshore Energy) due to more pre-invoicing compared to work in progress and an increase in advance payments received from customers (among others for the Fehmarnbelt project in Denmark). As a result of the high number of individual projects (with all different aspects regarding nature, type of clients, contract and payment conditions) a more in-depth description of changes in contract assets and contract liabilities compared to prior year is not deemed relevant. Around 52% of the performance obligations, meaning the turnover to be executed in the upcoming years regarding the current ongoing construction contracts for which contract assets and contract liabilities are booked, is expected to be fulfilled by the group next year, followed by 21% in 2026, 27% in 2027 and beyond. The related contract assets and contract liabilities as of 31 December 2024 are expected to follow a similar timing for run-off. 2023 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes consolidation scope December Offshore Energy 102,561 131,981 - 234,542 Dredging & Infra 202,297 149,898 - 352,195 Environmental 39,893 6,397 - 46,290 Concessions - - - - Total 344,751 288,276 - 633,027 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes consolidation scope December Offshore Energy -231,791 -75,038 - -306,829 Dredging & Infra -83,567 -41,171 - -124,738 Environmental -7,942 -7,854 - -15,796 Concessions - - - - Total -323,300 -124,063 - -447,363 2023 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes consolidation scope December Offshore Energy -53,098 1,930 - -51,168 Dredging & Infra -18,968 6,702 - -12,266 Environmental -473 -20,579 - -21,052 Concessions - - - - Total -72,539 -11,947 - -84,486 2023 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes consolidation scope December Offshore Energy -182,328 58,873 - -123,455 Dredging & Infra 99,762 115,429 - 215,191 Environmental 31,478 -22,036 - 9,442 Concessions - - - - Total -51,088 152,266 - 101,178Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV. Shareholders CFE NV, DEME\u2019s previous shareholder before the public listing, is considered to be a fellow subsidiary as from 30 June 2022, date of the partial demerger of CFE NV. CFE NV and DEME Group NV have both Ackermans & van Haaren as their main shareholder. Since 2001, DEME has a service agreement with Ackermans & van Haaren NV for services rendered which is subject to indexation on a yearly basis. The service agreement covers specialized advice delivered by Ackermans & van Haaren NV. The remuneration due by DEME in 2024 towards Ackermans & van Haaren upon the conditions of the contract amounted to 1.46 million euro (2023: 1.43 million euro). DEME also received incoming invoices of its shareholder and/or fellow subsidiary for an amount of 0.33 million euro, a.o. relating to a maintenance contract for central heating and air conditioning (2023: 0.55 million euro, mainly related to that same maintenance contract and for its presence on business specific events). On the other hand, DEME itself invoiced around 0.12 million euro to its shareholder, mainly IT licenses and tax consulting services (2023: 0.66 million euro, mainly IT, tax and also accounting consulting services). DEME recently built a visitor pavilion on the site of its headquarters in Beveren-Kruibeke-Zwijndrecht. Execution of works was done by a subsidiary of CFE NV. In November 2024, the construction of the visitor pavilion was completed and a total of 7.98 million euro was transferred from assets under construction to buildings, of which 3.8 million euro was capitalized in 2023. In 2025, DEME has started the demolition of three old buildings and the construction of a new one at its headquarters, also to be carried out by a subsidiary of CFE NV.",
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"value": "Summary of material accounting principlesDisclosures related to specific topics Climate related matters In preparing the consolidated financial statements, the group has considered the potential impact of climate related risks which cover both transition risks and physical risks. Transition risk is the potential cost or decreased demand when evolving to a low carbon economy, to mitigate climate change, that can arise from changes in public sector policies (policy and legal risk), from innovation or new technologies, and from investor and customer sentiment towards a greener environment (market and reputation risk). - Transition risks relating changes in public sector policies (policy and legal risk), investor and customer sentiment towards a greener environment (market and reputation risk) are continuously under review to the best of the group\u2019s knowledge. The impact of potential costs is subject to pass-through clauses in the contract that are different for every project. EU Emissions Trading Scheme (ETS) is the world's largest carbon market, initially established in 2005 as a market-based mechanism to address greenhouse gas emissions within the European Union. ETS is further explained within Chapter 07.Sustainability Statements \u2013 section 2.2.3.1. Under ETS and after the adoption of the delegated act on 16 October 2024 by the European Commission (which is clarifying GHG monitoring obligations and ETS compliance for specific offshore ships, including dredgers, wind turbine installation vessels, cable/pipe lying and/or jack-up vessels, among other), DEME, in its capacity of owner of offshore ships, would be expected to commence reporting emissions under the MRV from 1 January 2025. Subsequently, DEME will be required to surrender 100% of its offshore ship emissions reported in 2027 by 2028. On 31 December 2024, no EU ETS emission allowances or renewable energy certificates are included in the group's consolidated balance sheet, nor has the group recognized a liability related to greenhouse gas emissions. - Transition risks that exist because of changes in public sector policies is interrelated with the risk of potential cost following innovation and new technologies. In Chapter 07.Sustainability Statements \u2013 section 2.4.3 and 2.4.4, the group\u2019s targets for reducing greenhouse gas emissions (on DEME\u2019s vessels, on HQ level as well as of the transport of people) are described in depth. As >90% of the GHG emissions for Scope 1 and Scope 2 is derived from DEME\u2019s marine equipment and fleet, the focus is set on decarbonization strategies, implementation of key actions, and achieved emission reductions specifically related to DEME's vessel fleet. DEME has a three-pronged strategy to reduce the GHG-emissions from the fleet: \u2018Operational Efficiency\u2019, \u2018Technical Efficiency\u2019 and \u2018Fuel Shift\u2019, which is perfectly demonstrated on DEME\u2019s new fallpipe vessel \u2018Yellowstone\u2019, that joined the fleet in 1H 2024 (explained in depth within Chapter 04.Sustainability journey \u2013 01. Vessels). - Operational Efficiency aims to enhance productivity while minimizing energy consumption. Over the years, initiatives to improve the operational efficiency and productivity of the fleet have led to a reduction in GHG intensity. - Technical Efficiency: The objective here is to deliver more energy on board with reduced fuel usage. Efforts focus on enhancing technical energy efficiency across the fleet and reducing emissions by implementing various measures. Initiatives include waste heat recovery systems that convert heat from exhaust gases into electrical energy, the utilization of flywheels and battery packs, and measures to boost propulsion efficiency. - Fuel shift: This lever focuses on transitioning to less GHG-intensive fuel types. Alongside the current use of low carbon fuels, DEME is initiating its first pilot projects to acquire practical knowledge with future (net) zero carbon fuels. However, there remains a significant level of uncertainty regarding the specific fuels that will dominate the future market, their availability, and the capacity for bunkering and consequently, estimating the precise investment required to fully prepare a.o. DEME\u2019s fleet for the transition to these future fuels is challenging. The investment costs will heavily rely on further innovations and technological breakthroughs and the momentum and timing of further investments. The use of low-carbon fuels is one of the two KPIs for DEME\u2019s sustainability linked loans, as explained in note (21) and in Chapter 07.Sustainability Statements \u2013 2.4.2 Decarbonization roadmap. In 2023, the group initiated a 5-year investment plan of approximately 30 million euro. The primary objective was to incorporate fuel-saving technologies across the fleet. These investment costs, along with the expenses related to integrating specific fuel-saving technologies into newly constructed vessels, are included in DEME\u2019s investment plan mainly coming to affect from 2025 onwards with limited expenditure in 2024. All of 2024's investments are recurring and will sometimes address one of the above objectives, but it is difficult to isolate the financial impact of any (additional) costs associated with these objectives. DEME includes sustainability and ESG impact in all business cases and budget proposals as part of a full set of selection criteria before every future orientated business decision is taken. This approach fits in the core of the company but does also means that additional OpEx and CapEx expenditures or resources specific related to the decarbonization roadmap currently are not always recorded separately. DEME is also considering and exploring the use of zero-emission equipment on several projects. The electrification of construction equipment and the use of hydrogen gives the construction sector more and more opportunities to move towards zero emissions, yet there is still no solution for remote locations using energy-intensive equipment, and these locations are usually exactly where DEME is working. Next to fleet and equipment, and in line with DEME\u2019s ambition to increase energy efficiency and to have a completely climate-neutral, modern HQ, the DEME Campus is being transformed. Significant progress is being made. In February 2025 works have started to demolish three large office buildings which account for 50% of the total fuel consumption of the entire DEME Campus. Under the transformation, six existing and new office buildings on the DEME Campus will be interlinked with a heating/cooling network and they are all being equipped with heat pumps and a heat and cold storage system, which uses geothermal energy. DEME has embarked on a multi-year plan to shift away from fossil fuel heating to the use of green energy. Additionally, the new DEME Labs, which opened in 2023, are fitted with solar panels on the roof. As for the transport of people at DEME, that includes business flights, train travel and the car fleet, the pace at which the group\u2019s car fleet is being electrified is increasing. In 2024, fully electric cars account for 30% of the whole fleet and DEME only places new orders for electric vehicles. DEME has installed 340 electricity charging points in the car parks at HQ and employees are provided with wall box EV chargers. Additionally, DEME launched a special initiative to encourage more people to cycle to the DEME Campus. The Bike Lease program has proven popular, with around 250 employees joining the scheme, and most of those have chosen electric bikes. Physical risks following climate change are those related to the physical impacts such as direct damage to assets, weather delay in execution of the project and supply chain disruption. Physical risks include impacts from climate change, such as extreme weather, wind pattern changes, sea-level rise, and more precipitation. These risks can be event-driven (acute) or associated with longer-term shifts in climate patterns (chronic). (Reference is made to Chapter 07.Sustainability Statements \u2013 section 2.2.1 and 2.2.2). In its evaluation of physical climate risks, DEME uses a dual approach. The first focus is on assessing the risks related to its maritime operations and the operability of its vessels. The second focus is on evaluating the resilience of structures\u2014such as foundations and cables\u2014designed and delivered through DEME\u2019s offshore EPCI projects. Both aspects are essential; however, the analysis shows that managing climate risks related to maritime operations is of greater strategic importance due to their significant contribution to DEME\u2019s overall activities. DEME\u2019s vessels are the company\u2019s main assets. A key result of the climate resilience analysis indicates that climate-related impacts may affect all of DEME\u2019s maritime operations through increased project downtime due to extreme weather conditions, leading to delays, higher costs, and safety risks. To address these issues, DEME has integrated physical climate risk management into its business practices. By monitoring weather conditions and using advanced forecasts, operations are adjusted proactively to reduce disruptions and improve safety and efficiency. Contracts include weather delay clauses and casualty insurance covers assets damage from extreme conditions. When a loss occurs, the negative impact on the result that is not covered or refunded by the client is considered in the end of project margin or recognized in expenses in the related reporting period. The following impacts of climate related matters are addressed or were assessed in the consolidated financial statements: - Investments in vessels and at HQ level regarding climate related matters and the impact of climate change on the residual values and useful lives of assets were considered in determining the carrying value of non-current assets (see note (7) property, plant and equipment) - the electrification of DEME's car fleet and the increased leasing costs associated with electric vehicles (see note (8) right-of-use assets) - the impact of climate change was considered in relation to the recognition and measurement of provisions and contingencies (see note (26) provisions and contingent assets and liabilities) - the impact of climate change was considered in relation to indications of impairment and the forecast of cash flows used in the impairment assessments of the carrying value of non-current assets including goodwill (see note (6) goodwill) - the impact of climate change was considered in the future profitability used in the assessment of the recoverability of deferred tax assets (see note (11) current taxes and deferred taxes) In summary, for the year ended 31 December 2024, no material impact on financial reporting judgment and estimates arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the group concludes that the climate change risk does not impact the going concern assessment for December 2024. For the DEME group, efforts to mitigate and adapt to climate change worldwide also generates opportunities as the group advances the energy transition by developing infrastructure for renewable energy (a.o. offshore projects in Europe, Taiwan, US etc. in 2024), provides protection against the forces of nature, and builds resilient infrastructure (a.o. Fehmarnbelt project) that is better adapted to climate-related hazards. The group also plays an important role in the move towards a circular economy with its soil remediation and brownfield development, environmental dredging and sediment treatment across entire Europe and invests in the production, storage, and transport of green hydrogen. Reference is made to note (1) turnover and orderbook, for the disclosure of the taxonomy-eligible turnover realized that makes a substantial contribution to climate change mitigation and to Chapter 07.Sustainability Statements \u2013 section 2.1. Macroeconomic matters DEME operates in, and can be affected by, certain global and regional macroeconomic and political environments. The current global landscape is characterized by uncertainty due to international conflicts, growing social tensions, technological change and evolving financial conditions. The end of 2023 and all of 2024 have been marked by disruptions to global maritime trade flows as a result of the crisis in the Red Sea. Vessels entering the Gulf of Aden and transiting the Red Sea and Suez Canal continued to face attacks by the Yemen-based Houthis. These security threats have led to significant vessel diversions. Vessels travelling through the Asia-Europe trade lane have been diverted from their original routes and have begun to sail around Africa's Cape of Good Hope. As a result of this conflict in the Red Sea, also DEME's vessels are travelling longer distances (extending travel time) and incurring higher operating costs, which are included in DEME's OpEx, are continuously monitored within the group and are passed on to the customers where possible.Explanatory notes to the consolidated financial statements",
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"value": "General statement DEME is specialized in offshore energy, dredging and marine infrastructure, environmental and concessions projects. DEME offers solutions for its clients at the interface of land, water and energy. For almost 150 years, DEME creates value for its shareholders and delivers projects in a safe, sustainable and efficient way with the best people, the right assets, technical leadership and effective resource allocation. The company can as such build on a lot of experience and is a front runner in innovation and new technologies. DEME\u2019s vision is to work towards a sustainable future by offering solutions for global challenges: a rising sea level, a growing population and fast urbanization, the reduction of emissions, polluted rivers and soils, the scarcity of mineral resources and the rising maritime trade activity that acquires constant marine infrastructure upgrades to ensure vessel access and suitable ports. Through its diversified portfolio of activities DEME is well positioned to tackle each of one of those challenges. DEME can rely on more than 5,800 highly skilled professionals and operates one of the largest and most technologically advanced fleets in the world. While the company\u2019s roots are in Belgium, DEME has built a strong presence in all of the world\u2019s seas and continents. The head office and registered address of the parent company, DEME Group NV, is Scheldedijk 30, Beveren-Kruibeke-Zwijndrecht, Belgium. DEME Group NV is registered at the Register of Legal Entities of the Enterprise Court (RPR) of Ghent, section Dendermonde in Belgium with number BE 0787829347 and the legal entity identifier (LEI) at the Crossroad Bank of Enterprises is 549300FPFPQPKI3PJV37. DEME Group NV is listed since 30 June 2022, on Euronext Brussels under the symbol \u2018DEME\u2019 (Euronext product name DEME GROUP) and ISIN code BE0974413453. For the purposes of the EU Directive 2004/109/EC in respect of the harmonization of transparency requirements relating to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, the Home Member State is Belgium. DEME Group NV shall notify the Belgian Financial Services and Market Authority (FSMA), as competent supervisory market authority of its Home Member State. DEME Group\u2019s securities are only admitted to trading in Belgium. The website of the group is www. deme-group.com. The consolidated financial statements of DEME Group NV for 2024 and 2023 include the company and group companies hereinafter referred to jointly as the \u2018group\u2019 and individually as subsidiaries, joint ventures and associates. The section principles of consolidation explains how group companies are included in the consolidated financial statements. The consolidated key figures, the consolidated statement of income, the consolidated statement of financial position, the consolidated statement of cash flows and most of the explanatory notes, as well as the management report and segment report were presented and discussed in the Audit Committee on 13 February 2025 and in the Board of Directors on 21 February 2025. The Annual report was reviewed by the Audit Committee on 17 March 2025, was submitted to the Board of Directors on 19 March 2025, and approved for publication.Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements.Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Subsidiaries (fully consolidated) For the year ended 31 December DEME Group NV is the parent company of the group. DEME Group NV holds a 100% ownership stake in DEME NV, which served as the parent company until 29June 2022, when the group was publicly listed. The sole asset of DEME Group NV is its participation in DEME NV. DEME Environmental NV, the parent company of the Environmental segment, is partially owned (25.10%) by a third party. In the Dredging & Infra segment, particularly in the maritime services business, Combined Marine Terminal Operations Worldwide NV (CTOW) and its affiliates are owned for 45.62 % by third parties. In the marine aggregate business, one affiliate has non-controlling interests amounting to 30%. In the dredging business, only minor interests are held by third parties. In the Concessions segment a strategic partner invested in Global Sea Mineral Resources NV (GSR) and its affiliates in 2023, acquiring a minority shareholding of 15.78% as explained in section changes in the consolidation scope of both current and previous reporting period. As of 31 December 2024, there are no non-controlling interests in the Offshore segment. Reference is made to note (20) non-controlling interests for further details. 2024 2023 Main Name Country % of Share-% of Share-Operational holding holding Segment 2024 Dredging, Environmental & Marine Engineering NV Belgium 100% 100% Baggerwerken Decloedt en Zoon NV Belgium 100% 100% Dredging & Infra Cathie Associates Holding CVBA Belgium 100% 100% Offshore Energy DEME Building Materials NV (DBM) Belgium 100% 100% Dredging & Infra DEME Concessions NV Belgium 100% 100% Concessions DEME Concessions Wind NV Belgium 100% 100% Concessions DEME Coordination Center NV Belgium 100% 100% Dredging & Infra DEME Dredging NV Belgium 100% 100% Dredging & Infra DEME Hyport Energy NV Belgium 100% 100% Concessions DEME Infra NV Belgium 100% 100% Dredging & Infra DEME Infrasea Solutions NV Belgium 100% 100% Dredging & Infra DEME Offshore BE NV Belgium 100% 100% Offshore Energy DEME Offshore Equipment SA Belgium 100% 100% Offshore Energy DEME Offshore Holding NV Belgium 100% 100% Offshore Energy Dredging International NV Belgium 100% 100% Dredging & Infra Geowind NV Belgium 100% 100% Offshore Energy G-tec SA Belgium 100% 100% Offshore Energy Logimarine NV Belgium 100% 100% Dredging & Infra Deeptech NV Belgium 84.22% 84.30% Concessions Global Sea Mineral Resources NV (GSR) Belgium 84.22% 84.30% Concessions Cap Infra NV Belgium 75% 0% Concessions DEME Environmental NV Belgium 74.90% 74.90% Environmental DEME Environnement NV Belgium 74.90% 74.90% Environmental Ekosto NV Belgium 74.90% 74.90% Environmental DEME Blue Energy NV Belgium 70% 70% Concessions Combined Marine Terminal Operations Worldwide NV (CTOW) Belgium 54.38% 54.38% Dredging & Infra Grond Recyclage Centrum NV Belgium 52.43% 52.43% Environmental GRC Zolder NV Belgium 52.43% 36.70% Environmental High Wind NV Belgium 0% 100% Offshore Energy Soyo Dragagem Lda Angola 100% 100% Dredging & Infra Dragagem Angola Servi\u00e7os Lda Angola 100% 100% Dredging & Infra Dredging International Argentina SA Argentina 100% 100% Dredging & Infra Offshore Energy/ Dredging International Australia Pty Ltd Australia 100% 100% Dredging & Infra GeoSea Australia Pty Ltd Australia 100% 100% Offshore Energy Dredging International Bahrain Wll Bahrain 49%(1) 49%(1) Dredging & Infra Dragabras Servi\u00e7os de Dragagem Ltda Brazil 100% 100% Dredging & Infra (1) The economic rights in this company are 100% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 DEME Offshore CA Ltd Canada 100% 100% Offshore Energy Dredging International Management Consulting Shanghai Ltd China 100% 100% Dredging & Infra GSR-CI Ltd Cook Islands 84.22% 84.30% Concessions Hong Kong SAR Far East Dredging Ltd 100% 100% Dredging & Infra China Bellsea Ltd Cyprus 100% 100% Dredging & Infra DEME Cyprus Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore CY Ltd Cyprus 100% 100% Offshore Energy Dredging International Cyprus Ltd Cyprus 100% 100% Dredging & Infra Dredging International Services Cyprus Ltd Cyprus 100% 100% Dredging & Infra Novadeal Ltd Cyprus 100% 100% Dredging & Infra T.C.M.C. The Channel Management Company Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore DK SAS Denmark 100% 100% Offshore Energy G-tec SAS France 100% 100% Offshore Energy Offshore Energy/ Soci\u00e9t\u00e9 de Dragage International SA France 100% 100% Dredging & Infra Nordsee Nassbagger- und Tiefbau GmbH Germany 100% 100% Dredging & Infra Oam-DEME Minerali\u00ebn GmbH Germany 70% 70% Dredging & Infra International Seaport Dredging Pvt Ltd India 93.64% 93.64% Dredging & Infra Dredging International India Pvt Ltd India 0% 99.97% Dredging & Infra Dredging International Indonesia PT Indonesia 49%(3) 49%(3) Dredging & Infra Societa Italiana Dragaggi Spa Italy 100% 100% Dredging & Infra DEME Co Japan Ltd Japan 100% 100% Offshore Energy Delta River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Luxembourg SA Luxembourg 100% 100% Dredging & Infra DEME Offshore LU Procurement & Shipping SA Luxembourg 100% 100% Offshore Energy Innovation Shipping SA Luxembourg 100% 100% Offshore Energy Meuse River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Reinsurance SA Luxembourg 100% 100% Dredging & Infra Spartacus Shipping SA Luxembourg 100% 100% Dredging & Infra Vine Shipping SA Luxembourg 100% 100% Offshore Energy Yellowstone Shipping SA Luxembourg 100% 100% Offshore Energy Apollo Shipping SA Luxembourg 0% 100% Offshore Energy Bonny River Shipping SA Luxembourg 0% 100% Dredging & Infra CRiver Shipping SA Luxembourg 0% 100% Dredging & Infra SPT Offshore Sdn Bhd Malaysia 100% 100% Offshore Energy Dredging International Malaysia Sdn Bhd Malaysia 30%(1) 30%(1) Dredging & Infra Dredging International Mexico SA de CV Mexico 100% 100% Offshore Energy Logimarine SA de CV Mexico 100% 100% Dredging & Infra Dragamoz Lda Mozambique 100% 100% Dredging & Infra Earth Moving International Nigeria Ltd Nigeria 100% 100% Dredging & Infra Novadeal EKO FZE Nigeria 100% 100% Dredging & Infra Dredging and Environmental Services Nigeria Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Dredging International Services (Nigeria) Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Combined Marine Terminal Operators Nigeria Ltd Nigeria 21.25%(2) 21.25%(2) Dredging & Infra Dredging International de Panama SA Panama 100% 100% Dredging & Infra (1) The economic rights in this company are 100% (2) The economic rights in this company are 54.38% (3) The economic rights in this company are 95% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Corporacion Arenera Marina SA Panama 100% 100% Dredging & Infra Dredeco PNG Ltd Papua New Guinea 100% 100% Dredging & Infra Middle East Dredging Company QSC Qatar 49%(3) 49%(3) Dredging & Infra Dragmorstroy Llc Russia 0% 100% Dredging & Infra Mordraga Llc Russia 0% 100% Dredging & Infra Dredging InternationaI Saudi Arabia Co Ltd Saudi Arabia 99% 100% Dredging & Infra Dragafi Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International South Africa PTY Ltd South-Africa 100% 100% Dredging & Infra Dredging International Espa\u00f1a SA Spain 100% 100% Dredging & Infra Naviera Living Stone SLU Spain 100% 100% Offshore Energy DEME Building Materials BV (DBM) The Netherlands 100% 100% Dredging & Infra DEME Concessions Netherlands BV The Netherlands 100% 100% Concessions DEME Infra BV The Netherlands 100% 100% Dredging & Infra DEME Offshore NL BV The Netherlands 100% 100% Offshore Energy DEME Offshore Shipping BV The Netherlands 100% 100% Offshore Energy Dredging International Netherlands BV The Netherlands 100% 100% Dredging & Infra SPT Equipment BV The Netherlands 100% 100% Offshore Energy SPT Offshore Holding BV The Netherlands 100% 100% Offshore Energy SPT Offshore BV The Netherlands 100% 100% Offshore Energy DEME Environmental NL BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Beheer BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Zandexploitatie BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Recycling Centra BV The Netherlands 74.90% 74.90% Environmental G-tec Nederland BV The Netherlands 0% 100% Offshore Energy De Vries & van de Wiel Kust- en Oeverwerken BV The Netherlands 0% 74.90% Environmental Dredging International Ukraine Llc Ukraine 100% 100% Dredging & Infra United Arab Dredging International RAK FZ Llc 100% 100% Dredging & Infra Emirates DEME Building Materials Ltd (DBM) United Kingdom 100% 100% Dredging & Infra NewWaves Solutions Ltd United Kingdom 100% 100% Offshore Energy SPT Offshore Ltd United Kingdom 100% 100% Offshore Energy DEME Offshore US Inc USA 100% 100% Offshore Energy DEME Offshore US Llc USA 100% 100% Offshore Energy Servicios Maritimos Servimar SA Venezuela 100% 100% Dredging & Infra (3) The economic rights in this company are 95%Comparative financial statement analysis This section should be read together with Chapter 01.Introduction- Group performance 2024 earlier in this Annual Report, in which the primary contributors to the result of the year are explained. Within Chapter 01.Introduction- Group performance 2024, when discussing segment performance individually, and within the segment reporting, figures from the management report are utilized. The only reconciling item between these figures and the figures as in the financial statements is the impact of the different consolidation method for joint ventures. Joint ventures are consolidated proportionally in the management report figures, whereas according to equity method in the financial statements. The result for the period (share of the group) is not affected by the difference in consolidation method, only the presentation is different. In both the explanatory notes and comparative financial statement analysis, the figures as per financial statements are disclosed. Consolidated statement of income comparative analysis For the year ended 31 December (in thousands of euro) Notes Depreciation and amortization expenses 2024 (5)/(7)/(8) 2023 -395,830 Delta -342,050 REVENUES -53,780 4,143,794 Impairment of property, plant and equipment and right-of-use assets 3,344,091 (7)/(8) 799,703 -14,772 Turnover -13,148 (1) -1,624 4,101,159 Impairment of goodwill and intangible assets 3,285,422 (5)/(6) 815,737 - Other operating income - (2) - 42,635 Other operating expenses 58,669 (2) -16,034 -26,649 OPERATING EXPENSES -20,784 -3,790,185 -5,865 -3,102,828 OPERATING RESULT -687,357 353,609 Raw materials, consumables, services and subcontracted work 241,263 -2,685,547 112,346 -2,138,962 FINANCIAL RESULT -546,585 (4) Personnel expenses -8,674 (3) -23,269 -667,387 14,595 -587,884 Interest income -79,503 13,534 8,252 5,282 Interest expense -16,797 -20,149 3,352 Realized/unrealized foreign currency translation effects -1,263 -9,825 8,562 Other financial result -4,148 -1,547 -2,601 RESULT BEFORE TAXES 344,935 217,994 126,941 Current taxes and deferred taxes (11) -89,536 -49,618 -39,918 RESULT AFTER TAXES 255,399 168,376 87,023 Share of profit (loss) of joint ventures and associates (9) 40,374 3,217 37,157 RESULT FOR THE PERIOD 295,773 171,593 124,180 Attributable to non-controlling interests (20) 7,545 8,831 -1,286 SHARE OF THE GROUP 288,228 162,762 125,466 Earnings per share (basic) (in euro) (19) 11.40 6.43 4.98 Earnings per share (diluted) (in euro) (19) 11.40 6.43 4.97 In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway. Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019. Depreciation and amortization expenses increased to 395.8 million euro from 342.1 million euro in 2023, due to investments in upgrading \u2018Sea Installer\u2019 and converting \u2018Yellowstone\u2019, DEME\u2019s fallpipe vessel that joined the fleet in the second quarter of 2024. Also the depreciation of the year for IFRS 16 leases increased by 21.5 million euro. Impairment losses for the year totaled 14.8 million euro, encompassing the crane of \u2018Sea Challenger\u2019 and \u2018Samson\u2019, a backhoe dredger, compared to 13.1 million euro last year, attributed to \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels. The increase in other operating expenses by 5.8 million euro compared to 2023, is related to the movement in amounts written off trade receivables and the movement in retirement benefit obligations. Operating result or EBIT increased by 112.3 million euro primarily due to the significant increase in turnover and an improvement in the EBIT margin, which rose to 8.6% from 7.3% last year. Financial result improved to -8.7 million euro from -23.3 million euro last year. This positive impact of 14.6 million euro was equally divided between a decrease in net foreign currency translation losses and net interest costs, following the evolution of net financial debt from -512.2 million euro last year to a net cash position of 91.1 million euro at the end of 2024. Result before taxes increased by 126.9 million euro compared to last year. The effective tax rate rose from 22.76% to 25.96%. The increase of the effective tax rate is partly attributable to the implementation of Pillar Two, ensuring that multinational enterprises pay a minimum level of tax in each jurisdiction they operate in. Result after taxes amounts to 255.4 million euro which is an increase of 87.0 million euro compared to last year. The share of profit of joint ventures and associates increased by 37.2 million euro. Associates contributed 12.4 million euro to the result (a decrease of 25.4 million euro compared to last year) while joint ventures\u2019 results improved to 28.0 million euro from a loss of 34.6 million euro last year, which was then impacted by DEME\u2019s Taiwanese offshore joint venture absorbing project losses on the Zhong Neng project in Taiwan. Amounts attributable to non-controlling interests decreased by 1.3 million euro. The result for the period (share of the group) amounted to 288 million euro, an increase of 125.5 million euro or 77% compared to the 163 million euro last year, driven by the increase in turnover, stronger profitability, good results from both joint ventures and associates and more favorable net financial results. As a result, earnings per share (basic and diluted) were 11.40 euro per share, compared to 6.43 euro for 2023. Consolidated statement of financial position comparative analysis For the year ended 31 December (in thousands of euro) ASSETS Notes 2024 2023 Delta NON-CURRENT ASSETS 3,082,487 3,106,348 -23,861 Intangible assets (5) 15,022 22,840 -7,818 Goodwill (6) 13,028 13,028 - Property, plant and equipment (7) 2,467,784 2,582,220 -114,436 Right-of-use assets (8) 169,754 111,093 58,661 Investments in joint ventures and associates (9) 181,865 170,295 11,570 Other non-current financial assets (10) 68,365 48,324 20,041 Non-current financial derivatives (22) 9,342 22,073 -12,731 Interest rate swaps 9,342 19,862 -10,520 Forex/fuel hedges - 2,211 -2,211 Other non-current assets (10) 22,754 10,526 12,228 Deferred tax assets (11) 134,573 125,949 8,624 CURRENT ASSETS 2,393,124 1,653,710 739,414 Inventories (12) 20,440 32,015 -11,575 Contract assets (13) 651,459 633,027 18,432 Trade and other operating receivables (14) 704,791 488,106 216,685 Current financial derivatives (22) 8,294 13,503 -5,209 Interest rate swaps 6,292 10,938 -4,646 Forex/fuel hedges 2,002 2,565 -563 Assets held for sale (15) 33,535 1,630 31,905 Income tax receivables (11) 26,061 25,937 124 Other current assets (16) 95,138 70,408 24,730 Cash and cash equivalents (21) 853,406 389,084 464,322 TOTAL ASSETS 5,475,611 4,760,058 715,553 In 2024, total non-current assets decreased by 23.9 million euro. While the net book value of right-of-use assets increased by 58.7 million euro (reference is made to note (8)), the net book value of property, plant, and equipment declined by 114.4 million euro as the total depreciation, amortization expenses, and impairment losses for the year surpassed new investments. Although joint ventures and associates contributed 40.4 million euro to the year\u2019s results, the increase in investments in these entities was only 11.6 million euro. The discrepancy is mainly due to the 32.9 million in dividends distributed by joint ventures and associates in 2024. Conversely, loans provided to joint ventures and associates, which are included in other non-current assets, increased by 18.5 million euro (see note (10)). Current assets increased significantly by 739.4 million euro. This substantial growth is primarily attributed to the rise in cash and cash equivalents (+464.3 million euro). The increase in operating working capital within current assets, specifically in trade and other operating receivables (+ 216.7 million euro), other current assets (+24.7 million euro) and contract assets (+18.4 million euro), is explained by the higher operational activity in the prior consecutive years. The decrease in the marked-to-market value of interest rate swaps, both in non-current and current financial derivatives, is related to the decline in interest rates as of 31 December 2024 compared to the hedged interest rates. This decrease is mirrored in the hedging reserve within group equity. Assets held for sale increased by 31.9 million euro. The amount included in assets held for sale in 2023 was related to the net book value of the workshop in Zeebrugge that was sold meanwhile. Since 30 June 2024, the net book value of \u2018Sea Challenger\u2019 and her crane were transferred to assets held for sale. GROUP EQUITY AND LIABILITIES Notes 2024 2023 Delta SHAREHOLDERS' EQUITY (17) 2,117,827 1,910,473 207,354 Issued capital 33,194 33,194 - Share premium 475,989 475,989 - Retained earnings and other reserves 1,640,060 1,411,751 228,309 Hedging reserve 20,010 38,115 -18,105 Remeasurement on retirement benefit obligations (24) -38,405 -35,784 -2,621 Cumulative translation adjustment -13,021 -12,792 -229 NON-CONTROLLING INTERESTS (20) 56,243 50,337 5,906 GROUP EQUITY 2,174,070 1,960,810 213,260 NON-CURRENT LIABILITIES 712,063 835,687 -123,624 Retirement benefit obligations (24) 58,083 54,810 3,273 Provisions (26) 46,672 46,957 -285 Interest-bearing debt (21) 530,603 652,523 -121,920 Non-current financial derivatives (22) 10,960 22,953 -11,993 Interest rate swaps - - - Forex/fuel hedges 10,960 22,953 -11,993 Other non-current financial liabilities (9) 5,526 332 5,194 Deferred tax liabilities (11) 60,219 58,112 2,107 CURRENT LIABILITIES 2,589,478 1,963,561 625,917 Interest-bearing debt (21) 231,722 248,743 -17,021 Current financial derivatives (22) 45,550 20,324 25,226 Interest rate swaps - - - Forex/fuel hedges 45,550 20,324 25,226 Provisions (26) 15,794 14,045 1,749 Contract liabilities (13) 661,057 447,363 213,694 Advances received (13) 181,041 84,486 96,555 Trade payables 1,195,229 897,610 297,619 Remuneration and social debt 113,922 94,791 19,131 Income tax payables (11) 71,144 64,024 7,120 Other current liabilities (25) 74,019 92,175 -18,156 TOTAL LIABILITIES 3,301,541 2,799,248 502,293 TOTAL GROUP EQUITY AND LIABILITIES 5,475,611 4,760,058 715,553 Shareholders\u2019 equity increased by 207.4 million euro. The group\u2019s share of the year\u2019s result amounted to 288.2 million euro but was negatively impacted by other comprehensive income of -21.0 million euro, primarily due to the negative evolution of the hedging reserve (-18.1 million euro). The dividend paid in 2024 amounted to 53.1 million euro. In 2024, a first stock option plan was launched for DEME's Executive Committee and Management Team members, followed by a share buyback program. The corresponding treasury shares and share-based payments reserve resulted in a net negative impact of -6.2 million euro on shareholders\u2019 equity with individual impacts of -7.2 million euro and +1.0 million euro respectively. Non-current liabilities, with interest-bearing debt being the largest component, decreased by 123.6 million euro. Although new interest-bearing debt for the year (presented as non-current and current debt) amounted to 26.9 million euro on top of the increase in non-current lease debt of 31.4 million euro, the repayments of long-term debt were higher, resulting in a total net decrease of interest-bearing debt. The increase in operating working capital is particularly noticeable this year in both current assets and current liabilities, reflecting higher activity in 2024 and in 2023. The larger rise in working capital liabilities is primarily due to the increase in advance payments and the growth in trade payables and contract liabilities. Consolidated statement of cash flows comparative analysis For the year ended 31 December Notes 2024 2023 Delta CASH AND CASH EQUIVALENTS, OPENING BALANCE 389,084 522,261 -133,177 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING 707,104 520,146 186,958 CAPITAL CHANGES IN WORKING CAPITAL 370,313 -66,488 436,801 CASH FLOW FROM OPERATING ACTIVITIES 1,077,417 453,658 623,759 Investments -324,092 -427,125 103,033 Divestments 30,466 67,443 -36,977 CASH FLOW (USED IN) / FROM INVESTING ACTIVITIES -293,626 -359,682 66,056 New interest-bearing debt (21) 26,935 74,486 -47,551 Repayment of interest-bearing debt (21) -225,679 -228,557 2,878 Payment of lease liabilities (21) -55,285 -32,337 -22,948 (scope Acquisition of non-controlling interests -1,300 - -1,300 changes) Purchase of treasury shares (18) -7,211 - -7,211 Gross dividend paid to the shareholders (17) -53,145 -37,972 -15,173 Gross dividend paid to non-controlling interests (20) -1,997 -874 -1,123 CASH FLOW (USED IN) / FROM FINANCIAL ACTIVITIES -317,682 -225,254 -92,428 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 466,109 -131,278 597,387 Impact of exchange rate changes on cash and cash equivalents -1,787 -1,899 112 CASH AND CASH EQUIVALENTS, ENDING BALANCE 853,406 389,084 464,322 FREE CASH FLOW 728,506 61,639 666,867 Cash flow from operating activities The increase in turnover combined with an improved EBITDA margin and more favorable net financial result led to a cash flow from operating activities before changes in working capital of 707.1 million euro, compared to 520.1 million euro last year (+187.0 million euro). This high level of cash flow generation, supported by +370.3 million euro change in working capital, marked a first-time event in DEME\u2019s history, achieving a cash flow from operating activities of more than 1 billion euro. Cash flow (used in) / from investing activities Cash flow from investing activities amounted to -293.6 million euro, a decrease of 66.1 million euro compared to last year. The free cash flow, which is the sum of operating and investing activities decreased with the payment of lease liabilities (considered operational), is 728.5 million euro this year, compared to 61.6 million euro last year. Cash flow (used in) / from financial activities Cash flow used in financial activities decreased by 92.4 million euro. While the repayment of interest-bearing debt remained consistent with last year, there was an increase in the payment of lease liabilities and dividends, along with a decline in new interest-bearing debt.",
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"value": "General statement DEME is specialized in offshore energy, dredging and marine infrastructure, environmental and concessions projects. DEME offers solutions for its clients at the interface of land, water and energy. For almost 150 years, DEME creates value for its shareholders and delivers projects in a safe, sustainable and efficient way with the best people, the right assets, technical leadership and effective resource allocation. The company can as such build on a lot of experience and is a front runner in innovation and new technologies. DEME\u2019s vision is to work towards a sustainable future by offering solutions for global challenges: a rising sea level, a growing population and fast urbanization, the reduction of emissions, polluted rivers and soils, the scarcity of mineral resources and the rising maritime trade activity that acquires constant marine infrastructure upgrades to ensure vessel access and suitable ports. Through its diversified portfolio of activities DEME is well positioned to tackle each of one of those challenges. DEME can rely on more than 5,800 highly skilled professionals and operates one of the largest and most technologically advanced fleets in the world. While the company\u2019s roots are in Belgium, DEME has built a strong presence in all of the world\u2019s seas and continents. The head office and registered address of the parent company, DEME Group NV, is Scheldedijk 30, Beveren-Kruibeke-Zwijndrecht, Belgium. DEME Group NV is registered at the Register of Legal Entities of the Enterprise Court (RPR) of Ghent, section Dendermonde in Belgium with number BE 0787829347 and the legal entity identifier (LEI) at the Crossroad Bank of Enterprises is 549300FPFPQPKI3PJV37. DEME Group NV is listed since 30 June 2022, on Euronext Brussels under the symbol \u2018DEME\u2019 (Euronext product name DEME GROUP) and ISIN code BE0974413453. For the purposes of the EU Directive 2004/109/EC in respect of the harmonization of transparency requirements relating to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, the Home Member State is Belgium. DEME Group NV shall notify the Belgian Financial Services and Market Authority (FSMA), as competent supervisory market authority of its Home Member State. DEME Group\u2019s securities are only admitted to trading in Belgium. The website of the group is www. deme-group.com. The consolidated financial statements of DEME Group NV for 2024 and 2023 include the company and group companies hereinafter referred to jointly as the \u2018group\u2019 and individually as subsidiaries, joint ventures and associates. The section principles of consolidation explains how group companies are included in the consolidated financial statements. The consolidated key figures, the consolidated statement of income, the consolidated statement of financial position, the consolidated statement of cash flows and most of the explanatory notes, as well as the management report and segment report were presented and discussed in the Audit Committee on 13 February 2025 and in the Board of Directors on 21 February 2025. The Annual report was reviewed by the Audit Committee on 17 March 2025, was submitted to the Board of Directors on 19 March 2025, and approved for publication.Statement of compliance The consolidated financial statements and the accompanying explanatory notes have been prepared in accordance with the IFRS accounting standards as adopted by the European Union.Basis of preparation The group has prepared the financial statements on the basis that it will continue to operate as a going concern. The directors consider that there are no material uncertainties that may cast significant doubt over this assumption. The consolidated financial statements are presented in thousands of euro. They are prepared on the historical cost basis except for derivative financial instruments which are stated at fair value. The consolidated financial statements are prepared as of and for the period ending 31 December 2024. They are presented before the effect of the profit appropriation proposed to the Shareholders' General Meeting. In application of IFRS 1 first-time adoption of International Financial Reporting Standards, the group has applied consistent accounting principles, based on IFRS EU, for all the periods presented in these financial statements except for the adoption of new standards effective as of 1 January 2024. The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Below amendments that apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the group: - amendments to IAS 1 presentation of financial statements: non-current liabilities with covenants and classification of liabilities as current or non-current (deferred) - amendments to IFRS 16 leases: lease liability in a sale and leaseback - amendments to IAS 7 statement of cash flows and IFRS 7 financial instruments: disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements The standards and interpretations that are issued, but not yet effective, as of 31 December 2024 are disclosed below: - amendments to IAS 21 the effects of changes in foreign exchange rates: the lack of exchangeability, effective 1 January 2025- amendments to IFRS 9 financial instruments and IFRS 7 financial instruments: disclosures: classification and measurement of financial instruments, effective 1 January 2026 (*) - amendments to annual improvements -Volume 11, effective 1 January 2026 (*) - IFRS 18 presentation and disclosure in financial statements(replacing IAS 1), effective 1 January 2027 (*) - IFRS 19 subsidiaries without public accountability: disclosures, effective 1 January 2027 (*) (*) The amendments to the standard have not yet been endorsed. The group intends to adopt these standards and interpretations, if applicable, when they become effective. None of these standards issued, but not yet effective, are expected to have a material impact on the financial statements.Significant judgments and estimates The preparation of financial statements under IFRSs requires estimates to be used and assumptions to be made that affect the amounts shown in those financial statements, with respect to the following items: - Revenue recognition and project accounting: for the majority of the contracts (hereafter the \u201ccontracts\u201d or the \u201cprojects\u201d), the group recognizes revenue and profit according to the percentage of completion based on the proportion of contract costs incurred for the work performed to the balance sheet date, relative to the estimated total costs of the contract at completion. The recognition of revenue and profit therefore relies on estimates in relation to the forecasted total costs on each contract. Cost contingencies may also be included in these estimates to take specific uncertain risks into account, or disputed claims against the group. The revenue on contracts may also include variation orders and claims, which are recognized on a contract-by-contract basis when the additional contract revenue can be measured reliably in line with IFRS. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized to the extent of project costs incurred that will probably be recoverable. In the event that the forecast at the completion of the project shows a deficit, the expected loss on completion is immediately recognized as an expense for the period, based upon the principles of IAS 37 provisions, contingent liabilities and contingent assets for onerous contracts at the best estimate of the expenditure required to settle the obligation. As such the expected loss to record will reflect management expectations about the costs of satisfying the obligation less the amount to be received from the customer - the measurement of provisions and retirement benefit obligations. Reference is made to note (26) and note (24) - the estimates used in impairment tests that have been carried out. For assets where the lower of the value in use or the fair value less costs to sell was lower than the carrying amount, impairment losses were recognized. The main assumptions applied are described in note (6) goodwill - the estimates used in the assessment of income taxes or uncertain tax positions (see note (11) current taxes and deferred taxes) - the assessment of control over an investment in case more than 50% of the shares are held by non-controlling interests. In order to assess whether or not DEME has control over an investment in case more than 50% of the shares are held by non-controlling interests, any contractual arrangement between DEME and the investment is considered as well as the design and the purpose of investment, the power to direct the relevant activities of the investment, the contractual sharing of risk as well as the power of DEME compared to the non-controlling interests to affect the returns of the investment These estimates are based on the assumption that the operation will continue as a going concern and on the information available at that moment. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Estimates consider changes in the macroeconomic and geopolitical environment. Actual results may be different from these estimates.Risks and uncertainties Reference is made to Chapter 05.Corporate governance and risk management- Risk management earlier in this Annual Report and to note (26) provisions and contingent assets and liabilities. Disclosures related to specific topics Climate related matters In preparing the consolidated financial statements, the group has considered the potential impact of climate related risks which cover both transition risks and physical risks. Transition risk is the potential cost or decreased demand when evolving to a low carbon economy, to mitigate climate change, that can arise from changes in public sector policies (policy and legal risk), from innovation or new technologies, and from investor and customer sentiment towards a greener environment (market and reputation risk). - Transition risks relating changes in public sector policies (policy and legal risk), investor and customer sentiment towards a greener environment (market and reputation risk) are continuously under review to the best of the group\u2019s knowledge. The impact of potential costs is subject to pass-through clauses in the contract that are different for every project. EU Emissions Trading Scheme (ETS) is the world's largest carbon market, initially established in 2005 as a market-based mechanism to address greenhouse gas emissions within the European Union. ETS is further explained within Chapter 07.Sustainability Statements \u2013 section 2.2.3.1. Under ETS and after the adoption of the delegated act on 16 October 2024 by the European Commission (which is clarifying GHG monitoring obligations and ETS compliance for specific offshore ships, including dredgers, wind turbine installation vessels, cable/pipe lying and/or jack-up vessels, among other), DEME, in its capacity of owner of offshore ships, would be expected to commence reporting emissions under the MRV from 1 January 2025. Subsequently, DEME will be required to surrender 100% of its offshore ship emissions reported in 2027 by 2028. On 31 December 2024, no EU ETS emission allowances or renewable energy certificates are included in the group's consolidated balance sheet, nor has the group recognized a liability related to greenhouse gas emissions. - Transition risks that exist because of changes in public sector policies is interrelated with the risk of potential cost following innovation and new technologies. In Chapter 07.Sustainability Statements \u2013 section 2.4.3 and 2.4.4, the group\u2019s targets for reducing greenhouse gas emissions (on DEME\u2019s vessels, on HQ level as well as of the transport of people) are described in depth. As >90% of the GHG emissions for Scope 1 and Scope 2 is derived from DEME\u2019s marine equipment and fleet, the focus is set on decarbonization strategies, implementation of key actions, and achieved emission reductions specifically related to DEME's vessel fleet. DEME has a three-pronged strategy to reduce the GHG-emissions from the fleet: \u2018Operational Efficiency\u2019, \u2018Technical Efficiency\u2019 and \u2018Fuel Shift\u2019, which is perfectly demonstrated on DEME\u2019s new fallpipe vessel \u2018Yellowstone\u2019, that joined the fleet in 1H 2024 (explained in depth within Chapter 04.Sustainability journey \u2013 01. Vessels). - Operational Efficiency aims to enhance productivity while minimizing energy consumption. Over the years, initiatives to improve the operational efficiency and productivity of the fleet have led to a reduction in GHG intensity. - Technical Efficiency: The objective here is to deliver more energy on board with reduced fuel usage. Efforts focus on enhancing technical energy efficiency across the fleet and reducing emissions by implementing various measures. Initiatives include waste heat recovery systems that convert heat from exhaust gases into electrical energy, the utilization of flywheels and battery packs, and measures to boost propulsion efficiency. - Fuel shift: This lever focuses on transitioning to less GHG-intensive fuel types. Alongside the current use of low carbon fuels, DEME is initiating its first pilot projects to acquire practical knowledge with future (net) zero carbon fuels. However, there remains a significant level of uncertainty regarding the specific fuels that will dominate the future market, their availability, and the capacity for bunkering and consequently, estimating the precise investment required to fully prepare a.o. DEME\u2019s fleet for the transition to these future fuels is challenging. The investment costs will heavily rely on further innovations and technological breakthroughs and the momentum and timing of further investments. The use of low-carbon fuels is one of the two KPIs for DEME\u2019s sustainability linked loans, as explained in note (21) and in Chapter 07.Sustainability Statements \u2013 2.4.2 Decarbonization roadmap. In 2023, the group initiated a 5-year investment plan of approximately 30 million euro. The primary objective was to incorporate fuel-saving technologies across the fleet. These investment costs, along with the expenses related to integrating specific fuel-saving technologies into newly constructed vessels, are included in DEME\u2019s investment plan mainly coming to affect from 2025 onwards with limited expenditure in 2024. All of 2024's investments are recurring and will sometimes address one of the above objectives, but it is difficult to isolate the financial impact of any (additional) costs associated with these objectives. DEME includes sustainability and ESG impact in all business cases and budget proposals as part of a full set of selection criteria before every future orientated business decision is taken. This approach fits in the core of the company but does also means that additional OpEx and CapEx expenditures or resources specific related to the decarbonization roadmap currently are not always recorded separately. DEME is also considering and exploring the use of zero-emission equipment on several projects. The electrification of construction equipment and the use of hydrogen gives the construction sector more and more opportunities to move towards zero emissions, yet there is still no solution for remote locations using energy-intensive equipment, and these locations are usually exactly where DEME is working. Next to fleet and equipment, and in line with DEME\u2019s ambition to increase energy efficiency and to have a completely climate-neutral, modern HQ, the DEME Campus is being transformed. Significant progress is being made. In February 2025 works have started to demolish three large office buildings which account for 50% of the total fuel consumption of the entire DEME Campus. Under the transformation, six existing and new office buildings on the DEME Campus will be interlinked with a heating/cooling network and they are all being equipped with heat pumps and a heat and cold storage system, which uses geothermal energy. DEME has embarked on a multi-year plan to shift away from fossil fuel heating to the use of green energy. Additionally, the new DEME Labs, which opened in 2023, are fitted with solar panels on the roof. As for the transport of people at DEME, that includes business flights, train travel and the car fleet, the pace at which the group\u2019s car fleet is being electrified is increasing. In 2024, fully electric cars account for 30% of the whole fleet and DEME only places new orders for electric vehicles. DEME has installed 340 electricity charging points in the car parks at HQ and employees are provided with wall box EV chargers. Additionally, DEME launched a special initiative to encourage more people to cycle to the DEME Campus. The Bike Lease program has proven popular, with around 250 employees joining the scheme, and most of those have chosen electric bikes. Physical risks following climate change are those related to the physical impacts such as direct damage to assets, weather delay in execution of the project and supply chain disruption. Physical risks include impacts from climate change, such as extreme weather, wind pattern changes, sea-level rise, and more precipitation. These risks can be event-driven (acute) or associated with longer-term shifts in climate patterns (chronic). (Reference is made to Chapter 07.Sustainability Statements \u2013 section 2.2.1 and 2.2.2). In its evaluation of physical climate risks, DEME uses a dual approach. The first focus is on assessing the risks related to its maritime operations and the operability of its vessels. The second focus is on evaluating the resilience of structures\u2014such as foundations and cables\u2014designed and delivered through DEME\u2019s offshore EPCI projects. Both aspects are essential; however, the analysis shows that managing climate risks related to maritime operations is of greater strategic importance due to their significant contribution to DEME\u2019s overall activities. DEME\u2019s vessels are the company\u2019s main assets. A key result of the climate resilience analysis indicates that climate-related impacts may affect all of DEME\u2019s maritime operations through increased project downtime due to extreme weather conditions, leading to delays, higher costs, and safety risks. To address these issues, DEME has integrated physical climate risk management into its business practices. By monitoring weather conditions and using advanced forecasts, operations are adjusted proactively to reduce disruptions and improve safety and efficiency. Contracts include weather delay clauses and casualty insurance covers assets damage from extreme conditions. When a loss occurs, the negative impact on the result that is not covered or refunded by the client is considered in the end of project margin or recognized in expenses in the related reporting period. The following impacts of climate related matters are addressed or were assessed in the consolidated financial statements: - Investments in vessels and at HQ level regarding climate related matters and the impact of climate change on the residual values and useful lives of assets were considered in determining the carrying value of non-current assets (see note (7) property, plant and equipment) - the electrification of DEME's car fleet and the increased leasing costs associated with electric vehicles (see note (8) right-of-use assets) - the impact of climate change was considered in relation to the recognition and measurement of provisions and contingencies (see note (26) provisions and contingent assets and liabilities) - the impact of climate change was considered in relation to indications of impairment and the forecast of cash flows used in the impairment assessments of the carrying value of non-current assets including goodwill (see note (6) goodwill) - the impact of climate change was considered in the future profitability used in the assessment of the recoverability of deferred tax assets (see note (11) current taxes and deferred taxes) In summary, for the year ended 31 December 2024, no material impact on financial reporting judgment and estimates arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the group concludes that the climate change risk does not impact the going concern assessment for December 2024. For the DEME group, efforts to mitigate and adapt to climate change worldwide also generates opportunities as the group advances the energy transition by developing infrastructure for renewable energy (a.o. offshore projects in Europe, Taiwan, US etc. in 2024), provides protection against the forces of nature, and builds resilient infrastructure (a.o. Fehmarnbelt project) that is better adapted to climate-related hazards. The group also plays an important role in the move towards a circular economy with its soil remediation and brownfield development, environmental dredging and sediment treatment across entire Europe and invests in the production, storage, and transport of green hydrogen. Reference is made to note (1) turnover and orderbook, for the disclosure of the taxonomy-eligible turnover realized that makes a substantial contribution to climate change mitigation and to Chapter 07.Sustainability Statements \u2013 section 2.1. Macroeconomic matters DEME operates in, and can be affected by, certain global and regional macroeconomic and political environments. The current global landscape is characterized by uncertainty due to international conflicts, growing social tensions, technological change and evolving financial conditions. The end of 2023 and all of 2024 have been marked by disruptions to global maritime trade flows as a result of the crisis in the Red Sea. Vessels entering the Gulf of Aden and transiting the Red Sea and Suez Canal continued to face attacks by the Yemen-based Houthis. These security threats have led to significant vessel diversions. Vessels travelling through the Asia-Europe trade lane have been diverted from their original routes and have begun to sail around Africa's Cape of Good Hope. As a result of this conflict in the Red Sea, also DEME's vessels are travelling longer distances (extending travel time) and incurring higher operating costs, which are included in DEME's OpEx, are continuously monitored within the group and are passed on to the customers where possible.Principles of consolidation The consolidated financial statements incorporate the financial statements of the company and of subsidiaries which are entities controlled by the company (fully consolidated entities). 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 - has the ability to use its power to affect its returns The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date the company gains control until the date when the company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full in the consolidated financial statements. Changes in the group's ownership interests in subsidiaries that do not result in the group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the group's interests and the non-controlling interests are adjusted to reflect the changes in their respective interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the company. When the group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. Associates are companies in which the DEME group has significant influence. Significant influence is the power to take part in financial and operating policies of a company without having control or joint control over these policies. A joint venture is a joint arrangement whereby the parties exerting joint control over the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Assets, liabilities, revenues and expenses from joint ventures and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a joint venture or associate is firstly recorded at cost in the consolidated financial statement and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. When the group's share of losses of an associate or a joint venture exceeds the group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the group's net investment in the associate or joint venture), the group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. These losses are recorded as other non-current financial liability on the balance sheet instead of a negative investment within non-current financial assets (note (9)). The proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its interest in the joint venture, is not allowed under IFRS but is still applied in the management reporting which is the basis for the segment reporting. Interests in joint ventures or associates are accounted for from the date when the entity becomes a joint venture or associate. At the acquisition of the interest, any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. Any surplus between the share of the group in the fair value of net assets and the cost of the investment after remeasurement is immediately recorded in the income statement during the period of acquisition of the investment. The group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the group reduces its ownership interest in an associate or a joint venture but the group continues to use the equity method, the group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the group. The gross amount on transactions with associates or joint ventures is not eliminated; only any gain or loss on these transactions is eliminated. A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a DEME Group entity starts activity in a joint operation, the group recognizes, in relation to its interest in the joint operation: - its assets, including its share of any assets held jointly - its liabilities, including its share of any liabilities incurred held jointly - its revenue from the sale of its share of the output arising from the joint operation - its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the group's consolidated financial statements only to the extent of other parties' interests in the joint operation. Within the DEME group there are also project driven construction consortiums that are not structured as a separate legal entity. They are directly integrated in the figures of the DEME subsidiary that is participating in the consortium. They are considered as joint operations and thus follow the accounting method described above (integration on a line-by-line basis).Foreign currencies The group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s functional currency. For each entity, the group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Financial statements of foreign entities with a functional currency not equal to the euro, are translated as follows: - assets and liabilities are translated at the year-end rate - income and expenses are translated at the average exchange rate for the year - shareholders\u2019 equity accounts are translated at historical exchange rates Exchange differences arising from the translation of foreign subsidiaries, joint ventures or associates, if any, are recognized in other comprehensive income and accumulated in equity (and attributed to non-controlling interests if appropriate). Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. On the disposal of a foreign operation (i.e. a disposal of the group\u2019s entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owner of the company are reclassified to profit or loss. The group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. In case of a partial disposal of a subsidiary that includes a foreign operation that does not result in the group losing control over the subsidiary, the proportionate share of accumulated exchange differences is reattributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. In note (22) a table with currency rates from foreign currency to EUR can be found as per 31 December 2024 and 2023. Intangible assets Acquired concessions, patents, licenses and similar rights These intangibles, that are separately acquired and that have a finite useful life, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. These intangibles mainly relate to the acquired technology of the SPT Offshore business that is amortized over the economic lifetime of 10 years and the silent installation technique of GBM which is amortized over 3 years. Costs for configuring or customizing a supplier\u2019s application software in a Software as a Service (SaaS) arrangement is determined as a service contract and expensed. Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis. Amortization of development costs starts at the earliest on the date when financial close of the related project is reached. Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.Goodwill Goodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognized identifiable net assets. The basis of measurement is selected on a transaction by transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the group (if any), the surplus is recognized immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortized but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.Property, plant and equipment Property, plant and equipment are measured at historical cost, less accumulated depreciation and impairment losses. Historical cost includes all direct costs and all expenditure incurred to bring the asset to its working condition and location, as well as for its intended use. Historical cost includes the original purchase price, specific borrowing costs incurred during the construction period, and related direct costs. Main dredging and offshore equipment consists of components with different useful lives that are accounted for as separate items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated 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 derecognized. The wear and tear of dredging equipment is highly dependent on project-specific combinations of soil conditions, material to be processed, maritime circumstances, and the intensity of the deployment of the equipment (factors that are difficult to predict). Due to these erratic and time-independent patterns, the maintenance and repair costs for upkeep of the assets during the operation of the vessel are predominantly expensed. Dry-docking costs of the main production equipment (major repair costs) are recognized in the carrying amount of the vessel when incurred and depreciated over five years (normal period foreseen between two consequent dry dockings). Depreciation is charged to the income statement on a straight-line basis over the useful lives taking into account an estimated residual value. Land is not depreciated as it is deemed to have an infinite life, except for landfills used for sand production that are depreciated according to the tons extracted. Buildings are depreciated over 25 years. The depreciation periods of the floating and other construction materials range from 3 years (such as for pipelines) to 25 years (principal component of transportation vessels). The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years when in production before 2019. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 offshore crane vessels in production since 2019, the principal component is depreciated over a period of 20 years and a second component is amortized over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Furniture and other fixed assets are depreciated over a period between 3 and 10 years. For all equipment with a residual value, this amount has been estimated as 1% of the initial investment value from 2019 onwards. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also considering the potential impact of climate change. Any changes in estimates are accounted for prospectively. Property, plant and equipment under construction are included based on the instalments paid and the capitalized interests during the construction period. Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount and are recognized within other operating income or other operating expenses.The group as lessee, right-of-use assets and lease liabilities The group as lessee The group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The group applies a single recognition and measurement approach for all leases, except for short-term leases (less than one year) and leases of low-value assets. Right-of-use assets and lease liabilities Assets, representing the right to use the underlying leased asset, are capitalized as right-of-use assets at cost, comprising 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. The corresponding lease liabilities, representing the net present value of the lease payments to be made over the lease term, are recognized as long-term or current liabilities depending on the period in which they are due. The lease payments are discounted using the lessee\u2019s incremental borrowing rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease liabilities are included in interest-bearing debt. Lease interest is charged to the income statement as an interest expense. Leased assets are depreciated, using straight-line depreciation over the shorter of the lease term and the estimated useful life of the assets, including the period of renewable options, in case it is reasonably certain that the option will be exercised. When there is reasonable certainty that ownership will be obtained by the end of the lease term, the depreciation policy for the leased asset is consistent with that for depreciable assets which are owned. However, when there is no reasonable certainty that ownership will be obtained by the end of the lease term, the asset is depreciated over the shorter of the lease term and its expected useful life. The right-of-use assets are also subject to impairment. Inventories Inventories are measured at the lower of cost and net realizable value. The weighted average cost method is used to calculate the cost for raw materials, whereas the cost of consumables is determined using the FIFO method. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and estimated costs to make the sale. When inventories are sold, the carrying amount of those inventories shall be recognized as an expense in the period in which the related revenue is recognized. The amount of any write down of inventories to net realizable value and all losses of inventories shall be recognized as an expense in the period the write down or loss occurs. The amount of any reversal of any write down of inventories, arising from an increase in net realizable value, shall be recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.Contract assets and contract liabilities Contract assets concern the gross amount yet to be charged which is expected to be received from customers for contractual work performed up to the reporting date (hereinafter: \u201cwork in progress\u201d) and services rendered. Work in progress is valued as the sum of the cost price of the work performed, plus a part of the expected results upon completion of the project in proportion to the progress made and less progress billings, and less potential provisions for losses. Provisions are recognized for expected losses on work in progress as soon as they are anticipated and if applicable, any profits already recognized are reversed. As long as the project is not started and the assumptions regarding execution of the work are not final yet (hence a loss to completion provision is difficult to measure reliably), no loss to completion provision is accounted for, unless there is a certain event supporting the provision. A loss to completion provision is accounted for as a contract liability. Revenues for additional work and claims are included in the overall contract revenues if the client has accepted the sum involved. The cost price includes project costs, consisting of payroll costs, materials, costs of subcontracted work, rental charges and maintenance costs of the equipment used and other project costs. The vessel rates used are based on the expected average vessel occupation in the long run. The progress of a project is measured as the ratio of the basis of the cost of the work performed in relation to the total expected cost price of the project as a whole. Profits are not recognized unless a reliable estimate of the end of project result can be made. DEME considers that no such reliable estimate can be made as long as the percentage of completion remains below 10% of the total expected cost price of the project or if the installation vessels for offshore wind farm foundation projects has not yet been mobilized. The balance of the value of work in progress is determined per project. For projects where the progress billings and advance payments exceed the value of work in progress, the balance is recognized under contract liabilities instead of under contract assets. Advances are amounts received by the group (no significant financing component) before the related work is performed. The group presents those separately from other contract liabilities.Trade and other operating receivables Trade and other operating receivables are stated initially at fair value and subsequently at amortized cost less accumulated impairment losses.Assets held for sale The group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.Cash and cash equivalents Cash and cash equivalents consist of cash in hand and on bank accounts and short-term investments with an initial term of less than three months. Cash, cash equivalents and short-term deposits are carried in the balance sheet at nominal value.Impairment tangible and intangible assets including goodwill At the end of each reporting period, the group reviews the carrying amounts of its property, plant and equipment and right-of-use assets and intangible assets to determine whether there is any indication of impairment. If such indication exists or when it is required, the asset's recoverable amount is estimated. For intangible assets that are not yet available for use, and for goodwill, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the income statement. When there is an indication that prior recognition impairment losses no longer exist, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but in such a way that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the income statement. An impairment loss on goodwill is never reversed.Provisions Provisions are recognized in the balance sheet when the group has a presented obligation (legal or constructive) resulting from a past event, when it is probable (more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The unwinding of discount on provisions is recognized as a financial expense. Warranty provisions Provisions for warranties are recognized based on the best estimate of the expected cash outflows or cost of repair to settle contractually agreed warranties during the defect notification period for completed projects. The carrying amount of these provisions is estimated based on common industry practice and the group\u2019s experience with warranty claims for relevant projects. Initial recognition of these assurance-type warranties is based on historical experience and the estimate of warranty-related costs is revised annually. Restructuring provisions Restructuring provisions will be recognized when the group has a constructive obligation, meaning when there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs and the timeline. The group must also notify all the employees affected about this plan's main features. Other provisions Other provisions, more specifically in the Environmental segment, relate to the legal provision for the capping of the landfill when the dumping areas are full or to the provision for end of contract reinstatement of a site. Other provisions can also be provisions for legal proceedings.Share-based payments and treasury shares In 2024 a stock option plan was launched by DEME Group NV as part of its incentive plan for DEME's Executive Committee and Management Team members after which a share buyback program was started. The stock option plan enables selected participants to acquire shares of DEME Group NV (equity-settled transaction). The exercise price of the options, that are granted free of charge, is equal to the lower of the average closing price of the share during the last 30 days preceding the date of the offering or the last closing price prior to the date of the offering. According to IFRS 2 share-based payments the cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note (18) share-based payments. The cost is recognized in personnel expenses with a corresponding increase in equity (share-based payments reserve) on a straight-line basis over the vesting period. To cover the company\u2019s obligations under the implemented stock option plan, the group buys own shares (treasury shares) which can occur by means of several buybacks. Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized on the purchase, sale, issue or cancellation of the group\u2019s own equity instruments. When stock options are exercised, treasury shares are derecognized but the difference between the option exercise price and the average price of the treasury shares remains in equity.Retirement benefit obligations Defined contribution plans without interest guarantee by the employer Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. Belgian defined contribution plans with interest guarantee by the employer By law, defined contribution pension plans in Belgium are subject to minimum guaranteed rates of return. Consequently, these 'defined contribution' plans classify as 'defined benefit' plans. Defined benefit plans For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected as a separate reserve in equity and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows: - service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) - net interest expense or income - remeasurement The group presents the first two components of defined benefit costs in profit or loss. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the group\u2019s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.Interest-bearing loans and borrowings Interest-bearing loans and borrowings are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost, using the effective interest rate method. Amortized cost is calculated by considering any issue costs and any discount or premium on settlement. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in the income statement. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate.Trade and other payables Trade and other payables are stated at amortized cost. Invoices and related payment terms depend on individual contractual terms with suppliers.Income taxes, deferred taxes and uncertain tax positions Income taxes are classified as either current or deferred taxes. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in other comprehensive income (OCI) or equity, in which case it is recognized in OCI or equity. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income taxes include expected tax charges based on the accounting profit for the current year and adjustments to tax charges of prior years. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the group operates and generates taxable income. As of 2024, current income tax also includes Pillar Two income tax. Pillar Two introduces a global minimum corporate tax of 15 percent for groups with a turnover that exceeds 750 million euro. If this is the case, the group must examine whether its profits are subject to an effective tax rate of at least 15 percent on a jurisdictional level. When this is not the case, top-up taxes are imposed and included in current income taxes. Deferred taxes are calculated using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from depreciation of property, plant and equipment, provisions for defined benefit plans, fair value measurement of derivatives and tax losses carried forward. Deferred taxes are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled, based on tax rates enacted or substantively enacted by the balance sheet date. A deferred tax asset shall be recognized for the carryforward of the unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized unless the deferred tax assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred tax assets are also recognized for all deductible differences arising from investments in subsidiaries, joint ventures and associates to the extent that, it is probable that the temporary difference will reverse in the foreseeable future and the taxable profit will be available against which the temporary difference can be utilized. At each balance sheet date, the group reassess if all the above criteria are met. IFRIC 23, which became effective as from 1 January 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.Investment tax credits Investment tax credits are excluded from the scope of IAS 12 income taxes and IAS 20 accounting for government grants and disclosure of government assistance. In accordance with IAS 8 accounting policies, changes in accounting estimates and errors, the group defined an accounting policy in respect of investment tax credits by making an analogy to IAS 12 income taxes. By making this analogy and when the entity satisfies the criteria to receive the credit, this will be recognized in the income statement (deferred taxes), and the related assets in the statement of financial position (deferred tax asset).Risks from financial instruments The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest- bearing loans, trade and other payables and derivatives. Derivatives are used exclusively as hedging instruments and not for trading or other speculative purposes. The group is exposed to the following risks from financial instruments which will be further elaborated in note (22): - credit and counterparty risk - liquidity risk - market risk consisting of currency risk, interest rate risk and price risksDerivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.Revenues Turnover or revenue from contracts with customers All segments contribute to the group's turnover, with the Concessions segment, which is the group's investment and development vehicle, only generating revenues from ancillary activities as described in note (1), if applicable for a particular financial year. Consolidated revenue comprises the total of the work and services realized by DEME and its subsidiaries pursuing their main activity. DEME\u2019s activities encompass dredging, land reclamation, hydraulic engineering, construction and services for the offshore oil & gas and renewable energy industries, civil engineering and environmental works. These activities being construction or execution of a service are executed following a contract with the customer. The consolidated revenue is recognized in accordance with IFRS 15. Revenues don\u2019t have any significant financing component. Most construction and service contracts with the customers involve only one performance obligation, which is fulfilled progressively over time. For a limited number of \u201cEPCI\u201d contracts in the renewable business (offshore wind farms), multiple performance obligations can be identified. In those contracts the EPC and T&I part for the monopiles can be separated, as well as the cable laying part and the EPC and T&I part for the offshore substations (OSS). Those parts of the contract are capable of being distinct, and are distinct in the context of the contract, and accordingly are considered as separate performance obligations. Where a contract includes several distinct performance obligations, the group allocates the overall price of the contract to each performance obligation in accordance with IFRS 15. That price corresponds to the amount of the consideration to which it expects to be entitled. The most common variable considerations such as the steel price, fuel consumption or design price modifications shall only be included in the transaction price to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. When the price includes a variable component, such as a performance bonus or a claim, the group only recognizes that consideration from the moment that agreement is reached with the client (virtually certain). There are no IFRS 15 service-type warranties. The group has concluded that revenue from construction and service contracts should be recognized over time. As such, the revenue recognition reflects the rate at which our performance obligations are fulfilled corresponding to the transfer of control of a good or service to our customers. When there is no transfer of control throughout the contract revenue is still recognized over time, based on the fact that the asset created has no alternative use, as well as the fact that an enforceable right to payment exists for performance completed to date. Revenue from construction and service contracts is recognized by reference to the stage of completion of the contract activity at the end of the reporting period, measured based on the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs, except where this would not be representative of the stage of completion. A correction is made for the cost of material (e.g. steel) that is purchased but not yet manufactured or utilized in the production process at the reporting date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized to the extent of project costs incurred that will probably be recoverable. Project costs are recognized as expenses in the period in which they are incurred. Management concluded that costs to fulfil a contract that are not incurred in respect of the satisfaction of the performance obligation have no material impact on the recognition of revenues and margin of the project. As such, these costs are also recognized when incurred and are included computing the stage of completion. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately, based upon the principles of IAS 37 provisions, contingent liabilities and contingent assets for onerous contracts at the best estimate of the expenditure required to settle the obligation. As such the expected loss to record will reflect management expectations about the costs of satisfying the obligation less the amount to be received from the customer (more probable than not). When there are major constraints on transferring cash from the working country to the head office, the profit on a contract is only recognized on a cash basis. Other operating income Other operating income includes the gain on sale of intangible assets, the gain on sale of property, plant and equipment as well as the gain on sale of financial assets, next to other non-recurring income. The latter includes the insurance income received with respect to damages to our vessels and equipment, as well as liquidated damages received in the context of a construction contract of new equipment only if it compensates incremental charges incurred due to late delivery of the new equipment.Operating expenses Raw materials, consumables, services and subcontracted work This category in the consolidated statement of income is the OpEx of the group. All operating expenses (also SG&A expenses incurred through our normal business operations) are included except for personnel expenses, depreciation, amortization and impairment costs and other operating expenses that are disclosed in a separate note. Research and development, advertising and promotional costs and IT systems development costs Research, advertising and promotional costs are expensed in the year in which they are incurred. Development costs and IT systems development costs are expensed in the year in which they are incurred if they do not meet the criteria for capitalization. These costs are included in the operating expenses (OpEx) of the group. Other operating expenses Other operating expenses include the loss on sale of intangible assets and the loss on sale of property, plant and equipment. The non-cash movements in amounts written off inventories and trade receivables, in retirement benefit obligations and in provisions is also recorded as other operating expenses. Next to above, other costs such as various taxes, import and stamp duties are also included in other operating expenses.Financial result Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. All interest expenses and other costs incurred in connection with borrowings, except those which were eligible to be capitalized, are expensed. The interest expense is recognized in the income statement using the effective interest rate method. Interest income and interest expense also include gains or losses resulting from the time value of derivative financial instruments. Dividend income (from non-consolidated participations) is recognized when the shareholder\u2019s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the group and the amount of income can be reliably measured). Other financial expenses, included in the other financial result, mainly relate to costs incurred for project related bank guarantees, while other financial income mainly relate to delay interest income.",
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"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
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"value": "DEME is specialized in offshore energy, dredging and marine infrastructure, environmental and concessions projects. DEME offers solutions for its clients at the interface of land, water and energy. For almost 150 years, DEME creates value for its shareholders and delivers projects in a safe, sustainable and efficient way with the best people, the right assets, technical leadership and effective resource allocation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__124": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__123": {
"value": "The head office and registered address of the parent company, DEME Group NV, is Scheldedijk 30, Beveren-Kruibeke-Zwijndrecht, Belgium.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__122": {
"value": "The head office and registered address of the parent company, DEME Group NV, is Scheldedijk 30, Beveren-Kruibeke-Zwijndrecht, Belgium.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__121": {
"value": "The head office and registered address of the parent company, DEME Group NV, is Scheldedijk 30, Beveren-Kruibeke-Zwijndrecht, Belgium.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__125": {
"value": "The consolidated key figures, the consolidated statement of income, the consolidated statement of financial position, the consolidated statement of cash flows and most of the explanatory notes, as well as the management report and segment report were presented and discussed in the Audit Committee on 13 February 2025 and in the Board of Directors on 21 February 2025. The Annual report was reviewed by the Audit Committee on 17 March 2025, was submitted to the Board of Directors on 19 March 2025, and approved for publication.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__126": {
"value": "Statement of compliance The consolidated financial statements and the accompanying explanatory notes have been prepared in accordance with the IFRS accounting standards as adopted by the European Union.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__128": {
"value": "Basis of preparation The group has prepared the financial statements on the basis that it will continue to operate as a going concern. The directors consider that there are no material uncertainties that may cast significant doubt over this assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__127": {
"value": "Basis of preparation The group has prepared the financial statements on the basis that it will continue to operate as a going concern. The directors consider that there are no material uncertainties that may cast significant doubt over this assumption. The consolidated financial statements are presented in thousands of euro. They are prepared on the historical cost basis except for derivative financial instruments which are stated at fair value. The consolidated financial statements are prepared as of and for the period ending 31 December 2024. They are presented before the effect of the profit appropriation proposed to the Shareholders' General Meeting. In application of IFRS 1 first-time adoption of International Financial Reporting Standards, the group has applied consistent accounting principles, based on IFRS EU, for all the periods presented in these financial statements except for the adoption of new standards effective as of 1 January 2024. The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Below amendments that apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the group: - amendments to IAS 1 presentation of financial statements: non-current liabilities with covenants and classification of liabilities as current or non-current (deferred) - amendments to IFRS 16 leases: lease liability in a sale and leaseback - amendments to IAS 7 statement of cash flows and IFRS 7 financial instruments: disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements The standards and interpretations that are issued, but not yet effective, as of 31 December 2024 are disclosed below: - amendments to IAS 21 the effects of changes in foreign exchange rates: the lack of exchangeability, effective 1 January 2025- amendments to IFRS 9 financial instruments and IFRS 7 financial instruments: disclosures: classification and measurement of financial instruments, effective 1 January 2026 (*) - amendments to annual improvements -Volume 11, effective 1 January 2026 (*) - IFRS 18 presentation and disclosure in financial statements(replacing IAS 1), effective 1 January 2027 (*) - IFRS 19 subsidiaries without public accountability: disclosures, effective 1 January 2027 (*) (*) The amendments to the standard have not yet been endorsed. The group intends to adopt these standards and interpretations, if applicable, when they become effective. None of these standards issued, but not yet effective, are expected to have a material impact on the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__129": {
"value": "Significant judgments and estimates The preparation of financial statements under IFRSs requires estimates to be used and assumptions to be made that affect the amounts shown in those financial statements, with respect to the following items: - Revenue recognition and project accounting: for the majority of the contracts (hereafter the \u201ccontracts\u201d or the \u201cprojects\u201d), the group recognizes revenue and profit according to the percentage of completion based on the proportion of contract costs incurred for the work performed to the balance sheet date, relative to the estimated total costs of the contract at completion. The recognition of revenue and profit therefore relies on estimates in relation to the forecasted total costs on each contract. Cost contingencies may also be included in these estimates to take specific uncertain risks into account, or disputed claims against the group. The revenue on contracts may also include variation orders and claims, which are recognized on a contract-by-contract basis when the additional contract revenue can be measured reliably in line with IFRS. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized to the extent of project costs incurred that will probably be recoverable. In the event that the forecast at the completion of the project shows a deficit, the expected loss on completion is immediately recognized as an expense for the period, based upon the principles of IAS 37 provisions, contingent liabilities and contingent assets for onerous contracts at the best estimate of the expenditure required to settle the obligation. As such the expected loss to record will reflect management expectations about the costs of satisfying the obligation less the amount to be received from the customer - the measurement of provisions and retirement benefit obligations. Reference is made to note (26) and note (24) - the estimates used in impairment tests that have been carried out. For assets where the lower of the value in use or the fair value less costs to sell was lower than the carrying amount, impairment losses were recognized. The main assumptions applied are described in note (6) goodwill - the estimates used in the assessment of income taxes or uncertain tax positions (see note (11) current taxes and deferred taxes) - the assessment of control over an investment in case more than 50% of the shares are held by non-controlling interests. In order to assess whether or not DEME has control over an investment in case more than 50% of the shares are held by non-controlling interests, any contractual arrangement between DEME and the investment is considered as well as the design and the purpose of investment, the power to direct the relevant activities of the investment, the contractual sharing of risk as well as the power of DEME compared to the non-controlling interests to affect the returns of the investment These estimates are based on the assumption that the operation will continue as a going concern and on the information available at that moment. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Estimates consider changes in the macroeconomic and geopolitical environment. Actual results may be different from these estimates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__39": {
"value": "Climate related matters In preparing the consolidated financial statements, the group has considered the potential impact of climate related risks which cover both transition risks and physical risks. Transition risk is the potential cost or decreased demand when evolving to a low carbon economy, to mitigate climate change, that can arise from changes in public sector policies (policy and legal risk), from innovation or new technologies, and from investor and customer sentiment towards a greener environment (market and reputation risk). - Transition risks relating changes in public sector policies (policy and legal risk), investor and customer sentiment towards a greener environment (market and reputation risk) are continuously under review to the best of the group\u2019s knowledge. The impact of potential costs is subject to pass-through clauses in the contract that are different for every project. EU Emissions Trading Scheme (ETS) is the world's largest carbon market, initially established in 2005 as a market-based mechanism to address greenhouse gas emissions within the European Union. ETS is further explained within Chapter 07.Sustainability Statements \u2013 section 2.2.3.1. Under ETS and after the adoption of the delegated act on 16 October 2024 by the European Commission (which is clarifying GHG monitoring obligations and ETS compliance for specific offshore ships, including dredgers, wind turbine installation vessels, cable/pipe lying and/or jack-up vessels, among other), DEME, in its capacity of owner of offshore ships, would be expected to commence reporting emissions under the MRV from 1 January 2025. Subsequently, DEME will be required to surrender 100% of its offshore ship emissions reported in 2027 by 2028. On 31 December 2024, no EU ETS emission allowances or renewable energy certificates are included in the group's consolidated balance sheet, nor has the group recognized a liability related to greenhouse gas emissions. - Transition risks that exist because of changes in public sector policies is interrelated with the risk of potential cost following innovation and new technologies. In Chapter 07.Sustainability Statements \u2013 section 2.4.3 and 2.4.4, the group\u2019s targets for reducing greenhouse gas emissions (on DEME\u2019s vessels, on HQ level as well as of the transport of people) are described in depth. As >90% of the GHG emissions for Scope 1 and Scope 2 is derived from DEME\u2019s marine equipment and fleet, the focus is set on decarbonization strategies, implementation of key actions, and achieved emission reductions specifically related to DEME's vessel fleet. DEME has a three-pronged strategy to reduce the GHG-emissions from the fleet: \u2018Operational Efficiency\u2019, \u2018Technical Efficiency\u2019 and \u2018Fuel Shift\u2019, which is perfectly demonstrated on DEME\u2019s new fallpipe vessel \u2018Yellowstone\u2019, that joined the fleet in 1H 2024 (explained in depth within Chapter 04.Sustainability journey \u2013 01. Vessels). - Operational Efficiency aims to enhance productivity while minimizing energy consumption. Over the years, initiatives to improve the operational efficiency and productivity of the fleet have led to a reduction in GHG intensity. - Technical Efficiency: The objective here is to deliver more energy on board with reduced fuel usage. Efforts focus on enhancing technical energy efficiency across the fleet and reducing emissions by implementing various measures. Initiatives include waste heat recovery systems that convert heat from exhaust gases into electrical energy, the utilization of flywheels and battery packs, and measures to boost propulsion efficiency. - Fuel shift: This lever focuses on transitioning to less GHG-intensive fuel types. Alongside the current use of low carbon fuels, DEME is initiating its first pilot projects to acquire practical knowledge with future (net) zero carbon fuels. However, there remains a significant level of uncertainty regarding the specific fuels that will dominate the future market, their availability, and the capacity for bunkering and consequently, estimating the precise investment required to fully prepare a.o. DEME\u2019s fleet for the transition to these future fuels is challenging. The investment costs will heavily rely on further innovations and technological breakthroughs and the momentum and timing of further investments. The use of low-carbon fuels is one of the two KPIs for DEME\u2019s sustainability linked loans, as explained in note (21) and in Chapter 07.Sustainability Statements \u2013 2.4.2 Decarbonization roadmap. In 2023, the group initiated a 5-year investment plan of approximately 30 million euro. The primary objective was to incorporate fuel-saving technologies across the fleet. These investment costs, along with the expenses related to integrating specific fuel-saving technologies into newly constructed vessels, are included in DEME\u2019s investment plan mainly coming to affect from 2025 onwards with limited expenditure in 2024. All of 2024's investments are recurring and will sometimes address one of the above objectives, but it is difficult to isolate the financial impact of any (additional) costs associated with these objectives. DEME includes sustainability and ESG impact in all business cases and budget proposals as part of a full set of selection criteria before every future orientated business decision is taken. This approach fits in the core of the company but does also means that additional OpEx and CapEx expenditures or resources specific related to the decarbonization roadmap currently are not always recorded separately. DEME is also considering and exploring the use of zero-emission equipment on several projects. The electrification of construction equipment and the use of hydrogen gives the construction sector more and more opportunities to move towards zero emissions, yet there is still no solution for remote locations using energy-intensive equipment, and these locations are usually exactly where DEME is working. Next to fleet and equipment, and in line with DEME\u2019s ambition to increase energy efficiency and to have a completely climate-neutral, modern HQ, the DEME Campus is being transformed. Significant progress is being made. In February 2025 works have started to demolish three large office buildings which account for 50% of the total fuel consumption of the entire DEME Campus. Under the transformation, six existing and new office buildings on the DEME Campus will be interlinked with a heating/cooling network and they are all being equipped with heat pumps and a heat and cold storage system, which uses geothermal energy. DEME has embarked on a multi-year plan to shift away from fossil fuel heating to the use of green energy. Additionally, the new DEME Labs, which opened in 2023, are fitted with solar panels on the roof. As for the transport of people at DEME, that includes business flights, train travel and the car fleet, the pace at which the group\u2019s car fleet is being electrified is increasing. In 2024, fully electric cars account for 30% of the whole fleet and DEME only places new orders for electric vehicles. DEME has installed 340 electricity charging points in the car parks at HQ and employees are provided with wall box EV chargers. Additionally, DEME launched a special initiative to encourage more people to cycle to the DEME Campus. The Bike Lease program has proven popular, with around 250 employees joining the scheme, and most of those have chosen electric bikes. Physical risks following climate change are those related to the physical impacts such as direct damage to assets, weather delay in execution of the project and supply chain disruption. Physical risks include impacts from climate change, such as extreme weather, wind pattern changes, sea-level rise, and more precipitation. These risks can be event-driven (acute) or associated with longer-term shifts in climate patterns (chronic). (Reference is made to Chapter 07.Sustainability Statements \u2013 section 2.2.1 and 2.2.2). In its evaluation of physical climate risks, DEME uses a dual approach. The first focus is on assessing the risks related to its maritime operations and the operability of its vessels. The second focus is on evaluating the resilience of structures\u2014such as foundations and cables\u2014designed and delivered through DEME\u2019s offshore EPCI projects. Both aspects are essential; however, the analysis shows that managing climate risks related to maritime operations is of greater strategic importance due to their significant contribution to DEME\u2019s overall activities. DEME\u2019s vessels are the company\u2019s main assets. A key result of the climate resilience analysis indicates that climate-related impacts may affect all of DEME\u2019s maritime operations through increased project downtime due to extreme weather conditions, leading to delays, higher costs, and safety risks. To address these issues, DEME has integrated physical climate risk management into its business practices. By monitoring weather conditions and using advanced forecasts, operations are adjusted proactively to reduce disruptions and improve safety and efficiency. Contracts include weather delay clauses and casualty insurance covers assets damage from extreme conditions. When a loss occurs, the negative impact on the result that is not covered or refunded by the client is considered in the end of project margin or recognized in expenses in the related reporting period. The following impacts of climate related matters are addressed or were assessed in the consolidated financial statements: - Investments in vessels and at HQ level regarding climate related matters and the impact of climate change on the residual values and useful lives of assets were considered in determining the carrying value of non-current assets (see note (7) property, plant and equipment) - the electrification of DEME's car fleet and the increased leasing costs associated with electric vehicles (see note (8) right-of-use assets) - the impact of climate change was considered in relation to the recognition and measurement of provisions and contingencies (see note (26) provisions and contingent assets and liabilities) - the impact of climate change was considered in relation to indications of impairment and the forecast of cash flows used in the impairment assessments of the carrying value of non-current assets including goodwill (see note (6) goodwill) - the impact of climate change was considered in the future profitability used in the assessment of the recoverability of deferred tax assets (see note (11) current taxes and deferred taxes) In summary, for the year ended 31 December 2024, no material impact on financial reporting judgment and estimates arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the group concludes that the climate change risk does not impact the going concern assessment for December 2024. For the DEME group, efforts to mitigate and adapt to climate change worldwide also generates opportunities as the group advances the energy transition by developing infrastructure for renewable energy (a.o. offshore projects in Europe, Taiwan, US etc. in 2024), provides protection against the forces of nature, and builds resilient infrastructure (a.o. Fehmarnbelt project) that is better adapted to climate-related hazards. The group also plays an important role in the move towards a circular economy with its soil remediation and brownfield development, environmental dredging and sediment treatment across entire Europe and invests in the production, storage, and transport of green hydrogen. Reference is made to note (1) turnover and orderbook, for the disclosure of the taxonomy-eligible turnover realized that makes a substantial contribution to climate change mitigation and to Chapter 07.Sustainability Statements \u2013 section 2.1.",
"dimensions": {
"concept": "DEM:DisclosureOfClimateRisks",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__133": {
"value": "Principles of consolidation The consolidated financial statements incorporate the financial statements of the company and of subsidiaries which are entities controlled by the company (fully consolidated entities). 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 - has the ability to use its power to affect its returns The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date the company gains control until the date when the company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full in the consolidated financial statements. Changes in the group's ownership interests in subsidiaries that do not result in the group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the group's interests and the non-controlling interests are adjusted to reflect the changes in their respective interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the company. When the group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__130": {
"value": "Principles of consolidation The consolidated financial statements incorporate the financial statements of the company and of subsidiaries which are entities controlled by the company (fully consolidated entities). 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 - has the ability to use its power to affect its returns The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Consolidation of a subsidiary begins when the company obtains control over the subsidiary and ceases when the company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date the company gains control until the date when the company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full in the consolidated financial statements. Changes in the group's ownership interests in subsidiaries that do not result in the group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the group's interests and the non-controlling interests are adjusted to reflect the changes in their respective interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the company. When the group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. Associates are companies in which the DEME group has significant influence. Significant influence is the power to take part in financial and operating policies of a company without having control or joint control over these policies. A joint venture is a joint arrangement whereby the parties exerting joint control over the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Assets, liabilities, revenues and expenses from joint ventures and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a joint venture or associate is firstly recorded at cost in the consolidated financial statement and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. When the group's share of losses of an associate or a joint venture exceeds the group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the group's net investment in the associate or joint venture), the group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. These losses are recorded as other non-current financial liability on the balance sheet instead of a negative investment within non-current financial assets (note (9)). The proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its interest in the joint venture, is not allowed under IFRS but is still applied in the management reporting which is the basis for the segment reporting. Interests in joint ventures or associates are accounted for from the date when the entity becomes a joint venture or associate. At the acquisition of the interest, any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. Any surplus between the share of the group in the fair value of net assets and the cost of the investment after remeasurement is immediately recorded in the income statement during the period of acquisition of the investment. The group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the group reduces its ownership interest in an associate or a joint venture but the group continues to use the equity method, the group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the group. The gross amount on transactions with associates or joint ventures is not eliminated; only any gain or loss on these transactions is eliminated. A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a DEME Group entity starts activity in a joint operation, the group recognizes, in relation to its interest in the joint operation: - its assets, including its share of any assets held jointly - its liabilities, including its share of any liabilities incurred held jointly - its revenue from the sale of its share of the output arising from the joint operation - its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the group's consolidated financial statements only to the extent of other parties' interests in the joint operation. Within the DEME group there are also project driven construction consortiums that are not structured as a separate legal entity. They are directly integrated in the figures of the DEME subsidiary that is participating in the consortium. They are considered as joint operations and thus follow the accounting method described above (integration on a line-by-line basis).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__132": {
"value": "Profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group's accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full in the consolidated financial statements. Changes in the group's ownership interests in subsidiaries that do not result in the group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the group's interests and the non-controlling interests are adjusted to reflect the changes in their respective interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the company. When the group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__134-1": {
"value": "Associates are companies in which the DEME group has significant influence. Significant influence is the power to take part in financial and operating policies of a company without having control or joint control over these policiesAssets, liabilities, revenues and expenses from joint ventures and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a joint venture or associate is firstly recorded at cost in the consolidated financial statement and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. When the group's share of losses of an associate or a joint venture exceeds the group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the group's net investment in the associate or joint venture), the group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. These losses are recorded as other non-current financial liability on the balance sheet instead of a negative investment within non-current financial assets (note (9)). The proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its interest in the joint venture, is not allowed under IFRS but is still applied in the management reporting which is the basis for the segment reporting. Interests in joint ventures or associates are accounted for from the date when the entity becomes a joint venture or associate. At the acquisition of the interest, any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. Any surplus between the share of the group in the fair value of net assets and the cost of the investment after remeasurement is immediately recorded in the income statement during the period of acquisition of the investment. The group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the group reduces its ownership interest in an associate or a joint venture but the group continues to use the equity method, the group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the group. The gross amount on transactions with associates or joint ventures is not eliminated; only any gain or loss on these transactions is eliminated. A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a DEME Group entity starts activity in a joint operation, the group recognizes, in relation to its interest in the joint operation: - its assets, including its share of any assets held jointly - its liabilities, including its share of any liabilities incurred held jointly - its revenue from the sale of its share of the output arising from the joint operation - its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the group's consolidated financial statements only to the extent of other parties' interests in the joint operation. Within the DEME group there are also project driven construction consortiums that are not structured as a separate legal entity. They are directly integrated in the figures of the DEME subsidiary that is participating in the consortium. They are considered as joint operations and thus follow the accounting method described above (integration on a line-by-line basis).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__131": {
"value": "Associates are companies in which the DEME group has significant influence. Significant influence is the power to take part in financial and operating policies of a company without having control or joint control over these policies. A joint venture is a joint arrangement whereby the parties exerting joint control over the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Assets, liabilities, revenues and expenses from joint ventures and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a joint venture or associate is firstly recorded at cost in the consolidated financial statement and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. When the group's share of losses of an associate or a joint venture exceeds the group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the group's net investment in the associate or joint venture), the group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. These losses are recorded as other non-current financial liability on the balance sheet instead of a negative investment within non-current financial assets (note (9)). The proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its interest in the joint venture, is not allowed under IFRS but is still applied in the management reporting which is the basis for the segment reporting. Interests in joint ventures or associates are accounted for from the date when the entity becomes a joint venture or associate. At the acquisition of the interest, any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. Any surplus between the share of the group in the fair value of net assets and the cost of the investment after remeasurement is immediately recorded in the income statement during the period of acquisition of the investment. The group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the group reduces its ownership interest in an associate or a joint venture but the group continues to use the equity method, the group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the group. The gross amount on transactions with associates or joint ventures is not eliminated; only any gain or loss on these transactions is eliminated. A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a DEME Group entity starts activity in a joint operation, the group recognizes, in relation to its interest in the joint operation: - its assets, including its share of any assets held jointly - its liabilities, including its share of any liabilities incurred held jointly - its revenue from the sale of its share of the output arising from the joint operation - its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the group's consolidated financial statements only to the extent of other parties' interests in the joint operation. Within the DEME group there are also project driven construction consortiums that are not structured as a separate legal entity. They are directly integrated in the figures of the DEME subsidiary that is participating in the consortium. They are considered as joint operations and thus follow the accounting method described above (integration on a line-by-line basis).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__136": {
"value": "A joint venture is a joint arrangement whereby the parties exerting joint control over the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Assets, liabilities, revenues and expenses from joint ventures and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a joint venture or associate is firstly recorded at cost in the consolidated financial statement and then adjusted to record the share of the group in the net result and in the comprehensive income of the associate or joint venture. When the group's share of losses of an associate or a joint venture exceeds the group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the group's net investment in the associate or joint venture), the group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. These losses are recorded as other non-current financial liability on the balance sheet instead of a negative investment within non-current financial assets (note (9)). The proportionate consolidation method whereby the group accounts for the assets, liabilities, revenues and expenses according to its interest in the joint venture, is not allowed under IFRS but is still applied in the management reporting which is the basis for the segment reporting. Interests in joint ventures or associates are accounted for from the date when the entity becomes a joint venture or associate. At the acquisition of the interest, any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. Any surplus between the share of the group in the fair value of net assets and the cost of the investment after remeasurement is immediately recorded in the income statement during the period of acquisition of the investment. The group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the group reduces its ownership interest in an associate or a joint venture but the group continues to use the equity method, the group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a group entity transacts with an associate or a joint venture of the group, profits and losses resulting from the transactions with the associate or joint venture are recognized in the group's consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the group. The gross amount on transactions with associates or joint ventures is not eliminated; only any gain or loss on these transactions is eliminated. A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity\u2019s liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a DEME Group entity starts activity in a joint operation, the group recognizes, in relation to its interest in the joint operation: - its assets, including its share of any assets held jointly - its liabilities, including its share of any liabilities incurred held jointly - its revenue from the sale of its share of the output arising from the joint operation - its expenses, including its share of any expenses incurred jointly The group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. When a group entity transacts with a joint operation in which a group entity is a joint operator (such as a sale or contribution of assets), the group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the group's consolidated financial statements only to the extent of other parties' interests in the joint operation. Within the DEME group there are also project driven construction consortiums that are not structured as a separate legal entity. They are directly integrated in the figures of the DEME subsidiary that is participating in the consortium. They are considered as joint operations and thus follow the accounting method described above (integration on a line-by-line basis).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__139": {
"value": "Foreign currencies The group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s functional currency. For each entity, the group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__138": {
"value": "Foreign currencies The group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s functional currency. For each entity, the group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Financial statements of foreign entities with a functional currency not equal to the euro, are translated as follows: - assets and liabilities are translated at the year-end rate - income and expenses are translated at the average exchange rate for the year - shareholders\u2019 equity accounts are translated at historical exchange rates Exchange differences arising from the translation of foreign subsidiaries, joint ventures or associates, if any, are recognized in other comprehensive income and accumulated in equity (and attributed to non-controlling interests if appropriate). Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date rate. Gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. On the disposal of a foreign operation (i.e. a disposal of the group\u2019s entire interest in a foreign operation, a disposal involving loss of control over a subsidiary that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owner of the company are reclassified to profit or loss. The group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. In case of a partial disposal of a subsidiary that includes a foreign operation that does not result in the group losing control over the subsidiary, the proportionate share of accumulated exchange differences is reattributed to non-controlling interests and are not recognized in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. In note (22) a table with currency rates from foreign currency to EUR can be found as per 31 December 2024 and 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__146-1": {
"value": "Intangible assets Acquired concessions, patents, licenses and similar rights These intangibles, that are separately acquired and that have a finite useful life, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. These intangibles mainly relate to the acquired technology of the SPT Offshore business that is amortized over the economic lifetime of 10 years and the silent installation technique of GBM which is amortized over 3 years. Costs for configuring or customizing a supplier\u2019s application software in a Software as a Service (SaaS) arrangement is determined as a service contract and expensed. Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis. Amortization of development costs starts at the earliest on the date when financial close of the related project is reached. Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.Depreciation is charged to the income statement on a straight-line basis over the useful lives taking into account an estimated residual value. Land is not depreciated as it is deemed to have an infinite life, except for landfills used for sand production that are depreciated according to the tons extracted. Buildings are depreciated over 25 years. The depreciation periods of the floating and other construction materials range from 3 years (such as for pipelines) to 25 years (principal component of transportation vessels). The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years when in production before 2019. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 offshore crane vessels in production since 2019, the principal component is depreciated over a period of 20 years and a second component is amortized over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Furniture and other fixed assets are depreciated over a period between 3 and 10 years. For all equipment with a residual value, this amount has been estimated as 1% of the initial investment value from 2019 onwards. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also considering the potential impact of climate change. Any changes in estimates are accounted for prospectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__143-1": {
"value": "Intangible assets Acquired concessions, patents, licenses and similar rights These intangibles, that are separately acquired and that have a finite useful life, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. These intangibles mainly relate to the acquired technology of the SPT Offshore business that is amortized over the economic lifetime of 10 years and the silent installation technique of GBM which is amortized over 3 years. Costs for configuring or customizing a supplier\u2019s application software in a Software as a Service (SaaS) arrangement is determined as a service contract and expensed. Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis. Amortization of development costs starts at the earliest on the date when financial close of the related project is reached. Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.Dry-docking costs of the main production equipment (major repair costs) are recognized in the carrying amount of the vessel when incurred and depreciated over five years (normal period foreseen between two consequent dry dockings). Depreciation is charged to the income statement on a straight-line basis over the useful lives taking into account an estimated residual value. Land is not depreciated as it is deemed to have an infinite life, except for landfills used for sand production that are depreciated according to the tons extracted. Buildings are depreciated over 25 years. The depreciation periods of the floating and other construction materials range from 3 years (such as for pipelines) to 25 years (principal component of transportation vessels). The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years when in production before 2019. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 offshore crane vessels in production since 2019, the principal component is depreciated over a period of 20 years and a second component is amortized over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Furniture and other fixed assets are depreciated over a period between 3 and 10 years. For all equipment with a residual value, this amount has been estimated as 1% of the initial investment value from 2019 onwards. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also considering the potential impact of climate change. Any changes in estimates are accounted for prospectively.Operating expenses Raw materials, consumables, services and subcontracted work This category in the consolidated statement of income is the OpEx of the group. All operating expenses (also SG&A expenses incurred through our normal business operations) are included except for personnel expenses, depreciation, amortization and impairment costs and other operating expenses that are disclosed in a separate note. Research and development, advertising and promotional costs and IT systems development costs Research, advertising and promotional costs are expensed in the year in which they are incurred. Development costs and IT systems development costs are expensed in the year in which they are incurred if they do not meet the criteria for capitalization. These costs are included in the operating expenses (OpEx) of the group. Other operating expenses Other operating expenses include the loss on sale of intangible assets and the loss on sale of property, plant and equipment. The non-cash movements in amounts written off inventories and trade receivables, in retirement benefit obligations and in provisions is also recorded as other operating expenses. Next to above, other costs such as various taxes, import and stamp duties are also included in other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__142": {
"value": "Intangible assets Acquired concessions, patents, licenses and similar rights These intangibles, that are separately acquired and that have a finite useful life, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. These intangibles mainly relate to the acquired technology of the SPT Offshore business that is amortized over the economic lifetime of 10 years and the silent installation technique of GBM which is amortized over 3 years. Costs for configuring or customizing a supplier\u2019s application software in a Software as a Service (SaaS) arrangement is determined as a service contract and expensed. Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis. Amortization of development costs starts at the earliest on the date when financial close of the related project is reached. Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__140-1": {
"value": "Intangible assets Acquired concessions, patents, licenses and similar rights These intangibles, that are separately acquired and that have a finite useful life, are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. These intangibles mainly relate to the acquired technology of the SPT Offshore business that is amortized over the economic lifetime of 10 years and the silent installation technique of GBM which is amortized over 3 years. Costs for configuring or customizing a supplier\u2019s application software in a Software as a Service (SaaS) arrangement is determined as a service contract and expensed. Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis. Amortization of development costs starts at the earliest on the date when financial close of the related project is reached. Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.Goodwill Goodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognized identifiable net assets. The basis of measurement is selected on a transaction by transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the group (if any), the surplus is recognized immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortized but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__148": {
"value": "Research and development Expenditure on research activities is recognized in the income statement as an OpEx expense as incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale - the intention to complete the intangible asset and use or sell it - the ability to use or sell the intangible asset - how the intangible asset will generate probable future economic benefits - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset - the ability to reliably measure the expenditure attributable to the intangible asset during its development The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Impairment testing is done during the development at each closing period. In the segment Concessions, some development expenses are capitalized in the associates DEME Concessions participates in. For each project, initial recognition has to be approved by the Audit Committee and impairment testing is discussed in the meeting on a semi-annual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__149": {
"value": "Exploration for and evaluation of mineral resources In the segment Concessions, DEME expenses costs incurred for the exploration and evaluation of mineral resources on the seabed since the recognition criteria are not met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__150": {
"value": "Goodwill Goodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognized identifiable net assets. The basis of measurement is selected on a transaction by transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the group (if any), the surplus is recognized immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortized but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__137": {
"value": "Goodwill Goodwill arising from a business combination is recognized as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date. Non-controlling interests are initially measured either at fair value, or at the non-controlling interests' share of the acquiree's recognized identifiable net assets. The basis of measurement is selected on a transaction by transaction basis. If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the group (if any), the surplus is recognized immediately in the income statement as a gain from a bargain purchase. Goodwill is not amortized but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods. If the group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__151": {
"value": "Property, plant and equipment Property, plant and equipment are measured at historical cost, less accumulated depreciation and impairment losses. Historical cost includes all direct costs and all expenditure incurred to bring the asset to its working condition and location, as well as for its intended use. Historical cost includes the original purchase price, specific borrowing costs incurred during the construction period, and related direct costs. Main dredging and offshore equipment consists of components with different useful lives that are accounted for as separate items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated 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 derecognized. The wear and tear of dredging equipment is highly dependent on project-specific combinations of soil conditions, material to be processed, maritime circumstances, and the intensity of the deployment of the equipment (factors that are difficult to predict). Due to these erratic and time-independent patterns, the maintenance and repair costs for upkeep of the assets during the operation of the vessel are predominantly expensed. Dry-docking costs of the main production equipment (major repair costs) are recognized in the carrying amount of the vessel when incurred and depreciated over five years (normal period foreseen between two consequent dry dockings). Depreciation is charged to the income statement on a straight-line basis over the useful lives taking into account an estimated residual value. Land is not depreciated as it is deemed to have an infinite life, except for landfills used for sand production that are depreciated according to the tons extracted. Buildings are depreciated over 25 years. The depreciation periods of the floating and other construction materials range from 3 years (such as for pipelines) to 25 years (principal component of transportation vessels). The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years when in production before 2019. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 offshore crane vessels in production since 2019, the principal component is depreciated over a period of 20 years and a second component is amortized over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel. Furniture and other fixed assets are depreciated over a period between 3 and 10 years. For all equipment with a residual value, this amount has been estimated as 1% of the initial investment value from 2019 onwards. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also considering the potential impact of climate change. Any changes in estimates are accounted for prospectively. Property, plant and equipment under construction are included based on the instalments paid and the capitalized interests during the construction period. Gains and losses on disposals are determined by comparing the net disposal proceeds with the carrying amount and are recognized within other operating income or other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__153": {
"value": "Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated 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 derecognized. The wear and tear of dredging equipment is highly dependent on project-specific combinations of soil conditions, material to be processed, maritime circumstances, and the intensity of the deployment of the equipment (factors that are difficult to predict). Due to these erratic and time-independent patterns, the maintenance and repair costs for upkeep of the assets during the operation of the vessel are predominantly expensed. Dry-docking costs of the main production equipment (major repair costs) are recognized in the carrying amount of the vessel when incurred and depreciated over five years (normal period foreseen between two consequent dry dockings).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__152": {
"value": "Property, plant and equipment under construction are included based on the instalments paid and the capitalized interests during the construction period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__154": {
"value": "The group as lessee, right-of-use assets and lease liabilities The group as lessee The group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The group applies a single recognition and measurement approach for all leases, except for short-term leases (less than one year) and leases of low-value assets. Right-of-use assets and lease liabilities Assets, representing the right to use the underlying leased asset, are capitalized as right-of-use assets at cost, comprising 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. The corresponding lease liabilities, representing the net present value of the lease payments to be made over the lease term, are recognized as long-term or current liabilities depending on the period in which they are due. The lease payments are discounted using the lessee\u2019s incremental borrowing rate. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease liabilities are included in interest-bearing debt. Lease interest is charged to the income statement as an interest expense. Leased assets are depreciated, using straight-line depreciation over the shorter of the lease term and the estimated useful life of the assets, including the period of renewable options, in case it is reasonably certain that the option will be exercised. When there is reasonable certainty that ownership will be obtained by the end of the lease term, the depreciation policy for the leased asset is consistent with that for depreciable assets which are owned. However, when there is no reasonable certainty that ownership will be obtained by the end of the lease term, the asset is depreciated over the shorter of the lease term and its expected useful life. The right-of-use assets are also subject to impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__155": {
"value": "Inventories Inventories are measured at the lower of cost and net realizable value. The weighted average cost method is used to calculate the cost for raw materials, whereas the cost of consumables is determined using the FIFO method. Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion and estimated costs to make the sale. When inventories are sold, the carrying amount of those inventories shall be recognized as an expense in the period in which the related revenue is recognized. The amount of any write down of inventories to net realizable value and all losses of inventories shall be recognized as an expense in the period the write down or loss occurs. The amount of any reversal of any write down of inventories, arising from an increase in net realizable value, shall be recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__185-1": {
"value": "Contract assets and contract liabilities Contract assets concern the gross amount yet to be charged which is expected to be received from customers for contractual work performed up to the reporting date (hereinafter: \u201cwork in progress\u201d) and services rendered. Work in progress is valued as the sum of the cost price of the work performed, plus a part of the expected results upon completion of the project in proportion to the progress made and less progress billings, and less potential provisions for losses. Provisions are recognized for expected losses on work in progress as soon as they are anticipated and if applicable, any profits already recognized are reversed. As long as the project is not started and the assumptions regarding execution of the work are not final yet (hence a loss to completion provision is difficult to measure reliably), no loss to completion provision is accounted for, unless there is a certain event supporting the provision. A loss to completion provision is accounted for as a contract liability. Revenues for additional work and claims are included in the overall contract revenues if the client has accepted the sum involved. The cost price includes project costs, consisting of payroll costs, materials, costs of subcontracted work, rental charges and maintenance costs of the equipment used and other project costs. The vessel rates used are based on the expected average vessel occupation in the long run. The progress of a project is measured as the ratio of the basis of the cost of the work performed in relation to the total expected cost price of the project as a whole. Profits are not recognized unless a reliable estimate of the end of project result can be made. DEME considers that no such reliable estimate can be made as long as the percentage of completion remains below 10% of the total expected cost price of the project or if the installation vessels for offshore wind farm foundation projects has not yet been mobilized. The balance of the value of work in progress is determined per project. For projects where the progress billings and advance payments exceed the value of work in progress, the balance is recognized under contract liabilities instead of under contract assets. Advances are amounts received by the group (no significant financing component) before the related work is performed. The group presents those separately from other contract liabilities.Trade and other operating receivables Trade and other operating receivables are stated initially at fair value and subsequently at amortized cost less accumulated impairment losses.Cash and cash equivalents Cash and cash equivalents consist of cash in hand and on bank accounts and short-term investments with an initial term of less than three months. Cash, cash equivalents and short-term deposits are carried in the balance sheet at nominal value.Interest-bearing loans and borrowings Interest-bearing loans and borrowings are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost, using the effective interest rate method. Amortized cost is calculated by considering any issue costs and any discount or premium on settlement. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in the income statement. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate.Trade and other payables Trade and other payables are stated at amortized cost. Invoices and related payment terms depend on individual contractual terms with suppliers.Risks from financial instruments The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest- bearing loans, trade and other payables and derivatives. Derivatives are used exclusively as hedging instruments and not for trading or other speculative purposes. The group is exposed to the following risks from financial instruments which will be further elaborated in note (22): - credit and counterparty risk - liquidity risk - market risk consisting of currency risk, interest rate risk and price risksDerivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__175-1": {
"value": "Contract assets and contract liabilities Contract assets concern the gross amount yet to be charged which is expected to be received from customers for contractual work performed up to the reporting date (hereinafter: \u201cwork in progress\u201d) and services rendered. Work in progress is valued as the sum of the cost price of the work performed, plus a part of the expected results upon completion of the project in proportion to the progress made and less progress billings, and less potential provisions for losses. Provisions are recognized for expected losses on work in progress as soon as they are anticipated and if applicable, any profits already recognized are reversed. As long as the project is not started and the assumptions regarding execution of the work are not final yet (hence a loss to completion provision is difficult to measure reliably), no loss to completion provision is accounted for, unless there is a certain event supporting the provision. A loss to completion provision is accounted for as a contract liability. Revenues for additional work and claims are included in the overall contract revenues if the client has accepted the sum involved. The cost price includes project costs, consisting of payroll costs, materials, costs of subcontracted work, rental charges and maintenance costs of the equipment used and other project costs. The vessel rates used are based on the expected average vessel occupation in the long run. The progress of a project is measured as the ratio of the basis of the cost of the work performed in relation to the total expected cost price of the project as a whole. Profits are not recognized unless a reliable estimate of the end of project result can be made. DEME considers that no such reliable estimate can be made as long as the percentage of completion remains below 10% of the total expected cost price of the project or if the installation vessels for offshore wind farm foundation projects has not yet been mobilized. The balance of the value of work in progress is determined per project. For projects where the progress billings and advance payments exceed the value of work in progress, the balance is recognized under contract liabilities instead of under contract assets. Advances are amounts received by the group (no significant financing component) before the related work is performed. The group presents those separately from other contract liabilities.Interest-bearing loans and borrowings Interest-bearing loans and borrowings are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost, using the effective interest rate method. Amortized cost is calculated by considering any issue costs and any discount or premium on settlement. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in the income statement. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate.Trade and other payables Trade and other payables are stated at amortized cost. Invoices and related payment terms depend on individual contractual terms with suppliers.Risks from financial instruments The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest- bearing loans, trade and other payables and derivatives. Derivatives are used exclusively as hedging instruments and not for trading or other speculative purposes. The group is exposed to the following risks from financial instruments which will be further elaborated in note (22): - credit and counterparty risk - liquidity risk - market risk consisting of currency risk, interest rate risk and price risksDerivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__157-1": {
"value": "Contract assets and contract liabilities Contract assets concern the gross amount yet to be charged which is expected to be received from customers for contractual work performed up to the reporting date (hereinafter: \u201cwork in progress\u201d) and services rendered. Work in progress is valued as the sum of the cost price of the work performed, plus a part of the expected results upon completion of the project in proportion to the progress made and less progress billings, and less potential provisions for losses. Provisions are recognized for expected losses on work in progress as soon as they are anticipated and if applicable, any profits already recognized are reversed. As long as the project is not started and the assumptions regarding execution of the work are not final yet (hence a loss to completion provision is difficult to measure reliably), no loss to completion provision is accounted for, unless there is a certain event supporting the provision. A loss to completion provision is accounted for as a contract liability. Revenues for additional work and claims are included in the overall contract revenues if the client has accepted the sum involved. The cost price includes project costs, consisting of payroll costs, materials, costs of subcontracted work, rental charges and maintenance costs of the equipment used and other project costs. The vessel rates used are based on the expected average vessel occupation in the long run. The progress of a project is measured as the ratio of the basis of the cost of the work performed in relation to the total expected cost price of the project as a whole. Profits are not recognized unless a reliable estimate of the end of project result can be made. DEME considers that no such reliable estimate can be made as long as the percentage of completion remains below 10% of the total expected cost price of the project or if the installation vessels for offshore wind farm foundation projects has not yet been mobilized. The balance of the value of work in progress is determined per project. For projects where the progress billings and advance payments exceed the value of work in progress, the balance is recognized under contract liabilities instead of under contract assets. Advances are amounts received by the group (no significant financing component) before the related work is performed. The group presents those separately from other contract liabilities.Trade and other operating receivables Trade and other operating receivables are stated initially at fair value and subsequently at amortized cost less accumulated impairment losses.Cash and cash equivalents Cash and cash equivalents consist of cash in hand and on bank accounts and short-term investments with an initial term of less than three months. Cash, cash equivalents and short-term deposits are carried in the balance sheet at nominal value.Risks from financial instruments The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest- bearing loans, trade and other payables and derivatives. Derivatives are used exclusively as hedging instruments and not for trading or other speculative purposes. The group is exposed to the following risks from financial instruments which will be further elaborated in note (22): - credit and counterparty risk - liquidity risk - market risk consisting of currency risk, interest rate risk and price risks",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__156": {
"value": "Trade and other operating receivables Trade and other operating receivables are stated initially at fair value and subsequently at amortized cost less accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__162": {
"value": "Assets held for sale The group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__161": {
"value": "Assets held for sale The group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__163": {
"value": "Cash and cash equivalents Cash and cash equivalents consist of cash in hand and on bank accounts and short-term investments with an initial term of less than three months. Cash, cash equivalents and short-term deposits are carried in the balance sheet at nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__165": {
"value": "Impairment tangible and intangible assets including goodwill At the end of each reporting period, the group reviews the carrying amounts of its property, plant and equipment and right-of-use assets and intangible assets to determine whether there is any indication of impairment. If such indication exists or when it is required, the asset's recoverable amount is estimated. For intangible assets that are not yet available for use, and for goodwill, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the income statement. When there is an indication that prior recognition impairment losses no longer exist, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but in such a way that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the income statement. An impairment loss on goodwill is never reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__164": {
"value": "Impairment tangible and intangible assets including goodwill At the end of each reporting period, the group reviews the carrying amounts of its property, plant and equipment and right-of-use assets and intangible assets to determine whether there is any indication of impairment. If such indication exists or when it is required, the asset's recoverable amount is estimated. For intangible assets that are not yet available for use, and for goodwill, the recoverable amount is estimated at each balance sheet date. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the income statement. When there is an indication that prior recognition impairment losses no longer exist, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but in such a way that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the income statement. An impairment loss on goodwill is never reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__166": {
"value": "Provisions Provisions are recognized in the balance sheet when the group has a presented obligation (legal or constructive) resulting from a past event, when it is probable (more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The unwinding of discount on provisions is recognized as a financial expense. Warranty provisions Provisions for warranties are recognized based on the best estimate of the expected cash outflows or cost of repair to settle contractually agreed warranties during the defect notification period for completed projects. The carrying amount of these provisions is estimated based on common industry practice and the group\u2019s experience with warranty claims for relevant projects. Initial recognition of these assurance-type warranties is based on historical experience and the estimate of warranty-related costs is revised annually. Restructuring provisions Restructuring provisions will be recognized when the group has a constructive obligation, meaning when there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs and the timeline. The group must also notify all the employees affected about this plan's main features. Other provisions Other provisions, more specifically in the Environmental segment, relate to the legal provision for the capping of the landfill when the dumping areas are full or to the provision for end of contract reinstatement of a site. Other provisions can also be provisions for legal proceedings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__167": {
"value": "Restructuring provisions will be recognized when the group has a constructive obligation, meaning when there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs and the timeline. The group must also notify all the employees affected about this plan's main features.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__168": {
"value": "Other provisions, more specifically in the Environmental segment, relate to the legal provision for the capping of the landfill when the dumping areas are full or to the provision for end of contract reinstatement of a site. Other provisions can also be provisions for legal proceedings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__171": {
"value": "Retirement benefit obligations Defined contribution plans without interest guarantee by the employer Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. Belgian defined contribution plans with interest guarantee by the employer By law, defined contribution pension plans in Belgium are subject to minimum guaranteed rates of return. Consequently, these 'defined contribution' plans classify as 'defined benefit' plans. Defined benefit plans For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected as a separate reserve in equity and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows: - service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) - net interest expense or income - remeasurement The group presents the first two components of defined benefit costs in profit or loss. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the group\u2019s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__170": {
"value": "Share-based payments and treasury shares In 2024 a stock option plan was launched by DEME Group NV as part of its incentive plan for DEME's Executive Committee and Management Team members after which a share buyback program was started. The stock option plan enables selected participants to acquire shares of DEME Group NV (equity-settled transaction). The exercise price of the options, that are granted free of charge, is equal to the lower of the average closing price of the share during the last 30 days preceding the date of the offering or the last closing price prior to the date of the offering. According to IFRS 2 share-based payments the cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note (18) share-based payments. The cost is recognized in personnel expenses with a corresponding increase in equity (share-based payments reserve) on a straight-line basis over the vesting period. To cover the company\u2019s obligations under the implemented stock option plan, the group buys own shares (treasury shares) which can occur by means of several buybacks. Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized on the purchase, sale, issue or cancellation of the group\u2019s own equity instruments. When stock options are exercised, treasury shares are derecognized but the difference between the option exercise price and the average price of the treasury shares remains in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__169": {
"value": "Share-based payments and treasury shares In 2024 a stock option plan was launched by DEME Group NV as part of its incentive plan for DEME's Executive Committee and Management Team members after which a share buyback program was started. The stock option plan enables selected participants to acquire shares of DEME Group NV (equity-settled transaction). The exercise price of the options, that are granted free of charge, is equal to the lower of the average closing price of the share during the last 30 days preceding the date of the offering or the last closing price prior to the date of the offering. According to IFRS 2 share-based payments the cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details of which are given in note (18) share-based payments. The cost is recognized in personnel expenses with a corresponding increase in equity (share-based payments reserve) on a straight-line basis over the vesting period. To cover the company\u2019s obligations under the implemented stock option plan, the group buys own shares (treasury shares) which can occur by means of several buybacks. Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized on the purchase, sale, issue or cancellation of the group\u2019s own equity instruments. When stock options are exercised, treasury shares are derecognized but the difference between the option exercise price and the average price of the treasury shares remains in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__172": {
"value": "Interest-bearing loans and borrowings Interest-bearing loans and borrowings are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost, using the effective interest rate method. Amortized cost is calculated by considering any issue costs and any discount or premium on settlement. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. When a financial liability measured at amortized cost is modified without this resulting in derecognition, a gain or loss is recognized in the income statement. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__173": {
"value": "The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__174": {
"value": "Trade and other payables Trade and other payables are stated at amortized cost. Invoices and related payment terms depend on individual contractual terms with suppliers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__182-1": {
"value": "Income taxes, deferred taxes and uncertain tax positions Income taxes are classified as either current or deferred taxes. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in other comprehensive income (OCI) or equity, in which case it is recognized in OCI or equity.Deferred taxes are calculated using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The principal temporary differences arise from depreciation of property, plant and equipment, provisions for defined benefit plans, fair value measurement of derivatives and tax losses carried forward. Deferred taxes are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled, based on tax rates enacted or substantively enacted by the balance sheet date. A deferred tax asset shall be recognized for the carryforward of the unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized unless the deferred tax assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred tax assets are also recognized for all deductible differences arising from investments in subsidiaries, joint ventures and associates to the extent that, it is probable that the temporary difference will reverse in the foreseeable future and the taxable profit will be available against which the temporary difference can be utilized. At each balance sheet date, the group reassess if all the above criteria are met. IFRIC 23, which became effective as from 1 January 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__180-1": {
"value": "Income taxes, deferred taxes and uncertain tax positions Income taxes are classified as either current or deferred taxes. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly in other comprehensive income (OCI) or equity, in which case it is recognized in OCI or equity. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income taxes include expected tax charges based on the accounting profit for the current year and adjustments to tax charges of prior years. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the group operates and generates taxable income. As of 2024, current income tax also includes Pillar Two income tax. Pillar Two introduces a global minimum corporate tax of 15 percent for groups with a turnover that exceeds 750 million euro. If this is the case, the group must examine whether its profits are subject to an effective tax rate of at least 15 percent on a jurisdictional level. When this is not the case, top-up taxes are imposed and included in current income taxes.IFRIC 23, which became effective as from 1 January 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__184": {
"value": "Investment tax credits Investment tax credits are excluded from the scope of IAS 12 income taxes and IAS 20 accounting for government grants and disclosure of government assistance. In accordance with IAS 8 accounting policies, changes in accounting estimates and errors, the group defined an accounting policy in respect of investment tax credits by making an analogy to IAS 12 income taxes. By making this analogy and when the entity satisfies the criteria to receive the credit, this will be recognized in the income statement (deferred taxes), and the related assets in the statement of financial position (deferred tax asset).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__192-1": {
"value": "Risks from financial instruments The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest- bearing loans, trade and other payables and derivatives. Derivatives are used exclusively as hedging instruments and not for trading or other speculative purposes. The group is exposed to the following risks from financial instruments which will be further elaborated in note (22): - credit and counterparty risk - liquidity risk - market risk consisting of currency risk, interest rate risk and price risksDerivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__196": {
"value": "Derivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__194": {
"value": "Derivate financial instruments and hedging The company uses derivative financial instruments primarily to reduce exposure to adverse fluctuations in interest rates, foreign exchange rates, commodity prices and other market risks. As already mentioned above, the group's policy prohibits the use of derivatives for speculation. The company does not hold or issue derivative financial instruments for trading purposes. However, derivatives which do not qualify as hedging instruments as defined by IFRS 9 are presented as instruments held for trading. Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are measured at fair value. Recognition of any resulting unrealized gain or loss depends on the nature of the derivative and the effectiveness of the hedge. The fair value of interest-rate swaps is the estimated amount that the company would receive or pay when exercising the swaps at the closing date, taking into account current interest rates and the solvency of the swap counterparty. The fair value of a forward-exchange contract is the quoted value at the closing date, and therefore the present value of the quoted forward price. Hedge accounting is applicable if all criteria in the IFRS 9 standard are fulfilled: - there is formal designation and documentation for the hedging relationship at the inception of this relationship - the economic relationship between the hedged item and the hedging - instrument and the potential sources of ineffectiveness must be documented - the retrospective ineffectiveness must be assessed at each closing Variations of fair value between periods are recognized differently according to the accounting classification. Cash flow hedges When a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction, the effective part of any gain or loss resulting from the derivative financial instrument is recognized directly in other elements of the comprehensive income and is presented in a separate reserve in equity. When the firm commitment or the expected transaction results in the recognition of an asset or liability, the cumulative gain or loss is removed from the comprehensive income and is reported under a separate reserve in the equity. Otherwise, the cumulative gain or loss is removed from equity and recognized in the income statement at the same time as the hedged transaction. The ineffective part of any gain or loss on the financial instrument is taken into result. Gains or losses resulting from the time value of derivative financial instruments are recognized in the income statement. When a hedging instrument or hedge relationship expires but the hedged transaction is still expected to occur, the cumulative unrealized gain or loss (at that point) remains in equity and is recognized in accordance with the above policy when the transaction occurs. If the hedged transaction is expected not to occur, the cumulative unrealized gain or loss recognized in equity is immediately taken to income. Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date. Instruments related to construction contracts If a derivative financial instrument hedges variations in cash flows relating to a recognized liability, a firm commitment or an expected transaction in the framework of a construction contract (mainly forward purchases of raw materials, or foreign exchange purchases or sales), a documentation of the cash flow hedge relationship as described above will not be prepared. Any gain or loss resulting from the derivative financial instrument is recognized in the income statement. These instruments are, however, submitted to a test of efficiency based on the same methodology as utilized for hedge accounting. The effective part of any gain or loss on the financial instrument is considered as construction cost and is presented as an operational result based upon the percentage of completion of the contract. The fair value variation itself however is not considered for determining the percentage of completion of the contract and deferred hedge charges and income are not part of contract assets or contract liabilities as these are stated at hedge rate and not at market rate. Deferred hedge charges and income are included in other current assets and other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__195": {
"value": "Fair value hedges When a derivative financial instrument hedges variations in the fair value of a recognized receivable or payable, any gain or loss resulting from the remeasurement of the hedging instrument is recognized in the income statement. The hedged item is also stated at the fair value attributable to the risk hedged, with any gain or loss being recognized in the income statement. The fair value of hedged items, in respect of the risk hedged, is their carrying amount at the balance sheet date translated into euro at the exchange rate on that date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__197": {
"value": "Revenues Turnover or revenue from contracts with customers All segments contribute to the group's turnover, with the Concessions segment, which is the group's investment and development vehicle, only generating revenues from ancillary activities as described in note (1), if applicable for a particular financial year. Consolidated revenue comprises the total of the work and services realized by DEME and its subsidiaries pursuing their main activity. DEME\u2019s activities encompass dredging, land reclamation, hydraulic engineering, construction and services for the offshore oil & gas and renewable energy industries, civil engineering and environmental works. These activities being construction or execution of a service are executed following a contract with the customer. The consolidated revenue is recognized in accordance with IFRS 15. Revenues don\u2019t have any significant financing component. Most construction and service contracts with the customers involve only one performance obligation, which is fulfilled progressively over time. For a limited number of \u201cEPCI\u201d contracts in the renewable business (offshore wind farms), multiple performance obligations can be identified. In those contracts the EPC and T&I part for the monopiles can be separated, as well as the cable laying part and the EPC and T&I part for the offshore substations (OSS). Those parts of the contract are capable of being distinct, and are distinct in the context of the contract, and accordingly are considered as separate performance obligations. Where a contract includes several distinct performance obligations, the group allocates the overall price of the contract to each performance obligation in accordance with IFRS 15. That price corresponds to the amount of the consideration to which it expects to be entitled. The most common variable considerations such as the steel price, fuel consumption or design price modifications shall only be included in the transaction price to the extent that it is highly probable that a significant reversal in the revenue recognized will not occur. When the price includes a variable component, such as a performance bonus or a claim, the group only recognizes that consideration from the moment that agreement is reached with the client (virtually certain). There are no IFRS 15 service-type warranties. The group has concluded that revenue from construction and service contracts should be recognized over time. As such, the revenue recognition reflects the rate at which our performance obligations are fulfilled corresponding to the transfer of control of a good or service to our customers. When there is no transfer of control throughout the contract revenue is still recognized over time, based on the fact that the asset created has no alternative use, as well as the fact that an enforceable right to payment exists for performance completed to date. Revenue from construction and service contracts is recognized by reference to the stage of completion of the contract activity at the end of the reporting period, measured based on the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs, except where this would not be representative of the stage of completion. A correction is made for the cost of material (e.g. steel) that is purchased but not yet manufactured or utilized in the production process at the reporting date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognized to the extent of project costs incurred that will probably be recoverable. Project costs are recognized as expenses in the period in which they are incurred. Management concluded that costs to fulfil a contract that are not incurred in respect of the satisfaction of the performance obligation have no material impact on the recognition of revenues and margin of the project. As such, these costs are also recognized when incurred and are included computing the stage of completion. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately, based upon the principles of IAS 37 provisions, contingent liabilities and contingent assets for onerous contracts at the best estimate of the expenditure required to settle the obligation. As such the expected loss to record will reflect management expectations about the costs of satisfying the obligation less the amount to be received from the customer (more probable than not). When there are major constraints on transferring cash from the working country to the head office, the profit on a contract is only recognized on a cash basis. Other operating income Other operating income includes the gain on sale of intangible assets, the gain on sale of property, plant and equipment as well as the gain on sale of financial assets, next to other non-recurring income. The latter includes the insurance income received with respect to damages to our vessels and equipment, as well as liquidated damages received in the context of a construction contract of new equipment only if it compensates incremental charges incurred due to late delivery of the new equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__202": {
"value": "Financial result Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. All interest expenses and other costs incurred in connection with borrowings, except those which were eligible to be capitalized, are expensed. The interest expense is recognized in the income statement using the effective interest rate method. Interest income and interest expense also include gains or losses resulting from the time value of derivative financial instruments. Dividend income (from non-consolidated participations) is recognized when the shareholder\u2019s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the group and the amount of income can be reliably measured). Other financial expenses, included in the other financial result, mainly relate to costs incurred for project related bank guarantees, while other financial income mainly relate to delay interest income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__199": {
"value": "Financial result Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. All interest expenses and other costs incurred in connection with borrowings, except those which were eligible to be capitalized, are expensed. The interest expense is recognized in the income statement using the effective interest rate method. Interest income and interest expense also include gains or losses resulting from the time value of derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__198": {
"value": "Financial result Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. All interest expenses and other costs incurred in connection with borrowings, except those which were eligible to be capitalized, are expensed. The interest expense is recognized in the income statement using the effective interest rate method. Interest income and interest expense also include gains or losses resulting from the time value of derivative financial instruments. Dividend income (from non-consolidated participations) is recognized when the shareholder\u2019s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the group and the amount of income can be reliably measured). Other financial expenses, included in the other financial result, mainly relate to costs incurred for project related bank guarantees, while other financial income mainly relate to delay interest income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__200-1": {
"value": "Dividend income (from non-consolidated participations) is recognized when the shareholder\u2019s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the group and the amount of income can be reliably measured).Dividends All of the ordinary shares (excluding treasury shares) will entitle a holder thereof to an equal right to participate in dividends. All of the ordinary outstanding shares participate equally in the company\u2019s profits (if any). Subject to the company\u2019s earnings, financial condition, capital requirements and other factors considered important by the Board of Directors, the availability of distributable reserves and the approval by the Shareholders\u2019 meeting, the company intends to declare and distribute an annual non-cumulative dividend to its shareholders based on a target pay-out ratio of 33% of the group\u2019s net profit. There can be no assurance as to whether dividends or similar payments will be paid out in the future nor, if they are paid, as to their amount. For 2024, the Board of Directors will propose to the General Assembly, on 21 May 2025, to distribute a gross dividend of 3.8 euro (2.66 euro net) per share, an increase of 81% compared to last year. Subject to the approval of the General assembly, the payment date is proposed to be set on 30 May 2025. The dividend for 2023 (a gross dividend of 2.1 euro per share) was paid for a total amount of 53.1 million euro on 27 May 2024 and considered that no dividend was paid on the treasury shares that DEME Group NV owned on that date. The company recognizes a liability to pay a dividend once the distribution is authorized. A corresponding amount is recognized directly in equity",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__215-1": {
"value": "Group structure and changes in the reporting period Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements. Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Subsidiaries (fully consolidated) For the year ended 31 December DEME Group NV is the parent company of the group. DEME Group NV holds a 100% ownership stake in DEME NV, which served as the parent company until 29June 2022, when the group was publicly listed. The sole asset of DEME Group NV is its participation in DEME NV. DEME Environmental NV, the parent company of the Environmental segment, is partially owned (25.10%) by a third party. In the Dredging & Infra segment, particularly in the maritime services business, Combined Marine Terminal Operations Worldwide NV (CTOW) and its affiliates are owned for 45.62 % by third parties. In the marine aggregate business, one affiliate has non-controlling interests amounting to 30%. In the dredging business, only minor interests are held by third parties. In the Concessions segment a strategic partner invested in Global Sea Mineral Resources NV (GSR) and its affiliates in 2023, acquiring a minority shareholding of 15.78% as explained in section changes in the consolidation scope of both current and previous reporting period. As of 31 December 2024, there are no non-controlling interests in the Offshore segment. Reference is made to note (20) non-controlling interests for further details. 2024 2023 Main Name Country % of Share-% of Share-Operational holding holding Segment 2024 Dredging, Environmental & Marine Engineering NV Belgium 100% 100% Baggerwerken Decloedt en Zoon NV Belgium 100% 100% Dredging & Infra Cathie Associates Holding CVBA Belgium 100% 100% Offshore Energy DEME Building Materials NV (DBM) Belgium 100% 100% Dredging & Infra DEME Concessions NV Belgium 100% 100% Concessions DEME Concessions Wind NV Belgium 100% 100% Concessions DEME Coordination Center NV Belgium 100% 100% Dredging & Infra DEME Dredging NV Belgium 100% 100% Dredging & Infra DEME Hyport Energy NV Belgium 100% 100% Concessions DEME Infra NV Belgium 100% 100% Dredging & Infra DEME Infrasea Solutions NV Belgium 100% 100% Dredging & Infra DEME Offshore BE NV Belgium 100% 100% Offshore Energy DEME Offshore Equipment SA Belgium 100% 100% Offshore Energy DEME Offshore Holding NV Belgium 100% 100% Offshore Energy Dredging International NV Belgium 100% 100% Dredging & Infra Geowind NV Belgium 100% 100% Offshore Energy G-tec SA Belgium 100% 100% Offshore Energy Logimarine NV Belgium 100% 100% Dredging & Infra Deeptech NV Belgium 84.22% 84.30% Concessions Global Sea Mineral Resources NV (GSR) Belgium 84.22% 84.30% Concessions Cap Infra NV Belgium 75% 0% Concessions DEME Environmental NV Belgium 74.90% 74.90% Environmental DEME Environnement NV Belgium 74.90% 74.90% Environmental Ekosto NV Belgium 74.90% 74.90% Environmental DEME Blue Energy NV Belgium 70% 70% Concessions Combined Marine Terminal Operations Worldwide NV (CTOW) Belgium 54.38% 54.38% Dredging & Infra Grond Recyclage Centrum NV Belgium 52.43% 52.43% Environmental GRC Zolder NV Belgium 52.43% 36.70% Environmental High Wind NV Belgium 0% 100% Offshore Energy Soyo Dragagem Lda Angola 100% 100% Dredging & Infra Dragagem Angola Servi\u00e7os Lda Angola 100% 100% Dredging & Infra Dredging International Argentina SA Argentina 100% 100% Dredging & Infra Offshore Energy/ Dredging International Australia Pty Ltd Australia 100% 100% Dredging & Infra GeoSea Australia Pty Ltd Australia 100% 100% Offshore Energy Dredging International Bahrain Wll Bahrain 49%(1) 49%(1) Dredging & Infra Dragabras Servi\u00e7os de Dragagem Ltda Brazil 100% 100% Dredging & Infra (1) The economic rights in this company are 100% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 DEME Offshore CA Ltd Canada 100% 100% Offshore Energy Dredging International Management Consulting Shanghai Ltd China 100% 100% Dredging & Infra GSR-CI Ltd Cook Islands 84.22% 84.30% Concessions Hong Kong SAR Far East Dredging Ltd 100% 100% Dredging & Infra China Bellsea Ltd Cyprus 100% 100% Dredging & Infra DEME Cyprus Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore CY Ltd Cyprus 100% 100% Offshore Energy Dredging International Cyprus Ltd Cyprus 100% 100% Dredging & Infra Dredging International Services Cyprus Ltd Cyprus 100% 100% Dredging & Infra Novadeal Ltd Cyprus 100% 100% Dredging & Infra T.C.M.C. The Channel Management Company Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore DK SAS Denmark 100% 100% Offshore Energy G-tec SAS France 100% 100% Offshore Energy Offshore Energy/ Soci\u00e9t\u00e9 de Dragage International SA France 100% 100% Dredging & Infra Nordsee Nassbagger- und Tiefbau GmbH Germany 100% 100% Dredging & Infra Oam-DEME Minerali\u00ebn GmbH Germany 70% 70% Dredging & Infra International Seaport Dredging Pvt Ltd India 93.64% 93.64% Dredging & Infra Dredging International India Pvt Ltd India 0% 99.97% Dredging & Infra Dredging International Indonesia PT Indonesia 49%(3) 49%(3) Dredging & Infra Societa Italiana Dragaggi Spa Italy 100% 100% Dredging & Infra DEME Co Japan Ltd Japan 100% 100% Offshore Energy Delta River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Luxembourg SA Luxembourg 100% 100% Dredging & Infra DEME Offshore LU Procurement & Shipping SA Luxembourg 100% 100% Offshore Energy Innovation Shipping SA Luxembourg 100% 100% Offshore Energy Meuse River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Reinsurance SA Luxembourg 100% 100% Dredging & Infra Spartacus Shipping SA Luxembourg 100% 100% Dredging & Infra Vine Shipping SA Luxembourg 100% 100% Offshore Energy Yellowstone Shipping SA Luxembourg 100% 100% Offshore Energy Apollo Shipping SA Luxembourg 0% 100% Offshore Energy Bonny River Shipping SA Luxembourg 0% 100% Dredging & Infra CRiver Shipping SA Luxembourg 0% 100% Dredging & Infra SPT Offshore Sdn Bhd Malaysia 100% 100% Offshore Energy Dredging International Malaysia Sdn Bhd Malaysia 30%(1) 30%(1) Dredging & Infra Dredging International Mexico SA de CV Mexico 100% 100% Offshore Energy Logimarine SA de CV Mexico 100% 100% Dredging & Infra Dragamoz Lda Mozambique 100% 100% Dredging & Infra Earth Moving International Nigeria Ltd Nigeria 100% 100% Dredging & Infra Novadeal EKO FZE Nigeria 100% 100% Dredging & Infra Dredging and Environmental Services Nigeria Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Dredging International Services (Nigeria) Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Combined Marine Terminal Operators Nigeria Ltd Nigeria 21.25%(2) 21.25%(2) Dredging & Infra Dredging International de Panama SA Panama 100% 100% Dredging & Infra (1) The economic rights in this company are 100% (2) The economic rights in this company are 54.38% (3) The economic rights in this company are 95% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Corporacion Arenera Marina SA Panama 100% 100% Dredging & Infra Dredeco PNG Ltd Papua New Guinea 100% 100% Dredging & Infra Middle East Dredging Company QSC Qatar 49%(3) 49%(3) Dredging & Infra Dragmorstroy Llc Russia 0% 100% Dredging & Infra Mordraga Llc Russia 0% 100% Dredging & Infra Dredging InternationaI Saudi Arabia Co Ltd Saudi Arabia 99% 100% Dredging & Infra Dragafi Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International South Africa PTY Ltd South-Africa 100% 100% Dredging & Infra Dredging International Espa\u00f1a SA Spain 100% 100% Dredging & Infra Naviera Living Stone SLU Spain 100% 100% Offshore Energy DEME Building Materials BV (DBM) The Netherlands 100% 100% Dredging & Infra DEME Concessions Netherlands BV The Netherlands 100% 100% Concessions DEME Infra BV The Netherlands 100% 100% Dredging & Infra DEME Offshore NL BV The Netherlands 100% 100% Offshore Energy DEME Offshore Shipping BV The Netherlands 100% 100% Offshore Energy Dredging International Netherlands BV The Netherlands 100% 100% Dredging & Infra SPT Equipment BV The Netherlands 100% 100% Offshore Energy SPT Offshore Holding BV The Netherlands 100% 100% Offshore Energy SPT Offshore BV The Netherlands 100% 100% Offshore Energy DEME Environmental NL BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Beheer BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Zandexploitatie BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Recycling Centra BV The Netherlands 74.90% 74.90% Environmental G-tec Nederland BV The Netherlands 0% 100% Offshore Energy De Vries & van de Wiel Kust- en Oeverwerken BV The Netherlands 0% 74.90% Environmental Dredging International Ukraine Llc Ukraine 100% 100% Dredging & Infra United Arab Dredging International RAK FZ Llc 100% 100% Dredging & Infra Emirates DEME Building Materials Ltd (DBM) United Kingdom 100% 100% Dredging & Infra NewWaves Solutions Ltd United Kingdom 100% 100% Offshore Energy SPT Offshore Ltd United Kingdom 100% 100% Offshore Energy DEME Offshore US Inc USA 100% 100% Offshore Energy DEME Offshore US Llc USA 100% 100% Offshore Energy Servicios Maritimos Servimar SA Venezuela 100% 100% Dredging & Infra (3) The economic rights in this company are 95%Joint ventures (equity method in financial statements but proportionate method in segment reporting) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Scaldis Salvage & Marine Contractors NV Belgium 54.38% 54.38% Offshore Energy D&S Contractors NV Belgium 50% 50% Dredging & Infra Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA (SORECO) Belgium 38.20% 0% Environmental Cargen Group BV Belgium 37.45% 0% Environmental S\u00e9disol SA Belgium 37.45% 37.45% Environmental Blue Site SA Belgium 37.45% 37.45% Environmental W\u00e9risol SA Belgium 37.45% 37.45% Environmental Silvamo NV Belgium 37.45% 37.45% Environmental Top Wallonie NV Belgium 37.45% 37.45% Environmental MSB Minera\u00e7\u00f5es Sustent\u00e1veis do Brasil SA Brazil 51% 51% Dredging & Infra Earth Moving Worldwide (EMI) Ltd Cyprus 50% 50% Dredging & Infra Japan Offshore Marine Co Ltd Japan 49% 49% Offshore Energy Normalux Maritime SA Luxembourg 37.50% 37.50% Offshore Energy Combined Marine Terminal Operations Marafi Llc Oman 37.68% 37.68% Dredging & Infra Gulf Earth Moving Wll Qatar 50% 50% Dredging & Infra CSBC DEME Wind Engineering Co Ltd (CDWE) Taiwan 49.99% 49.99% Offshore Energy CDWE Green Jade Shipowner Co Ltd Taiwan 49.99% 49.99% Offshore Energy DIAP Thailand Co Ltd Thailand 48.90% 48.90% Dredging & Infra DBM-Bontrup BV The Netherlands 50% 50% Dredging & Infra K3 DEME BV The Netherlands 50% 50% Dredging & Infra Deeprock Beheer BV The Netherlands 50% 50% Offshore Energy Deeprock CV The Netherlands 50% 50% Offshore Energy Overseas Contracting & Chartering Services BV The Netherlands 50% 50% Offshore Energy Deeprock Crewing BV The Netherlands 25% 0% Offshore Energy United Arab Earth Moving Middle East Contracting DMCEST 50% 50% Dredging & Infra Emirates BNS JV Ltd United Kingdom 50% 50% Dredging & InfraAssociates (equity method) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Consortium Antwerp Port (Oman) NV Belgium 60% 60% Concessions Power@Sea NV Belgium 51.10% 51.10% Concessions Consortium Antwerp Port Industrial Port Land NV Belgium 50% 50% Concessions Blue Open NV Belgium 49.94% 49.94% Environmental Bluechem Building NV Belgium 25.47% 25.47% Environmental Blue Gate Antwerp Development NV Belgium 25.46% 25.46% Environmental Infra Ron BV Belgium 25% 25% Concessions Terranova NV Belgium 24.96% 24.96% Environmental Zeeboerderij Westdiep BV Belgium 20% 20% Concessions Feluy M2M SA Belgium 19.47% 19.47% Environmental Otary BIS NV Belgium 18.89% 18.89% Concessions Otary RS NV Belgium 18.89% 18.89% Concessions Rentel NV Belgium 18.89% 18.89% Concessions Hyve BV Belgium 16.67% 16.67% Concessions Terranova Solar NV Belgium 16.01% 16.01% Environmental North Sea Wave NV Belgium 13.22% 13.22% Concessions Seamade NV Belgium 13.22% 13.22% Concessions La V\u00e9lorie SA Belgium 12.48% 12.48% Environmental C-Power Holdco NV Belgium 10% 10% Concessions Terranova Hydrogen NV Belgium 8.32% 8.32% Environmental C-Power NV Belgium 6.33% 6.46% Concessions Bluepower NV Belgium 0% 35% Concessions Cobalt Seabed Resources (CSR) Ltd Cook Islands 42.11% 42.11% Concessions Nou Vela SA France 46.60% 46.60% Concessions Port-La Nouvelle SEMOP France 23.77% 23.77% Concessions Rhama Port Hub SRL Italy 28% 28% Dredging & Infra Cedar Luxembourg SARL Luxembourg 1.80% 1.80% Offshore Energy Hyport Coordination Company Llc Oman 25.50% 50% Concessions Port of Duqm Company SAOC Oman 30% 30% Concessions Duqm Industrial Land Company Llc Oman 27.55% 27.55% Concessions Duqm Logistic Lands and Investment Company Llc Oman 26% 26% Concessions Asyad Container Terminals Llc Oman 3% 0% Concessions Batic West Terminal SA Poland 50% 50% Concessions DIAP-Daelim Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra DIAP-SHAP Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra GBM Works BV The Netherlands 19.73% 0% Offshore Energy GBM Works IP BV The Netherlands 19.73% 0% Offshore Energy GBM Works Holding BV The Netherlands 19.73% 0% Offshore Energy BAAK Blankenburg-Verbinding BV The Netherlands 15% 15% Concessions Thistle Wind Partners Ltd United Kingdom 42.50% 42.50% Concessions Bowdun Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions Ayre Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions West Islay Tidal Energy Park Ltd United Kingdom 0% 35% ConcessionsNote 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental). In the financial statements, all investments in joint ventures and associates are accounted for using the equity method. Only in the segment reporting, a separate section in this report, joint ventures are accounted for using the proportionate consolidation method. The changes over the period are explained below. The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates. Changes over the period Investments Investments Investments Investments in joint 2024 in joint 2023 (in thousands of euro) in associates in associates ventures ventures Balance at 1 January 49,094 120,869 169,963 94,619 106,891 201,510 Additions 2,532 11,263 13,795 891 7,671 8,562 Disposals (-) - -10,439 -10,439 -1,143 - -1,143 Share in the result of participations accounted for 27,974 12,400 40,374 -34,545 37,762 3,217 using the equity method Movements during the Dividends distributed by participations -14,603 -18,312 -32,915 -9,873 -17,879 -27,752 year Other comprehensive income -306 -4,456 -4,762 -3,164 -11,089 -14,253 Other movements 796 -3,064 -2,268 393 -1,641 -1,248 Translation differences 110 2,481 2,591 1,916 -846 1,070 Balance at 31 December 65,597 110,742 176,339 49,094 120,869 169,963 Booked as a non-current financial asset 67,179 114,686 181,865 49,353 120,942 170,295 Booked as a non-current financial liability -1,582 -3,944 -5,526 -259 -73 -332 (- is credit)The majority of the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in associates is linked to the Concessions segment. The Concessions segment associates delivered a net result of 12.4 million euro, down from 37.8 million euro a year ago. The second half of 2024 experienced softer wind production compared to both the first half of the year and 2023, which had benefitted from higher electricity prices and new legislation in Belgium. Consequently, the financial performance of Rentel NV, C-Power NV, and Seamade NV, which operate wind farms in Belgium, was adversely affected. The decrease in the result from associates was more than compensated by the result of the joint ventures that amounted to 28.0 million euro at the end of 2024 compared to a loss of 34.5 million euro in the previous year. Last year CDWE Taiwan Ltd, DEME\u2019s Taiwanese joint venture company in the Offshore segment absorbed project losses on the Zhong Neng project in Taiwan, whereas this year CDWE Taiwan Ltd is contributing very positively to the result of the year. The Offshore segment contributes for 29 million euro to the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in joint ventures compared to -35 million euro in 2023. As for \u2018dividends distributed by participations\u2019 in 2024, the amount received from associates mainly comes from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly comes from Deeprock CV. In 2023, the amount received from associates came from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly came from Earth Moving Worldwide Cyprus Ltd (EMW). Some joint ventures and associates finance substantial assets such as infrastructure works, offshore wind farms or vessels and can therefore hold interest rate swaps (IRS). As per 31 December 2024, the \u2018other comprehensive income (OCI)\u2019 includes a positive amount of 9.3 million euro compared to a positive amount of 14.0 million euro at the end of 2023 (as such indicating a year-over-year movement of -4.7 million euro). This figure reflects DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP and CDWE Green Jade Co Ltd, net of deferred tax assets. This fair value (DEME share) is indirectly reflected in the consolidated statement of financial position in the net assets of the investees for the same amount. Similar like last year the negative movement of the year in the hedging reserve of joint ventures and associates (-4.7 million euro) is related to the decline in market interest rates compared to the hedged interest rates (prior year impact however was larger -14.2 million euro). A minor amount of -0.049 million euro in the OCI movement is attributable to the remeasurement of net liabilities relating to defined benefit and contribution plans. There are in 2024 and in 2023 no equity accounted for investees where DEME has not recorded the share in the negative equity of the joint venture or associate. The equity accounted for investees for whom the share in the net assets is negative, are reallocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This reallocation is presented in the line \u2018other movements\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. If after allocation the negative net asset exceeds the investor\u2019s interest, a corresponding liability (non-current financial liability) is recorded instead of a negative investment within non-current financial assets. In 2024, the \u2018additions\u2019 include investments totaling 11.3 million euro in associates and 2.5 million euro in joint ventures The current year investments in associates mainly relate to the Concessions segment and more specifically to the capital increase in Hyport Coordination Company Llc . In the Offshore Energy segment there is an addition of the year for 0.9 million euro in GBM Works Holding BV. Reference is made to section changes in the consolidation scope. Last year the investments in associates mainly related to the Concessions segment and more specifically to the investment in Hyport Coordination Company Llc, Ayre Offshore Wind Farm Ltd and Bowdun Offshore Wind Farm Ltd. The investments in joint ventures for 2024 are related to an investment in Cargen Group NV and in Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA , both within the Environmental segment. The investments in joint ventures for 2023 related to an investment in D&S Contractors NV, within the Dredging & Infra segment. 2024 summarized financial information and reconciliation to the carrying amount Summarized financial information of the group\u2019s associates and joint ventures by segments is set out below. This information represents 100% amounts in associates and joint ventures financial statements prepared in accordance with IFRS Standards. Intercompany transactions are not eliminated. Balance at 31 December Summarized financial information of associates Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 5,475 1 27,641 2,797,399 2,830,516 Current assets 42,668 42,184 49,511 1,081,596 1,215,959 Equity 839 11,406 13,973 1,034,113 1,060,331 Non-current liabilities 34,658 107 19,701 2,585,438 2,639,904 Current liabilities 15,687 34,522 56,811 499,972 606,992 Cash and cash equivalents 3,041 3,851 13,332 240,528 260,752 Net financial debt (+ is net debt) 44,905 -3,851 9,613 2,371,735 2,422,402 Statement of income Turnover 781 54,572 51,905 624,655 731,913 Operating result 10,057 722 6,430 164,067 181,276 Financial result 22 -148 -1,164 -45,170 -46,460 Result for the period -5,241 394 4,499 88,659 88,311 Other comprehensive income - 306 - -20,634 -20,328 Changes in fair value related to hedging instruments - - - -27,685 -27,685 Changes in cumulative translation adjustment reserve - 306 - 7,030 7,336 Remeasurement of net liabilities relating to defined - - - 21 21 benefit plans Total comprehensive income -5,241 700 4,499 68,025 67,983 Group's share of profit (loss) -1,054 107 851 12,496 12,400 Group's share in other comprehensive income - 156 - -2,131 -1,975 Group's share in total comprehensive income -1,054 263 851 10,365 10,425 Associates of the group are mainly situated within the Concessions segment. The non-current assets and liabilities of those associates are mainly related to the assets and financing of offshore wind farms C-Power, Rentel and Seamade as well as to the building and financing of the roadway and tunnel of Blankenburg in the Netherlands (BAAK). Since 2024, DEME Offshore Holding NV, within Offshore Energy, holds a 19.73% interest in GBM Works Holding BV and subsidiaries, which reported a loss for the year. Summarized financial Concessions information of main associates BAAK Blankenburg-Total 2024 Verbinding BV C-Power NV Rentel NV Seamade NV (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 471,848 659,818 931,217 - 2,062,883 Current assets 39,663 64,607 66,306 817,967 988,543 Equity 269,514 130,148 155,469 60,022 615,153 Non-current liabilities 238,079 540,550 793,822 756,153 2,328,604 Current liabilities 72,797 74,182 105,752 14,903 267,634 Cash and cash equivalents 68,878 20,455 57,520 13,110 159,963 Net financial debt (+ is net debt) 195,286 518,443 772,150 722,175 2,208,054 Statement of income Turnover 146,391 142,180 185,885 62,999 537,455 Operating result 39,661 59,878 86,511 -5,320 180,730 Financial result -13,892 -15,217 -27,536 9,748 -46,897 Result for the period 19,852 33,748 44,260 3,293 101,153 Other comprehensive income 112 -9,148 -11,585 -5,317 -25,938 Changes in fair value related to hedging instruments 111 -9,148 -11,585 -5,317 -25,939 Changes in cumulative translation adjustment reserve - - - - - Remeasurement of net liabilities relating to defined 1 - - - 1 benefit plans Total comprehensive income 19,964 24,600 32,675 -2,024 75,215 Group's share of profit (loss) 1,256 6,374 5,852 494 13,976 Group's share in other comprehensive income 7 -1,728 -1,532 -797 -4,050 Group's share in total comprehensive income 1,263 4,646 4,320 -303 9,926 Summarized financial information of joint ventures Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 463,387 6,587 11,983 - 481,957 Current assets 160,729 9,301 23,240 - 193,270 Equity 212,919 -354 12,846 - 225,411 Non-current liabilities 207,396 6,585 2,160 - 216,141 Current liabilities 276,010 14,203 27,522 - 317,735 Cash and cash equivalents 72,209 4,546 7,304 - 84,059 Net financial debt (+ is net debt) 159,609 3,285 -3,001 - 159,893 Statement of income Turnover 619,528 26,146 13,773 - 659,447 Operating result 85,388 -3,498 2,183 - 84,073 Financial result -12,814 -265 -125 - -13,204 Result for the period 59,596 -3,524 1,483 - 57,555 Other comprehensive income -721 180 - - -541 Changes in fair value related to hedging instruments -661 - - - -661 Changes in cumulative translation adjustment reserve 37 180 - - 217 Remeasurement of net liabilities relating to defined -97 - - - -97 benefit plans Total comprehensive income 58,875 -3,344 1,483 - 57,014 Group's share of profit (loss) 29,092 -1,673 555 - 27,974 Group's share in other comprehensive income -289 93 - - -196 Group's share in total comprehensive income 28,803 -1,580 555 - 27,778 Within the Offshore Energy segment, the group's joint venture activities primarily involve offshore projects in CSBC DEME Wind Engineering Co Ltd (CDWE) and in Deeprock Beheer BV, as well as salvage operations conducted by Scaldis Salvage & Marine Contractors NV. In the Dredging & Infra segment, significant activity is noted in the joint venture K3 DEME BV, a joint venture in which DEME Building Materials BV takes part. Silvamo NV and W\u00e9risol SA are contributing to the results of 2024 within the Environmental segment. The reconciliation of the total net assets to the carrying amount of the group\u2019s interests in the associates and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 839 11,406 13,973 1,034,113 1,060,331 Proportion of the group's ownership interests in the -135 5,610 2,532 174,690 182,697 standalone amounts Reconciliation items - - 173 -72,128 -71,955 Carrying amount of the group's interest in associates -135 5,610 2,705 102,562 110,742 Booked as a non-current financial asset 30 5,610 2,714 106,332 114,686 Booked as a non-current financial liability -165 - -9 -3,770 -3,944 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 212,919 -354 12,846 - 225,411 Proportion of the group's ownership interests in the 99,983 -115 4,811 - 104,679 standalone amounts Reconciliation items -40,071 -195 1,184 - -39,082 Carrying amount of the group's interest in joint ventures 59,912 -310 5,995 - 65,597 Booked as a non-current financial asset 59,912 1,272 5,995 - 67,179 Booked as a non-current financial liability - -1,582 - - -1,582 (- is credit) The reconciliation items are related to the recognition of the income in accordance with the DEME group accounting policies and to the intercompany eliminations. 2023 summarized financial information and reconciliation to the carrying amount Summarized financial information of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets - 21 30,031 2,755,053 2,785,105 Current assets 25,517 76,954 50,988 1,666,906 1,820,365 Equity 1,569 10,706 12,919 1,108,019 1,133,213 Non-current liabilities 17,817 89 19,066 2,752,111 2,789,083 Current liabilities 6,131 66,180 49,034 561,828 683,173 Cash and cash equivalents - 525 867 97,122 98,514 Net financial debt (+ is net debt) 23,805 -3,331 12,232 2,395,043 2,427,749 Statement of income Turnover - 89,186 32,112 965,141 1,086,439 Operating result 10,864 356 5,296 385,174 401,690 Financial result 50 -354 -924 -51,531 -52,759 Result for the period 63 -3 2,785 253,484 256,329 Other comprehensive income - -240 - -73,482 -73,722 Changes in fair value related to hedging instruments - - - -71,126 -71,126 Changes in cumulative translation adjustment reserve - -240 - -2,223 -2,463 Remeasurement of net liabilities relating to defined - - - -133 -133 benefit plans Total comprehensive income 63 -243 2,785 180,002 182,607 Group's share of profit (loss) 1 -2 377 37,386 37,762 Group's share in other comprehensive income - -122 - -11,813 -11,935 Group's share in total comprehensive income 1 -124 377 25,573 25,827 Summarized financial information of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 455,510 2,754 5,374 - 463,638 Current assets 339,511 15,593 13,877 - 368,981 Equity 181,759 2,991 8,291 - 193,041 Non-current liabilities 206,579 1,869 3,083 - 211,531 Current liabilities 406,683 13,487 7,876 - 428,046 Cash and cash equivalents 5,819 285 1,908 - 8,012 Net financial debt (+ is net debt) 178,698 -2,076 -1,985 - 174,637 Statement of income Turnover 350,100 24,376 10,296 - 384,772 Operating result -77,546 -213 1,918 - -75,841 Financial result -9,077 389 -30 - -8,718 Result for the period -68,787 179 1,259 - -67,349 Other comprehensive income -1,854 -68 -801 - -2,723 Changes in fair value related to hedging instruments -6,512 - - - -6,512 Changes in cumulative translation adjustment reserve 4,654 -68 -801 - 3,785 Remeasurement of net liabilities relating to defined 4 - - - 4 benefit plans Total comprehensive income -70,641 111 458 - -70,072 Group's share of profit (loss) -35,032 15 472 - -34,545 Group's share in other comprehensive income -914 -34 -300 - -1,248 Group's share in total comprehensive income -35,946 -19 172 - -35,793 The reconciliation of the total net assets to the carrying amount of the group's interests in the associated and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 1,569 10,706 12,919 1,108,019 1,133,213 Proportion of the group's ownership interests in the 28 5,347 2,332 178,669 186,376 standalone amounts Reconciliation items - - 173 -65,680 -65,507 Carrying amount of the group's interest in associates 28 5,347 2,505 112,989 120,869 Booked as a non-current financial asset 28 5,347 2,521 113,046 120,942 Booked as a non-current financial liability - - -16 -57 -73 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 181,759 2,991 8,291 - 193,041 Proportion of the group's ownership interests in the 85,035 1,466 3,105 - 89,606 standalone amounts Reconciliation items -40,985 -75 548 - -40,512 Carrying amount of the group's interest in joint ventures 44,050 1,391 3,653 - 49,094 Booked as a non-current financial asset 44,050 1,650 3,653 - 49,353 Booked as a non-current financial liability - -259 - - -259 (- is credit)",
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"value": "Group structure and changes in the reporting period Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements. Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Subsidiaries (fully consolidated) For the year ended 31 December DEME Group NV is the parent company of the group. DEME Group NV holds a 100% ownership stake in DEME NV, which served as the parent company until 29June 2022, when the group was publicly listed. The sole asset of DEME Group NV is its participation in DEME NV. DEME Environmental NV, the parent company of the Environmental segment, is partially owned (25.10%) by a third party. In the Dredging & Infra segment, particularly in the maritime services business, Combined Marine Terminal Operations Worldwide NV (CTOW) and its affiliates are owned for 45.62 % by third parties. In the marine aggregate business, one affiliate has non-controlling interests amounting to 30%. In the dredging business, only minor interests are held by third parties. In the Concessions segment a strategic partner invested in Global Sea Mineral Resources NV (GSR) and its affiliates in 2023, acquiring a minority shareholding of 15.78% as explained in section changes in the consolidation scope of both current and previous reporting period. As of 31 December 2024, there are no non-controlling interests in the Offshore segment. Reference is made to note (20) non-controlling interests for further details. 2024 2023 Main Name Country % of Share-% of Share-Operational holding holding Segment 2024 Dredging, Environmental & Marine Engineering NV Belgium 100% 100% Baggerwerken Decloedt en Zoon NV Belgium 100% 100% Dredging & Infra Cathie Associates Holding CVBA Belgium 100% 100% Offshore Energy DEME Building Materials NV (DBM) Belgium 100% 100% Dredging & Infra DEME Concessions NV Belgium 100% 100% Concessions DEME Concessions Wind NV Belgium 100% 100% Concessions DEME Coordination Center NV Belgium 100% 100% Dredging & Infra DEME Dredging NV Belgium 100% 100% Dredging & Infra DEME Hyport Energy NV Belgium 100% 100% Concessions DEME Infra NV Belgium 100% 100% Dredging & Infra DEME Infrasea Solutions NV Belgium 100% 100% Dredging & Infra DEME Offshore BE NV Belgium 100% 100% Offshore Energy DEME Offshore Equipment SA Belgium 100% 100% Offshore Energy DEME Offshore Holding NV Belgium 100% 100% Offshore Energy Dredging International NV Belgium 100% 100% Dredging & Infra Geowind NV Belgium 100% 100% Offshore Energy G-tec SA Belgium 100% 100% Offshore Energy Logimarine NV Belgium 100% 100% Dredging & Infra Deeptech NV Belgium 84.22% 84.30% Concessions Global Sea Mineral Resources NV (GSR) Belgium 84.22% 84.30% Concessions Cap Infra NV Belgium 75% 0% Concessions DEME Environmental NV Belgium 74.90% 74.90% Environmental DEME Environnement NV Belgium 74.90% 74.90% Environmental Ekosto NV Belgium 74.90% 74.90% Environmental DEME Blue Energy NV Belgium 70% 70% Concessions Combined Marine Terminal Operations Worldwide NV (CTOW) Belgium 54.38% 54.38% Dredging & Infra Grond Recyclage Centrum NV Belgium 52.43% 52.43% Environmental GRC Zolder NV Belgium 52.43% 36.70% Environmental High Wind NV Belgium 0% 100% Offshore Energy Soyo Dragagem Lda Angola 100% 100% Dredging & Infra Dragagem Angola Servi\u00e7os Lda Angola 100% 100% Dredging & Infra Dredging International Argentina SA Argentina 100% 100% Dredging & Infra Offshore Energy/ Dredging International Australia Pty Ltd Australia 100% 100% Dredging & Infra GeoSea Australia Pty Ltd Australia 100% 100% Offshore Energy Dredging International Bahrain Wll Bahrain 49%(1) 49%(1) Dredging & Infra Dragabras Servi\u00e7os de Dragagem Ltda Brazil 100% 100% Dredging & Infra (1) The economic rights in this company are 100% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 DEME Offshore CA Ltd Canada 100% 100% Offshore Energy Dredging International Management Consulting Shanghai Ltd China 100% 100% Dredging & Infra GSR-CI Ltd Cook Islands 84.22% 84.30% Concessions Hong Kong SAR Far East Dredging Ltd 100% 100% Dredging & Infra China Bellsea Ltd Cyprus 100% 100% Dredging & Infra DEME Cyprus Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore CY Ltd Cyprus 100% 100% Offshore Energy Dredging International Cyprus Ltd Cyprus 100% 100% Dredging & Infra Dredging International Services Cyprus Ltd Cyprus 100% 100% Dredging & Infra Novadeal Ltd Cyprus 100% 100% Dredging & Infra T.C.M.C. The Channel Management Company Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore DK SAS Denmark 100% 100% Offshore Energy G-tec SAS France 100% 100% Offshore Energy Offshore Energy/ Soci\u00e9t\u00e9 de Dragage International SA France 100% 100% Dredging & Infra Nordsee Nassbagger- und Tiefbau GmbH Germany 100% 100% Dredging & Infra Oam-DEME Minerali\u00ebn GmbH Germany 70% 70% Dredging & Infra International Seaport Dredging Pvt Ltd India 93.64% 93.64% Dredging & Infra Dredging International India Pvt Ltd India 0% 99.97% Dredging & Infra Dredging International Indonesia PT Indonesia 49%(3) 49%(3) Dredging & Infra Societa Italiana Dragaggi Spa Italy 100% 100% Dredging & Infra DEME Co Japan Ltd Japan 100% 100% Offshore Energy Delta River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Luxembourg SA Luxembourg 100% 100% Dredging & Infra DEME Offshore LU Procurement & Shipping SA Luxembourg 100% 100% Offshore Energy Innovation Shipping SA Luxembourg 100% 100% Offshore Energy Meuse River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Reinsurance SA Luxembourg 100% 100% Dredging & Infra Spartacus Shipping SA Luxembourg 100% 100% Dredging & Infra Vine Shipping SA Luxembourg 100% 100% Offshore Energy Yellowstone Shipping SA Luxembourg 100% 100% Offshore Energy Apollo Shipping SA Luxembourg 0% 100% Offshore Energy Bonny River Shipping SA Luxembourg 0% 100% Dredging & Infra CRiver Shipping SA Luxembourg 0% 100% Dredging & Infra SPT Offshore Sdn Bhd Malaysia 100% 100% Offshore Energy Dredging International Malaysia Sdn Bhd Malaysia 30%(1) 30%(1) Dredging & Infra Dredging International Mexico SA de CV Mexico 100% 100% Offshore Energy Logimarine SA de CV Mexico 100% 100% Dredging & Infra Dragamoz Lda Mozambique 100% 100% Dredging & Infra Earth Moving International Nigeria Ltd Nigeria 100% 100% Dredging & Infra Novadeal EKO FZE Nigeria 100% 100% Dredging & Infra Dredging and Environmental Services Nigeria Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Dredging International Services (Nigeria) Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Combined Marine Terminal Operators Nigeria Ltd Nigeria 21.25%(2) 21.25%(2) Dredging & Infra Dredging International de Panama SA Panama 100% 100% Dredging & Infra (1) The economic rights in this company are 100% (2) The economic rights in this company are 54.38% (3) The economic rights in this company are 95% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Corporacion Arenera Marina SA Panama 100% 100% Dredging & Infra Dredeco PNG Ltd Papua New Guinea 100% 100% Dredging & Infra Middle East Dredging Company QSC Qatar 49%(3) 49%(3) Dredging & Infra Dragmorstroy Llc Russia 0% 100% Dredging & Infra Mordraga Llc Russia 0% 100% Dredging & Infra Dredging InternationaI Saudi Arabia Co Ltd Saudi Arabia 99% 100% Dredging & Infra Dragafi Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International South Africa PTY Ltd South-Africa 100% 100% Dredging & Infra Dredging International Espa\u00f1a SA Spain 100% 100% Dredging & Infra Naviera Living Stone SLU Spain 100% 100% Offshore Energy DEME Building Materials BV (DBM) The Netherlands 100% 100% Dredging & Infra DEME Concessions Netherlands BV The Netherlands 100% 100% Concessions DEME Infra BV The Netherlands 100% 100% Dredging & Infra DEME Offshore NL BV The Netherlands 100% 100% Offshore Energy DEME Offshore Shipping BV The Netherlands 100% 100% Offshore Energy Dredging International Netherlands BV The Netherlands 100% 100% Dredging & Infra SPT Equipment BV The Netherlands 100% 100% Offshore Energy SPT Offshore Holding BV The Netherlands 100% 100% Offshore Energy SPT Offshore BV The Netherlands 100% 100% Offshore Energy DEME Environmental NL BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Beheer BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Zandexploitatie BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Recycling Centra BV The Netherlands 74.90% 74.90% Environmental G-tec Nederland BV The Netherlands 0% 100% Offshore Energy De Vries & van de Wiel Kust- en Oeverwerken BV The Netherlands 0% 74.90% Environmental Dredging International Ukraine Llc Ukraine 100% 100% Dredging & Infra United Arab Dredging International RAK FZ Llc 100% 100% Dredging & Infra Emirates DEME Building Materials Ltd (DBM) United Kingdom 100% 100% Dredging & Infra NewWaves Solutions Ltd United Kingdom 100% 100% Offshore Energy SPT Offshore Ltd United Kingdom 100% 100% Offshore Energy DEME Offshore US Inc USA 100% 100% Offshore Energy DEME Offshore US Llc USA 100% 100% Offshore Energy Servicios Maritimos Servimar SA Venezuela 100% 100% Dredging & Infra (3) The economic rights in this company are 95%Joint ventures (equity method in financial statements but proportionate method in segment reporting) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Scaldis Salvage & Marine Contractors NV Belgium 54.38% 54.38% Offshore Energy D&S Contractors NV Belgium 50% 50% Dredging & Infra Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA (SORECO) Belgium 38.20% 0% Environmental Cargen Group BV Belgium 37.45% 0% Environmental S\u00e9disol SA Belgium 37.45% 37.45% Environmental Blue Site SA Belgium 37.45% 37.45% Environmental W\u00e9risol SA Belgium 37.45% 37.45% Environmental Silvamo NV Belgium 37.45% 37.45% Environmental Top Wallonie NV Belgium 37.45% 37.45% Environmental MSB Minera\u00e7\u00f5es Sustent\u00e1veis do Brasil SA Brazil 51% 51% Dredging & Infra Earth Moving Worldwide (EMI) Ltd Cyprus 50% 50% Dredging & Infra Japan Offshore Marine Co Ltd Japan 49% 49% Offshore Energy Normalux Maritime SA Luxembourg 37.50% 37.50% Offshore Energy Combined Marine Terminal Operations Marafi Llc Oman 37.68% 37.68% Dredging & Infra Gulf Earth Moving Wll Qatar 50% 50% Dredging & Infra CSBC DEME Wind Engineering Co Ltd (CDWE) Taiwan 49.99% 49.99% Offshore Energy CDWE Green Jade Shipowner Co Ltd Taiwan 49.99% 49.99% Offshore Energy DIAP Thailand Co Ltd Thailand 48.90% 48.90% Dredging & Infra DBM-Bontrup BV The Netherlands 50% 50% Dredging & Infra K3 DEME BV The Netherlands 50% 50% Dredging & Infra Deeprock Beheer BV The Netherlands 50% 50% Offshore Energy Deeprock CV The Netherlands 50% 50% Offshore Energy Overseas Contracting & Chartering Services BV The Netherlands 50% 50% Offshore Energy Deeprock Crewing BV The Netherlands 25% 0% Offshore Energy United Arab Earth Moving Middle East Contracting DMCEST 50% 50% Dredging & Infra Emirates BNS JV Ltd United Kingdom 50% 50% Dredging & InfraAssociates (equity method) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Consortium Antwerp Port (Oman) NV Belgium 60% 60% Concessions Power@Sea NV Belgium 51.10% 51.10% Concessions Consortium Antwerp Port Industrial Port Land NV Belgium 50% 50% Concessions Blue Open NV Belgium 49.94% 49.94% Environmental Bluechem Building NV Belgium 25.47% 25.47% Environmental Blue Gate Antwerp Development NV Belgium 25.46% 25.46% Environmental Infra Ron BV Belgium 25% 25% Concessions Terranova NV Belgium 24.96% 24.96% Environmental Zeeboerderij Westdiep BV Belgium 20% 20% Concessions Feluy M2M SA Belgium 19.47% 19.47% Environmental Otary BIS NV Belgium 18.89% 18.89% Concessions Otary RS NV Belgium 18.89% 18.89% Concessions Rentel NV Belgium 18.89% 18.89% Concessions Hyve BV Belgium 16.67% 16.67% Concessions Terranova Solar NV Belgium 16.01% 16.01% Environmental North Sea Wave NV Belgium 13.22% 13.22% Concessions Seamade NV Belgium 13.22% 13.22% Concessions La V\u00e9lorie SA Belgium 12.48% 12.48% Environmental C-Power Holdco NV Belgium 10% 10% Concessions Terranova Hydrogen NV Belgium 8.32% 8.32% Environmental C-Power NV Belgium 6.33% 6.46% Concessions Bluepower NV Belgium 0% 35% Concessions Cobalt Seabed Resources (CSR) Ltd Cook Islands 42.11% 42.11% Concessions Nou Vela SA France 46.60% 46.60% Concessions Port-La Nouvelle SEMOP France 23.77% 23.77% Concessions Rhama Port Hub SRL Italy 28% 28% Dredging & Infra Cedar Luxembourg SARL Luxembourg 1.80% 1.80% Offshore Energy Hyport Coordination Company Llc Oman 25.50% 50% Concessions Port of Duqm Company SAOC Oman 30% 30% Concessions Duqm Industrial Land Company Llc Oman 27.55% 27.55% Concessions Duqm Logistic Lands and Investment Company Llc Oman 26% 26% Concessions Asyad Container Terminals Llc Oman 3% 0% Concessions Batic West Terminal SA Poland 50% 50% Concessions DIAP-Daelim Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra DIAP-SHAP Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra GBM Works BV The Netherlands 19.73% 0% Offshore Energy GBM Works IP BV The Netherlands 19.73% 0% Offshore Energy GBM Works Holding BV The Netherlands 19.73% 0% Offshore Energy BAAK Blankenburg-Verbinding BV The Netherlands 15% 15% Concessions Thistle Wind Partners Ltd United Kingdom 42.50% 42.50% Concessions Bowdun Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions Ayre Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions West Islay Tidal Energy Park Ltd United Kingdom 0% 35% ConcessionsNote 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental).",
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"value": "Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements.Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Joint ventures (equity method in financial statements but proportionate method in segment reporting) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Scaldis Salvage & Marine Contractors NV Belgium 54.38% 54.38% Offshore Energy D&S Contractors NV Belgium 50% 50% Dredging & Infra Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA (SORECO) Belgium 38.20% 0% Environmental Cargen Group BV Belgium 37.45% 0% Environmental S\u00e9disol SA Belgium 37.45% 37.45% Environmental Blue Site SA Belgium 37.45% 37.45% Environmental W\u00e9risol SA Belgium 37.45% 37.45% Environmental Silvamo NV Belgium 37.45% 37.45% Environmental Top Wallonie NV Belgium 37.45% 37.45% Environmental MSB Minera\u00e7\u00f5es Sustent\u00e1veis do Brasil SA Brazil 51% 51% Dredging & Infra Earth Moving Worldwide (EMI) Ltd Cyprus 50% 50% Dredging & Infra Japan Offshore Marine Co Ltd Japan 49% 49% Offshore Energy Normalux Maritime SA Luxembourg 37.50% 37.50% Offshore Energy Combined Marine Terminal Operations Marafi Llc Oman 37.68% 37.68% Dredging & Infra Gulf Earth Moving Wll Qatar 50% 50% Dredging & Infra CSBC DEME Wind Engineering Co Ltd (CDWE) Taiwan 49.99% 49.99% Offshore Energy CDWE Green Jade Shipowner Co Ltd Taiwan 49.99% 49.99% Offshore Energy DIAP Thailand Co Ltd Thailand 48.90% 48.90% Dredging & Infra DBM-Bontrup BV The Netherlands 50% 50% Dredging & Infra K3 DEME BV The Netherlands 50% 50% Dredging & Infra Deeprock Beheer BV The Netherlands 50% 50% Offshore Energy Deeprock CV The Netherlands 50% 50% Offshore Energy Overseas Contracting & Chartering Services BV The Netherlands 50% 50% Offshore Energy Deeprock Crewing BV The Netherlands 25% 0% Offshore Energy United Arab Earth Moving Middle East Contracting DMCEST 50% 50% Dredging & Infra Emirates BNS JV Ltd United Kingdom 50% 50% Dredging & InfraSince 30 June 2024, the net book value of the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane, included within floating and other construction equipment was transferred to \u2018assets held for sale\u2019 (note (15)) as a sale within 12 months to a Japanese joint venture between DEME (49%) and partner Penta-Ocean Construction is considered as highly probable. After this sale, \u2018Sea Challenger\u2019 will receive an extensive upgrade, positioning the vessel for offshore wind farm projects in Japan. The crane\u2019s lifting capacity will increase from 900 tons to 1,600 tons. Additionally, enhancements such as a wider beam and longer legs will enable the vessel to handle the next generation of mega wind turbines. The joint venture will further upgrade and take ownership of \u2018Sea Challenger\u2019 and reflag the vessel to the Japanese flag. In accordance with shareholder\u2019s agreement and under certain conditions, DEME retains a buy-back right for \u2018Sea Challenger\u2019. As the joint venture is integrated according to the equity method, the investment will not be included in property, plant and equipment of the consolidated statement of financial position. DEME is however financing the upgrade of the vessel through capital and shareholders loan, booked as financial asset.In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment.The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019.The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint venturesNote 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental). In the financial statements, all investments in joint ventures and associates are accounted for using the equity method. Only in the segment reporting, a separate section in this report, joint ventures are accounted for using the proportionate consolidation method. The changes over the period are explained below. The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates. Changes over the period Investments Investments Investments Investments in joint 2024 in joint 2023 (in thousands of euro) in associates in associates ventures ventures Balance at 1 January 49,094 120,869 169,963 94,619 106,891 201,510 Additions 2,532 11,263 13,795 891 7,671 8,562 Disposals (-) - -10,439 -10,439 -1,143 - -1,143 Share in the result of participations accounted for 27,974 12,400 40,374 -34,545 37,762 3,217 using the equity method Movements during the Dividends distributed by participations -14,603 -18,312 -32,915 -9,873 -17,879 -27,752 year Other comprehensive income -306 -4,456 -4,762 -3,164 -11,089 -14,253 Other movements 796 -3,064 -2,268 393 -1,641 -1,248 Translation differences 110 2,481 2,591 1,916 -846 1,070 Balance at 31 December 65,597 110,742 176,339 49,094 120,869 169,963 Booked as a non-current financial asset 67,179 114,686 181,865 49,353 120,942 170,295 Booked as a non-current financial liability -1,582 -3,944 -5,526 -259 -73 -332 (- is credit)The majority of the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in associates is linked to the Concessions segment. The Concessions segment associates delivered a net result of 12.4 million euro, down from 37.8 million euro a year ago. The second half of 2024 experienced softer wind production compared to both the first half of the year and 2023, which had benefitted from higher electricity prices and new legislation in Belgium. Consequently, the financial performance of Rentel NV, C-Power NV, and Seamade NV, which operate wind farms in Belgium, was adversely affected. The decrease in the result from associates was more than compensated by the result of the joint ventures that amounted to 28.0 million euro at the end of 2024 compared to a loss of 34.5 million euro in the previous year. Last year CDWE Taiwan Ltd, DEME\u2019s Taiwanese joint venture company in the Offshore segment absorbed project losses on the Zhong Neng project in Taiwan, whereas this year CDWE Taiwan Ltd is contributing very positively to the result of the year. The Offshore segment contributes for 29 million euro to the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in joint ventures compared to -35 million euro in 2023. As for \u2018dividends distributed by participations\u2019 in 2024, the amount received from associates mainly comes from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly comes from Deeprock CV. In 2023, the amount received from associates came from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly came from Earth Moving Worldwide Cyprus Ltd (EMW). Some joint ventures and associates finance substantial assets such as infrastructure works, offshore wind farms or vessels and can therefore hold interest rate swaps (IRS). As per 31 December 2024, the \u2018other comprehensive income (OCI)\u2019 includes a positive amount of 9.3 million euro compared to a positive amount of 14.0 million euro at the end of 2023 (as such indicating a year-over-year movement of -4.7 million euro). This figure reflects DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP and CDWE Green Jade Co Ltd, net of deferred tax assets. This fair value (DEME share) is indirectly reflected in the consolidated statement of financial position in the net assets of the investees for the same amount. Similar like last year the negative movement of the year in the hedging reserve of joint ventures and associates (-4.7 million euro) is related to the decline in market interest rates compared to the hedged interest rates (prior year impact however was larger -14.2 million euro). A minor amount of -0.049 million euro in the OCI movement is attributable to the remeasurement of net liabilities relating to defined benefit and contribution plans. There are in 2024 and in 2023 no equity accounted for investees where DEME has not recorded the share in the negative equity of the joint venture or associate. The equity accounted for investees for whom the share in the net assets is negative, are reallocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This reallocation is presented in the line \u2018other movements\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. If after allocation the negative net asset exceeds the investor\u2019s interest, a corresponding liability (non-current financial liability) is recorded instead of a negative investment within non-current financial assets. In 2024, the \u2018additions\u2019 include investments totaling 11.3 million euro in associates and 2.5 million euro in joint ventures The current year investments in associates mainly relate to the Concessions segment and more specifically to the capital increase in Hyport Coordination Company Llc . In the Offshore Energy segment there is an addition of the year for 0.9 million euro in GBM Works Holding BV. Reference is made to section changes in the consolidation scope. Last year the investments in associates mainly related to the Concessions segment and more specifically to the investment in Hyport Coordination Company Llc, Ayre Offshore Wind Farm Ltd and Bowdun Offshore Wind Farm Ltd. The investments in joint ventures for 2024 are related to an investment in Cargen Group NV and in Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA , both within the Environmental segment. The investments in joint ventures for 2023 related to an investment in D&S Contractors NV, within the Dredging & Infra segment. 2024 summarized financial information and reconciliation to the carrying amount Summarized financial information of the group\u2019s associates and joint ventures by segments is set out below. This information represents 100% amounts in associates and joint ventures financial statements prepared in accordance with IFRS Standards. Intercompany transactions are not eliminated. Balance at 31 December Summarized financial information of associates Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 5,475 1 27,641 2,797,399 2,830,516 Current assets 42,668 42,184 49,511 1,081,596 1,215,959 Equity 839 11,406 13,973 1,034,113 1,060,331 Non-current liabilities 34,658 107 19,701 2,585,438 2,639,904 Current liabilities 15,687 34,522 56,811 499,972 606,992 Cash and cash equivalents 3,041 3,851 13,332 240,528 260,752 Net financial debt (+ is net debt) 44,905 -3,851 9,613 2,371,735 2,422,402 Statement of income Turnover 781 54,572 51,905 624,655 731,913 Operating result 10,057 722 6,430 164,067 181,276 Financial result 22 -148 -1,164 -45,170 -46,460 Result for the period -5,241 394 4,499 88,659 88,311 Other comprehensive income - 306 - -20,634 -20,328 Changes in fair value related to hedging instruments - - - -27,685 -27,685 Changes in cumulative translation adjustment reserve - 306 - 7,030 7,336 Remeasurement of net liabilities relating to defined - - - 21 21 benefit plans Total comprehensive income -5,241 700 4,499 68,025 67,983 Group's share of profit (loss) -1,054 107 851 12,496 12,400 Group's share in other comprehensive income - 156 - -2,131 -1,975 Group's share in total comprehensive income -1,054 263 851 10,365 10,425 Associates of the group are mainly situated within the Concessions segment. The non-current assets and liabilities of those associates are mainly related to the assets and financing of offshore wind farms C-Power, Rentel and Seamade as well as to the building and financing of the roadway and tunnel of Blankenburg in the Netherlands (BAAK). Since 2024, DEME Offshore Holding NV, within Offshore Energy, holds a 19.73% interest in GBM Works Holding BV and subsidiaries, which reported a loss for the year. Summarized financial Concessions information of main associates BAAK Blankenburg-Total 2024 Verbinding BV C-Power NV Rentel NV Seamade NV (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 471,848 659,818 931,217 - 2,062,883 Current assets 39,663 64,607 66,306 817,967 988,543 Equity 269,514 130,148 155,469 60,022 615,153 Non-current liabilities 238,079 540,550 793,822 756,153 2,328,604 Current liabilities 72,797 74,182 105,752 14,903 267,634 Cash and cash equivalents 68,878 20,455 57,520 13,110 159,963 Net financial debt (+ is net debt) 195,286 518,443 772,150 722,175 2,208,054 Statement of income Turnover 146,391 142,180 185,885 62,999 537,455 Operating result 39,661 59,878 86,511 -5,320 180,730 Financial result -13,892 -15,217 -27,536 9,748 -46,897 Result for the period 19,852 33,748 44,260 3,293 101,153 Other comprehensive income 112 -9,148 -11,585 -5,317 -25,938 Changes in fair value related to hedging instruments 111 -9,148 -11,585 -5,317 -25,939 Changes in cumulative translation adjustment reserve - - - - - Remeasurement of net liabilities relating to defined 1 - - - 1 benefit plans Total comprehensive income 19,964 24,600 32,675 -2,024 75,215 Group's share of profit (loss) 1,256 6,374 5,852 494 13,976 Group's share in other comprehensive income 7 -1,728 -1,532 -797 -4,050 Group's share in total comprehensive income 1,263 4,646 4,320 -303 9,926 Summarized financial information of joint ventures Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 463,387 6,587 11,983 - 481,957 Current assets 160,729 9,301 23,240 - 193,270 Equity 212,919 -354 12,846 - 225,411 Non-current liabilities 207,396 6,585 2,160 - 216,141 Current liabilities 276,010 14,203 27,522 - 317,735 Cash and cash equivalents 72,209 4,546 7,304 - 84,059 Net financial debt (+ is net debt) 159,609 3,285 -3,001 - 159,893 Statement of income Turnover 619,528 26,146 13,773 - 659,447 Operating result 85,388 -3,498 2,183 - 84,073 Financial result -12,814 -265 -125 - -13,204 Result for the period 59,596 -3,524 1,483 - 57,555 Other comprehensive income -721 180 - - -541 Changes in fair value related to hedging instruments -661 - - - -661 Changes in cumulative translation adjustment reserve 37 180 - - 217 Remeasurement of net liabilities relating to defined -97 - - - -97 benefit plans Total comprehensive income 58,875 -3,344 1,483 - 57,014 Group's share of profit (loss) 29,092 -1,673 555 - 27,974 Group's share in other comprehensive income -289 93 - - -196 Group's share in total comprehensive income 28,803 -1,580 555 - 27,778 Within the Offshore Energy segment, the group's joint venture activities primarily involve offshore projects in CSBC DEME Wind Engineering Co Ltd (CDWE) and in Deeprock Beheer BV, as well as salvage operations conducted by Scaldis Salvage & Marine Contractors NV. In the Dredging & Infra segment, significant activity is noted in the joint venture K3 DEME BV, a joint venture in which DEME Building Materials BV takes part. Silvamo NV and W\u00e9risol SA are contributing to the results of 2024 within the Environmental segment. The reconciliation of the total net assets to the carrying amount of the group\u2019s interests in the associates and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 839 11,406 13,973 1,034,113 1,060,331 Proportion of the group's ownership interests in the -135 5,610 2,532 174,690 182,697 standalone amounts Reconciliation items - - 173 -72,128 -71,955 Carrying amount of the group's interest in associates -135 5,610 2,705 102,562 110,742 Booked as a non-current financial asset 30 5,610 2,714 106,332 114,686 Booked as a non-current financial liability -165 - -9 -3,770 -3,944 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 212,919 -354 12,846 - 225,411 Proportion of the group's ownership interests in the 99,983 -115 4,811 - 104,679 standalone amounts Reconciliation items -40,071 -195 1,184 - -39,082 Carrying amount of the group's interest in joint ventures 59,912 -310 5,995 - 65,597 Booked as a non-current financial asset 59,912 1,272 5,995 - 67,179 Booked as a non-current financial liability - -1,582 - - -1,582 (- is credit) The reconciliation items are related to the recognition of the income in accordance with the DEME group accounting policies and to the intercompany eliminations. 2023 summarized financial information and reconciliation to the carrying amount Summarized financial information of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets - 21 30,031 2,755,053 2,785,105 Current assets 25,517 76,954 50,988 1,666,906 1,820,365 Equity 1,569 10,706 12,919 1,108,019 1,133,213 Non-current liabilities 17,817 89 19,066 2,752,111 2,789,083 Current liabilities 6,131 66,180 49,034 561,828 683,173 Cash and cash equivalents - 525 867 97,122 98,514 Net financial debt (+ is net debt) 23,805 -3,331 12,232 2,395,043 2,427,749 Statement of income Turnover - 89,186 32,112 965,141 1,086,439 Operating result 10,864 356 5,296 385,174 401,690 Financial result 50 -354 -924 -51,531 -52,759 Result for the period 63 -3 2,785 253,484 256,329 Other comprehensive income - -240 - -73,482 -73,722 Changes in fair value related to hedging instruments - - - -71,126 -71,126 Changes in cumulative translation adjustment reserve - -240 - -2,223 -2,463 Remeasurement of net liabilities relating to defined - - - -133 -133 benefit plans Total comprehensive income 63 -243 2,785 180,002 182,607 Group's share of profit (loss) 1 -2 377 37,386 37,762 Group's share in other comprehensive income - -122 - -11,813 -11,935 Group's share in total comprehensive income 1 -124 377 25,573 25,827 Summarized financial information of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 455,510 2,754 5,374 - 463,638 Current assets 339,511 15,593 13,877 - 368,981 Equity 181,759 2,991 8,291 - 193,041 Non-current liabilities 206,579 1,869 3,083 - 211,531 Current liabilities 406,683 13,487 7,876 - 428,046 Cash and cash equivalents 5,819 285 1,908 - 8,012 Net financial debt (+ is net debt) 178,698 -2,076 -1,985 - 174,637 Statement of income Turnover 350,100 24,376 10,296 - 384,772 Operating result -77,546 -213 1,918 - -75,841 Financial result -9,077 389 -30 - -8,718 Result for the period -68,787 179 1,259 - -67,349 Other comprehensive income -1,854 -68 -801 - -2,723 Changes in fair value related to hedging instruments -6,512 - - - -6,512 Changes in cumulative translation adjustment reserve 4,654 -68 -801 - 3,785 Remeasurement of net liabilities relating to defined 4 - - - 4 benefit plans Total comprehensive income -70,641 111 458 - -70,072 Group's share of profit (loss) -35,032 15 472 - -34,545 Group's share in other comprehensive income -914 -34 -300 - -1,248 Group's share in total comprehensive income -35,946 -19 172 - -35,793 The reconciliation of the total net assets to the carrying amount of the group's interests in the associated and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 1,569 10,706 12,919 1,108,019 1,133,213 Proportion of the group's ownership interests in the 28 5,347 2,332 178,669 186,376 standalone amounts Reconciliation items - - 173 -65,680 -65,507 Carrying amount of the group's interest in associates 28 5,347 2,505 112,989 120,869 Booked as a non-current financial asset 28 5,347 2,521 113,046 120,942 Booked as a non-current financial liability - - -16 -57 -73 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 181,759 2,991 8,291 - 193,041 Proportion of the group's ownership interests in the 85,035 1,466 3,105 - 89,606 standalone amounts Reconciliation items -40,985 -75 548 - -40,512 Carrying amount of the group's interest in joint ventures 44,050 1,391 3,653 - 49,094 Booked as a non-current financial asset 44,050 1,650 3,653 - 49,353 Booked as a non-current financial liability - -259 - - -259 (- is credit)Income tax losses carried forward Subsidiaries: Maturity date of income tax losses 2024 2023 (in thousands of euro) Within 1 year 102 - Between 1 and 5 years 47,217 58,324 More than 5 years and indefinite 191,424 191,379 Total recognized income tax losses 238,743 249,703 Within 1 year 5,526 1,104 Between 1 and 5 years 40,166 44,320 More than 5 years and indefinite 385,167 391,854 Total unrecognized income tax losses 430,859 437,278 Total (un)recognized income tax losses carried forward of subsidiaries 669,602 686,981 In 2024, income tax losses carried forward of subsidiaries amount to 669.6 million euro. For 238.7 million euro of these tax losses, deferred tax assets have been recognized. For an amount of 430.9 million euro of tax losses of subsidiaries, no deferred tax assets are recognized. In 2023, income tax losses carried forward of subsidiaries for which no deferred tax assets were recognized amounted to 437.3 million euro. The total unrecognized income tax losses include eight thousand euro tax losses that are to be considered transition year tax losses for Pillar Two purposes. All other losses are considered as pre-transition year losses. Transition year, for a jurisdiction, means the first fiscal year that the multinational enterprise (MNE) group comes within the scope of the Global Anti-Base Erosion (GloBE) rules of Pillar Two in respect of that jurisdiction (meaning that the Transitional Safe Harbour criteria were not met). The tax losses also include the dividend received deductions for a total amount of 291.6 million euro of which 242.7 million euro is unrecognized and 48.9 million euro is recognized. The dividend received deductions have no expiry date and are recorded in the category \u2018more than 5 years and indefinite\u2019. Maturity date of deferred taxes on income tax losses 2024 2023 (in thousands of euro) Within 1 year 25 - Between 1 and 5 years 5,823 8,014 More than 5 years and indefinite 48,113 47,995 Total recognized deferred tax assets on income tax losses 53,961 56,009 Within 1 year 1,727 337 Between 1 and 5 years 8,607 9,584 More than 5 years and indefinite 96,555 96,983 Total unrecognized deferred tax assets on income tax losses 106,889 106,904 Total (un)recognized deferred tax assets on income tax losses from subsidiaries 160,850 162,913 As of 31 December 2024 the amount of recognized deferred tax assets on income tax losses amounted to 54.0 million euro whereas the amount of unrecognized deferred tax assets on income tax losses amounted to 106.9 million euro. Joint ventures and associates (share of the group): (in thousands of euro) 2024 2023 Recognized income tax losses 12,028 39,287 Deferred tax assets on recognized income tax losses 2,452 7,884 Unrecognized income tax losses 46,357 33,219 Deferred tax assets on unrecognized income tax losses 9,149 6,297 Total (un)recognized income tax losses from joint ventures and associates 58,384 72,506 Total (un)recognized deferred tax assets on income tax losses from joint ventures and associates 11,601 14,181 The unrecognized tax losses also include unrecognized dividend received deductions for a total amount of 2.4 million euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__222-1": {
"value": "Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements.Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Associates (equity method) For the year ended 31 December Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Consortium Antwerp Port (Oman) NV Belgium 60% 60% Concessions Power@Sea NV Belgium 51.10% 51.10% Concessions Consortium Antwerp Port Industrial Port Land NV Belgium 50% 50% Concessions Blue Open NV Belgium 49.94% 49.94% Environmental Bluechem Building NV Belgium 25.47% 25.47% Environmental Blue Gate Antwerp Development NV Belgium 25.46% 25.46% Environmental Infra Ron BV Belgium 25% 25% Concessions Terranova NV Belgium 24.96% 24.96% Environmental Zeeboerderij Westdiep BV Belgium 20% 20% Concessions Feluy M2M SA Belgium 19.47% 19.47% Environmental Otary BIS NV Belgium 18.89% 18.89% Concessions Otary RS NV Belgium 18.89% 18.89% Concessions Rentel NV Belgium 18.89% 18.89% Concessions Hyve BV Belgium 16.67% 16.67% Concessions Terranova Solar NV Belgium 16.01% 16.01% Environmental North Sea Wave NV Belgium 13.22% 13.22% Concessions Seamade NV Belgium 13.22% 13.22% Concessions La V\u00e9lorie SA Belgium 12.48% 12.48% Environmental C-Power Holdco NV Belgium 10% 10% Concessions Terranova Hydrogen NV Belgium 8.32% 8.32% Environmental C-Power NV Belgium 6.33% 6.46% Concessions Bluepower NV Belgium 0% 35% Concessions Cobalt Seabed Resources (CSR) Ltd Cook Islands 42.11% 42.11% Concessions Nou Vela SA France 46.60% 46.60% Concessions Port-La Nouvelle SEMOP France 23.77% 23.77% Concessions Rhama Port Hub SRL Italy 28% 28% Dredging & Infra Cedar Luxembourg SARL Luxembourg 1.80% 1.80% Offshore Energy Hyport Coordination Company Llc Oman 25.50% 50% Concessions Port of Duqm Company SAOC Oman 30% 30% Concessions Duqm Industrial Land Company Llc Oman 27.55% 27.55% Concessions Duqm Logistic Lands and Investment Company Llc Oman 26% 26% Concessions Asyad Container Terminals Llc Oman 3% 0% Concessions Batic West Terminal SA Poland 50% 50% Concessions DIAP-Daelim Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra DIAP-SHAP Joint Venture Pte Ltd Singapore 51% 51% Dredging & Infra GBM Works BV The Netherlands 19.73% 0% Offshore Energy GBM Works IP BV The Netherlands 19.73% 0% Offshore Energy GBM Works Holding BV The Netherlands 19.73% 0% Offshore Energy BAAK Blankenburg-Verbinding BV The Netherlands 15% 15% Concessions Thistle Wind Partners Ltd United Kingdom 42.50% 42.50% Concessions Bowdun Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions Ayre Offshore Wind Farm Ltd United Kingdom 42.50% 42.50% Concessions West Islay Tidal Energy Park Ltd United Kingdom 0% 35% ConcessionsNote 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental). In the financial statements, all investments in joint ventures and associates are accounted for using the equity method. Only in the segment reporting, a separate section in this report, joint ventures are accounted for using the proportionate consolidation method. The changes over the period are explained below. The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates. Changes over the period Investments Investments Investments Investments in joint 2024 in joint 2023 (in thousands of euro) in associates in associates ventures ventures Balance at 1 January 49,094 120,869 169,963 94,619 106,891 201,510 Additions 2,532 11,263 13,795 891 7,671 8,562 Disposals (-) - -10,439 -10,439 -1,143 - -1,143 Share in the result of participations accounted for 27,974 12,400 40,374 -34,545 37,762 3,217 using the equity method Movements during the Dividends distributed by participations -14,603 -18,312 -32,915 -9,873 -17,879 -27,752 year Other comprehensive income -306 -4,456 -4,762 -3,164 -11,089 -14,253 Other movements 796 -3,064 -2,268 393 -1,641 -1,248 Translation differences 110 2,481 2,591 1,916 -846 1,070 Balance at 31 December 65,597 110,742 176,339 49,094 120,869 169,963 Booked as a non-current financial asset 67,179 114,686 181,865 49,353 120,942 170,295 Booked as a non-current financial liability -1,582 -3,944 -5,526 -259 -73 -332 (- is credit)The majority of the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in associates is linked to the Concessions segment. The Concessions segment associates delivered a net result of 12.4 million euro, down from 37.8 million euro a year ago. The second half of 2024 experienced softer wind production compared to both the first half of the year and 2023, which had benefitted from higher electricity prices and new legislation in Belgium. Consequently, the financial performance of Rentel NV, C-Power NV, and Seamade NV, which operate wind farms in Belgium, was adversely affected. The decrease in the result from associates was more than compensated by the result of the joint ventures that amounted to 28.0 million euro at the end of 2024 compared to a loss of 34.5 million euro in the previous year. Last year CDWE Taiwan Ltd, DEME\u2019s Taiwanese joint venture company in the Offshore segment absorbed project losses on the Zhong Neng project in Taiwan, whereas this year CDWE Taiwan Ltd is contributing very positively to the result of the year. The Offshore segment contributes for 29 million euro to the \u2018share in the result of participations accounted for using the equity method\u2019 related to investments in joint ventures compared to -35 million euro in 2023. As for \u2018dividends distributed by participations\u2019 in 2024, the amount received from associates mainly comes from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly comes from Deeprock CV. In 2023, the amount received from associates came from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly came from Earth Moving Worldwide Cyprus Ltd (EMW). Some joint ventures and associates finance substantial assets such as infrastructure works, offshore wind farms or vessels and can therefore hold interest rate swaps (IRS). As per 31 December 2024, the \u2018other comprehensive income (OCI)\u2019 includes a positive amount of 9.3 million euro compared to a positive amount of 14.0 million euro at the end of 2023 (as such indicating a year-over-year movement of -4.7 million euro). This figure reflects DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP and CDWE Green Jade Co Ltd, net of deferred tax assets. This fair value (DEME share) is indirectly reflected in the consolidated statement of financial position in the net assets of the investees for the same amount. Similar like last year the negative movement of the year in the hedging reserve of joint ventures and associates (-4.7 million euro) is related to the decline in market interest rates compared to the hedged interest rates (prior year impact however was larger -14.2 million euro). A minor amount of -0.049 million euro in the OCI movement is attributable to the remeasurement of net liabilities relating to defined benefit and contribution plans. There are in 2024 and in 2023 no equity accounted for investees where DEME has not recorded the share in the negative equity of the joint venture or associate. The equity accounted for investees for whom the share in the net assets is negative, are reallocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This reallocation is presented in the line \u2018other movements\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. If after allocation the negative net asset exceeds the investor\u2019s interest, a corresponding liability (non-current financial liability) is recorded instead of a negative investment within non-current financial assets. In 2024, the \u2018additions\u2019 include investments totaling 11.3 million euro in associates and 2.5 million euro in joint ventures The current year investments in associates mainly relate to the Concessions segment and more specifically to the capital increase in Hyport Coordination Company Llc . In the Offshore Energy segment there is an addition of the year for 0.9 million euro in GBM Works Holding BV. Reference is made to section changes in the consolidation scope. Last year the investments in associates mainly related to the Concessions segment and more specifically to the investment in Hyport Coordination Company Llc, Ayre Offshore Wind Farm Ltd and Bowdun Offshore Wind Farm Ltd. The investments in joint ventures for 2024 are related to an investment in Cargen Group NV and in Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA , both within the Environmental segment. The investments in joint ventures for 2023 related to an investment in D&S Contractors NV, within the Dredging & Infra segment. 2024 summarized financial information and reconciliation to the carrying amount Summarized financial information of the group\u2019s associates and joint ventures by segments is set out below. This information represents 100% amounts in associates and joint ventures financial statements prepared in accordance with IFRS Standards. Intercompany transactions are not eliminated. Balance at 31 December Summarized financial information of associates Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 5,475 1 27,641 2,797,399 2,830,516 Current assets 42,668 42,184 49,511 1,081,596 1,215,959 Equity 839 11,406 13,973 1,034,113 1,060,331 Non-current liabilities 34,658 107 19,701 2,585,438 2,639,904 Current liabilities 15,687 34,522 56,811 499,972 606,992 Cash and cash equivalents 3,041 3,851 13,332 240,528 260,752 Net financial debt (+ is net debt) 44,905 -3,851 9,613 2,371,735 2,422,402 Statement of income Turnover 781 54,572 51,905 624,655 731,913 Operating result 10,057 722 6,430 164,067 181,276 Financial result 22 -148 -1,164 -45,170 -46,460 Result for the period -5,241 394 4,499 88,659 88,311 Other comprehensive income - 306 - -20,634 -20,328 Changes in fair value related to hedging instruments - - - -27,685 -27,685 Changes in cumulative translation adjustment reserve - 306 - 7,030 7,336 Remeasurement of net liabilities relating to defined - - - 21 21 benefit plans Total comprehensive income -5,241 700 4,499 68,025 67,983 Group's share of profit (loss) -1,054 107 851 12,496 12,400 Group's share in other comprehensive income - 156 - -2,131 -1,975 Group's share in total comprehensive income -1,054 263 851 10,365 10,425 Associates of the group are mainly situated within the Concessions segment. The non-current assets and liabilities of those associates are mainly related to the assets and financing of offshore wind farms C-Power, Rentel and Seamade as well as to the building and financing of the roadway and tunnel of Blankenburg in the Netherlands (BAAK). Since 2024, DEME Offshore Holding NV, within Offshore Energy, holds a 19.73% interest in GBM Works Holding BV and subsidiaries, which reported a loss for the year. Summarized financial Concessions information of main associates BAAK Blankenburg-Total 2024 Verbinding BV C-Power NV Rentel NV Seamade NV (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 471,848 659,818 931,217 - 2,062,883 Current assets 39,663 64,607 66,306 817,967 988,543 Equity 269,514 130,148 155,469 60,022 615,153 Non-current liabilities 238,079 540,550 793,822 756,153 2,328,604 Current liabilities 72,797 74,182 105,752 14,903 267,634 Cash and cash equivalents 68,878 20,455 57,520 13,110 159,963 Net financial debt (+ is net debt) 195,286 518,443 772,150 722,175 2,208,054 Statement of income Turnover 146,391 142,180 185,885 62,999 537,455 Operating result 39,661 59,878 86,511 -5,320 180,730 Financial result -13,892 -15,217 -27,536 9,748 -46,897 Result for the period 19,852 33,748 44,260 3,293 101,153 Other comprehensive income 112 -9,148 -11,585 -5,317 -25,938 Changes in fair value related to hedging instruments 111 -9,148 -11,585 -5,317 -25,939 Changes in cumulative translation adjustment reserve - - - - - Remeasurement of net liabilities relating to defined 1 - - - 1 benefit plans Total comprehensive income 19,964 24,600 32,675 -2,024 75,215 Group's share of profit (loss) 1,256 6,374 5,852 494 13,976 Group's share in other comprehensive income 7 -1,728 -1,532 -797 -4,050 Group's share in total comprehensive income 1,263 4,646 4,320 -303 9,926 Summarized financial information of joint ventures Dredging & 2024 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 463,387 6,587 11,983 - 481,957 Current assets 160,729 9,301 23,240 - 193,270 Equity 212,919 -354 12,846 - 225,411 Non-current liabilities 207,396 6,585 2,160 - 216,141 Current liabilities 276,010 14,203 27,522 - 317,735 Cash and cash equivalents 72,209 4,546 7,304 - 84,059 Net financial debt (+ is net debt) 159,609 3,285 -3,001 - 159,893 Statement of income Turnover 619,528 26,146 13,773 - 659,447 Operating result 85,388 -3,498 2,183 - 84,073 Financial result -12,814 -265 -125 - -13,204 Result for the period 59,596 -3,524 1,483 - 57,555 Other comprehensive income -721 180 - - -541 Changes in fair value related to hedging instruments -661 - - - -661 Changes in cumulative translation adjustment reserve 37 180 - - 217 Remeasurement of net liabilities relating to defined -97 - - - -97 benefit plans Total comprehensive income 58,875 -3,344 1,483 - 57,014 Group's share of profit (loss) 29,092 -1,673 555 - 27,974 Group's share in other comprehensive income -289 93 - - -196 Group's share in total comprehensive income 28,803 -1,580 555 - 27,778 Within the Offshore Energy segment, the group's joint venture activities primarily involve offshore projects in CSBC DEME Wind Engineering Co Ltd (CDWE) and in Deeprock Beheer BV, as well as salvage operations conducted by Scaldis Salvage & Marine Contractors NV. In the Dredging & Infra segment, significant activity is noted in the joint venture K3 DEME BV, a joint venture in which DEME Building Materials BV takes part. Silvamo NV and W\u00e9risol SA are contributing to the results of 2024 within the Environmental segment. The reconciliation of the total net assets to the carrying amount of the group\u2019s interests in the associates and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 839 11,406 13,973 1,034,113 1,060,331 Proportion of the group's ownership interests in the -135 5,610 2,532 174,690 182,697 standalone amounts Reconciliation items - - 173 -72,128 -71,955 Carrying amount of the group's interest in associates -135 5,610 2,705 102,562 110,742 Booked as a non-current financial asset 30 5,610 2,714 106,332 114,686 Booked as a non-current financial liability -165 - -9 -3,770 -3,944 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & Offshore Energy Environmental Concessions Total 2024 Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 212,919 -354 12,846 - 225,411 Proportion of the group's ownership interests in the 99,983 -115 4,811 - 104,679 standalone amounts Reconciliation items -40,071 -195 1,184 - -39,082 Carrying amount of the group's interest in joint ventures 59,912 -310 5,995 - 65,597 Booked as a non-current financial asset 59,912 1,272 5,995 - 67,179 Booked as a non-current financial liability - -1,582 - - -1,582 (- is credit) The reconciliation items are related to the recognition of the income in accordance with the DEME group accounting policies and to the intercompany eliminations. 2023 summarized financial information and reconciliation to the carrying amount Summarized financial information of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets - 21 30,031 2,755,053 2,785,105 Current assets 25,517 76,954 50,988 1,666,906 1,820,365 Equity 1,569 10,706 12,919 1,108,019 1,133,213 Non-current liabilities 17,817 89 19,066 2,752,111 2,789,083 Current liabilities 6,131 66,180 49,034 561,828 683,173 Cash and cash equivalents - 525 867 97,122 98,514 Net financial debt (+ is net debt) 23,805 -3,331 12,232 2,395,043 2,427,749 Statement of income Turnover - 89,186 32,112 965,141 1,086,439 Operating result 10,864 356 5,296 385,174 401,690 Financial result 50 -354 -924 -51,531 -52,759 Result for the period 63 -3 2,785 253,484 256,329 Other comprehensive income - -240 - -73,482 -73,722 Changes in fair value related to hedging instruments - - - -71,126 -71,126 Changes in cumulative translation adjustment reserve - -240 - -2,223 -2,463 Remeasurement of net liabilities relating to defined - - - -133 -133 benefit plans Total comprehensive income 63 -243 2,785 180,002 182,607 Group's share of profit (loss) 1 -2 377 37,386 37,762 Group's share in other comprehensive income - -122 - -11,813 -11,935 Group's share in total comprehensive income 1 -124 377 25,573 25,827 Summarized financial information of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) (100% standalone amounts) Financial position Non-current assets 455,510 2,754 5,374 - 463,638 Current assets 339,511 15,593 13,877 - 368,981 Equity 181,759 2,991 8,291 - 193,041 Non-current liabilities 206,579 1,869 3,083 - 211,531 Current liabilities 406,683 13,487 7,876 - 428,046 Cash and cash equivalents 5,819 285 1,908 - 8,012 Net financial debt (+ is net debt) 178,698 -2,076 -1,985 - 174,637 Statement of income Turnover 350,100 24,376 10,296 - 384,772 Operating result -77,546 -213 1,918 - -75,841 Financial result -9,077 389 -30 - -8,718 Result for the period -68,787 179 1,259 - -67,349 Other comprehensive income -1,854 -68 -801 - -2,723 Changes in fair value related to hedging instruments -6,512 - - - -6,512 Changes in cumulative translation adjustment reserve 4,654 -68 -801 - 3,785 Remeasurement of net liabilities relating to defined 4 - - - 4 benefit plans Total comprehensive income -70,641 111 458 - -70,072 Group's share of profit (loss) -35,032 15 472 - -34,545 Group's share in other comprehensive income -914 -34 -300 - -1,248 Group's share in total comprehensive income -35,946 -19 172 - -35,793 The reconciliation of the total net assets to the carrying amount of the group's interests in the associated and joint ventures is as follows: Reconciliation to the carrying amount of associates Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of associates: 100% standalone amounts 1,569 10,706 12,919 1,108,019 1,133,213 Proportion of the group's ownership interests in the 28 5,347 2,332 178,669 186,376 standalone amounts Reconciliation items - - 173 -65,680 -65,507 Carrying amount of the group's interest in associates 28 5,347 2,505 112,989 120,869 Booked as a non-current financial asset 28 5,347 2,521 113,046 120,942 Booked as a non-current financial liability - - -16 -57 -73 (- is credit) Reconciliation to the carrying amount of joint ventures Dredging & 2023 Offshore Energy Environmental Concessions Total Infra (in thousands of euro) Net assets of joint ventures: 100% standalone amounts 181,759 2,991 8,291 - 193,041 Proportion of the group's ownership interests in the 85,035 1,466 3,105 - 89,606 standalone amounts Reconciliation items -40,985 -75 548 - -40,512 Carrying amount of the group's interest in joint ventures 44,050 1,391 3,653 - 49,094 Booked as a non-current financial asset 44,050 1,650 3,653 - 49,353 Booked as a non-current financial liability - -259 - - -259 (- is credit)Income tax losses carried forward Subsidiaries: Maturity date of income tax losses 2024 2023 (in thousands of euro) Within 1 year 102 - Between 1 and 5 years 47,217 58,324 More than 5 years and indefinite 191,424 191,379 Total recognized income tax losses 238,743 249,703 Within 1 year 5,526 1,104 Between 1 and 5 years 40,166 44,320 More than 5 years and indefinite 385,167 391,854 Total unrecognized income tax losses 430,859 437,278 Total (un)recognized income tax losses carried forward of subsidiaries 669,602 686,981 In 2024, income tax losses carried forward of subsidiaries amount to 669.6 million euro. For 238.7 million euro of these tax losses, deferred tax assets have been recognized. For an amount of 430.9 million euro of tax losses of subsidiaries, no deferred tax assets are recognized. In 2023, income tax losses carried forward of subsidiaries for which no deferred tax assets were recognized amounted to 437.3 million euro. The total unrecognized income tax losses include eight thousand euro tax losses that are to be considered transition year tax losses for Pillar Two purposes. All other losses are considered as pre-transition year losses. Transition year, for a jurisdiction, means the first fiscal year that the multinational enterprise (MNE) group comes within the scope of the Global Anti-Base Erosion (GloBE) rules of Pillar Two in respect of that jurisdiction (meaning that the Transitional Safe Harbour criteria were not met). The tax losses also include the dividend received deductions for a total amount of 291.6 million euro of which 242.7 million euro is unrecognized and 48.9 million euro is recognized. The dividend received deductions have no expiry date and are recorded in the category \u2018more than 5 years and indefinite\u2019. Maturity date of deferred taxes on income tax losses 2024 2023 (in thousands of euro) Within 1 year 25 - Between 1 and 5 years 5,823 8,014 More than 5 years and indefinite 48,113 47,995 Total recognized deferred tax assets on income tax losses 53,961 56,009 Within 1 year 1,727 337 Between 1 and 5 years 8,607 9,584 More than 5 years and indefinite 96,555 96,983 Total unrecognized deferred tax assets on income tax losses 106,889 106,904 Total (un)recognized deferred tax assets on income tax losses from subsidiaries 160,850 162,913 As of 31 December 2024 the amount of recognized deferred tax assets on income tax losses amounted to 54.0 million euro whereas the amount of unrecognized deferred tax assets on income tax losses amounted to 106.9 million euro. Joint ventures and associates (share of the group): (in thousands of euro) 2024 2023 Recognized income tax losses 12,028 39,287 Deferred tax assets on recognized income tax losses 2,452 7,884 Unrecognized income tax losses 46,357 33,219 Deferred tax assets on unrecognized income tax losses 9,149 6,297 Total (un)recognized income tax losses from joint ventures and associates 58,384 72,506 Total (un)recognized deferred tax assets on income tax losses from joint ventures and associates 11,601 14,181 The unrecognized tax losses also include unrecognized dividend received deductions for a total amount of 2.4 million euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__217-1": {
"value": "Changes in the consolidation scope in the reporting period The following subsidiary, joint ventures and associates have been established during 2024: Subsidiary: \u2212 Cap Infra NV (Belgium) (75%), within Concessions Joint ventures: \u2212 Deeprock Crewing BV (The Netherlands) (25%), within Offshore Energy \u2212 Cargen Group BV (Belgium) (37.45%), a 50% joint venture within Environmental \u2212 Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e (SORECO) SA (Belgium) (38.20%), within Environmental Associates: \u2212 Asyad Container Terminals Llc (Oman) (3%), within Concessions \u2212 GBM Works Holding BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works BV (The Netherlands) (19.73%), within Offshore Energy \u2212 GBM Works IP BV (The Netherlands) (19.73%), within Offshore Energy DEME has significant influence in all new associates mentioned above. Per 30 June 2024, DEME Offshore Holding NV, within Offshore Energy, acquired 24% beneficial interest in the companies GBM Works Holding BV and its 100 % subsidiaries GBM Works BV and GBM Works IP BV, all in the Netherlands. Per 31 December 2024, following two investment rounds, DEME made an additional contribution of 0.29 million euro and with the entry of new investors, DEME\u2019s beneficial interest was diluted to 19.73%. GBM Works is an innovative group developing and commercializing silent installation methods for offshore foundations that reduce the environmental impact on marine life. The acquisition of the aforementioned associate was achieved through the conversion of a loan amounting to 0.6 million euro, which was classified under other non-current assets as of 31 December 2023. The remaining amount of 0.29 million euro was paid in cash in 2024. The difference between the cost of acquisition and DEME\u2019s share in net assets was allocated to the intangible assets of GBM for an amount of 0.6 million euro net of taxes (DEME share) and is depreciated over 3 years. The following subsidiaries and associates were liquidated during 2024: Subsidiaries: \u2212 De Vries & van de Wiel Kust- en Oeverwerken (The Netherlands) (74.9%), within Environmental \u2212 Dragmorstroy Llc (Russia) (100%), within Dredging & Infra \u2212 G-tec Nederland BV (The Netherlands) (100%), within Offshore Energy \u2212 High Wind NV (Belgium) (100%), within Offshore Energy \u2212 Mordraga Llc (Russia) (100%), within Dredging & Infra Associates: \u2212 Bluepower NV (Belgium) (35%), within Concessions \u2212 West Islay Tidal Energy Park Ltd (United Kingdom) (35%), within Concessions The percentage of shareholding in the following subsidiaries and associates changed during 2024: Subsidiaries: \u2212 Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 84.30% to 84.22% \u2212 Grond Recyclage Centrum NV (Belgium) purchased the non-controlling interests in GRC Zolder NV for 1.3 million euro, within Environmental, resulting in a shareholder percentage of 100% (compared to 70% end 2023). The difference between the consideration paid and the net book value of the non-controlling interests is recorded as a component of equity (loss of 0.6 million euro). As the change in GRC\u2019s ownership does not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interests (NCI) \u2212 Dredging International Saudi Arabia Co Ltd (Saudi Arabia) from 100% to 99%, within Dredging & Infra Associates: \u2212 C-Power NV (Belgium) from 6.46% to 6.33% as DEME Concessions Wind NV (100 % Deme share) sold its direct participation in C-Power NV to C-Power Holdco NV (10% DEME share). Next to that C-Power Holdco NV also acquired 8.34% of the shares of C-Power NV from third parties. In the end the percentage in C-Power NV decreased for the DEME group with a positive impact on the result accounted for as other operating income. Reference is made to note (2) other operating income and expenses \u2212 Hyport Coordination Company Llc (Oman) from 50% to 25.5% as DEME Concessions NV sold part of its share to bp. As part of its long-term growth initiatives in the green hydrogen sector, DEME and OQ, Oman\u2019s leading integrated energy group, announced in July 2024 a strategic partnership with bp, one of the world\u2019s foremost international energy companies. Under this partnership, bp joins as an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake, while OQ and DEME each retain a 25.5% share. The reduction in shareholding led to a gain on the disposal of financial fixed assets. Reference is made to note (2) The following subsidiaries merged during 2024: \u2212 Apollo Shipping SA (Luxembourg) and CRiver Shipping SA (Luxembourg) have been merged with DEME Offshore Procurement & Shipping SA (Luxembourg), within Offshore Energy \u2212 Bonny River Shipping SA (Luxembourg) has been merged with DEME Luxembourg SA (Luxembourg), within Dredging & Infra \u2212 Dredging International India Pvt Ltd (India) has been merged with International Seaport Dredging Pvt Ltd (India), within Dredging & Infra The name of the following subsidiaries and associate changed in 2024: Subsidiaries: \u2212 DEME Environmental NL BV (former Aannemingsmaatschappij De Vries & van de Wiel BV), DEME Environmental Zandexploitatie BV (former Zandexploitatiemaatschappij De Vries & van de Wiel BV), DEME Environmental Recycling Centra BV (former Milieutechniek De Vries & van de Wiel BV) and DEME Environmental Beheer BV (former De Vries & Van de Wiel Beheer BV), all in the Netherlands and within Environmental \u2212 DEME Environnement SA (former Ecoterres SA) within Environmental Associate: \u2212 Baltic West Terminal SA (Poland) (former Dratohill Investments SA), within Concessions The changes in consolidation scope described above have no material impact on the financial statements.Changes in the consolidation scope in the previous reporting period The following subsidiaries, joint ventures and associates were established during 2023: Subsidiaries: - Vine Shipping SA (Luxembourg) (100%) within Offshore Energy - Yellowstone Shipping SA (Luxembourg) (100%) within Offshore Energy Joint ventures: - D&S Contractors NV (Belgium) (49.50%), within Dredging & Infra Associates: - Infra Ron BV (Belgium) (25%), within Concessions - Terranova Hydrogen NV (Belgium) (8.32%), within Environmental - Dratohill Investments SA (Poland) (50%) within Concessions The following 100% subsidiary was merged with another entity of the DEME group during 2023: - DEME Offshore FR SAS (France) merged with DEME Offshore BE (Belgium) within Offshore Energy The following subsidiary and joint venture were liquidated in 2023: Subsidiary: - Hyport Oostende Holdco NV (Belgium) (70%) within Concessions Joint venture: - Guangzhou Coscocs DEME New Energy Engineering Co. Ltd (China) (50%) within Offshore Energy The name of the following subsidiary and associates changed in 2023: Subsidiary: - DEME Reinsurance SA (Luxembourg) (former Safindi RE SA), within Dredging & Infra Associates: - Bowdun Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Deas Ear Ltd), within Concessions - Ayre Offshore Wind Farm Ltd (UK) (former Thistle Wind Partners Cluaran Ear Truath Ltd), within Concessions The percentage of shareholding in the following subsidiaries changed during 2023: - Global Sea Mineral Resources NV (GSR) (Belgium) and its 100% affiliate Deeptech NV (Belgium), within Concessions, from 100% to 84.3% The group entered into a strategic cooperation with Transocean Ltd (NYSE: RIG), a global leader in the offshore drilling industry. This cooperation brings together the leadership of GSR in ultra-deepwater mineral exploration and seafloor nodule collection technology with Transocean\u2019s world-class offshore expertise and capabilities. As part of its investment, Transocean Ltd contributed the ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019, valued at 85 million USD, for GSR\u2019s ongoing exploration work. Next to that, a cash investment of 10 million USD (9.4 million euro) as well as engineering capacity was contributed. In return, Transocean Ltd received a minority stake of 15.7%, including a board seat in GSR. To become fully operational, the entity needs to obtain a license to operate. GSR is still in the process of obtaining such license and at the moment of issuance of this report, there is still no indication that the license would not be granted. As the change in GSR\u2019s ownership did not imply losing control, the transaction has been accounted for as an equity transaction with non-controlling interest (NCI), this resulted in the following: (in millions of euro) Assets contributed in GSR 89.1 Net assets attributable to NCI -20.4 Increase in equity attributable to the 68.7 parent Represented by Increase in retained earnings 68.7List of the group\u2019s subsidiaries, joint ventures and associates The classification to one or another \u2018operational segment\u2019 of a company within the group can vary each year based upon the projects performed by that company and is not necessarily the same as the operational segment of its legal parent company. A company can also execute projects for more than one operational segment. In that case the main operational segment for the current year is disclosed in the table below. All subsidiaries, joint ventures and associates have the same year-end closing date as at 31 December, except for International Seaport Dredging Pvt Ltd (India) and Zeeboerderij Westdiep BV (Belgium) where the year-end closing date is 31 March. When the year-end closing date differs from the 31 December closing date, the figures included in the consolidation are those for the period ended 31 December calendar date. Further on, within the DEME group there are no significant restrictions to transfer funds in the form of cash and dividends.Subsidiaries (fully consolidated) For the year ended 31 December DEME Group NV is the parent company of the group. DEME Group NV holds a 100% ownership stake in DEME NV, which served as the parent company until 29June 2022, when the group was publicly listed. The sole asset of DEME Group NV is its participation in DEME NV. DEME Environmental NV, the parent company of the Environmental segment, is partially owned (25.10%) by a third party. In the Dredging & Infra segment, particularly in the maritime services business, Combined Marine Terminal Operations Worldwide NV (CTOW) and its affiliates are owned for 45.62 % by third parties. In the marine aggregate business, one affiliate has non-controlling interests amounting to 30%. In the dredging business, only minor interests are held by third parties. In the Concessions segment a strategic partner invested in Global Sea Mineral Resources NV (GSR) and its affiliates in 2023, acquiring a minority shareholding of 15.78% as explained in section changes in the consolidation scope of both current and previous reporting period. As of 31 December 2024, there are no non-controlling interests in the Offshore segment. Reference is made to note (20) non-controlling interests for further details. 2024 2023 Main Name Country % of Share-% of Share-Operational holding holding Segment 2024 Dredging, Environmental & Marine Engineering NV Belgium 100% 100% Baggerwerken Decloedt en Zoon NV Belgium 100% 100% Dredging & Infra Cathie Associates Holding CVBA Belgium 100% 100% Offshore Energy DEME Building Materials NV (DBM) Belgium 100% 100% Dredging & Infra DEME Concessions NV Belgium 100% 100% Concessions DEME Concessions Wind NV Belgium 100% 100% Concessions DEME Coordination Center NV Belgium 100% 100% Dredging & Infra DEME Dredging NV Belgium 100% 100% Dredging & Infra DEME Hyport Energy NV Belgium 100% 100% Concessions DEME Infra NV Belgium 100% 100% Dredging & Infra DEME Infrasea Solutions NV Belgium 100% 100% Dredging & Infra DEME Offshore BE NV Belgium 100% 100% Offshore Energy DEME Offshore Equipment SA Belgium 100% 100% Offshore Energy DEME Offshore Holding NV Belgium 100% 100% Offshore Energy Dredging International NV Belgium 100% 100% Dredging & Infra Geowind NV Belgium 100% 100% Offshore Energy G-tec SA Belgium 100% 100% Offshore Energy Logimarine NV Belgium 100% 100% Dredging & Infra Deeptech NV Belgium 84.22% 84.30% Concessions Global Sea Mineral Resources NV (GSR) Belgium 84.22% 84.30% Concessions Cap Infra NV Belgium 75% 0% Concessions DEME Environmental NV Belgium 74.90% 74.90% Environmental DEME Environnement NV Belgium 74.90% 74.90% Environmental Ekosto NV Belgium 74.90% 74.90% Environmental DEME Blue Energy NV Belgium 70% 70% Concessions Combined Marine Terminal Operations Worldwide NV (CTOW) Belgium 54.38% 54.38% Dredging & Infra Grond Recyclage Centrum NV Belgium 52.43% 52.43% Environmental GRC Zolder NV Belgium 52.43% 36.70% Environmental High Wind NV Belgium 0% 100% Offshore Energy Soyo Dragagem Lda Angola 100% 100% Dredging & Infra Dragagem Angola Servi\u00e7os Lda Angola 100% 100% Dredging & Infra Dredging International Argentina SA Argentina 100% 100% Dredging & Infra Offshore Energy/ Dredging International Australia Pty Ltd Australia 100% 100% Dredging & Infra GeoSea Australia Pty Ltd Australia 100% 100% Offshore Energy Dredging International Bahrain Wll Bahrain 49%(1) 49%(1) Dredging & Infra Dragabras Servi\u00e7os de Dragagem Ltda Brazil 100% 100% Dredging & Infra (1) The economic rights in this company are 100% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 DEME Offshore CA Ltd Canada 100% 100% Offshore Energy Dredging International Management Consulting Shanghai Ltd China 100% 100% Dredging & Infra GSR-CI Ltd Cook Islands 84.22% 84.30% Concessions Hong Kong SAR Far East Dredging Ltd 100% 100% Dredging & Infra China Bellsea Ltd Cyprus 100% 100% Dredging & Infra DEME Cyprus Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore CY Ltd Cyprus 100% 100% Offshore Energy Dredging International Cyprus Ltd Cyprus 100% 100% Dredging & Infra Dredging International Services Cyprus Ltd Cyprus 100% 100% Dredging & Infra Novadeal Ltd Cyprus 100% 100% Dredging & Infra T.C.M.C. The Channel Management Company Ltd Cyprus 100% 100% Dredging & Infra DEME Offshore DK SAS Denmark 100% 100% Offshore Energy G-tec SAS France 100% 100% Offshore Energy Offshore Energy/ Soci\u00e9t\u00e9 de Dragage International SA France 100% 100% Dredging & Infra Nordsee Nassbagger- und Tiefbau GmbH Germany 100% 100% Dredging & Infra Oam-DEME Minerali\u00ebn GmbH Germany 70% 70% Dredging & Infra International Seaport Dredging Pvt Ltd India 93.64% 93.64% Dredging & Infra Dredging International India Pvt Ltd India 0% 99.97% Dredging & Infra Dredging International Indonesia PT Indonesia 49%(3) 49%(3) Dredging & Infra Societa Italiana Dragaggi Spa Italy 100% 100% Dredging & Infra DEME Co Japan Ltd Japan 100% 100% Offshore Energy Delta River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Luxembourg SA Luxembourg 100% 100% Dredging & Infra DEME Offshore LU Procurement & Shipping SA Luxembourg 100% 100% Offshore Energy Innovation Shipping SA Luxembourg 100% 100% Offshore Energy Meuse River Shipping SA Luxembourg 100% 100% Dredging & Infra DEME Reinsurance SA Luxembourg 100% 100% Dredging & Infra Spartacus Shipping SA Luxembourg 100% 100% Dredging & Infra Vine Shipping SA Luxembourg 100% 100% Offshore Energy Yellowstone Shipping SA Luxembourg 100% 100% Offshore Energy Apollo Shipping SA Luxembourg 0% 100% Offshore Energy Bonny River Shipping SA Luxembourg 0% 100% Dredging & Infra CRiver Shipping SA Luxembourg 0% 100% Dredging & Infra SPT Offshore Sdn Bhd Malaysia 100% 100% Offshore Energy Dredging International Malaysia Sdn Bhd Malaysia 30%(1) 30%(1) Dredging & Infra Dredging International Mexico SA de CV Mexico 100% 100% Offshore Energy Logimarine SA de CV Mexico 100% 100% Dredging & Infra Dragamoz Lda Mozambique 100% 100% Dredging & Infra Earth Moving International Nigeria Ltd Nigeria 100% 100% Dredging & Infra Novadeal EKO FZE Nigeria 100% 100% Dredging & Infra Dredging and Environmental Services Nigeria Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Dredging International Services (Nigeria) Ltd Nigeria 39%(1) 39%(1) Dredging & Infra Combined Marine Terminal Operators Nigeria Ltd Nigeria 21.25%(2) 21.25%(2) Dredging & Infra Dredging International de Panama SA Panama 100% 100% Dredging & Infra (1) The economic rights in this company are 100% (2) The economic rights in this company are 54.38% (3) The economic rights in this company are 95% Main 2024 2023 Operational Name Country % of Share-% of Share-Segment holding holding 2024 Corporacion Arenera Marina SA Panama 100% 100% Dredging & Infra Dredeco PNG Ltd Papua New Guinea 100% 100% Dredging & Infra Middle East Dredging Company QSC Qatar 49%(3) 49%(3) Dredging & Infra Dragmorstroy Llc Russia 0% 100% Dredging & Infra Mordraga Llc Russia 0% 100% Dredging & Infra Dredging InternationaI Saudi Arabia Co Ltd Saudi Arabia 99% 100% Dredging & Infra Dragafi Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International Asia Pacific Pte Ltd Singapore 100% 100% Dredging & Infra Dredging International South Africa PTY Ltd South-Africa 100% 100% Dredging & Infra Dredging International Espa\u00f1a SA Spain 100% 100% Dredging & Infra Naviera Living Stone SLU Spain 100% 100% Offshore Energy DEME Building Materials BV (DBM) The Netherlands 100% 100% Dredging & Infra DEME Concessions Netherlands BV The Netherlands 100% 100% Concessions DEME Infra BV The Netherlands 100% 100% Dredging & Infra DEME Offshore NL BV The Netherlands 100% 100% Offshore Energy DEME Offshore Shipping BV The Netherlands 100% 100% Offshore Energy Dredging International Netherlands BV The Netherlands 100% 100% Dredging & Infra SPT Equipment BV The Netherlands 100% 100% Offshore Energy SPT Offshore Holding BV The Netherlands 100% 100% Offshore Energy SPT Offshore BV The Netherlands 100% 100% Offshore Energy DEME Environmental NL BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Beheer BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Zandexploitatie BV The Netherlands 74.90% 74.90% Environmental DEME Environmental Recycling Centra BV The Netherlands 74.90% 74.90% Environmental G-tec Nederland BV The Netherlands 0% 100% Offshore Energy De Vries & van de Wiel Kust- en Oeverwerken BV The Netherlands 0% 74.90% Environmental Dredging International Ukraine Llc Ukraine 100% 100% Dredging & Infra United Arab Dredging International RAK FZ Llc 100% 100% Dredging & Infra Emirates DEME Building Materials Ltd (DBM) United Kingdom 100% 100% Dredging & Infra NewWaves Solutions Ltd United Kingdom 100% 100% Offshore Energy SPT Offshore Ltd United Kingdom 100% 100% Offshore Energy DEME Offshore US Inc USA 100% 100% Offshore Energy DEME Offshore US Llc USA 100% 100% Offshore Energy Servicios Maritimos Servimar SA Venezuela 100% 100% Dredging & Infra (3) The economic rights in this company are 95%Income tax losses carried forward Subsidiaries: Maturity date of income tax losses 2024 2023 (in thousands of euro) Within 1 year 102 - Between 1 and 5 years 47,217 58,324 More than 5 years and indefinite 191,424 191,379 Total recognized income tax losses 238,743 249,703 Within 1 year 5,526 1,104 Between 1 and 5 years 40,166 44,320 More than 5 years and indefinite 385,167 391,854 Total unrecognized income tax losses 430,859 437,278 Total (un)recognized income tax losses carried forward of subsidiaries 669,602 686,981 In 2024, income tax losses carried forward of subsidiaries amount to 669.6 million euro. For 238.7 million euro of these tax losses, deferred tax assets have been recognized. For an amount of 430.9 million euro of tax losses of subsidiaries, no deferred tax assets are recognized. In 2023, income tax losses carried forward of subsidiaries for which no deferred tax assets were recognized amounted to 437.3 million euro. The total unrecognized income tax losses include eight thousand euro tax losses that are to be considered transition year tax losses for Pillar Two purposes. All other losses are considered as pre-transition year losses. Transition year, for a jurisdiction, means the first fiscal year that the multinational enterprise (MNE) group comes within the scope of the Global Anti-Base Erosion (GloBE) rules of Pillar Two in respect of that jurisdiction (meaning that the Transitional Safe Harbour criteria were not met). The tax losses also include the dividend received deductions for a total amount of 291.6 million euro of which 242.7 million euro is unrecognized and 48.9 million euro is recognized. The dividend received deductions have no expiry date and are recorded in the category \u2018more than 5 years and indefinite\u2019. Maturity date of deferred taxes on income tax losses 2024 2023 (in thousands of euro) Within 1 year 25 - Between 1 and 5 years 5,823 8,014 More than 5 years and indefinite 48,113 47,995 Total recognized deferred tax assets on income tax losses 53,961 56,009 Within 1 year 1,727 337 Between 1 and 5 years 8,607 9,584 More than 5 years and indefinite 96,555 96,983 Total unrecognized deferred tax assets on income tax losses 106,889 106,904 Total (un)recognized deferred tax assets on income tax losses from subsidiaries 160,850 162,913 As of 31 December 2024 the amount of recognized deferred tax assets on income tax losses amounted to 54.0 million euro whereas the amount of unrecognized deferred tax assets on income tax losses amounted to 106.9 million euro. Joint ventures and associates (share of the group): (in thousands of euro) 2024 2023 Recognized income tax losses 12,028 39,287 Deferred tax assets on recognized income tax losses 2,452 7,884 Unrecognized income tax losses 46,357 33,219 Deferred tax assets on unrecognized income tax losses 9,149 6,297 Total (un)recognized income tax losses from joint ventures and associates 58,384 72,506 Total (un)recognized deferred tax assets on income tax losses from joint ventures and associates 11,601 14,181 The unrecognized tax losses also include unrecognized dividend received deductions for a total amount of 2.4 million euro.",
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"value": "Notes Depreciation and amortization expenses 2024 (5)/(7)/(8) 2023 -395,830 Delta -342,050 REVENUES -53,780 4,143,794 Impairment of property, plant and equipment and right-of-use assets 3,344,091 (7)/(8) 799,703 -14,772 Turnover -13,148 (1) -1,624 4,101,159 Impairment of goodwill and intangible assets 3,285,422 (5)/(6) 815,737 - Other operating income - (2) - 42,635 Other operating expenses 58,669 (2) -16,034 -26,649 OPERATING EXPENSES -20,784 -3,790,185 -5,865 -3,102,828 OPERATING RESULT -687,357 353,609 Raw materials, consumables, services and subcontracted work 241,263 -2,685,547 112,346 -2,138,962 FINANCIAL RESULT -546,585 (4) Personnel expenses -8,674 (3) -23,269 -667,387 14,595 -587,884 Interest income -79,503 13,534 8,252 5,282 Interest expense -16,797 -20,149 3,352 Realized/unrealized foreign currency translation effects -1,263 -9,825 8,562 Other financial result -4,148 -1,547 -2,601 RESULT BEFORE TAXES 344,935 217,994 126,941 Current taxes and deferred taxes (11) -89,536 -49,618 -39,918 RESULT AFTER TAXES 255,399 168,376 87,023 Share of profit (loss) of joint ventures and associates (9) 40,374 3,217 37,157 RESULT FOR THE PERIOD 295,773 171,593 124,180 Attributable to non-controlling interests (20) 7,545 8,831 -1,286 SHARE OF THE GROUP 288,228 162,762 125,466 Earnings per share (basic) (in euro) (19) 11.40 6.43 4.98 Earnings per share (diluted) (in euro) (19) 11.40 6.43 4.97 In 2024, total revenues increased by 799.7 million euro. Turnover surged by 815.7 million euro, marking a 24.8% increase compared to 2023, reaching again a milestone amount of 4 billion euro only one year after the 3 billion euro was surpassed for the first time in DEME group\u2019s history. The Offshore Energy segment grew its turnover 37% year-over-year, driven by continued solid demand, expanded \ufb02eet capacity, high utilization and effective project execution across Europe, APAC and the US. Also, the Dredging & Infra segment performed well and grew year-over-year 22%, on a range of projects including maintenance and capital dredging projects across the globe as well as major infrastructural projects in Europe. The Environmental segment delivered a turnover growth of 11%, advancing its long-term projects in Belgium, the Netherlands, UK and Norway. Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019. Depreciation and amortization expenses increased to 395.8 million euro from 342.1 million euro in 2023, due to investments in upgrading \u2018Sea Installer\u2019 and converting \u2018Yellowstone\u2019, DEME\u2019s fallpipe vessel that joined the fleet in the second quarter of 2024. Also the depreciation of the year for IFRS 16 leases increased by 21.5 million euro. Impairment losses for the year totaled 14.8 million euro, encompassing the crane of \u2018Sea Challenger\u2019 and \u2018Samson\u2019, a backhoe dredger, compared to 13.1 million euro last year, attributed to \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784Depreciation charge and impairment cost of the year\u2019 increased to 353 million euro in total compared to 320 million euro in 2023. The higher level of depreciation charges in 2024 is primarily attributed to \u2018Yellowstone\u2019 that joined the fleet on the second quarter of 2024 and to the investments in upgrading \u2018Sea installer\u2019 (depreciated as from July 2023). The amount of the year also includes a 14.8 million euro impairment cost. In H1 2024 an \u2018impairment cost\u2019 of 4.4 million euro was booked for the crane of \u2018Sea Challenger\u2019, whereas at the end of 2024, an additional \u2018impairment cost\u2019 of 10.4 million euro was booked for \u2018Samson\u2019, a backhoe dredger.Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220The investments in property, plant and equipment by joint ventures such as those in \u2018Green Jade\u2019 and \u2018Sea Challenger\u2019 are not reflected in property, plant and equipment of the consolidated statement of financial position. However, reference is made to the segment reporting for 31 December 2024 and 31 December 2023 where the amounts included in the \u2018reconciliation\u2019 column under the lines net book value property, plant and equipment and right-of-use assets and acquisition of property, plant and equipment and right-of-use assets relate to joint ventures. In 2023, 49% of DEME's capital expenditure was considered as taxonomy-eligible and aligned CapEx, while in the current period, this figure stands at 47% for the taxonomy-eligible and 46% for the taxonomy aligned CapEx. This percentage is directly tied to DEME's fleet engaged in projects aimed at mitigating climate change, such as constructing and installing foundations and wind turbines, along with their shore connections. Additionally, as of now, climate risks are not affecting the useful life of the group's assets. Reference is made to Chapter 07.Sustainability Statements. At 31 December 2023, the net book value of \u2018floating equipment\u2019 as part of floating and other construction equipment contributed 96% to the total of this category. In 2023, the DP2 jack-up installation vessel \u2018Sea Installer\u2019 received an extensive upgrade, positioning the vessel for offshore wind farm projects in the US. The amount invested in \u2018Sea Installer\u2019 was included in the additions in floating and other construction equipment. DEME also upgraded \u2018Viking Neptun\u2019 into a cable laying vessel and since the first quarter of 2023, the vessel has been actively engaged in project deployments. The reclassification of the vessel occurred from assets under construction to floating and other construction equipment. The offshore wind installation vessel \u2018Green Jade\u2019, ordered by CDWE, the Taiwanese joint venture between DEME (49.99%) and partner CSBC in Taiwan, joined the fleet in July 2023 and was actively deployed in the thriving local offshore wind market. As the joint venture is integrated according to equity method, this vessel is not included in property, plant and equipment. DEME itself injected approximately 30 million euro in CDWE in 2020 and 13.3 million euro in 2021 as capital for the joint venture. There were no additional capital injections done by DEME in 2022 and 2023. The joint venture itself secured a long-term bank loan in the third quarter of 2023 to facilitate the further payment of \u2018Green Jade\u2019. As part of its efforts to enhance its fallpipe vessel fleet, DEME made an investment in a new DP2 fallpipe vessel by purchasing and converting a bulk carrier. This vessel named \u2018Yellowstone\u2019 joined the DEME fleet in the first half of 2024 whereas it was included within assets under construction at the end of 2023. The ultra-deepwater drilling vessel \u2018Ocean Rig Olympia\u2019 was also included within the additions and net book value of assets under construction, as in the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea mining) through the contribution of this vessel, and a cash investment. This addition of the year was considered as a non-cash item. The other additions within assets under construction mainly included the amounts invested in 2023 in \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019, some additional modifications for \u2018Orion\u2019, the new offshore survey vessel \u2018Karina\u2019 and a new office building. As of 31 December 2023, \u2018Viking Neptun\u2019, \u2018Orion\u2019, and the new office building were transferred to floating and other construction equipment and land and buildings. In 2023, specific borrowing costs amounting to 1.6 million euro, related to assets under construction, were capitalized. At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019. \u2018Depreciation charge and impairment cost of the year\u2019 increased to 320 million euro in total compared to 286 million euro in 2022. The higher level of depreciation charges in 2023 was attributed primarily to the investments in \u2018Orion\u2019, DEME\u2019s largest offshore installation vessel, that was added to the fleet mid 2022, and in \u2018Viking Neptun\u2019, the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also included a 13 million euro impairment for \u2018Al Jarraf\u2019, one of DEME\u2019s cutter suction dredger vessels.Note 6 \u2013 Goodwill (in thousands of euro) 2024 2023 Balance at 1 January 13,028 13,028 Acquisitions through business combinations - - Movements during the Disposals - - year Impairment losses - - Balance at 31 December 13,028 13,028Impairment testing of goodwill In accordance with IAS 36 impairment of assets, goodwill was tested for impairment at 31 December 2024 and 2023. No impairment losses were recognized. Within the DEME group, goodwill is tested for impairment annually. The impairment tests are based on figures and insights of the third quarter of the reporting year. If there is an indication that the cash generating unit to which the goodwill is allocated could have suffered a loss of value, impairment testing is done more frequently than once a year. In 2024, there were no such indicators and no additional impairment tests have been prepared. Significant judgment by management is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters (more detailed in section disclosures related to specific topics). Management does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk). The group believes the estimates and assumptions used in the impairment testing are reasonable and are comparable to those that would be used by competitors.",
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"f1__s8__7__69-1": {
"value": "Other operating income decreased by 16.0 million euro compared to the previous year. In 2024, this included a 8.9 million euro gain on the sale of property, plant, and equipment, compared to a 18.6 million euro gain in 2023, which included the sale of \u2018Groenewind\u2019.The increase in other operating expenses by 5.8 million euro compared to 2023, is related to the movement in amounts written off trade receivables and the movement in retirement benefit obligations.Note 2 \u2013 Other operating income and expenses For the year ended 31 December Other operating income (in thousands of euro/ (-) is expense) 2024 2023 Gain on sale of property, plant and equipment 8,924 18,615 Gain on disposal of financial fixed assets 1,430 - Other operating income 32,281 40,054 Total other operating income 42,635 58,669 Total other operating income for 2024 relates among others to the sale of the workshop in Zeebrugge (see note (15) assets held for sale) and miscellaneous equipment within the Dredging & Infra segment. In addition to various insurance claim income related to equipment and included in other operating income, a gain on the sale of shares of Hyport Coordination Company Llc and a gain on the sale of shares of C-Power NV, together 1.4 million euro is included. Reference is made to section changes in the consolidation scope. In 2023, the sale of \u2018Groenewind\u2019 (Offshore Energy segment) and a damage claim income for \u2018Ambiorix\u2019 for an amount of 7 million euro were included within total other operating income. The net of gain and loss on sale of property, plant and equipment amounts to 8.9 million euro. This amount is included in the cash flow from divestments. Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023. Movement in retirement benefit obligations is the non-paid net defined benefit cost (related to the retirement benefit obligations) that is recorded in the statement of income. The defined benefit cost that is paid (contributions from employer) is recorded as pension expenses in the statement of income. Reference is made to note (24) retirement benefit obligations and to note (3) personnel expenses and employment. Movement in provisions mainly relates to the movement in warranty provisions. Reference is made to note (26) provisions. Other operating expenses mainly include various taxes, import and stamp duties. In 2023, the workshop in Zeebrugge with a net book value of 1.6 million euro was classified as an asset held for sale as a sale within the next 12 months was highly probable. In June 2024, this workshop was effectively sold, resulting in a gain on sale which is included in other operating income in 2024. Reference is made to note (2) other operating income and expenses.The amounts related to leasing recognized in the consolidated statement of income are included in the table below: (in thousands of euro) 2024 2023 Land and buildings 15,731 14,923 Floating and other construction equipment 24,304 7,437 Furniture and vehicles 12,322 8,505 Total depreciation charge of right-of-use assets (note (8)) 52,357 30,865 Interest expense (note (4) financial result) 4,045 1,938 Expense relating to short-term leases 43,173 5,554 Expense relating to leases of low-value assets that are not short-term leases 203 202 Total expense related to leases 99,778 38,559 The increase in right-of-use assets, and as such lease liabilities, resulted in higher depreciation and interest expenses for 2024. The increase in short-term rental expenses in the income statement in 2024 is mainly due to expensive specialized short-term project equipment required for US offshore projects and more short-term rental cars. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4).",
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"f1__s8__7__257-1": {
"value": "The increase in other operating expenses by 5.8 million euro compared to 2023, is related to the movement in amounts written off trade receivables and the movement in retirement benefit obligations.Financial information of operating segments For the year ended 31 December (in thousands of euro) 2024 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 2,055,040 1,962,558 336,774 7,828 4,362,200 -261,041 4,101,159 EBITDA 431,833 358,300 43,591 -13,022 820,702 -56,491 764,211 Depreciation and impairment -172,817 -240,011 -11,676 -1,243 -425,747 15,145 -410,602 EBIT 259,016 118,289 31,915 -14,265 394,955 -41,346 353,609 Financial result -15,232 6,558 -8,674 RESULT BEFORE TAXES 379,723 -34,788 344,935 Current taxes and deferred taxes -96,163 6,627 -89,536 Net result from joint ventures and associates -1,053 107 851 12,495 12,400 27,974 40,374 RESULT FOR THE PERIOD 295,960 -187 295,773 Attributable to non-controlling interests 7,732 -187 7,545 SHARE OF THE GROUP 288,228 - 288,228 Net book value intangible assets 10,772 4,257 - - 15,029 -7 15,022 Net book value property, plant and equipment and right-1,485,866 1,189,390 70,507 80,446 2,826,209 -188,671 2,637,538 of-use assets Carrying amount of joint ventures and associates -135 5,610 2,705 102,562 110,742 65,597 176,339 Booked as non-current financial asset 30 5,610 2,714 106,332 114,686 67,179 181,865 Booked as non-current financial liability -165 - -9 -3,770 -3,944 -1,582 -5,526 (- is credit) Acquisition of property, plant and equipment and right-of-204,923 184,238 17,896 471 407,528 -23,571 383,957 use assets (*) Capital investments in joint ventures and associates 890 - - 10,373 11,263 2,532 13,795 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements The financial information presented in the segment reporting, which utilizes the proportionate consolidation method for joint ventures, is reconciled with the financial information reported in the consolidated statement of financial position and the consolidated statement of income, which adhere to the equity consolidation method as mandated by IAS 28. The impact of the different consolidation method for joint ventures is reflected in the \u2018reconciliation\u2019 column. The proportionate (line-by-line) integrated amounts of joint ventures are deducted and replaced by the group\u2019s share in the result of the joint ventures. In addition, turnover of fully consolidated entities towards joint ventures (that is proportionally eliminated in the segment reporting), is added again to the turnover in the group financial statements, as this turnover is not eliminated any longer when joint ventures are consolidated according to the equity method. Therefore, the ratio between EBITDA/EBIT and turnover of the \u2018reconciliation\u2019 column is not reflecting the ratio of the joint ventures itself. Associates are consolidated according to the equity method in both the segment reporting and the group financial statements. The lines referring to \u2018net result of joint ventures and associates\u2019 or \u2018capital investments in joint ventures and associates\u2019 in the segment reporting only include associates, while the joint ventures are added in the reconciling items. Reference is made to note (9) for more information about joint ventures and associates. 2023 Group Offshore Dredging & Total Environmental Concessions Reconciliation Financial Energy Infra Segments Statements Turnover 1,501,551 1,604,610 304,314 4,972 3,415,447 -130,025 3,285,422 EBITDA 231,364 298,294 51,113 -13,409 567,362 29,099 596,461 Depreciation and impairment -129,727 -225,170 -9,912 -113 -364,922 9,724 -355,198 EBIT 101,637 73,124 41,201 -13,522 202,440 38,823 241,263 Financial result -27,453 4,184 -23,269 RESULT BEFORE TAXES 174,987 43,007 217,994 Current taxes and deferred taxes -40,998 -8,620 -49,618 Net result from joint ventures and associates 1 -2 377 37,386 37,762 -34,545 3,217 RESULT FOR THE PERIOD 171,751 -158 171,593 Attributable to non-controlling interests 8,989 -158 8,831 SHARE OF THE GROUP 162,762 - 162,762 Net book value intangible assets 12,674 6,098 8 4,067 22,847 -7 22,840 Net book value property, plant and equipment and right-1,480,965 1,247,270 64,473 81,230 2,873,938 -180,625 2,693,313 of-use assets Carrying amount of joint ventures and associates 28 5,347 2,505 112,989 120,869 49,094 169,963 Booked as non-current financial asset 28 5,347 2,521 113,046 120,942 49,353 170,295 Booked as non-current financial liability - - -16 -57 -73 -259 -332 (- is credit) Acquisition of property, plant and equipment and right-of-382,488 161,160 19,296 81,184 644,128 -112,186 531,942 use assets (*) Capital investments in joint ventures and associates - - - 7,671 7,671 891 8,562 (*) Acquisitions according to balance sheet (rollforward property, plant and equipment and right-of-use assets and rollforward of investments in joint ventures and associates) and not according to the cash flow statement excluding the non-cash movements. Note 2 \u2013 Other operating incomeOther operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023. Movement in retirement benefit obligations is the non-paid net defined benefit cost (related to the retirement benefit obligations) that is recorded in the statement of income. The defined benefit cost that is paid (contributions from employer) is recorded as pension expenses in the statement of income. Reference is made to note (24) retirement benefit obligations and to note (3) personnel expenses and employment. Movement in provisions mainly relates to the movement in warranty provisions. Reference is made to note (26) provisions. Other operating expenses mainly include various taxes, import and stamp duties. ",
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"f1__s8__7__261-1": {
"value": "Financial result improved to -8.7 million euro from -23.3 million euro last year. This positive impact of 14.6 million euro was equally divided between a decrease in net foreign currency translation losses and net interest costs, following the evolution of net financial debt from -512.2 million euro last year to a net cash position of 91.1 million euro at the end of 2024.Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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},
"f1__s8__7__269-1": {
"value": "Result before taxes increased by 126.9 million euro compared to last year. The effective tax rate rose from 22.76% to 25.96%. The increase of the effective tax rate is partly attributable to the implementation of Pillar Two, ensuring that multinational enterprises pay a minimum level of tax in each jurisdiction they operate in. Result after taxes amounts to 255.4 million euro which is an increase of 87.0 million euro compared to last year.Note 11 \u2013 Current taxes and deferred taxes For the year ended 31 December Current taxes and deferred taxes recognized in comprehensive income (in thousands of euro) 2024 2023 Current tax expense 86,903 52,672 Adjustments in respect of current income tax of previous years 4,134 2,248 Total current tax expense / (income) 91,037 54,920 Deferred taxes relating to origination and reversal of temporary differences -3,549 387 Movement of recognized tax losses carried forward 2,048 -5,689 Total deferred tax expense / (income) -1,501 -5,302 Current and deferred taxes recognized in the income statement 89,536 49,618 Taxes on remeasurement of retirement benefit obligations -855 485 Taxes on changes in fair value related to hedging instruments -4,202 -6,012 Current and deferred taxes recognized in other elements of the comprehensive income (- is income) -5,057 -5,527 Current and deferred taxes recognized in comprehensive income 84,479 44,091 Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amount are those that are enacted or substantively enacted at the reporting date in the countries where the group operates and generates taxable income. As of 2024, current income tax also includes Pillar Two income tax. See further on in this note. Current income tax relating to items recognized directly in other comprehensive income (OCI) is recognized in OCI and not in the statement of income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. The operational activities of the group are subject to various tax regimes with tax rates ranging from 0% to 48% (without Pillar Two impact). Reference is made to the reconciliation of the effective tax rate below. Current income tax receivables and payables (in thousands of euro) 2024 2023 Income tax receivables (+ is debet) 26,061 25,937 Income tax payables (+ is credit) 71,144 64,024Reconciliation of the effective tax rate Below a reconciliation between the effective tax rate and the tax rate applicable in Belgium is made. (in thousands of euro) 2024 2023 Result before taxes 344,935 217,994 Tax expense at nominal tax rate in Belgium which is 25% in 2024 and 2023 86,234 54,499 Increase (decrease) in tax rate resulting from: Tax effect of non-deductible expenses 5,490 3,635 Tax effect of non-taxable revenue (1) -4,392 -23,124 Tax impact of changes in tax rates -2,280 1,051 Effects of different tax rates applicable to subsidiaries operating in other jurisdictions or income -9,568 -12,802 taxable under special tax regimes such as tonnage tax (2) Tax impact of (de)recognition of provisions for uncertain tax positions 1,475 -1,446 Pillar Two minimum top-up tax 490 - Tax impact of adjustments to current and deferred taxes relating to previous periods 2,491 2,248 Tax impact of losses for which no deferred tax assets were recognized (3) 9,596 25,557 Tax expense 89,536 49,618 Effective tax rate for the period 25.96% 22.76% (1) The main components of the tax effect on non-taxable revenue are claw back of previously deferred depreciations and exempt capital gains on sale of assets as well as tax deductible losses on capital. (2) In several countries where the group operated in 2024 the nominal tax rate is relatively lower than the nominal tax rate in Belgium. In some countries the tonnage tax regime also resulting in a relatively lower tax rate. (3) The difference between 2024 and 2023 is caused by on the one hand the (re-)assessment of unrecognized deferred tax assets relating to tax losses during 2024 (increasing the effective tax rate) and on the other hand the usage of unrecognized tax losses in 2024, decreasing the effective tax rate. The effective tax rate (2024: 25.96%) is higher than the nominal tax rate in Belgium (25%). In 2023, the effective tax rate was 22.76%. Deferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityDeferred tax assets and liabilities recorded in other comprehensive income The following movements in deferred tax assets and liabilities of fully consolidated entities, as well as the items they relate to, were recorded in other comprehensive income: 2024 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -17,657 4,202 -13,455 Remeasurement of retirement benefit obligations -3,506 855 -2,651 Total -21,163 5,057 -16,106 2023 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -23,667 6,012 -17,655 Remeasurement of retirement benefit obligations 1,951 -485 1,466 Total -21,716 5,527 -16,189Income tax losses carried forward Subsidiaries: Maturity date of income tax losses 2024 2023 (in thousands of euro) Within 1 year 102 - Between 1 and 5 years 47,217 58,324 More than 5 years and indefinite 191,424 191,379 Total recognized income tax losses 238,743 249,703 Within 1 year 5,526 1,104 Between 1 and 5 years 40,166 44,320 More than 5 years and indefinite 385,167 391,854 Total unrecognized income tax losses 430,859 437,278 Total (un)recognized income tax losses carried forward of subsidiaries 669,602 686,981 In 2024, income tax losses carried forward of subsidiaries amount to 669.6 million euro. For 238.7 million euro of these tax losses, deferred tax assets have been recognized. For an amount of 430.9 million euro of tax losses of subsidiaries, no deferred tax assets are recognized. In 2023, income tax losses carried forward of subsidiaries for which no deferred tax assets were recognized amounted to 437.3 million euro. The total unrecognized income tax losses include eight thousand euro tax losses that are to be considered transition year tax losses for Pillar Two purposes. All other losses are considered as pre-transition year losses. Transition year, for a jurisdiction, means the first fiscal year that the multinational enterprise (MNE) group comes within the scope of the Global Anti-Base Erosion (GloBE) rules of Pillar Two in respect of that jurisdiction (meaning that the Transitional Safe Harbour criteria were not met). The tax losses also include the dividend received deductions for a total amount of 291.6 million euro of which 242.7 million euro is unrecognized and 48.9 million euro is recognized. The dividend received deductions have no expiry date and are recorded in the category \u2018more than 5 years and indefinite\u2019. Maturity date of deferred taxes on income tax losses 2024 2023 (in thousands of euro) Within 1 year 25 - Between 1 and 5 years 5,823 8,014 More than 5 years and indefinite 48,113 47,995 Total recognized deferred tax assets on income tax losses 53,961 56,009 Within 1 year 1,727 337 Between 1 and 5 years 8,607 9,584 More than 5 years and indefinite 96,555 96,983 Total unrecognized deferred tax assets on income tax losses 106,889 106,904 Total (un)recognized deferred tax assets on income tax losses from subsidiaries 160,850 162,913 As of 31 December 2024 the amount of recognized deferred tax assets on income tax losses amounted to 54.0 million euro whereas the amount of unrecognized deferred tax assets on income tax losses amounted to 106.9 million euro. Joint ventures and associates (share of the group): (in thousands of euro) 2024 2023 Recognized income tax losses 12,028 39,287 Deferred tax assets on recognized income tax losses 2,452 7,884 Unrecognized income tax losses 46,357 33,219 Deferred tax assets on unrecognized income tax losses 9,149 6,297 Total (un)recognized income tax losses from joint ventures and associates 58,384 72,506 Total (un)recognized deferred tax assets on income tax losses from joint ventures and associates 11,601 14,181 The unrecognized tax losses also include unrecognized dividend received deductions for a total amount of 2.4 million euro. Tax attributes Unrecognized deferred tax assets on tax attributes 2024 2023 (in thousands of euro) Tax credits 7,581 7,443 Pre-transition year 7,456 - Transition year 125 - Deferred depreciations 1,861 5,474 Pre-transition year 1,861 - Transition year - - Investment deduction 2,787 2,787 Pre-transition year 2,787 - Transition year - - Deferred tax assets have not been recognized in view of the uncertain character of the recovery. Pillar Two The Pillar Two legislation is effective as from the current financial year beginning 1 January 2024. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which DEME operates (e.g. Belgium). Ackermans & van Haaren NV (AvH NV) is the Ultimate Parent Entity (\u2018UPE\u2019) for Pillar Two purposes of DEME group\u2019s constituent entities. These constituent entities are therefore in scope of the Pillar Two consequences applicable to the AvH group. Because of the fact that DEME group is part of the AvH group, the outcome of Pillar Two impact has to be assessed at the level of the AvH group. Based on the assessment made by the AvH group, the AvH group has identified an exposure to Pillar Two top-up taxes in certain jurisdictions. Under the legislation that was implemented, the AvH group is in principle required to pay, in Belgium or in the jurisdiction concerned, top-up tax on profits of its constituent entities that are taxed at an effective tax rate of less than 15 per cent. For 2024, the total impact of these taxes on the AvH group net consolidated income is 0.5 million euro. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the AvH group, being the 2024 Country-by-Country Reporting and 2024 consolidated financial statements data. The jurisdictions, for which Pillar Two top-up taxes are provisioned, are Mexico, United Arab Emirates, Saudi Arabia and Spain. As DEME group has, in these jurisdictions, the majority of AvH group\u2019s constituent entities in scope the total tax of 0.5 million euro is to be borne at DEME group level and is recorded in the figures of DEME group per end December 2024. The amount due is still dependent on the expected additional OECD Administrative Guidance to be published in 2025. Given the current uncertainty, an additional UTP has been recorded relating to potential top-up tax in two jurisdictions. DEME group has applied the mandatory temporary exception to the accounting and disclosing for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules.",
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"f1__s8__7__374-1": {
"value": "Current assets increased significantly by 739.4 million euro. This substantial growth is primarily attributed to the rise in cash and cash equivalents (+464.3 million euro). The increase in operating working capital within current assets, specifically in trade and other operating receivables (+ 216.7 million euro), other current assets (+24.7 million euro) and contract assets (+18.4 million euro), is explained by the higher operational activity in the prior consecutive years.Cash and cash equivalents Cash and cash equivalents relate to cash at bank and in hand and short-term deposits (< three months) centralized at DEME\u2019s internal bank, DEME Coordination Center NV, but also at operational subsidiaries and joint operations. A portion of the consolidated cash and cash equivalents is not always immediately available as a result of transfer restrictions, joint control (in joint operations) or other legal restrictions. The significant increase in DEME's turnover, profitability, a positive impact on working capital and a lower level of investment all contributed positively to the cash position of 853.4 million euro at 31 December 2024. At year-end 2024, the amount of cash available at DEME\u2019s internal bank ready for use by the group amounts to 522.4 million euro out of 853.4 million euro cash and cash equivalents. As such an amount of 331.0 million euro is \u2018not immediately\u2019 available for use. At the end of 2023 the cash that was \u2018immediately\u2019 available at DEME\u2019s internal bank amounted to 101 million euro out of 389 million euro cash and cash equivalents, resulting in 288 million euro cash \u2018not immediately\u2019 available for use. DEME is exposed to counterparty risks (credit risk) when investing its available assets and when subscribing to financial derivatives (note (22) financial risk management and financial derivatives). DEME has a policy to minimize counterparty risk by avoiding concentrations and in such matters working only with banks with which it has a long-standing relationship, but it is not possible to entirely exclude credit risks of financial counter parties. Though the cash and cash equivalents are always held with reputable bank and financial institution counterparties that have good investment grade credit ratings.Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves",
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"f1__s8__7__277-1": {
"value": "Current assets increased significantly by 739.4 million euro. This substantial growth is primarily attributed to the rise in cash and cash equivalents (+464.3 million euro). The increase in operating working capital within current assets, specifically in trade and other operating receivables (+ 216.7 million euro), other current assets (+24.7 million euro) and contract assets (+18.4 million euro), is explained by the higher operational activity in the prior consecutive years.Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023.Note 14 \u2013 Trade and other operating receivables For the year ended 31 December (in thousands of euro) 2024 2023 Trade receivables gross amount 679,944 458,784 Amounts written off -11,031 -10,864 Trade receivables net amount 668,913 447,920 Value added tax (VAT) 19,395 27,344 Other operating receivables 16,483 12,842 Total trade and other operating receivables 704,791 488,106 At 31 December 2024, trade and other operating receivables amounts to 704.8 million euro, compared to 488.1 million euro at year-end 2023. The increase of the year is primarily attributed to heightened activity levels, the advancement of major projects, and the timing of invoicing, as most contract assets are only converted to receivables upon client acceptance. It is important to note that the rise in trade receivables is not due to an increase in overdue amounts (see maturity analysis below). Other operating receivables mainly comprise amounts due from joint ventures, current accounts with consortium partners and personnel advances. The increase in other operating receivables in 2024 is mainly related to higher current accounts with several consortium partners at balance sheet date. Other operating receivables also include the current portion of the long-term loan granted to the buyer of the vessel 'Thor' in 2022. Reference is also made to note (10) other non-current assets. Note (29) related party disclosures summarizes among others all receivables and payables towards joint ventures and associates. Credit and counterparty risk A credit risk may arise in the event a customer or counterparty fails to perform its contractual obligations in respect of DEME in accordance with the provisions of the contract concerned. Non-payment by a customer may be the consequence of a lack of liquidity, bankruptcy or fraud on the part of the customer or be attributable to the general political or economic situation in the customer\u2019s country. The level of counterparty risk is limited by examining client\u2019s solvency prior to finalizing contracts and by putting the required payment guarantees in place (including credit insurance policies with public service credit insurers such as Credendo and private credit insurers, bank guarantees and through letters of credit). A part of the consolidated turnover is also realized through public or semi-public sector customers (as such less risk for insolvency) and turnover is spread out over a large number of clients within its project-oriented business. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract, payment conditions and geographical location. No clients are classified as material clients within the turnover of the group for 2024. Though to contain the risk, DEME constantly monitors its outstanding trade receivables and adjusts its position if necessary. The aging of trade receivables (gross amount and excluding other operating receivables) is as follows: 2024 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 679,944 504,455 14,887 35,941 7,318 37,524 56,800 23,019 2023 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 458,784 285,063 56,656 37,392 3,869 33,468 13,567 28,769 Overdue receivables in the different buckets above, generally relate to pending settlements, additional works and subsequent contract modifications accepted by the customers but to be recovered by an overall agreement with the client and that are all part of a broader negotiation process. Revenues and earnings are only recognized in the accounts when it's probable that they will be realized. As a result of all the reasons mentioned above, and especially because outstanding receivables are generally covered by Credendo or other instruments, the amounts written off are limited to 11.0 million euro in 2024 (10.9 million euro in 2023). The credit history of the group indicates that credit losses are insignificant compared to the level of activity. Therefore, management is of the opinion that credit risk is adequately controlled by the current applicable procedures. The payment behavior of the group's customers remained also unchanged in 2024. At the reporting date there was no concentration of credit risk with any customers. A detailed movement in amounts written off trade receivables is presented below: (in thousands of euro) 2024 2023 Balance at 1 January -10,864 -13,018 Additional provisions -221 -36 Amounts used 21 2,013 Amounts unused 59 177 Translation (losses) / gains -26 - Balance at 31 December -11,031 -10,864 The outstanding balance of amounts written off in 2024 and 2023 is still mainly related to the allowance for the insolvency in 2019 of a customer for whom DEME Offshore carried out maintenance work on offshore wind farms. The outstanding balance is closely monitored on a quarterly basis. The addition for the year of 221 thousand euro relates to a project within Concessions that\u2019s put on hold. Reference is also made to note (2) other operating income and expenses. Cash and cash equivalents, other receivables, interest-bearing debt, trade and other payables and derivatives are also financial instruments within the consolidated statement of financial position and are considered to be current and not expired.Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible returnFair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curvesCurrency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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"f1__s8__7__271-1": {
"value": "The decrease in the marked-to-market value of interest rate swaps, both in non-current and current financial derivatives, is related to the decline in interest rates as of 31 December 2024 compared to the hedged interest rates. This decrease is mirrored in the hedging reserve within group equity.Some joint ventures and associates finance substantial assets such as infrastructure works, offshore wind farms or vessels and can therefore hold interest rate swaps (IRS). As per 31 December 2024, the \u2018other comprehensive income (OCI)\u2019 includes a positive amount of 9.3 million euro compared to a positive amount of 14.0 million euro at the end of 2023 (as such indicating a year-over-year movement of -4.7 million euro). This figure reflects DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP and CDWE Green Jade Co Ltd, net of deferred tax assets. This fair value (DEME share) is indirectly reflected in the consolidated statement of financial position in the net assets of the investees for the same amount. Similar like last year the negative movement of the year in the hedging reserve of joint ventures and associates (-4.7 million euro) is related to the decline in market interest rates compared to the hedged interest rates (prior year impact however was larger -14.2 million euro). A minor amount of -0.049 million euro in the OCI movement is attributable to the remeasurement of net liabilities relating to defined benefit and contribution plans.Deferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityNote 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level. Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Price risk/ commodity risk As a final example of market risk, DEME is also exposed to commodity risks and hedges against oil price fluctuations by entering into swap contracts. The fair value variations of these instruments are considered as construction costs. Those variations are presented as operating result. The fair value and notional amount of these instruments can be found below (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges - - 196 -361 -165 10,552 2023 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges 13 - 367 - 380 7,436",
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"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__356-1": {
"value": "Assets held for sale increased by 31.9 million euro. The amount included in assets held for sale in 2023 was related to the net book value of the workshop in Zeebrugge that was sold meanwhile. Since 30 June 2024, the net book value of \u2018Sea Challenger\u2019 and her crane were transferred to assets held for sale.Since 30 June 2024, the net book value of the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane, included within floating and other construction equipment was transferred to \u2018assets held for sale\u2019 (note (15)) as a sale within 12 months to a Japanese joint venture between DEME (49%) and partner Penta-Ocean Construction is considered as highly probable. After this sale, \u2018Sea Challenger\u2019 will receive an extensive upgrade, positioning the vessel for offshore wind farm projects in Japan. The crane\u2019s lifting capacity will increase from 900 tons to 1,600 tons. Additionally, enhancements such as a wider beam and longer legs will enable the vessel to handle the next generation of mega wind turbines. The joint venture will further upgrade and take ownership of \u2018Sea Challenger\u2019 and reflag the vessel to the Japanese flag. In accordance with shareholder\u2019s agreement and under certain conditions, DEME retains a buy-back right for \u2018Sea Challenger\u2019. As the joint venture is integrated according to the equity method, the investment will not be included in property, plant and equipment of the consolidated statement of financial position. DEME is however financing the upgrade of the vessel through capital and shareholders loan, booked as financial asset.Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784In 2023, the workshop in Zeebrugge, included within land and buildings and with a net book value of 1.6 million euro, was transferred to assets held for sale (note (15)). The vessel \u2018Groenewind\u2019, with a net book value of 32 million euro that was transferred in 2022 to assets held for sale, was sold in 2023.Note 15 \u2013 Assets held for sale For the year ended 31 December (in thousands of euro) 2024 2023 Balance at 1 January 1,630 31,997 Movements Additions 33,535 1,630 during the year Disposals -1,630 -31,997 Balance at 31 December 33,535 1,630 According to IFRS 5 non-current assets held for sale and discontinued operations the following conditions must be met for an asset (or 'disposal group') to be classified as held for sale: -management is committed to a plan to sell -the asset is available for immediate sale -an active program to locate a buyer is initiated -the sale is highly probable, within 12 months of classification as held for sale -the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value -actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn In 2023, the workshop in Zeebrugge with a net book value of 1.6 million euro was classified as an asset held for sale as a sale within the next 12 months was highly probable. In June 2024, this workshop was effectively sold, resulting in a gain on sale which is included in other operating income in 2024. Reference is made to note (2) other operating income and expenses. Since 30 June 2024, DEME management decided that all of the above conditions regarding IFRS 5 were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group (see note (29) related party disclosures) for the vessel and to third parties for the crane. The lower of the net book value or net realizable value of the vessel and the crane amounts to 33.5 million euro and is presented as an asset held for sale.Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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"f1__s8__7__284-1": {
"value": "Assets held for sale increased by 31.9 million euro. The amount included in assets held for sale in 2023 was related to the net book value of the workshop in Zeebrugge that was sold meanwhile. Since 30 June 2024, the net book value of \u2018Sea Challenger\u2019 and her crane were transferred to assets held for sale.Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784Since 30 June 2024, the net book value of the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane, included within floating and other construction equipment was transferred to \u2018assets held for sale\u2019 (note (15)) as a sale within 12 months to a Japanese joint venture between DEME (49%) and partner Penta-Ocean Construction is considered as highly probable. After this sale, \u2018Sea Challenger\u2019 will receive an extensive upgrade, positioning the vessel for offshore wind farm projects in Japan. The crane\u2019s lifting capacity will increase from 900 tons to 1,600 tons. Additionally, enhancements such as a wider beam and longer legs will enable the vessel to handle the next generation of mega wind turbines. The joint venture will further upgrade and take ownership of \u2018Sea Challenger\u2019 and reflag the vessel to the Japanese flag. In accordance with shareholder\u2019s agreement and under certain conditions, DEME retains a buy-back right for \u2018Sea Challenger\u2019. As the joint venture is integrated according to the equity method, the investment will not be included in property, plant and equipment of the consolidated statement of financial position. DEME is however financing the upgrade of the vessel through capital and shareholders loan, booked as financial asset.Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220In 2023, the workshop in Zeebrugge, included within land and buildings and with a net book value of 1.6 million euro, was transferred to assets held for sale (note (15)). The vessel \u2018Groenewind\u2019, with a net book value of 32 million euro that was transferred in 2022 to assets held for sale, was sold in 2023.Note 15 \u2013 Assets held for sale For the year ended 31 December (in thousands of euro) 2024 2023 Balance at 1 January 1,630 31,997 Movements Additions 33,535 1,630 during the year Disposals -1,630 -31,997 Balance at 31 December 33,535 1,630 According to IFRS 5 non-current assets held for sale and discontinued operations the following conditions must be met for an asset (or 'disposal group') to be classified as held for sale: -management is committed to a plan to sell -the asset is available for immediate sale -an active program to locate a buyer is initiated -the sale is highly probable, within 12 months of classification as held for sale -the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value -actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn In 2023, the workshop in Zeebrugge with a net book value of 1.6 million euro was classified as an asset held for sale as a sale within the next 12 months was highly probable. In June 2024, this workshop was effectively sold, resulting in a gain on sale which is included in other operating income in 2024. Reference is made to note (2) other operating income and expenses. Since 30 June 2024, DEME management decided that all of the above conditions regarding IFRS 5 were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 and her crane within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group (see note (29) related party disclosures) for the vessel and to third parties for the crane. The lower of the net book value or net realizable value of the vessel and the crane amounts to 33.5 million euro and is presented as an asset held for sale.Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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"f1__s8__7__302-1": {
"value": "Shareholders\u2019 equity increased by 207.4 million euro. The group\u2019s share of the year\u2019s result amounted to 288.2 million euro but was negatively impacted by other comprehensive income of -21.0 million euro, primarily due to the negative evolution of the hedging reserve (-18.1 million euro). The dividend paid in 2024 amounted to 53.1 million euro. In 2024, a first stock option plan was launched for DEME's Executive Committee and Management Team members, followed by a share buyback program. The corresponding treasury shares and share-based payments reserve resulted in a net negative impact of -6.2 million euro on shareholders\u2019 equity with individual impacts of -7.2 million euro and +1.0 million euro respectively.Note 17 \u2013 Share capital, dividends and other reserves Shareholder structure and share capital At 31 December 2024, the shareholder structure of DEME Group NV is as follows: Ackermans & van Haaren NV EURONEXT BRUSSELS 62.12% 25.59% Vinci Construction SAS Treasury shares 0.18% 12.11% DEME GROUP NV Euronext \u2018DEME\u2019 100% DEME NV Per 31 December 2024, the share capital of DEME Group NV amounts to 33,193,861 euro and is represented by 25,314,482 ordinary shares without nominal value, of which 45,000 are treasury shares, resulting in a total amount shares outstanding of 25,269,482 (see note (18) share-based payments and note (19) earnings by share). The owners of ordinary shares (treasury shares excluded) have the right to receive dividends, and all shares are of the same class and are entitled to one vote per share in Shareholders\u2019 General Meetings. DEME Group NV (XBRU BE 0974413453) is 100 % shareholder of DEME NV. Until 29 June 2022, DEME NV\u2019s 100 % shareholder was the Brussels-based civil engineering contractor CFE NV (XBRU BE 0003883031), which is controlled (62.12%) by the Belgian investment group Ackermans & van Haaren NV (XBRU BE 0003764785) and for 12.11% in hands of Vinci Construction SAS (FR0000125486). Both CFE NV and Ackermans & van Haaren NV are publicly listed companies on Euronext Brussels and Vinci Construction SAS is listed on Euronext\u2019s Paris stock exchange. On 29 June 2022, CFE NV, transferred its 100 % stake in DEME NV to a new established company, DEME Group NV, by means of a partial demerger and as such the DEME group became listed as well. DEME Group NV shares are listed on Euronext Brussels under the symbol \u2018DEME\u2019 (Euronext product name DEME GROUP) with ISIN code BE 0974413453. The first day of trading was 30 June 2022. DEME Group\u2019s securities are only admitted to trading in Belgium. At 31 December 2024, the shareholders of DEME Group NV holding 5% or more of total voting rights for the shares they hold are: Ackermans & van Haaren NV VINCI Construction SAS 15,725,684 shares (or 62.12%) 3,066,460 shares (or 12.11%) Begijnenvest 113 1973, Boulevard de la D\u00e9fense B-2000 Antwerp (Belgium) F-92757 Nanterre Cedex (France)Dividends All of the ordinary shares (excluding treasury shares) will entitle a holder thereof to an equal right to participate in dividends. All of the ordinary outstanding shares participate equally in the company\u2019s profits (if any). Subject to the company\u2019s earnings, financial condition, capital requirements and other factors considered important by the Board of Directors, the availability of distributable reserves and the approval by the Shareholders\u2019 meeting, the company intends to declare and distribute an annual non-cumulative dividend to its shareholders based on a target pay-out ratio of 33% of the group\u2019s net profit. There can be no assurance as to whether dividends or similar payments will be paid out in the future nor, if they are paid, as to their amount. For 2024, the Board of Directors will propose to the General Assembly, on 21 May 2025, to distribute a gross dividend of 3.8 euro (2.66 euro net) per share, an increase of 81% compared to last year. Subject to the approval of the General assembly, the payment date is proposed to be set on 30 May 2025. The dividend for 2023 (a gross dividend of 2.1 euro per share) was paid for a total amount of 53.1 million euro on 27 May 2024 and considered that no dividend was paid on the treasury shares that DEME Group NV owned on that date. The company recognizes a liability to pay a dividend once the distribution is authorized. A corresponding amount is recognized directly in equity. Retained earnings and other reserves The consolidated statement of changes in equity is presented earlier in this report. In the table below, further detail is given about the movement of the period in retained earnings and other reserves. Parent company reserves before profit distribution Stock option plan (*) 2024 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2024 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Parent company result 2023 39,685 -39,685 - Dividends paid -53,160 15 -53,145 Purchase of treasury shares -7,211 -7,211 Share-based payments 1,062 1,062 Result share of the group 288,228 288,228 Other -625 -625 Balance at 31 December 2024 487,400 3,319 3,630 94,838 -7,211 1,062 1,057,022 1,640,060 (*) For DEME Group NV, the treasury shares reserve is entirely related to the stock option plan. Reference is made to note (18) share-based payments. Parent company reserves before profit distribution Stock option plan 2023 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2023 487,400 3,319 3,630 96,468 - - 627,455 1,218,272 Parent company result 2022 49,818 -49,818 - Dividends paid -37,972 -37,972 Result share of the group 162,762 162,762 Other -1 68,690 68,689 Balance at 31 December 2023 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Reference is made to section changes in the consolidation scope for more information on the amount 0.6 million euro in 2024 and 68.7 million euro in 2023 included in the line \u2018other\u2019. Liquidity risk & capital management DEME aims to maintain a healthy balance between the consolidated group equity (2024: 2,174 million euro) and the consolidated net financial debt (2024: + 91.1 million euro) and uses equity to finance the operations described in the corporate purposes of the subsidiaries. As noted above, DEME has significant cash and cash equivalents, of which a small portion is restricted due to transfer restrictions, joint control or other legal restrictions. DEME has significant credit and guarantee facilities with various international banks and it also has a commercial paper program to cover its short-term borrowing requirements if necessary. On its bilateral loans, DEME is always required to comply with a number of covenants and the risk on its current long-term bank loans at variable interest rates has been fully hedged through the use of interest rate swaps (note (22) financial risk management and financial derivatives). Note (27) on working capital elaborates on how DEME manages its cash and liquidity. The liquidity risk at DEME in general is among others limited by spreading borrowing among several banks and by agreeing on a variety of repayment terms. Although DEME applies strict financial policies, has the necessary payment guarantees (including credit insurance policies with public credit insurers such as Credendo and private credit insurers, bank guarantees and letters of credit) and ensures a diversity of financing sources and repayment terms, it cannot be entirely ruled out that the non-payment of significant payment obligations by customers or the inability to obtain adequate external financing on acceptable terms could have a negative impact on DEME's cash flow and liquidity and thus adversely affect DEME's activities, financial position and results of operations.",
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"f1__s8__7__295-1": {
"value": "Shareholders\u2019 equity increased by 207.4 million euro. The group\u2019s share of the year\u2019s result amounted to 288.2 million euro but was negatively impacted by other comprehensive income of -21.0 million euro, primarily due to the negative evolution of the hedging reserve (-18.1 million euro). The dividend paid in 2024 amounted to 53.1 million euro. In 2024, a first stock option plan was launched for DEME's Executive Committee and Management Team members, followed by a share buyback program. The corresponding treasury shares and share-based payments reserve resulted in a net negative impact of -6.2 million euro on shareholders\u2019 equity with individual impacts of -7.2 million euro and +1.0 million euro respectively.Retained earnings and other reserves The consolidated statement of changes in equity is presented earlier in this report. In the table below, further detail is given about the movement of the period in retained earnings and other reserves. Parent company reserves before profit distribution Stock option plan (*) 2024 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2024 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Parent company result 2023 39,685 -39,685 - Dividends paid -53,160 15 -53,145 Purchase of treasury shares -7,211 -7,211 Share-based payments 1,062 1,062 Result share of the group 288,228 288,228 Other -625 -625 Balance at 31 December 2024 487,400 3,319 3,630 94,838 -7,211 1,062 1,057,022 1,640,060 (*) For DEME Group NV, the treasury shares reserve is entirely related to the stock option plan. Reference is made to note (18) share-based payments. Parent company reserves before profit distribution Stock option plan 2023 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2023 487,400 3,319 3,630 96,468 - - 627,455 1,218,272 Parent company result 2022 49,818 -49,818 - Dividends paid -37,972 -37,972 Result share of the group 162,762 162,762 Other -1 68,690 68,689 Balance at 31 December 2023 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Reference is made to section changes in the consolidation scope for more information on the amount 0.6 million euro in 2024 and 68.7 million euro in 2023 included in the line \u2018other\u2019. Note 18 \u2013 Share-based payments On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. The aim of the plan is to promote the commitment and long-term motivation of DEME's Executive Committee and Management Team members. The exercise price of the options, that are granted free of charge, is 118.14 euro and is the average closing price of the share during the last 30 days preceding the date of the offering. The options offered are gradually (1/3rd, 2/3rd, 3/3rd) vested as of the first, second and third year following the date of the offer, 1 March 2024. The options are not exercisable before the expiration of the third calendar year following the year in which the options offering took place. The vesting of the options is subject to service conditions, requiring beneficiaries to remain employed for three years following the grant date. Stock options will lapse upon departure except for particular cases as defined in the stock option contract. The contractual life of each option granted is eight years. The fair value at grant date being 92.61 euro per option is estimated using a binomial pricing model, taking into account the terms and conditions upon which the options were granted and using following assumptions: Dividend yield (%) 1.285 % Expected volatility (%) 49.425 % Risk-free interest rate (%) 2.829 % The cost of share-based payments is determined by the fair value at the date when the grant is made on a straight-line basis over the vesting period. The cost as of 31 December 2024 amounts to 1.1 million euro and was booked as a personnel expense against equity (share-based payments reserve). Reference is made to note (3) personnel expenses and employment. The number of options granted is 41,272. DEME Group NV acquired 45,000 shares to cover the company\u2019s obligations under the stock option plan for a total amount of 7.2 million euro. DEME Group NV has mandated an independent broker to execute the program on its behalf on the regulated market of Euronext Brussels. The share buyback program was effective as of 29 April 2024 and was completed per 4 September 2024. The average purchase price was 160.24 euro per share. Treasury shares are booked as a deduction from equity (treasury shares reserve). Reference is made to Chapter 05.Corporate governance and risk management - Remuneration report and note (29) related party disclosure.Key management personnel DEME Group NV has a \u201cone tier\u201d governance structure consisting of a Board of Directors (as collegiate body). The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of the Company\u2019s corporate object, except for those actions that are specifically reserved by law for the Shareholders\u2019 Meeting. On 29 June 2022, the Board of Directors has delegated the daily management of the Company from the Executive Committee to the CEO. The CEO is assisted in the exercise of its powers by the Executive Committee, which operates as an advisory committee (separate from the Board of Directors). The Executive Committee, chaired by the CEO, is responsible for discussing the general management of the Company and, from 2023, the statutory members of the Executive Committee have a self-employed status. Representatives who are members of the Board of Directors, Audit Committee and Remuneration Committee are remunerated since the public listing of the group. On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. Reference is made to the Remuneration Report and Corporate governance statement within Chapter 05.Corporate governance and risk management and note (18) share-based payments. For his role as Executive Director, Luc Vandenbulcke received a fixed and variable remuneration of 1.8 million euro in 2024 (2023: 2.0 million euro). The 2023 annual salary included an exception of an early single and double holiday payment settlement upon transition towards a self-employed status. (in thousands of euro) 2024 2023 Director fees at the expense of DEME group Total 826 785 Remuneration of the CEO Fixed annual remuneration 537 534 Short-term variable remuneration 1,278 1,452 Long-term variable remuneration (*) - - Total 1,815 1,986 Group insurance / Pension (Plan) contributions 106 87 Other benefits (**) 178 3 Remuneration of the members of the Executive Committee (excluding CEO) Fixed annual remuneration 1,422 1,436 Short-term variable remuneration 3,807 3,044 Long-term variable remuneration (*) - - Total 5,229 4,480 Group insurance / Pension (Plan) contributions 304 237 Other benefits (**) 244 15 (*) No vested options from the 2024 stock option plan yet. (**) The other benefits include e.g. taxable benefits and income tax coverage on stock option grant",
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"value": "Non-current liabilities, with interest-bearing debt being the largest component, decreased by 123.6 million euro. Although new interest-bearing debt for the year (presented as non-current and current debt) amounted to 26.9 million euro on top of the increase in non-current lease debt of 31.4 million euro, the repayments of long-term debt were higher, resulting in a total net decrease of interest-bearing debt.Note 21 \u2013 Interest-bearing debt and net financial debt For the year ended 31 December Net financial debt as defined by the group 2024 2023 (in thousands of euro / (-) is debit) Non-current Current Total Non-current Current Total Subordinated loans 677 - 677 677 - 677 Lease liabilities (note (23)) 117,649 56,013 173,662 86,208 27,650 113,858 Credit institutions 410,452 175,709 586,161 564,634 191,093 755,727 Long-term loan facility 1 - - - - 6,286 6,286 Long-term loan facility 2 - 5,295 5,295 5,295 14,181 19,476 Long-term loan facility 3 46,875 31,250 78,125 78,125 31,250 109,375 Long-term loan facility 4 68,661 44,197 112,858 112,858 44,196 157,054 Long-term loan facility 5 247,500 55,000 302,500 302,500 55,000 357,500 Asset-based loan 1 - - - 100 3,566 3,666 Asset-based loan 2 - - - 1,230 4,192 5,422 Asset-based loan 3 100 12,560 12,660 12,660 12,560 25,220 Asset-based loan 4 2,600 7,675 10,275 10,275 8,500 18,775 Asset-based loan 5 15,050 7,475 22,525 22,525 7,475 30,000 Asset-based loan 6 (*) 25,412 10,125 35,537 12,680 1,806 14,486 Other long-term bank loans 4,254 2,132 6,386 6,386 2,081 8,467 Other long-term loans 1,825 - 1,825 1,004 - 1,004 Short-term credit facilities - - - - 30,000 30,000 Short-term bank loans - - - - - - Short-term commercial paper - - - - 30,000 30,000 Total interest-bearing debt 530,603 231,722 762,325 652,523 248,743 901,266 Short-term deposits - -345,632 -345,632 - -109,576 -109,576 Cash at bank and in hand - -507,774 -507,774 - -279,508 -279,508 Total cash and cash equivalents - -853,406 -853,406 - -389,084 -389,084 Total net financial debt 530,603 -621,684 -91,081 652,523 -140,341 512,182 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro. A detailed overview of initial amounts, starting and maturity date of long-term credit facilities and asset-based loans is given below. (in thousands of euro) Initial amount Dating from Maturity till Long-term loan facilities Long-term loan facility 1 435,000 2015-2017 2024 Long-term loan facility 2 240,000 2018 2025 Long-term loan facility 3 250,000 2019 2027 Long-term loan facility 4 350,000 2019 2027 Long-term loan facility 5 440,000 2022 2030 1,715,000 Asset-based loans Asset-based loan 1 14,364 2020 2024 Asset-based loan 2 18,000 2020 2024 Asset-based loan 3 50,340 2021 2029 Asset-based loan 4 25,000 2022 2030 Asset-based loan 5 30,000 2023 2031 Asset-based loan 6 (*) 40,600 2023-2024 2031 178,304 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro.To finance the DEME group capital expenditure (vessels and other equipment), equity participations (e.g. by DEME Concessions) and acquisitions, DEME sources its funding mainly through term loan facilities, which are available for general corporate purposes as well as through asset-based loans. Currently, DEME Coordination Center NV, which serves as in-house bank financing the DEME-entities, has term loan facilities with several commercial banks. Same as for the revolving credit facilities, the documentation is signed bilaterally (no club deal), catering for optimal financing conditions and maximum flexibility. The term loan facility documentation is identical for all banks, apart from the amount, tenor and commercial conditions. The interest rate of long-term loan facilities is based on EURIBOR plus a margin which is updated each semester based on DEME\u2019s leverage ratio, whereas the interest rate of the asset-based loans is fixed. The interest rate risk of long-term loan facilities resulting from the floating interest rate base, is hedged through interest rate swaps (note (22) financial risk management and financial derivatives). Next to long-term loan facilities and asset-based loans, DEME has also lease liabilities (note (23)) and other long-term loans as included in the tables above. Fueled by the positive profitability of the year, lower investment levels and the positive impact of operating working capital, the free cash flow for the year as said before was a positive 729 million euro up from 278 million euro end of June 2024 and 62 million euro at the end of last year. The net financial debt of -512 million euro as of 31 December 2023 was reversed to a net cash position of +91 million euro. Net financial debt over EBITDA stood at -0.12 on 31 December 2024, compared with 0.49 on 30 June 2024 and 0.86 at year-end 2023. In 2024, no new long-term loan facilities were added. In 2024, for one asset-based loan from 2023 the underlying amount has been increased with 26.1 million euro. No other new asset-based loans were added. The total subordinated loan is contracted by Combined Marine Terminal Operations Worldwide NV (CTOW) and includes the part due to the shareholders of the company. According to the terms of the contract, no fixed instalments are due, therefore the loan is classified as a long-term liability and will only be classified as a short-term liability in the year before the maturity date. The same applies to the other unsubordinated loans to the shareholders of this company, which are shown as other long-term loans, and for which a new loan of 0.82 million euro (DEME share) was added in 2024. In 2022, to realize DEME\u2019s ambitious sustainability goals in all aspects of its activities, the group converted its long-term financing into sustainability-linked loans (SLLs). This commitment underlines DEME\u2019s vision of achieving a sustainable future and at 31 December 2024 the outstanding sustainability-linked loans amount to 498.8 million euro. The commercial terms of those loans are directly linked to DEME\u2019s sustainability performance in two areas: (1) safety at work (calculation of worldwide LTIFR) (target of 0.20 agreed upon till 2026) and (2) use of low-carbon fuel (target agreed upon 5% for 2022, 8% for 2023, 11% for 2024, 14% for 2025 and 17% for 2026), which are in line with two material topics of its current ESG materiality matrix. Meeting or not meeting the targets that are set for the key performance indicators (KPIs) has an impact on the interest margins applied to the sustainability-linked loans. Unlike last year, this year DEME only met the target for \u2018Safety at work\u2019, resulting in an unchanged interest margin on the loans (no bonus, no penalty). DEME is actively working to increase the use of low carbon fuels over conventional fuels across its operations. In 2024, higher vessel utilization and an increased voluntary low-carbon fuel target (11%) required significantly more low-carbon fuel than in previous years. However, the use of low-carbon fuels fell to 5.8% of total fuel consumption in 2024, down from 10.3% in 2023.This setback was primarily due to the non-generalized adoption of such alternative fuels in the industry and the limited availability of low-carbon fuels in the main regions of operations and unfortunately resulted in DEME failing to meet its target for the SLLs (Chapter 07.Sustainability Statements \u2013 section 2.4.6). Whereas for \u2018Safety at work\u2019, the primary metric being the Worldwide Lost Time Injury Frequency Rate (LTIFR ) well remained below 0.20 at 0.10 in 2024, as DEME is continuously committed to safety, focusing on Key Safety Performance Indicators (KPIs) and consistently meeting or exceeding targets for toolbox meeting participation, incident reporting, action item closure, inspections, and investigations. (Chapter 07.Sustainability Statements \u2013 section 3.2.3). Debt maturity schedule of total long-term interest-bearing debt 2024 More than 5 Between 1 and 5 Less than one year Total years years (in thousands of euro) Subordinated loans - 677 - 677 Lease liabilities 54,528 63,121 56,013 173,662 Credit institutions 27,800 382,652 175,709 586,161 Other long-term loans - 1,825- 1,825 Total long-term interest-bearing debt 82,328 448,275 231,722 762,325 2023 More than 5 Between 1 and 5 Less than one year Total years years (in thousands of euro) Subordinated loans - 677 - 677 Lease liabilities 42,526 43,682 27,650 113,858 Credit institutions 83,136 481,498 191,093 755,727 Other long-term loans - 1,004- 1,004 Total long-term interest-bearing debt 125,662 526,861 218,743 871,266 Borrowings from credit institutions, including interests due, are due for payment as follows: 2024 More than 5 Between 1 and 5 Less than one year Total (in thousands of euro) years years Credit institutions: amount outstanding according to the consolidated statement of 27,800 382,652 175,709 586,161 financial position Credit institutions: gross amount (cash out to be paid) 28,081 398,743 186,224 613,048 2023 More than 5 Between 1 and 5 Less than one year Total (in thousands of euro) years years Credit institutions: amount outstanding according to the consolidated statement of 83,136 481,498 191,093 755,727 financial position Credit institutions: gross amount (cash out to be paid) 84,915 505,779 204,114 794,808 For lease liabilities reference is made to note (23). In addition, the below table summarizes the long-term debt, including the current portion of long-term debt and excluding the lease liabilities, per currency: (in thousands of euro) 2024 2023 EUR 588,663 757,408 USD - - Other currencies - - Total long-term debt 588,663 757,408 Bank debt securities 2024 2023 (in thousands of euro) Non-current Current Total Non-current Current Total Guaranteed debt 410,452 175,709 586,161 564,634 191,093 755,727 Secured debt - - - - - - Unguaranteed-unsecured debt 120,151 56,013 176,164 87,889 57,650 145,539 Total interest-bearing debt 530,603 231,722 762,325 652,523 248,743 901,266 The long-term loan facilities and asset-based loans listed above do not require any securities other than the guarantee provided by DEME NV. This provides maximum flexibility concerning the underlying assets, enabling intragroup sales and reflagging as per project requirements. Cash flow related to interest-bearing debt Total interest-bearing debt 2024 2023 (in thousands of euro) Balance at 1 January 901,266 1,042,774 Cash movements as per cash flow from financial activities -254,029 -186,408 New interest-bearing debt 26,935 74,486 Movements during the Repayment of interest-bearing debt -225,679 -228,557 year Payment of lease liabilities -55,285 -32,337 Non-cash movements 115,088 44,900 Movements Assumed in business combinations - - during the year IFRS 16 leases115,088 44,900 Balance at 31 December 762,325 901,266 The non-cash movement related to IFRS 16 leases is the net of new lease contracts and disposal of lease contracts that has no cash impact but that is included in the movement of the year of interest-bearing debt. The cash impact of IFRS 16 leases is the payment of the lease liability or lease cost of the year. Cash and cash equivalents Cash and cash equivalents relate to cash at bank and in hand and short-term deposits (< three months) centralized at DEME\u2019s internal bank, DEME Coordination Center NV, but also at operational subsidiaries and joint operations. A portion of the consolidated cash and cash equivalents is not always immediately available as a result of transfer restrictions, joint control (in joint operations) or other legal restrictions. The significant increase in DEME's turnover, profitability, a positive impact on working capital and a lower level of investment all contributed positively to the cash position of 853.4 million euro at 31 December 2024. At year-end 2024, the amount of cash available at DEME\u2019s internal bank ready for use by the group amounts to 522.4 million euro out of 853.4 million euro cash and cash equivalents. As such an amount of 331.0 million euro is \u2018not immediately\u2019 available for use. At the end of 2023 the cash that was \u2018immediately\u2019 available at DEME\u2019s internal bank amounted to 101 million euro out of 389 million euro cash and cash equivalents, resulting in 288 million euro cash \u2018not immediately\u2019 available for use. DEME is exposed to counterparty risks (credit risk) when investing its available assets and when subscribing to financial derivatives (note (22) financial risk management and financial derivatives). DEME has a policy to minimize counterparty risk by avoiding concentrations and in such matters working only with banks with which it has a long-standing relationship, but it is not possible to entirely exclude credit risks of financial counter parties. Though the cash and cash equivalents are always held with reputable bank and financial institution counterparties that have good investment grade credit ratings. Credit facilities and bank term loans Revolving credit facilities are contracted by DEME Coordination Center NV with four different commercial banks, all being relationship banks for DEME. At 31 December 2024, the group has 205 million euro available but undrawn bank credit facilities (2023: 110 million euro). In addition, DEME has also the possibility to issue commercial paper for amounts up to 250 million euro in total (nothing issued at 31 December 2024, compared to 30 million euro at year-end 2023). The commercial paper program is accommodated by three agents (banks) that place DEME debt with external investors in tranches of different sizes and for tenors ranging from a few weeks up to maximum one year. Financial covenants Bilateral loans are subject to specific covenants. The same set of financial covenants as for the revolving credit facilities is applicable for the long-term loan facilities. At both 31 December 2024 and 2023 the group complies with the solvency ratio (>25%), the debt/EBITDA ratio (<3), and the interest cover ratio (>3), that were agreed upon within the contractual terms of the loans received. The solvency ratio that should be higher than 25% is computed as shareholders\u2019 equity less intangible assets and goodwill divided by the balance sheet total. The solvency ratio at 31 December 2024 equals 38.2% (2023: 39.4%). The debt/EBITDA ratio computed as total net financial debt (without subordinated and other loans) divided by EBITDA, should be lower than 3. The debt/EBITDA ratio at 31 December 2024 amounts to -0.12 (2023: 0.86). The interest cover ratio computed as EBITDA divided by net financial interest charges (interest charges less interest income), should be higher than 3. The interest cover ratio at 31 December 2024 is 234.2 (2023: 50.2). Liquidity risk & capital management DEME aims to maintain a healthy balance between the consolidated group equity (2024: 2,174 million euro) and the consolidated net financial debt (2024: + 91.1 million euro) and uses equity to finance the operations described in the corporate purposes of the subsidiaries. As noted above, DEME has significant cash and cash equivalents, of which a small portion is restricted due to transfer restrictions, joint control or other legal restrictions. DEME has significant credit and guarantee facilities with various international banks and it also has a commercial paper program to cover its short-term borrowing requirements if necessary. On its bilateral loans, DEME is always required to comply with a number of covenants and the risk on its current long-term bank loans at variable interest rates has been fully hedged through the use of interest rate swaps (note (22) financial risk management and financial derivatives). Note (27) on working capital elaborates on how DEME manages its cash and liquidity. The liquidity risk at DEME in general is among others limited by spreading borrowing among several banks and by agreeing on a variety of repayment terms. Although DEME applies strict financial policies, has the necessary payment guarantees (including credit insurance policies with public credit insurers such as Credendo and private credit insurers, bank guarantees and letters of credit) and ensures a diversity of financing sources and repayment terms, it cannot be entirely ruled out that the non-payment of significant payment obligations by customers or the inability to obtain adequate external financing on acceptable terms could have a negative impact on DEME's cash flow and liquidity and thus adversely affect DEME's activities, financial position and results of operations.Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curvesNote 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level. Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534",
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"f1__s8__7__305-1": {
"value": "Non-current liabilities, with interest-bearing debt being the largest component, decreased by 123.6 million euro. Although new interest-bearing debt for the year (presented as non-current and current debt) amounted to 26.9 million euro on top of the increase in non-current lease debt of 31.4 million euro, the repayments of long-term debt were higher, resulting in a total net decrease of interest-bearing debt.The increase in operating working capital is particularly noticeable this year in both current assets and current liabilities, reflecting higher activity in 2024 and in 2023. The larger rise in working capital liabilities is primarily due to the increase in advance payments and the growth in trade payables and contract liabilities.Note 25 \u2013 Other current liabilities For the year ended 31 December (in thousands of euro) 2024 2023 Current other taxes and value added tax (VAT) 42,254 51,000 Other amounts payable 28,129 31,989 Accruals and deferred income 3,636 9,186 Other current liabilities 74,019 92,175 Other amounts payable relates to other operating payables and to amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related parties.",
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"f1__s8__7__292-1": {
"value": "Consolidated statement of cash flows comparative analysis For the year ended 31 December Notes 2024 2023 Delta CASH AND CASH EQUIVALENTS, OPENING BALANCE 389,084 522,261 -133,177 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING 707,104 520,146 186,958 CAPITAL CHANGES IN WORKING CAPITAL 370,313 -66,488 436,801 CASH FLOW FROM OPERATING ACTIVITIES 1,077,417 453,658 623,759 Investments -324,092 -427,125 103,033 Divestments 30,466 67,443 -36,977 CASH FLOW (USED IN) / FROM INVESTING ACTIVITIES -293,626 -359,682 66,056 New interest-bearing debt (21) 26,935 74,486 -47,551 Repayment of interest-bearing debt (21) -225,679 -228,557 2,878 Payment of lease liabilities (21) -55,285 -32,337 -22,948 (scope Acquisition of non-controlling interests -1,300 - -1,300 changes) Purchase of treasury shares (18) -7,211 - -7,211 Gross dividend paid to the shareholders (17) -53,145 -37,972 -15,173 Gross dividend paid to non-controlling interests (20) -1,997 -874 -1,123 CASH FLOW (USED IN) / FROM FINANCIAL ACTIVITIES -317,682 -225,254 -92,428 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 466,109 -131,278 597,387 Impact of exchange rate changes on cash and cash equivalents -1,787 -1,899 112 CASH AND CASH EQUIVALENTS, ENDING BALANCE 853,406 389,084 464,322 FREE CASH FLOW 728,506 61,639 666,867 Cash flow from operating activities The increase in turnover combined with an improved EBITDA margin and more favorable net financial result led to a cash flow from operating activities before changes in working capital of 707.1 million euro, compared to 520.1 million euro last year (+187.0 million euro). This high level of cash flow generation, supported by +370.3 million euro change in working capital, marked a first-time event in DEME\u2019s history, achieving a cash flow from operating activities of more than 1 billion euro. Cash flow (used in) / from investing activities Cash flow from investing activities amounted to -293.6 million euro, a decrease of 66.1 million euro compared to last year. The free cash flow, which is the sum of operating and investing activities decreased with the payment of lease liabilities (considered operational), is 728.5 million euro this year, compared to 61.6 million euro last year. Cash flow (used in) / from financial activities Cash flow used in financial activities decreased by 92.4 million euro. While the repayment of interest-bearing debt remained consistent with last year, there was an increase in the payment of lease liabilities and dividends, along with a decline in new interest-bearing debt.Cash flow related to interest-bearing debt Total interest-bearing debt 2024 2023 (in thousands of euro) Balance at 1 January 901,266 1,042,774 Cash movements as per cash flow from financial activities -254,029 -186,408 New interest-bearing debt 26,935 74,486 Movements during the Repayment of interest-bearing debt -225,679 -228,557 year Payment of lease liabilities -55,285 -32,337 Non-cash movements 115,088 44,900 Movements Assumed in business combinations - - during the year IFRS 16 leases115,088 44,900 Balance at 31 December 762,325 901,266 The non-cash movement related to IFRS 16 leases is the net of new lease contracts and disposal of lease contracts that has no cash impact but that is included in the movement of the year of interest-bearing debt. The cash impact of IFRS 16 leases is the payment of the lease liability or lease cost of the year.The reconciliation of the operating working capital movement with the cash flow from changes in working capital can be found below. Reconciliation operating working capital movement with cash flow from changes in working capital 2024 2023 Delta (in thousands of euro) OPERATING WORKING CAPITAL -812,535 -471,346 -341,189 CASH FLOW CORRECTIONS ON WORKING CAPITAL MOVEMENTS OF THE YEAR Movements in assets held for sale -31,905 Movements in amounts written off inventories and trade receivables 141 Movement of provisions in current liabilities 1,749 Impact financial derivatives included in working capital 1,544 Correction unpaid taxes and interests 6,377 Cash correction on investments in property, plant and equipment -12,284 Cash correction on acquisition of associates 600 Translation differences 4,654 CASH FLOW FROM CHANGES IN WORKING CAPITAL -370,313 Reconciliation operating working capital movement with cash flow from changes in working capital 2023 2022 Delta (in thousands of euro) OPERATING WORKING CAPITAL -471,346 -506,153 34,807 CASH FLOW CORRECTIONS ON WORKING CAPITAL MOVEMENTS OF THE YEAR Movements in assets held for sale 30,367 Movements in amounts written off inventories and trade receivables -2,431 Impact financial derivatives included in working capital -536 Correction unpaid taxes and interests -6,610 Cash correction on investments in property, plant and equipment 10,895 Translation differences -4 CASH FLOW FROM CHANGES IN WORKING CAPITAL 66,488",
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"f1__s8__7__316-1": {
"value": "Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023. Movement in retirement benefit obligations is the non-paid net defined benefit cost (related to the retirement benefit obligations) that is recorded in the statement of income. The defined benefit cost that is paid (contributions from employer) is recorded as pension expenses in the statement of income. Reference is made to note (24) retirement benefit obligations and to note (3) personnel expenses and employment.Personnel expenses (in thousands of euro) 2024 2023 Remuneration 576,035 505,674 Social charges 72,554 68,054 Share-based payments 1,062 - Pension expenses 17,736 14,156 Total 667,387 587,884 The increase in payroll expenses compared to the previous year is attributed to a rise in the average headcount by 372 FTEs, along with salary increases across the entire group in 2024, partly due to the (automatic) indexation of salaries and wages (particularly in Belgium). DEME\u2019s employees receive various forms of compensation, including salaries and wages and retirement benefits (see note (24)). In 2024, a stock option plan was introduced for the benefit of DEME's Executive Committee and Management Team members. The cost of share-based payments is determined by the fair value at the date when the grant is made on a straight-line basis over the vesting period. The cost as of 31 December 2024 amounts to 1.1 million euro and was booked as a personnel expense against equity (share-based payments reserve). Reference is made to note (18).Note 3 \u2013 Personnel expenses and employment For the year ended 31 DecemberDeferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityDeferred tax assets and liabilities recorded in other comprehensive income The following movements in deferred tax assets and liabilities of fully consolidated entities, as well as the items they relate to, were recorded in other comprehensive income: 2024 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -17,657 4,202 -13,455 Remeasurement of retirement benefit obligations -3,506 855 -2,651 Total -21,163 5,057 -16,106 2023 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -23,667 6,012 -17,655 Remeasurement of retirement benefit obligations 1,951 -485 1,466 Total -21,716 5,527 -16,189Note 24 \u2013 Retirement benefit obligations The DEME group contributes to retirement plans in several of the countries in which it operates. These benefits are recognized in accordance with IAS 19 employee benefits. These retirement benefit obligations relate mainly to Belgian employees. The DEME group currently foresees several occupational pension plans in favor of these employees: -The pension schemes of the type defined benefit are funded either through a group insurance branch 21 either through a company pension fund. Assets of the pension fund \u201cKBC Pension Fund Service separate assets Decloedt\u201d have been estimated starting from the market value as at 30 November 2024, reported by the investment manager, taking into account the planned cash flows for the rest of the year and assuming a 0% financial return for the month of December 2024. Assets of the insured plans are calculated per person as the present value at the discount rate of the accrued benefits according to IAS 19 paragraph 115, with the application of a correction on the discount rate on the part of the present value that exceeds the mathematical reserves, to take into account the default risk of the insurance company. Total assets are then increased with the value of the financing funds -The DEME group also sponsors pension schemes of the type defined contributions for Belgian employees, which are entirely employer funded through a group insurance branch 21. In accordance with Belgian social legislation, the employer has to guarantee an interest rate on the employer contributions paid in defined contributions plans of 3.25% for contributions paid until 1 October 2016. For contributions paid as from 2016 the Belgian legislation decided to use a yearly variable interest rate based on a Belgian state bond of 10 year, with an absolute minimum return of 1.75% and an absolute maximum return of 3.75% (0% as from the termination date of the labor contract). All contributions paid before a change in return rate will be held at the original interest rate in the future (legal horizontal guarantee). This horizontal guarantee is not fully covered by the rates provided by the insurance companies towards the employers regarding the effectuation of the group insurance contracts. The employer liabilities as at 31 December 2024, resulting from this legal guarantee, were valued with respect to the contributions attributed in the past and assuming that the interest rate with respect to the legal minimum guarantee increased from 1.75% to 2.50% for the future. Assets are calculated per person as the present value at the discount rate of the accrued benefits according to IAS 19 paragraph 115, with the application of a correction on the discount rate on the part of the present value that exceeds the mathematical reserves, to take into account the default risk of the insurance company. Total assets are then increased with the value of the financing funds DEME\u2019s subsidiaries in the Netherlands operate a number of defined benefit pension schemes. Without exception, these plans are insured with an authorized insurance company in the Netherlands and are closed for new entries and accruals. The schemes net liabilities arise from the obligation for the entities to index accrued pension benefits and benefits in payment and/or the obligation to pay guarantee costs to the insurance company. Retirement benefit obligations 2024 2023 (in thousands of euro) Retirement benefit obligations in Belgium 45,574 43,579 Retirement benefit obligations in the Netherlands 7,664 8,357 Total retirement benefit obligations 53,238 51,936 Other retirement benefit obligations 4,845 2,874 Balance at 31 December 58,083 54,810 The movement in retirement benefit obligations in Belgium and the Netherlands is related to the evolution in the macroeconomic environment and more specifically to the evolution of the interest rates and the inflation. Per 31 December 2024, the discount rate decreased to 3.42% compared to 3.44% at the end of 2023. This resulted in a loss in the remeasurement of retirement benefit plan obligations that was partly offset by a decrease of the long-term inflation rate from 2.16% to 2.0%. Retirement benefit obligations in Belgium and the Netherlands (in thousands of euro) 2024 2023 Present value of wholly or partially funded obligations 208,352 192,534 Fair value of plan assets -155,884 -141,045 Impact of asset ceiling 770 447 Net funded benefit obligation as recorded in the balance sheet at 31 December 53,238 51,936 Note 24 - continued 2024 2023 Movement of retirement benefit obligations Balance at 1 January 51,936 56,902 Charges recognized in income (1) 15,766 14,904 Charges recognized in other comprehensive income (2) 3,505 -1,951 Contributions from employer -17,969 -17,919 Other movements - - Balance at 31 December 53,238 51,936 (1) Charges recognized in income Current service cost 14,017 13,373 Past service cost & other 177 146 Interest cost 7,014 6,563 Interest income on plan assets (-) -5,442 -5,178 Total charges recognized in income 15,766 14,904 (2) Charges recognized in other comprehensive income Actuarial (gains)/losses 5,369 -19,038 Return on plan assets (-) (excluding interest income) -2,170 17,006 Other movements 306 81 Total charges recognized in other comprehensive income 3,505 -1,951 Movement in retirement benefit plan obligations and assets Retirement benefit plan obligations balance at 1 January 192,534 199,109 Current service cost 14,017 13,373 Interest cost 7,014 6,563 Contributions from employees 109 121 Benefits paid to beneficiaries -8,487 -10,949 Remeasurement of liabilities resulting in actuarial (gains)/losses 5,369 -13,738 due to changes in demographic assumptions - -2,269 due to changes in financial assumptions 4,204 -8,284 due to experience adjustments 1,165 -3,185 Past service cost 12 - Other movements -2,216 -1,945 Retirement benefit plan obligations balance at 31 December 208,352 192,534 Retirement benefit plan assets balance at 1 January 141,045 142,560 Return on plan assets (+) (excluding interest income) 2,170 -11,706 Interest income on plan assets (+) 5,442 5,179 Contributions from employer (*) 17,968 17,919 Benefits paid to beneficiaries -8,487 -10,949 Other movements -2,254 -1,958 Retirement benefit plan assets balance at 31 December 155,884 141,045 (*) In 2024 an amount of 14.1 million euro relates to Belgian defined contribution plans (2023: 12.9 million euro). Note 24 - continued 2024 2023 Main actuarial assumptions at the end of the year Discount rate at 31 December 3.42% 3.44% Expected rate of salary increases (inflation included) 3.50% 3.70% Long-term inflation 2.00% 2.16% Mortality tables BE-plans MR/FR-5 yrs MR/FR-5 yrs Mortality tables NL-plans AG2024 ES-P2A AG2023 ES-P2A Other information Average duration in years of the benefit plan obligations 13.24 13.32 Average actual return on plan assets -5.26% -4.50% Expected contribution from employer in next financial year 16,505 14,479 Sensitivity analysis (impact on amount of obligations) Discount rate 50 bp increase -5.97% -7.69% 50 bp decrease +6.51% +4.59% Salary growth rate 25 bp increase +1.57% +0.30% 25 bp decrease -1.58% -3.36% Life expectation increase by 1 year +0.63% -1.12% Inflation rate 25 bp increase +1.19% +0.55% 25 bp decrease -1.21% -3.11% Assets allocation Cash and cash equivalents 0.00% 0.04% Equity instruments 0.32% 0.85% Debt instruments 0.31% 0.95% Insurance contracts 99.37% 98.16%Key management personnel DEME Group NV has a \u201cone tier\u201d governance structure consisting of a Board of Directors (as collegiate body). The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of the Company\u2019s corporate object, except for those actions that are specifically reserved by law for the Shareholders\u2019 Meeting. On 29 June 2022, the Board of Directors has delegated the daily management of the Company from the Executive Committee to the CEO. The CEO is assisted in the exercise of its powers by the Executive Committee, which operates as an advisory committee (separate from the Board of Directors). The Executive Committee, chaired by the CEO, is responsible for discussing the general management of the Company and, from 2023, the statutory members of the Executive Committee have a self-employed status. Representatives who are members of the Board of Directors, Audit Committee and Remuneration Committee are remunerated since the public listing of the group. On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. Reference is made to the Remuneration Report and Corporate governance statement within Chapter 05.Corporate governance and risk management and note (18) share-based payments. For his role as Executive Director, Luc Vandenbulcke received a fixed and variable remuneration of 1.8 million euro in 2024 (2023: 2.0 million euro). The 2023 annual salary included an exception of an early single and double holiday payment settlement upon transition towards a self-employed status. (in thousands of euro) 2024 2023 Director fees at the expense of DEME group Total 826 785 Remuneration of the CEO Fixed annual remuneration 537 534 Short-term variable remuneration 1,278 1,452 Long-term variable remuneration (*) - - Total 1,815 1,986 Group insurance / Pension (Plan) contributions 106 87 Other benefits (**) 178 3 Remuneration of the members of the Executive Committee (excluding CEO) Fixed annual remuneration 1,422 1,436 Short-term variable remuneration 3,807 3,044 Long-term variable remuneration (*) - - Total 5,229 4,480 Group insurance / Pension (Plan) contributions 304 237 Other benefits (**) 244 15 (*) No vested options from the 2024 stock option plan yet. (**) The other benefits include e.g. taxable benefits and income tax coverage on stock option grant",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__312-1": {
"value": "Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in provisions mainly relates to the movement in warranty provisions. Reference is made to note (26) provisions.Deferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityNote 26 \u2013 Provisions and contingent assets and liabilities Provisions (in thousands of euro) Warranties Other 2024 Warranties Other 2023 Balance at 1 January 52,690 8,312 61,002 40,872 6,827 47,699 Arising during the year 3,754 700 4,454 3,978 1,485 5,463 Utilized during the year -1,975 -1,015 -2,990 -2,921 - -2,921 Unused amounts reversed - - - - - - Reclass from working capital - - - 10,761 - 10,761 Balance at 31 December 54,469 7,997 62,466 52,690 8,312 61,002 Current 15,794 - 15,794 14,045 - 14,045 Non-current 38,675 7,997 46,672 38,645 8,312 46,957 Reference is made to the summary of material accounting principles for information about the provisions. There is no formal plan for restructuring. The dismissal provisions in the normal course of business that exist at the end of the period are immaterial and are booked as remuneration and social charges. Other provisions are all related to the Environmental segment and as for the warranties (all assurance type warranties) the majority is related to the Offshore Energy segment. At current no provisions nor contingent liabilities are recorded related to the impact of climate change.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__275-1": {
"value": "Other operating expenses (in thousands of euro/ (-) is income) 2024 2023 Loss on sale of property, plant and equipment 11 71Movement in amounts written off inventories and trade receivables 141 -2,431 Movement in retirement benefit obligations -231 -3,767 Movement in provisions 1,466 2,541 Other operating expenses 25,262 24,370 Total other operating expenses 26,649 20,784 Movement in amounts written off inventories and trade receivables for 2024 mainly relates to a project within Concessions that\u2019s temporarily put on hold. Reference is made to note (14) trade and other operating receivables. For prior year the movement was caused by a final write-off of a customer receivable that was neutralized within the income instatement by the release of the corresponding bad debt allowance (which was booked as a service cost), both elements resulting in a zero impact on the result of 2023.Note 12 \u2013 Inventories For the year ended 31 December (in thousands of euro) 2024 2023 Raw materials 3,851 9,163 Consumables 16,589 22,852 Total inventories 20,440 32,015 Movement of the year recorded in statement of income (+ is credit) -11,575 6,319 Inventories can be split into raw materials and consumables. Raw materials are mainly related to ballast & dredged material and sand from the marine aggregate business within the segment Dredging & Infra. Consumables mainly consist out of fuel and auxiliary materials. The movement of the year of consumables is impacted by the moment of refueling of the vessels and the fuel usage up till closing date. Also the start-up of projects and preparation of the fleet can impact this movement. No inventories are pledged as security for liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__323": {
"value": "Note 3 \u2013 Personnel expenses and employment For the year ended 31 December Average number of persons employed during the year (in FTE) 2024 2023 White-collars 3,451 3,201 Blue-collars 2,255 2,133 Total 5,706 5,334 The average headcount reported in this note is based upon the consolidation scope whereby only the average headcount (in FTE) of entities controlled by the group is included. In CSRD (Chapter 07.Sustainability Statements) and in the Non-financial key figures (Chapter 01.Introduction) the number of employees (headcount) at the end of the year is reported.",
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"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__268": {
"value": "Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__267": {
"value": "Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__266": {
"value": "Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__265": {
"value": "Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.",
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"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__264": {
"value": "Note 4 \u2013 Financial result For the year ended 31 December (in thousands of euro / (-) is cost) 2024 2023 Interest income from other non-current financial assets 2,521 1,585 Time value of financial derivatives -14 -274 Other interest income 11,027 6,941 Total interest income 13,534 8,252 Interest expenses related to borrowings -15,163 -19,398 Capitalized borrowing cost 2,244 1,601 Time value of financial derivatives 167 -414 Interest expenses related to lease liabilities (note (23)) -4,045 -1,938 Total interest expenses -16,797 -20,149 Realized/unrealized foreign currency translation effects -1,263 -9,825 Total realized/unrealized foreign currency translation effects -1,263 -9,825 Other financial income 4,775 5,207 Other financial expenses -8,923 -6,754 Total other financial result -4,148 -1,547 Total financial result -8,674 -23,269The total financial result improved to -8.7 million euro from -23.3 million euro last year. Net financial debt including IFRS 16 leases evolved from -512.2 million euro last year to a net cash position of + 91.1 million euro at the end of 2024. Total interest-bearing debt including IFRS 16 leases decreased by 139 million euro, from 901 million euro last year to 762 million euro at the end of 2024. Although interest expenses related to lease liabilities are higher than last year due to an increase in lease liabilities, the reduction in interest expenses related to borrowings was greater, resulting in overall lower interest expenses. Cash and cash equivalents increased by 464 million euro leading to a rise in other interest income. From the total interest expenses of 16.8 million euro, an amount of 13.2 million euro is interest paid versus 17.5 million euro last year. Interest received amounts to 13.5 million euro versus 8.5 million euro in 2023. Reference is made to note (21) interest-bearing debt and net financial debt, note (23) lease liabilities and to the consolidated statement of cash flows. Last year, the total financial result of -23.3 million euro was significantly impacted by negative foreign currency translation effects amounting to -9.8 million euro. This net exchange rate loss was primarily due to the group\u2019s operational activities in Egypt (both USD and EGP exchange rate exposure). In 2024 the impact of the foreign currency translation effects was reduced to -1.3 million euro, representing only 0.03% of the group\u2019s turnover and mainly linked to translation impact of currencies as USD, TWD, NGN.The other financial income for both 2024 and 2023 was impacted by the recognition of delay interest on claim income received. Other financial expenses, included in the other financial result, primarily relate to costs incurred for project-related bank guarantees and are correlated to the increased operational activity of the group in 2024.",
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"f1__s8__7__203-1": {
"value": "Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,022The total net book value of 15.0 million euro at the end of the year 2024, includes the intangible assets of the SPT Offshore group (10.7 million euro) that are amortized over the economic lifetime of 10 years. SPT Offshore Holding BV and affiliates within the Offshore Energy segment was acquired by the group at the end of 2020.The total net book value of 22.8 million euro at the end of the year 2023, included the intangible assets of the SPT Offshore group for an amount of 12.6 million euro.2023 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2023 5,840 34,408 13,588 53,836 Additions, including fixed assets, own production 2,552 229 74 2,855 Sales and disposals - -222 -32 -254 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 8,392 34,405 13,630 56,427 Cumulative amortization and impairment at 1 January 2023 4,096 15,481 9,944 29,521 Amortization of the year 229 3,048 988 4,265 Written down after sales and disposals - -189 - -189 Movements Transfers from one heading to another - - - - during the Translation differences - -1 - -1 year Additions through business combinations - - - - Changes in consolidation scope or method - -9 - -9 At 31 December 2023 4,325 18,330 10,932 33,587 Net book value at the end of prior year 1,744 18,927 3,644 24,315 Net book value at the end of the year 4,067 16,075 2,698 22,840Note 6 \u2013 Goodwill (in thousands of euro) 2024 2023 Balance at 1 January 13,028 13,028 Acquisitions through business combinations - - Movements during the Disposals - - year Impairment losses - - Balance at 31 December 13,028 13,028Note 7 \u2013 Property, plant and equipment Floating Total 2024 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2024 131,798 5,019,071 23,316 7,183 306,333 5,487,701 Additions, including fixed assets, own 3,633 147,532 2,274 467 118,949 272,855 production Sales and disposals -998 -41,140 -1,578 - -7 -43,723 Transfer to 'assets held for sale' - -143,740 - - - -143,740 Movements during the Transfers from one heading to another 9,335 294,498 139 - -304,762 -790 year Translation differences -123 4,070 -358 - - 3,589 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 143,645 5,280,291 23,793 7,650 120,513 5,575,892 Cumulative depreciation and impairment at 1 January 55,063 2,830,268 16,558 3,592 - 2,905,481 2024 Depreciation charge of the year 5,172 330,110 2,597 387 - 338,266 Impairment cost of the year - 14,772 - - - 14,772 Written down after sales and disposals -974 -40,915 -1,577 - - -43,466 Movements Transfer to 'assets held for sale' - -110,205 - - - -110,205 during the Transfers from one heading to another - 255 - - - 255 year Translation differences -96 3,217 -116 - - 3,005 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2024 59,165 3,027,502 17,462 3,979 - 3,108,108 Net book value at the end of prior year 76,735 2,188,803 6,758 3,591 306,333 2,582,220 Net book value at the end of the year 84,480 2,252,789 6,331 3,671 120,513 2,467,784Floating Total 2023 Assets and other Furniture and property, Land and buildings Other tangible assets under (in thousands of euro) construction vehicles plant and construction equipment equipment Acquisition cost at 1 January 2023 119,923 4,694,682 20,564 7,257 223,042 5,065,468 Additions, including fixed assets, own 3,623 203,174 5,928 - 273,966 486,691 production Sales and disposals -664 -51,409 -2,502 -3 - -54,578 Transfer to 'assets held for sale' -4,312 - - - - -4,312 Movements during the Transfers from one heading to another 13,572 176,837 336 -70 -190,675 - year Translation differences -344 -4,213 -1,010 -1 - -5,568 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 131,798 5,019,071 23,316 7,183 306,333 5,487,702 Cumulative depreciation and impairment at 1 January 53,635 2,569,518 17,093 3,174 - 2,643,420 2023 Depreciation charge of the year 4,981 299,198 2,319 422 - 306,920 Impairment cost of the year - 13,148 - - - 13,148 Written down after sales and disposals -641 -48,410 -2,408 -3 - -51,462 Movements Transfer to 'assets held for sale' -2,682 - - - - -2,682 during the Transfers from one heading to another - -81 81 - - - year Translation differences -230 -3,105 -527 -1 - -3,863 Acquisitions through business - - - - - - combinations Changes in consolidation scope or method - - - - - - At 31 December 2023 55,063 2,830,268 16,558 3,592 - 2,905,481 Net book value at the end of prior year 66,288 2,125,164 3,471 4,083 223,042 2,422,048 Net book value at the end of the year 76,735 2,188,803 6,758 3,591 306,333 2,582,220Note 8 \u2013 Right-of-use assets Floating 2024 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2024 119,451 23,314 44,758 187,523 Additions 37,506 46,817 26,780 111,103 Sales and disposals -23,381 -6,499 -14,135 -44,015 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 1,148 1,828 28 3,004 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 134,724 65,460 57,176 257,360 Cumulative depreciation and impairment at 1 January 2024 39,597 13,644 23,189 76,430 Depreciation charge of the year 15,731 24,304 12,322 52,357 Written down after sales and disposals -21,808 -6,499 -13,704 -42,011 Movements Transfers from one heading to another - - -255 -255 during the Translation differences 407 672 6 1,085 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2024 33,927 32,121 21,558 87,606 Net book value at the end of prior year 79,854 9,670 21,569 111,093 Net book value at the end of the year 100,797 33,339 35,618 169,754Floating 2023 Total and other Furniture and Land and buildings Right-of-use (in thousands of euro) construction vehicles assets equipment Acquisition cost at 1 January 2023 99,303 21,410 38,147 158,860 Additions 25,759 5,599 13,893 45,251 Sales and disposals -5,485 -3,569 -7,255 -16,309 Movements Transfers from one heading to another - - - - during the Translation differences -126 -126 -27 -279 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 119,451 23,314 44,758 187,523 Cumulative depreciation and impairment at 1 January 2023 29,639 9,759 20,468 59,866 Depreciation charge of the year 14,923 7,437 8,505 30,865 Written down after sales and disposals -4,843 -3,488 -5,762 -14,093 Movements Transfers from one heading to another - 4 -4 - during the Translation differences -122 -68 -18 -208 year Acquisitions through business combinations - - - - Changes in consolidation scope or method - - - - At 31 December 2023 39,597 13,644 23,189 76,430 Net book value at the end of prior year 69,664 11,651 17,679 98,994 Net book value at the end of the year 79,854 9,670 21,569 111,093Cash flow related to interest-bearing debt Total interest-bearing debt 2024 2023 (in thousands of euro) Balance at 1 January 901,266 1,042,774 Cash movements as per cash flow from financial activities -254,029 -186,408 New interest-bearing debt 26,935 74,486 Movements during the Repayment of interest-bearing debt -225,679 -228,557 year Payment of lease liabilities -55,285 -32,337 Non-cash movements 115,088 44,900 Movements Assumed in business combinations - - during the year IFRS 16 leases115,088 44,900 Balance at 31 December 762,325 901,266 The non-cash movement related to IFRS 16 leases is the net of new lease contracts and disposal of lease contracts that has no cash impact but that is included in the movement of the year of interest-bearing debt. The cash impact of IFRS 16 leases is the payment of the lease liability or lease cost of the year.",
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"f1__s8__7__324-1": {
"value": "The \u2018additions of the year\u2019 mainly relate to the capitalization of development costs in the Concessions segment. Research and development costs that are not eligible for capitalization have been expensed within the OpEx of DEME\u2019s subsidiaries involved in deep sea harvesting for an amount of 4.54 million euro. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4). The \u2018sales and disposal\u2019 of the development costs are part of the strategic partnership deal between DEME, OQ and bp, in which bp joined as an equity partner (49% stake) and operator of the HYPORT Duqm project, resulting in a zero net book value at the end of 2024. Reference is made to section group structure and changes in the reporting period.Note 5 \u2013 Intangible assets 2024 Concessions, Other intangible Development costs patents, licenses, Total (in thousands of euro) assets etc. Acquisition cost at 1 January 2024 8,392 34,405 13,630 56,427 Additions, including fixed assets, own production 890 9 397 1,296 Sales and disposals -4,885 -224 - -5,109 Movements Transfers from one heading to another 1,045 - - 1,045 during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 34,167 14,027 53,636 Cumulative amortization and impairment at 1 January 2024 4,325 18,330 10,932 33,587 Amortization of the year 1,117 3,071 1,019 5,207 Written down after sales and disposals - -157 - -157 Movements Transfers from one heading to another - - - - during the Translation differences - -3 - -3 year Additions through business combinations - - - - Changes in consolidation scope or method - -20 - -20 At 31 December 2024 5,442 21,221 11,951 38,614 Net book value at the end of prior year 4,067 16,075 2,698 22,840 Net book value at the end of the year - 12,946 2,076 15,022The \u2018additions of the year\u2019 mainly related to the capitalization of development costs in the Concessions segment.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__332-1": {
"value": "Note 6 \u2013 Goodwill (in thousands of euro) 2024 2023 Balance at 1 January 13,028 13,028 Acquisitions through business combinations - - Movements during the Disposals - - year Impairment losses - - Balance at 31 December 13,028 13,028Impairment testing of goodwill In accordance with IAS 36 impairment of assets, goodwill was tested for impairment at 31 December 2024 and 2023. No impairment losses were recognized. Within the DEME group, goodwill is tested for impairment annually. The impairment tests are based on figures and insights of the third quarter of the reporting year. If there is an indication that the cash generating unit to which the goodwill is allocated could have suffered a loss of value, impairment testing is done more frequently than once a year. In 2024, there were no such indicators and no additional impairment tests have been prepared. Significant judgment by management is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters (more detailed in section disclosures related to specific topics). Management does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk). The group believes the estimates and assumptions used in the impairment testing are reasonable and are comparable to those that would be used by competitors. Carrying amount of goodwill Goodwill is allocated to the cash generating unit that is expected to benefit the most of the acquisition. Management has identified the lowest level of cash generating units based on the most appropriate and most detailed level of information about operations available for internal reporting purposes. The current outstanding goodwill of the DEME group is allocated as follows: Carrying amount of goodwill (in thousands of euro) 2024 2023 CGU Infra 3,536 3,536 CGU Dredging \u2013 Asia Pacific 3,024 3,024 CGU Environmental \u2013 Environnement 2,496 2,496 CGU Offshore 1,943 1,943 CGU Offshore \u2013 Foundations 1,256 1,256 CGU Concessions 605 605 CGU Dredging \u2013 DBM 168 168 Total 13,028 13,028 The comparison of the carrying amount of each mentioned cash generating unit with the recoverable amount of the respective cash generating unit did not result in an impairment need for the annual reporting year 2024. The recoverable amount of each cash generating unit is based on a discounted cash flow model that represents the fair value minus the cost of disposal. The projected cash flows used are obtained from the budgets, prepared by management, of the respective cash generating unit and approved by the Board of Directors. These budgets cover a three-year period. Cash flows beyond the three-year period are extrapolated using a cautious growth rate of 1%. The discount rate used equals the weighted average cost of capital (WACC) calculated on the consolidated DEME group figures, as per third quarter of 2024, amounting to 8.11% compared to 7.83% in 2023. Sensitivity analysis A sensitivity analysis has been performed by adjusting important assumptions used in the calculation of the recoverable amount. Gross margin The gross margin used in the discounted cash flow model is based upon the estimates of management and has been approved by the Board of Directors for a period of three years to come. Sensitivity is tested by reducing the estimated gross margins to 95% of their initial value. Adjusting the gross margin downwards did not result in impairment for any of the mentioned cash generating units. Discount rate The discount rate used is the weighted average cost of capital, calculated on DEME group figures. Future cash flows will negatively be impacted if the discount rate rises. Sensitivity is tested by increasing the weighted average cost of capital with 1%. Adjusting the weighted average cost of capital to a higher value did not result in an impairment for any of the mentioned cash generating units. Growth rate The DEME group assumes a careful growth of 1% of its gross margin in the years to come. Should the growth percentage be lower, the recoverable amount of each cash generating unit will drop. Sensitivity is tested by reducing the growth rate to 0%. Adjusting the growth rate did not result in an impairment for any of the mentioned cash generating units.The amount of goodwill included in the carrying amount of the group\u2019s interest in joint ventures is 0.3 million euro with no change in that amount in 2024 nor in 2023. There is no goodwill included in the carrying amount of associates.",
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"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__334-1": {
"value": "In 2024, specific borrowing costs amounting to 2.2 million euro, related to assets under construction, were capitalized (note (4) financial result).In 2023, specific borrowing costs amounting to 1.6 million euro, related to assets under construction, were capitalized.The interest rate of long-term loan facilities is based on EURIBOR plus a margin which is updated each semester based on DEME\u2019s leverage ratio, whereas the interest rate of the asset-based loans is fixed. The interest rate risk of long-term loan facilities resulting from the floating interest rate base, is hedged through interest rate swaps (note (22) financial risk management and financial derivatives). Next to long-term loan facilities and asset-based loans, DEME has also lease liabilities (note (23)) and other long-term loans as included in the tables above.Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level.",
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},
"f1__s8__7__400-1": {
"value": "At 31 December 2024, the commitments made for investments in coming years amount to 5 million euro, mainly relating to the upgrade of vessels \u2018Yellowstone\u2019 and \u2018Karina\u2019.At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019.Note 28 \u2013 Rights and commitments not reflected in the balance sheet For the year ended 31 December (in thousands of euro) 2024 2023 COMMITMENTS GIVEN Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments, of enterprises included in - - the consolidation. Bank and insurance guarantees for commitments of enterprises included in the consolidation. 1,825,208 1,746,704 RIGHTS RECEIVED Bank and insurance guarantees received as security for commitments to enterprises included in the 265,037 230,182 consolidation (*). FUTURE OPERATIONAL OBLIGATIONS ENTERED INTO WITH SUPPLIERS In the Environmental segment DEME has the obligation to pay a fee for landfill volume reservation over the next 6 years for an estimated amount of 5.7 million euro. (*) Since 2024, all bank and insurance guarantees received are reported whereas previously only bank guarantees related to new build were centrally reported. For comparative purposes, the adjusted amount for 2023 is included in the table. The amount included in the annual report of prior year was 61.8 million euro.",
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},
"f1__s8__7__338-1": {
"value": "At 31 December 2024, the commitments made for investments in coming years amount to 5 million euro, mainly relating to the upgrade of vessels \u2018Yellowstone\u2019 and \u2018Karina\u2019.At 31 December 2023, the commitments made for investments in coming years amounted to 37.5 million euro, mainly relating to upgrades of vessels \u2018Yellowstone\u2019, \u2018Viking Neptun\u2019 and for \u2018Karina\u2019.Note 9 \u2013 Investments in joint ventures and associates Earlier in this report, a comprehensive list can be found detailing the companies contributing to DEME's investments in joint ventures and associates. This list also includes the percentage of shareholding held by the DEME group, the main segment in which these companies operate, and their country of incorporation. None of these companies are publicly traded on any stock market. The joint ventures and associates have also commitments for an amount of 71.1 million euro, calculated at DEME\u2019s group share. About 63.2 million euro is related to Offshore Energy, 4.8 million euro to Dredging & Infra and 3.1 million euro for Environmental. In 2023 these commitments amounted to 136.5 million euro (about 77.6 million euro related to Offshore Energy, 55.5 million euro to Dredging & Infra and 3.5 million euro for Environmental).Contingent assets and liabilities Based on available information at the date on which the financial statements are approved by the Board of Directors, DEME is not aware of any other contingent assets or liabilities than the ones described below: -In September 2023, certain companies of the DEME group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. Following the exchange of written submissions between the parties, the case was heard by the Court of First Instance East-Flanders, Ghent Division on 5 June 2024. This means that for the first time, parties had the opportunity to set out substantive arguments regarding the charges brought by the Public Prosecutor. The DEME companies have fully contested all allegations and have an extensive number of procedural and substantive defenses. On 4 September 2024, the Correctional Court declared the entire criminal prosecution against the DEME companies (and all other defendants) inadmissible. Consequently, DEME's position was upheld, and the Public Prosecutor's Office's claim was entirely rejected. On 24 September 2024, the Public Prosecutor's Office appealed the decision of the Correctional Court. To date, the DEME companies have not yet been summoned for the start of this appeal procedure. In the current circumstances, it is premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages to the initial claimant, who, as stated above, has definitively waived its civil complaint. In line with IAS 37, as the outcome cannot be predicted, the Company discloses a contingent liability. -One of the group companies is involved in legal proceedings initiated by the Dutch Waterboard (Waterschap Vallei Energy Veluwe) against a consortium of which said group company is a member, due to allegedly unauthorized activities on the project Eemdijk. The alleged unauthorized activities were fully and solely executed by the group company\u2019s former partner in the consortium, as the group company withdrew from the project even before the start of the actual execution of any works. The group company was however not able to formally withdraw from the consortium as well. Meanwhile, said former partner has filed for bankruptcy. The outcome of this claim is still uncertain. However, based on the current circumstances and subject to the insurance policy conditions, the outcome of the aforementioned pending legal proceedings is not expected to have a material impact on the company's future results and cash flows. The group takes care that all its entities respect the laws and regulations in force, including the compliance rules.Note 28 \u2013 Rights and commitments not reflected in the balance sheet For the year ended 31 December (in thousands of euro) 2024 2023 COMMITMENTS GIVEN Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts and commitments, of enterprises included in - - the consolidation. Bank and insurance guarantees for commitments of enterprises included in the consolidation. 1,825,208 1,746,704 RIGHTS RECEIVED Bank and insurance guarantees received as security for commitments to enterprises included in the 265,037 230,182 consolidation (*). FUTURE OPERATIONAL OBLIGATIONS ENTERED INTO WITH SUPPLIERS In the Environmental segment DEME has the obligation to pay a fee for landfill volume reservation over the next 6 years for an estimated amount of 5.7 million euro. (*) Since 2024, all bank and insurance guarantees received are reported whereas previously only bank guarantees related to new build were centrally reported. For comparative purposes, the adjusted amount for 2023 is included in the table. The amount included in the annual report of prior year was 61.8 million euro.",
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"f1__s8__7__40-1": {
"value": "Changes over the period Investments Investments Investments Investments in joint 2024 in joint 2023 (in thousands of euro) in associates in associates ventures ventures Balance at 1 January 49,094 120,869 169,963 94,619 106,891 201,510 Additions 2,532 11,263 13,795 891 7,671 8,562 Disposals (-) - -10,439 -10,439 -1,143 - -1,143 Share in the result of participations accounted for 27,974 12,400 40,374 -34,545 37,762 3,217 using the equity method Movements during the Dividends distributed by participations -14,603 -18,312 -32,915 -9,873 -17,879 -27,752 year Other comprehensive income -306 -4,456 -4,762 -3,164 -11,089 -14,253 Other movements 796 -3,064 -2,268 393 -1,641 -1,248 Translation differences 110 2,481 2,591 1,916 -846 1,070 Balance at 31 December 65,597 110,742 176,339 49,094 120,869 169,963 Booked as a non-current financial asset 67,179 114,686 181,865 49,353 120,942 170,295 Booked as a non-current financial liability -1,582 -3,944 -5,526 -259 -73 -332 (- is credit)As for \u2018dividends distributed by participations\u2019 in 2024, the amount received from associates mainly comes from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly comes from Deeprock CV. In 2023, the amount received from associates came from Rentel NV, Seamade NV and C-Power NV, whereas the dividend received from joint ventures mainly came from Earth Moving Worldwide Cyprus Ltd (EMW).Dividends All of the ordinary shares (excluding treasury shares) will entitle a holder thereof to an equal right to participate in dividends. All of the ordinary outstanding shares participate equally in the company\u2019s profits (if any). Subject to the company\u2019s earnings, financial condition, capital requirements and other factors considered important by the Board of Directors, the availability of distributable reserves and the approval by the Shareholders\u2019 meeting, the company intends to declare and distribute an annual non-cumulative dividend to its shareholders based on a target pay-out ratio of 33% of the group\u2019s net profit. There can be no assurance as to whether dividends or similar payments will be paid out in the future nor, if they are paid, as to their amount. For 2024, the Board of Directors will propose to the General Assembly, on 21 May 2025, to distribute a gross dividend of 3.8 euro (2.66 euro net) per share, an increase of 81% compared to last year. Subject to the approval of the General assembly, the payment date is proposed to be set on 30 May 2025. The dividend for 2023 (a gross dividend of 2.1 euro per share) was paid for a total amount of 53.1 million euro on 27 May 2024 and considered that no dividend was paid on the treasury shares that DEME Group NV owned on that date. The company recognizes a liability to pay a dividend once the distribution is authorized. A corresponding amount is recognized directly in equity.",
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"f1__s8__7__345-1": {
"value": "Note 10 \u2013 Other non-current assets Other non-current financial assets (in thousands of euro) 2024 2023 Balance at 1 January 48,324 32,540 Additions 24,463 19,617 Disposals (-) -2,845 -3,203 Movements during the Transfer to (from) other items -1,519 -661 year Other movements - - Translation differences -58 31 Balance at 31 December 68,365 48,324 Loans to joint ventures and associates 58,853 40,300 Of which Other non-current financial assets 9,512 8,024 The \u2018additions\u2019 totaling 24.5 million euro primarily consist of loans granted to Bowdun Offshore Wind Farm Ltd (8.2 million euro), Ayre Offshore Wind Farm Ltd (5.6 million euro), both for the ScotWind OWF-project, and Japan Offshore Marine Ltd (5.6 million euro). \u2018Disposals\u2019 in 2024 are mainly related to the repayment of loans granted to companies involved in the development and subsequent operation of the Rentel and Seamade offshore wind farms (2.6 million euro). In 2023 an amount of 1.2 million euro was related to the repayment of the loans granted to Thistle Wind Partners Ltd and 1.1 million euro was related to the repayment of loans granted to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd. No expected credit losses are recorded on other non-current financial assets as the repayment of the loans follows a solid business plan. The equity accounted investees for whom the share in the net assets is negative, are allocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This allocation is presented in the line \u2018transfer (to) from other items\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. The non-current financial assets, other than loans to joint ventures and associates, mainly include long-term deposits and guarantees. Other non-current assets (in thousands of euro) 2024 2023 Balance at 1 January 10,526 11,892 Additions 14,249 108 Disposals (-) -171 -224 Movements Transfer to other operating receivables -1,250 -1,250 during the Transfer to investments in associates -600 - year Other movements - - Translation differences - - Balance at 31 December 22,754 10,526 Other non-current assets are non-current operating receivables and loans. The \u2018additions\u2019 of 14.2 million euro are related to the project Fehmarnbelt (construction of the world\u2019s largest immersed tunnel between Germany and Denmark). \u2018Transfer to other operating receivables\u2019 represents the short-term portion of the long-term loan of 10 million euro that was granted to the buyer of the \u2018Thor\u2019 vessel in 2022. \u2018Transfer to investments in associates\u2019 represents the loan that was granted to GBM Works Holding BV and transferred to capital in 2024. Note 16 \u2013 Other current assets For the year ended 31 December (in thousands of euro) 2024 2023 Deferred charges and accrued income 80,473 63,767 Environmental landfill volume reservation fee 39 1,059 Advance payments on purchases and cost of material regarding construction contracts 14,626 5,582 Other current assets 95,138 70,408 Deferred charges and accrued income include among others deferred hedge charges for construction contracts, for their percentage not completed. The hedge charges of construction contracts are recorded as construction cost for the percentage completed. The increase in 2024 compared to 2023 is mainly related to the increase in deferred hedge costs for the offshore contracts in the US. The increase in advance payments on purchases and cost of material regarding construction contracts for costs not yet incurred is mainly related to the cable installation projects for the IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems in the Netherlands and the Fehmarnbelt project, the construction of the world's longest immersed tunnel in Denmark.Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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"f1__s8__7__343-1": {
"value": "Note 10 \u2013 Other non-current assets Other non-current financial assets (in thousands of euro) 2024 2023 Balance at 1 January 48,324 32,540 Additions 24,463 19,617 Disposals (-) -2,845 -3,203 Movements during the Transfer to (from) other items -1,519 -661 year Other movements - - Translation differences -58 31 Balance at 31 December 68,365 48,324 Loans to joint ventures and associates 58,853 40,300 Of which Other non-current financial assets 9,512 8,024 The \u2018additions\u2019 totaling 24.5 million euro primarily consist of loans granted to Bowdun Offshore Wind Farm Ltd (8.2 million euro), Ayre Offshore Wind Farm Ltd (5.6 million euro), both for the ScotWind OWF-project, and Japan Offshore Marine Ltd (5.6 million euro). \u2018Disposals\u2019 in 2024 are mainly related to the repayment of loans granted to companies involved in the development and subsequent operation of the Rentel and Seamade offshore wind farms (2.6 million euro). In 2023 an amount of 1.2 million euro was related to the repayment of the loans granted to Thistle Wind Partners Ltd and 1.1 million euro was related to the repayment of loans granted to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd. No expected credit losses are recorded on other non-current financial assets as the repayment of the loans follows a solid business plan. The equity accounted investees for whom the share in the net assets is negative, are allocated to other components of the investor\u2019s interest in the equity accounted investee such as shareholder loans on equity accounted investees. This allocation is presented in the line \u2018transfer (to) from other items\u2019. The amount can be positive or negative as the transfer from receivable to investment in joint ventures and associates is reversed once the net assets of the equity accounted investees are positive again. The non-current financial assets, other than loans to joint ventures and associates, mainly include long-term deposits and guarantees. Other non-current assets (in thousands of euro) 2024 2023 Balance at 1 January 10,526 11,892 Additions 14,249 108 Disposals (-) -171 -224 Movements Transfer to other operating receivables -1,250 -1,250 during the Transfer to investments in associates -600 - year Other movements - - Translation differences - - Balance at 31 December 22,754 10,526 Other non-current assets are non-current operating receivables and loans. The \u2018additions\u2019 of 14.2 million euro are related to the project Fehmarnbelt (construction of the world\u2019s largest immersed tunnel between Germany and Denmark). \u2018Transfer to other operating receivables\u2019 represents the short-term portion of the long-term loan of 10 million euro that was granted to the buyer of the \u2018Thor\u2019 vessel in 2022. \u2018Transfer to investments in associates\u2019 represents the loan that was granted to GBM Works Holding BV and transferred to capital in 2024. Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV.",
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"f1__s8__7__351": {
"value": "Note 11 \u2013 Current taxes and deferred taxes For the year ended 31 December Current taxes and deferred taxes recognized in comprehensive income (in thousands of euro) 2024 2023 Current tax expense 86,903 52,672 Adjustments in respect of current income tax of previous years 4,134 2,248 Total current tax expense / (income) 91,037 54,920 Deferred taxes relating to origination and reversal of temporary differences -3,549 387 Movement of recognized tax losses carried forward 2,048 -5,689 Total deferred tax expense / (income) -1,501 -5,302 Current and deferred taxes recognized in the income statement 89,536 49,618 Taxes on remeasurement of retirement benefit obligations -855 485 Taxes on changes in fair value related to hedging instruments -4,202 -6,012 Current and deferred taxes recognized in other elements of the comprehensive income (- is income) -5,057 -5,527 Current and deferred taxes recognized in comprehensive income 84,479 44,091 Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the tax amount are those that are enacted or substantively enacted at the reporting date in the countries where the group operates and generates taxable income. As of 2024, current income tax also includes Pillar Two income tax. See further on in this note. Current income tax relating to items recognized directly in other comprehensive income (OCI) is recognized in OCI and not in the statement of income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. The operational activities of the group are subject to various tax regimes with tax rates ranging from 0% to 48% (without Pillar Two impact). Reference is made to the reconciliation of the effective tax rate below. Current income tax receivables and payables (in thousands of euro) 2024 2023 Income tax receivables (+ is debet) 26,061 25,937 Income tax payables (+ is credit) 71,144 64,024Reconciliation of the effective tax rate Below a reconciliation between the effective tax rate and the tax rate applicable in Belgium is made. (in thousands of euro) 2024 2023 Result before taxes 344,935 217,994 Tax expense at nominal tax rate in Belgium which is 25% in 2024 and 2023 86,234 54,499 Increase (decrease) in tax rate resulting from: Tax effect of non-deductible expenses 5,490 3,635 Tax effect of non-taxable revenue (1) -4,392 -23,124 Tax impact of changes in tax rates -2,280 1,051 Effects of different tax rates applicable to subsidiaries operating in other jurisdictions or income -9,568 -12,802 taxable under special tax regimes such as tonnage tax (2) Tax impact of (de)recognition of provisions for uncertain tax positions 1,475 -1,446 Pillar Two minimum top-up tax 490 - Tax impact of adjustments to current and deferred taxes relating to previous periods 2,491 2,248 Tax impact of losses for which no deferred tax assets were recognized (3) 9,596 25,557 Tax expense 89,536 49,618 Effective tax rate for the period 25.96% 22.76% (1) The main components of the tax effect on non-taxable revenue are claw back of previously deferred depreciations and exempt capital gains on sale of assets as well as tax deductible losses on capital. (2) In several countries where the group operated in 2024 the nominal tax rate is relatively lower than the nominal tax rate in Belgium. In some countries the tonnage tax regime also resulting in a relatively lower tax rate. (3) The difference between 2024 and 2023 is caused by on the one hand the (re-)assessment of unrecognized deferred tax assets relating to tax losses during 2024 (increasing the effective tax rate) and on the other hand the usage of unrecognized tax losses in 2024, decreasing the effective tax rate. The effective tax rate (2024: 25.96%) is higher than the nominal tax rate in Belgium (25%). In 2023, the effective tax rate was 22.76%. Deferred tax assets and liabilities split by origin The changes of the period of deferred tax assets and liabilities split by their origin is set out below. Deferred taxes (both assets and liabilities) related to fixed assets are presented separately. These deferred tax positions relate to temporary differences between the statutory carrying amount and the carrying amount under the DEME group depreciation policy. Deferred taxes regarding retirement benefit obligations (only deferred tax assets) are related to the provisions booked for retirement benefit obligations according to IAS 19 employee benefits. The column reversal statutory provision is mainly related to the reversal of the statutory provisions for repair and maintenance which are not allowed under IFRSs. Deferred taxes on other timing differences mainly relate to consolidation adjustments on running projects. DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. The group engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on tax legislation and principles. However, it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23 uncertainty over income tax treatments. The estimates are based on facts and circumstances existing at the end of the reporting period. Currently, the major outstanding uncertain tax positions (UTP) relate to ongoing potential tax litigations in Belgium and India. Additionally, also UTP\u2019s are recorded in 2024 for potential top-up taxes in two jurisdictions in the context of Pillar Two, see the specific paragraph about Pillar Two. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized. The impact of climate related matters was considered for this assessment. The deferred tax assets for tax losses and tax credits are booked separately. For a breakdown of the (un)recognized tax losses, see further section in this note. Deferred tax assets and liabilities regarding financial derivatives and retirement obligations only concern fully consolidated entities. See also the section regarding other comprehensive income. 2024 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Recognized in income statement -3,190 - -3,565 -2,956 1,475 5,991 - -2,245 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 42 - 42 Netting (*) - - - - - - 4,310 4,310 Transfer - - - - - - - - Balance at 31 December 31,747 - 4,298 754 24,107 12,970 -13,657 60,219 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 Recognized in income statement 3,737 -619 -3,604 2,720 -2,048 -8,301 7,372 - -743 Charged to equity - 855 4,202 - - - - - 5,057 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 4,310 4,310 Transfer - -42 - - - - 42 - - Balance at 31 December 26,944 13,278 626 8,963 53,961 4,182 40,276 -13,657 134,573 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entity 2023 Retirement Reversal Tangible fixed Financial Tax accruals Other timing (in thousands of euro) benefit statutory Netting Total assets derivatives (UTP) differences obligations provision Deferred tax liabilities related to Balance at 1 January 34,242 - 14,415 464 24,078 12,882 -18,932 67,149 Recognized in income statement 695 - -6,552 3,246 -1,446 -6,176 - -10,233 Charged to equity - - - - - - - - Changes in consolidation scope or - - - - - - - - method Exchange differences - - - - - 231 - 231 Netting (*) - - - - - - 965 965 Transfer - - - - - - - - Balance at 31 December 34,937 - 7,863 3,710 22,632 6,937 -17,967 58,112 Retirement Reversal Tax credits Deferred tax assets Tangible fixed Financial Income tax Other timing benefit statutory and other tax Netting Total related to assets derivatives losses differences obligations provision attributes Balance at 1 January 22,495 14,211 364 - 50,320 17,184 38,746 -18,932 124,388 Recognized in income statement 712 -760 -6,348 6,243 5,689 -4,701 -5,766 - -4,931 Charged to equity - -485 6,012 - - - - - 5,527 Changes in consolidation scope or - - - - - - - - - method Exchange differences - - - - - - - - - Netting (*) - - - - - - - 965 965 Transfer - 118 - - - - -118 - - Balance at 31 December 23,207 13,084 28 6,243 56,009 12,483 32,862 -17,967 125,949 (*) The tax netting item reflects the netting of deferred tax assets and liabilities per entityDeferred tax assets and liabilities recorded in other comprehensive income The following movements in deferred tax assets and liabilities of fully consolidated entities, as well as the items they relate to, were recorded in other comprehensive income: 2024 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -17,657 4,202 -13,455 Remeasurement of retirement benefit obligations -3,506 855 -2,651 Total -21,163 5,057 -16,106 2023 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -23,667 6,012 -17,655 Remeasurement of retirement benefit obligations 1,951 -485 1,466 Total -21,716 5,527 -16,189Income tax losses carried forward Subsidiaries: Maturity date of income tax losses 2024 2023 (in thousands of euro) Within 1 year 102 - Between 1 and 5 years 47,217 58,324 More than 5 years and indefinite 191,424 191,379 Total recognized income tax losses 238,743 249,703 Within 1 year 5,526 1,104 Between 1 and 5 years 40,166 44,320 More than 5 years and indefinite 385,167 391,854 Total unrecognized income tax losses 430,859 437,278 Total (un)recognized income tax losses carried forward of subsidiaries 669,602 686,981 In 2024, income tax losses carried forward of subsidiaries amount to 669.6 million euro. For 238.7 million euro of these tax losses, deferred tax assets have been recognized. For an amount of 430.9 million euro of tax losses of subsidiaries, no deferred tax assets are recognized. In 2023, income tax losses carried forward of subsidiaries for which no deferred tax assets were recognized amounted to 437.3 million euro. The total unrecognized income tax losses include eight thousand euro tax losses that are to be considered transition year tax losses for Pillar Two purposes. All other losses are considered as pre-transition year losses. Transition year, for a jurisdiction, means the first fiscal year that the multinational enterprise (MNE) group comes within the scope of the Global Anti-Base Erosion (GloBE) rules of Pillar Two in respect of that jurisdiction (meaning that the Transitional Safe Harbour criteria were not met). The tax losses also include the dividend received deductions for a total amount of 291.6 million euro of which 242.7 million euro is unrecognized and 48.9 million euro is recognized. The dividend received deductions have no expiry date and are recorded in the category \u2018more than 5 years and indefinite\u2019. Maturity date of deferred taxes on income tax losses 2024 2023 (in thousands of euro) Within 1 year 25 - Between 1 and 5 years 5,823 8,014 More than 5 years and indefinite 48,113 47,995 Total recognized deferred tax assets on income tax losses 53,961 56,009 Within 1 year 1,727 337 Between 1 and 5 years 8,607 9,584 More than 5 years and indefinite 96,555 96,983 Total unrecognized deferred tax assets on income tax losses 106,889 106,904 Total (un)recognized deferred tax assets on income tax losses from subsidiaries 160,850 162,913 As of 31 December 2024 the amount of recognized deferred tax assets on income tax losses amounted to 54.0 million euro whereas the amount of unrecognized deferred tax assets on income tax losses amounted to 106.9 million euro. Joint ventures and associates (share of the group): (in thousands of euro) 2024 2023 Recognized income tax losses 12,028 39,287 Deferred tax assets on recognized income tax losses 2,452 7,884 Unrecognized income tax losses 46,357 33,219 Deferred tax assets on unrecognized income tax losses 9,149 6,297 Total (un)recognized income tax losses from joint ventures and associates 58,384 72,506 Total (un)recognized deferred tax assets on income tax losses from joint ventures and associates 11,601 14,181 The unrecognized tax losses also include unrecognized dividend received deductions for a total amount of 2.4 million euro. Tax attributes Unrecognized deferred tax assets on tax attributes 2024 2023 (in thousands of euro) Tax credits 7,581 7,443 Pre-transition year 7,456 - Transition year 125 - Deferred depreciations 1,861 5,474 Pre-transition year 1,861 - Transition year - - Investment deduction 2,787 2,787 Pre-transition year 2,787 - Transition year - - Deferred tax assets have not been recognized in view of the uncertain character of the recovery. Pillar Two The Pillar Two legislation is effective as from the current financial year beginning 1 January 2024. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which DEME operates (e.g. Belgium). Ackermans & van Haaren NV (AvH NV) is the Ultimate Parent Entity (\u2018UPE\u2019) for Pillar Two purposes of DEME group\u2019s constituent entities. These constituent entities are therefore in scope of the Pillar Two consequences applicable to the AvH group. Because of the fact that DEME group is part of the AvH group, the outcome of Pillar Two impact has to be assessed at the level of the AvH group. Based on the assessment made by the AvH group, the AvH group has identified an exposure to Pillar Two top-up taxes in certain jurisdictions. Under the legislation that was implemented, the AvH group is in principle required to pay, in Belgium or in the jurisdiction concerned, top-up tax on profits of its constituent entities that are taxed at an effective tax rate of less than 15 per cent. For 2024, the total impact of these taxes on the AvH group net consolidated income is 0.5 million euro. This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the AvH group, being the 2024 Country-by-Country Reporting and 2024 consolidated financial statements data. The jurisdictions, for which Pillar Two top-up taxes are provisioned, are Mexico, United Arab Emirates, Saudi Arabia and Spain. As DEME group has, in these jurisdictions, the majority of AvH group\u2019s constituent entities in scope the total tax of 0.5 million euro is to be borne at DEME group level and is recorded in the figures of DEME group per end December 2024. The amount due is still dependent on the expected additional OECD Administrative Guidance to be published in 2025. Given the current uncertainty, an additional UTP has been recorded relating to potential top-up tax in two jurisdictions. DEME group has applied the mandatory temporary exception to the accounting and disclosing for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules.",
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"value": "Current income tax receivables and payables (in thousands of euro) 2024 2023 Income tax receivables (+ is debet) 26,061 25,937 Income tax payables (+ is credit) 71,144 64,024",
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"value": "Deferred tax assets and liabilities recorded in other comprehensive income The following movements in deferred tax assets and liabilities of fully consolidated entities, as well as the items they relate to, were recorded in other comprehensive income: 2024 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -17,657 4,202 -13,455 Remeasurement of retirement benefit obligations -3,506 855 -2,651 Total -21,163 5,057 -16,106 2023 Before income tax Income tax Net of income tax (in thousands of euro) Changes in fair value related to hedging instruments -23,667 6,012 -17,655 Remeasurement of retirement benefit obligations 1,951 -485 1,466 Total -21,716 5,527 -16,189Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves",
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"value": "Note 13 \u2013 Contract assets and contract liabilities For the year ended 31 December Contract assets and contract liabilities, in accordance with IFRS 15 revenue from contracts with customers, relate to the work in progress of construction projects executed by the group and services rendered. Work in progress shows the balance of revenue recognized on those contracts less progress billings, advance payments and provisions for expected losses. Advances received are amounts received by the group before the related work is performed. The group presents those separately from other contract liabilities. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract and payment conditions and geographical location. Most of the revenue is paid with an advance received at the beginning of the project followed by milestone payments after execution of the work and approval by the client. (in thousands of euro / (-) is credit) 2024 2023 Contract assets 651,459 633,027 Contract liabilities -661,057 -447,363 Advances received -181,041 -84,486 Net balance -190,639 101,178 Contract assets are the group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. A contract asset arises when the group performed works for a customer that are recognized as revenue to date but are not yet invoiced or paid. As such the revenue recognition reflects the rate at which the group\u2019s performance obligations are fulfilled corresponding to the transfer of control of a good or service to the customers. When there is no transfer of control throughout the contract, revenue is still recognized over time, based on the fact that the asset created has no alternative use, as well as the fact that the group has an enforceable right to the payment for performance completed to date. Contract assets turn into receivables when those works are accepted by the client. Contract liabilities are the group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. A contract liability arises when the group has invoiced the customer or received payment from them while the work was not done yet and the invoices and/or payments exceed the revenue recognized to date. Provisions are recognized for expected losses on work in progress as soon as they are foreseen and if necessary, any profit already recognized is reversed. Those provisions are also recognized as contract liabilities for an amount of 36.8 million euro as of 31 December 2024, compared to 54.2 million euro at the end of 2023. The determination of estimated profit (or loss) is based on estimated costs and revenues of the related projects and for profitable projects only, in proportion to the stage of completion. These estimates and judgments may contain some uncertainties. 2024 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes (*) consolidation scope December Offshore Energy 234,542 -48,090 - 186,452 Dredging & Infra 352,195 64,146 - 416,341 Environmental 46,290 2,376 - 48,666 Concessions - - - - Total 633,027 18,432 - 651,459 2024 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes (*) consolidation scope December Offshore Energy -306,829 -177,552 - -484,381 Dredging & Infra -124,738 -44,918 - -169,656 Environmental -15,796 8,776 - -7,020 Concessions - - - - Total -447,363 -213,694 - -661,057 2024 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes (*) consolidation scope December Offshore Energy -51,168 8,618 - -42,550 Dredging & Infra -12,266 -105,572 - -117,838 Environmental -21,052 399 - -20,653 Concessions - - - - Total -84,486 -96,555 - -181,041 2024 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes (*) consolidation scope December Offshore Energy -123,455 -217,024 - -340,479 Dredging & Infra 215,191 -86,344 - 128,847 Environmental 9,442 11,551 - 20,993 Concessions - - - - Total 101,178 -291,817 - -190,639 (*) \u201cBusiness-related changes\u201d relate to cumulative catch-up adjustments arising from a change in the measure of progress, a change in an estimate of the transaction price (including any changes in the assessment of whether an estimate of variable consideration is constrained) or a contract modification. Given the high level of operating activity during the year, contract assets remain at a very high level, while contract liabilities continue to show a strong increase (especially within Offshore Energy) due to more pre-invoicing compared to work in progress and an increase in advance payments received from customers (among others for the Fehmarnbelt project in Denmark). As a result of the high number of individual projects (with all different aspects regarding nature, type of clients, contract and payment conditions) a more in-depth description of changes in contract assets and contract liabilities compared to prior year is not deemed relevant. Around 52% of the performance obligations, meaning the turnover to be executed in the upcoming years regarding the current ongoing construction contracts for which contract assets and contract liabilities are booked, is expected to be fulfilled by the group next year, followed by 21% in 2026, 27% in 2027 and beyond. The related contract assets and contract liabilities as of 31 December 2024 are expected to follow a similar timing for run-off. 2023 contract assets and contract liabilities by segments (in thousands of euro / (-) is credit) 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract assets changes consolidation scope December Offshore Energy 102,561 131,981 - 234,542 Dredging & Infra 202,297 149,898 - 352,195 Environmental 39,893 6,397 - 46,290 Concessions - - - - Total 344,751 288,276 - 633,027 2023 Business-related Changes in Balance at 31 Balance at 1 January Contract liabilities changes consolidation scope December Offshore Energy -231,791 -75,038 - -306,829 Dredging & Infra -83,567 -41,171 - -124,738 Environmental -7,942 -7,854 - -15,796 Concessions - - - - Total -323,300 -124,063 - -447,363 2023 Business-related Changes in Balance at 31 Balance at 1 January Advances received changes consolidation scope December Offshore Energy -53,098 1,930 - -51,168 Dredging & Infra -18,968 6,702 - -12,266 Environmental -473 -20,579 - -21,052 Concessions - - - - Total -72,539 -11,947 - -84,486 2023 Business-related Changes in Balance at 31 Balance at 1 January Net balance changes consolidation scope December Offshore Energy -182,328 58,873 - -123,455 Dredging & Infra 99,762 115,429 - 215,191 Environmental 31,478 -22,036 - 9,442 Concessions - - - - Total -51,088 152,266 - 101,178Note 14 \u2013 Trade and other operating receivables For the year ended 31 December (in thousands of euro) 2024 2023 Trade receivables gross amount 679,944 458,784 Amounts written off -11,031 -10,864 Trade receivables net amount 668,913 447,920 Value added tax (VAT) 19,395 27,344 Other operating receivables 16,483 12,842 Total trade and other operating receivables 704,791 488,106 At 31 December 2024, trade and other operating receivables amounts to 704.8 million euro, compared to 488.1 million euro at year-end 2023. The increase of the year is primarily attributed to heightened activity levels, the advancement of major projects, and the timing of invoicing, as most contract assets are only converted to receivables upon client acceptance. It is important to note that the rise in trade receivables is not due to an increase in overdue amounts (see maturity analysis below). Other operating receivables mainly comprise amounts due from joint ventures, current accounts with consortium partners and personnel advances. The increase in other operating receivables in 2024 is mainly related to higher current accounts with several consortium partners at balance sheet date. Other operating receivables also include the current portion of the long-term loan granted to the buyer of the vessel 'Thor' in 2022. Reference is also made to note (10) other non-current assets. Note (29) related party disclosures summarizes among others all receivables and payables towards joint ventures and associates. Credit and counterparty risk A credit risk may arise in the event a customer or counterparty fails to perform its contractual obligations in respect of DEME in accordance with the provisions of the contract concerned. Non-payment by a customer may be the consequence of a lack of liquidity, bankruptcy or fraud on the part of the customer or be attributable to the general political or economic situation in the customer\u2019s country. The level of counterparty risk is limited by examining client\u2019s solvency prior to finalizing contracts and by putting the required payment guarantees in place (including credit insurance policies with public service credit insurers such as Credendo and private credit insurers, bank guarantees and through letters of credit). A part of the consolidated turnover is also realized through public or semi-public sector customers (as such less risk for insolvency) and turnover is spread out over a large number of clients within its project-oriented business. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract, payment conditions and geographical location. No clients are classified as material clients within the turnover of the group for 2024. Though to contain the risk, DEME constantly monitors its outstanding trade receivables and adjusts its position if necessary. The aging of trade receivables (gross amount and excluding other operating receivables) is as follows: 2024 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 679,944 504,455 14,887 35,941 7,318 37,524 56,800 23,019 2023 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 458,784 285,063 56,656 37,392 3,869 33,468 13,567 28,769 Overdue receivables in the different buckets above, generally relate to pending settlements, additional works and subsequent contract modifications accepted by the customers but to be recovered by an overall agreement with the client and that are all part of a broader negotiation process. Revenues and earnings are only recognized in the accounts when it's probable that they will be realized. As a result of all the reasons mentioned above, and especially because outstanding receivables are generally covered by Credendo or other instruments, the amounts written off are limited to 11.0 million euro in 2024 (10.9 million euro in 2023). The credit history of the group indicates that credit losses are insignificant compared to the level of activity. Therefore, management is of the opinion that credit risk is adequately controlled by the current applicable procedures. The payment behavior of the group's customers remained also unchanged in 2024. At the reporting date there was no concentration of credit risk with any customers. A detailed movement in amounts written off trade receivables is presented below: (in thousands of euro) 2024 2023 Balance at 1 January -10,864 -13,018 Additional provisions -221 -36 Amounts used 21 2,013 Amounts unused 59 177 Translation (losses) / gains -26 - Balance at 31 December -11,031 -10,864 The outstanding balance of amounts written off in 2024 and 2023 is still mainly related to the allowance for the insolvency in 2019 of a customer for whom DEME Offshore carried out maintenance work on offshore wind farms. The outstanding balance is closely monitored on a quarterly basis. The addition for the year of 221 thousand euro relates to a project within Concessions that\u2019s put on hold. Reference is also made to note (2) other operating income and expenses. Cash and cash equivalents, other receivables, interest-bearing debt, trade and other payables and derivatives are also financial instruments within the consolidated statement of financial position and are considered to be current and not expired.Note 21 \u2013 Interest-bearing debt and net financial debt For the year ended 31 December Net financial debt as defined by the group 2024 2023 (in thousands of euro / (-) is debit) Non-current Current Total Non-current Current Total Subordinated loans 677 - 677 677 - 677 Lease liabilities (note (23)) 117,649 56,013 173,662 86,208 27,650 113,858 Credit institutions 410,452 175,709 586,161 564,634 191,093 755,727 Long-term loan facility 1 - - - - 6,286 6,286 Long-term loan facility 2 - 5,295 5,295 5,295 14,181 19,476 Long-term loan facility 3 46,875 31,250 78,125 78,125 31,250 109,375 Long-term loan facility 4 68,661 44,197 112,858 112,858 44,196 157,054 Long-term loan facility 5 247,500 55,000 302,500 302,500 55,000 357,500 Asset-based loan 1 - - - 100 3,566 3,666 Asset-based loan 2 - - - 1,230 4,192 5,422 Asset-based loan 3 100 12,560 12,660 12,660 12,560 25,220 Asset-based loan 4 2,600 7,675 10,275 10,275 8,500 18,775 Asset-based loan 5 15,050 7,475 22,525 22,525 7,475 30,000 Asset-based loan 6 (*) 25,412 10,125 35,537 12,680 1,806 14,486 Other long-term bank loans 4,254 2,132 6,386 6,386 2,081 8,467 Other long-term loans 1,825 - 1,825 1,004 - 1,004 Short-term credit facilities - - - - 30,000 30,000 Short-term bank loans - - - - - - Short-term commercial paper - - - - 30,000 30,000 Total interest-bearing debt 530,603 231,722 762,325 652,523 248,743 901,266 Short-term deposits - -345,632 -345,632 - -109,576 -109,576 Cash at bank and in hand - -507,774 -507,774 - -279,508 -279,508 Total cash and cash equivalents - -853,406 -853,406 - -389,084 -389,084 Total net financial debt 530,603 -621,684 -91,081 652,523 -140,341 512,182 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro. A detailed overview of initial amounts, starting and maturity date of long-term credit facilities and asset-based loans is given below. (in thousands of euro) Initial amount Dating from Maturity till Long-term loan facilities Long-term loan facility 1 435,000 2015-2017 2024 Long-term loan facility 2 240,000 2018 2025 Long-term loan facility 3 250,000 2019 2027 Long-term loan facility 4 350,000 2019 2027 Long-term loan facility 5 440,000 2022 2030 1,715,000 Asset-based loans Asset-based loan 1 14,364 2020 2024 Asset-based loan 2 18,000 2020 2024 Asset-based loan 3 50,340 2021 2029 Asset-based loan 4 25,000 2022 2030 Asset-based loan 5 30,000 2023 2031 Asset-based loan 6 (*) 40,600 2023-2024 2031 178,304 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro.To finance the DEME group capital expenditure (vessels and other equipment), equity participations (e.g. by DEME Concessions) and acquisitions, DEME sources its funding mainly through term loan facilities, which are available for general corporate purposes as well as through asset-based loans. Currently, DEME Coordination Center NV, which serves as in-house bank financing the DEME-entities, has term loan facilities with several commercial banks. Same as for the revolving credit facilities, the documentation is signed bilaterally (no club deal), catering for optimal financing conditions and maximum flexibility. The term loan facility documentation is identical for all banks, apart from the amount, tenor and commercial conditions. The interest rate of long-term loan facilities is based on EURIBOR plus a margin which is updated each semester based on DEME\u2019s leverage ratio, whereas the interest rate of the asset-based loans is fixed. The interest rate risk of long-term loan facilities resulting from the floating interest rate base, is hedged through interest rate swaps (note (22) financial risk management and financial derivatives). Next to long-term loan facilities and asset-based loans, DEME has also lease liabilities (note (23)) and other long-term loans as included in the tables above. Fueled by the positive profitability of the year, lower investment levels and the positive impact of operating working capital, the free cash flow for the year as said before was a positive 729 million euro up from 278 million euro end of June 2024 and 62 million euro at the end of last year. The net financial debt of -512 million euro as of 31 December 2023 was reversed to a net cash position of +91 million euro. Net financial debt over EBITDA stood at -0.12 on 31 December 2024, compared with 0.49 on 30 June 2024 and 0.86 at year-end 2023. In 2024, no new long-term loan facilities were added. In 2024, for one asset-based loan from 2023 the underlying amount has been increased with 26.1 million euro. No other new asset-based loans were added. The total subordinated loan is contracted by Combined Marine Terminal Operations Worldwide NV (CTOW) and includes the part due to the shareholders of the company. According to the terms of the contract, no fixed instalments are due, therefore the loan is classified as a long-term liability and will only be classified as a short-term liability in the year before the maturity date. The same applies to the other unsubordinated loans to the shareholders of this company, which are shown as other long-term loans, and for which a new loan of 0.82 million euro (DEME share) was added in 2024. In 2022, to realize DEME\u2019s ambitious sustainability goals in all aspects of its activities, the group converted its long-term financing into sustainability-linked loans (SLLs). This commitment underlines DEME\u2019s vision of achieving a sustainable future and at 31 December 2024 the outstanding sustainability-linked loans amount to 498.8 million euro. The commercial terms of those loans are directly linked to DEME\u2019s sustainability performance in two areas: (1) safety at work (calculation of worldwide LTIFR) (target of 0.20 agreed upon till 2026) and (2) use of low-carbon fuel (target agreed upon 5% for 2022, 8% for 2023, 11% for 2024, 14% for 2025 and 17% for 2026), which are in line with two material topics of its current ESG materiality matrix. Meeting or not meeting the targets that are set for the key performance indicators (KPIs) has an impact on the interest margins applied to the sustainability-linked loans. Unlike last year, this year DEME only met the target for \u2018Safety at work\u2019, resulting in an unchanged interest margin on the loans (no bonus, no penalty). DEME is actively working to increase the use of low carbon fuels over conventional fuels across its operations. In 2024, higher vessel utilization and an increased voluntary low-carbon fuel target (11%) required significantly more low-carbon fuel than in previous years. However, the use of low-carbon fuels fell to 5.8% of total fuel consumption in 2024, down from 10.3% in 2023.This setback was primarily due to the non-generalized adoption of such alternative fuels in the industry and the limited availability of low-carbon fuels in the main regions of operations and unfortunately resulted in DEME failing to meet its target for the SLLs (Chapter 07.Sustainability Statements \u2013 section 2.4.6). Whereas for \u2018Safety at work\u2019, the primary metric being the Worldwide Lost Time Injury Frequency Rate (LTIFR ) well remained below 0.20 at 0.10 in 2024, as DEME is continuously committed to safety, focusing on Key Safety Performance Indicators (KPIs) and consistently meeting or exceeding targets for toolbox meeting participation, incident reporting, action item closure, inspections, and investigations. (Chapter 07.Sustainability Statements \u2013 section 3.2.3). Debt maturity schedule of total long-term interest-bearing debt 2024 More than 5 Between 1 and 5 Less than one year Total years years (in thousands of euro) Subordinated loans - 677 - 677 Lease liabilities 54,528 63,121 56,013 173,662 Credit institutions 27,800 382,652 175,709 586,161 Other long-term loans - 1,825- 1,825 Total long-term interest-bearing debt 82,328 448,275 231,722 762,325 2023 More than 5 Between 1 and 5 Less than one year Total years years (in thousands of euro) Subordinated loans - 677 - 677 Lease liabilities 42,526 43,682 27,650 113,858 Credit institutions 83,136 481,498 191,093 755,727 Other long-term loans - 1,004- 1,004 Total long-term interest-bearing debt 125,662 526,861 218,743 871,266 Borrowings from credit institutions, including interests due, are due for payment as follows: 2024 More than 5 Between 1 and 5 Less than one year Total (in thousands of euro) years years Credit institutions: amount outstanding according to the consolidated statement of 27,800 382,652 175,709 586,161 financial position Credit institutions: gross amount (cash out to be paid) 28,081 398,743 186,224 613,048 2023 More than 5 Between 1 and 5 Less than one year Total (in thousands of euro) years years Credit institutions: amount outstanding according to the consolidated statement of 83,136 481,498 191,093 755,727 financial position Credit institutions: gross amount (cash out to be paid) 84,915 505,779 204,114 794,808 For lease liabilities reference is made to note (23). In addition, the below table summarizes the long-term debt, including the current portion of long-term debt and excluding the lease liabilities, per currency: (in thousands of euro) 2024 2023 EUR 588,663 757,408 USD - - Other currencies - - Total long-term debt 588,663 757,408 Bank debt securities 2024 2023 (in thousands of euro) Non-current Current Total Non-current Current Total Guaranteed debt 410,452 175,709 586,161 564,634 191,093 755,727 Secured debt - - - - - - Unguaranteed-unsecured debt 120,151 56,013 176,164 87,889 57,650 145,539 Total interest-bearing debt 530,603 231,722 762,325 652,523 248,743 901,266 The long-term loan facilities and asset-based loans listed above do not require any securities other than the guarantee provided by DEME NV. This provides maximum flexibility concerning the underlying assets, enabling intragroup sales and reflagging as per project requirements. Cash flow related to interest-bearing debt Total interest-bearing debt 2024 2023 (in thousands of euro) Balance at 1 January 901,266 1,042,774 Cash movements as per cash flow from financial activities -254,029 -186,408 New interest-bearing debt 26,935 74,486 Movements during the Repayment of interest-bearing debt -225,679 -228,557 year Payment of lease liabilities -55,285 -32,337 Non-cash movements 115,088 44,900 Movements Assumed in business combinations - - during the year IFRS 16 leases115,088 44,900 Balance at 31 December 762,325 901,266 The non-cash movement related to IFRS 16 leases is the net of new lease contracts and disposal of lease contracts that has no cash impact but that is included in the movement of the year of interest-bearing debt. The cash impact of IFRS 16 leases is the payment of the lease liability or lease cost of the year. Cash and cash equivalents Cash and cash equivalents relate to cash at bank and in hand and short-term deposits (< three months) centralized at DEME\u2019s internal bank, DEME Coordination Center NV, but also at operational subsidiaries and joint operations. A portion of the consolidated cash and cash equivalents is not always immediately available as a result of transfer restrictions, joint control (in joint operations) or other legal restrictions. The significant increase in DEME's turnover, profitability, a positive impact on working capital and a lower level of investment all contributed positively to the cash position of 853.4 million euro at 31 December 2024. At year-end 2024, the amount of cash available at DEME\u2019s internal bank ready for use by the group amounts to 522.4 million euro out of 853.4 million euro cash and cash equivalents. As such an amount of 331.0 million euro is \u2018not immediately\u2019 available for use. At the end of 2023 the cash that was \u2018immediately\u2019 available at DEME\u2019s internal bank amounted to 101 million euro out of 389 million euro cash and cash equivalents, resulting in 288 million euro cash \u2018not immediately\u2019 available for use. DEME is exposed to counterparty risks (credit risk) when investing its available assets and when subscribing to financial derivatives (note (22) financial risk management and financial derivatives). DEME has a policy to minimize counterparty risk by avoiding concentrations and in such matters working only with banks with which it has a long-standing relationship, but it is not possible to entirely exclude credit risks of financial counter parties. Though the cash and cash equivalents are always held with reputable bank and financial institution counterparties that have good investment grade credit ratings. Credit facilities and bank term loans Revolving credit facilities are contracted by DEME Coordination Center NV with four different commercial banks, all being relationship banks for DEME. At 31 December 2024, the group has 205 million euro available but undrawn bank credit facilities (2023: 110 million euro). In addition, DEME has also the possibility to issue commercial paper for amounts up to 250 million euro in total (nothing issued at 31 December 2024, compared to 30 million euro at year-end 2023). The commercial paper program is accommodated by three agents (banks) that place DEME debt with external investors in tranches of different sizes and for tenors ranging from a few weeks up to maximum one year. Financial covenants Bilateral loans are subject to specific covenants. The same set of financial covenants as for the revolving credit facilities is applicable for the long-term loan facilities. At both 31 December 2024 and 2023 the group complies with the solvency ratio (>25%), the debt/EBITDA ratio (<3), and the interest cover ratio (>3), that were agreed upon within the contractual terms of the loans received. The solvency ratio that should be higher than 25% is computed as shareholders\u2019 equity less intangible assets and goodwill divided by the balance sheet total. The solvency ratio at 31 December 2024 equals 38.2% (2023: 39.4%). The debt/EBITDA ratio computed as total net financial debt (without subordinated and other loans) divided by EBITDA, should be lower than 3. The debt/EBITDA ratio at 31 December 2024 amounts to -0.12 (2023: 0.86). The interest cover ratio computed as EBITDA divided by net financial interest charges (interest charges less interest income), should be higher than 3. The interest cover ratio at 31 December 2024 is 234.2 (2023: 50.2). Liquidity risk & capital management DEME aims to maintain a healthy balance between the consolidated group equity (2024: 2,174 million euro) and the consolidated net financial debt (2024: + 91.1 million euro) and uses equity to finance the operations described in the corporate purposes of the subsidiaries. As noted above, DEME has significant cash and cash equivalents, of which a small portion is restricted due to transfer restrictions, joint control or other legal restrictions. DEME has significant credit and guarantee facilities with various international banks and it also has a commercial paper program to cover its short-term borrowing requirements if necessary. On its bilateral loans, DEME is always required to comply with a number of covenants and the risk on its current long-term bank loans at variable interest rates has been fully hedged through the use of interest rate swaps (note (22) financial risk management and financial derivatives). Note (27) on working capital elaborates on how DEME manages its cash and liquidity. The liquidity risk at DEME in general is among others limited by spreading borrowing among several banks and by agreeing on a variety of repayment terms. Although DEME applies strict financial policies, has the necessary payment guarantees (including credit insurance policies with public credit insurers such as Credendo and private credit insurers, bank guarantees and letters of credit) and ensures a diversity of financing sources and repayment terms, it cannot be entirely ruled out that the non-payment of significant payment obligations by customers or the inability to obtain adequate external financing on acceptable terms could have a negative impact on DEME's cash flow and liquidity and thus adversely affect DEME's activities, financial position and results of operations.Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level. Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Price risk/ commodity risk As a final example of market risk, DEME is also exposed to commodity risks and hedges against oil price fluctuations by entering into swap contracts. The fair value variations of these instruments are considered as construction costs. Those variations are presented as operating result. The fair value and notional amount of these instruments can be found below (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges - - 196 -361 -165 10,552 2023 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges 13 - 367 - 380 7,436Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curvesNote 23 \u2013 Lease liabilities For the year ended 31 December 2024 2023 (in thousands of euro) More than 5 years Between 1 and 5 years Less than 1 year Total Total Gross lease payments 78,858 67,860 56,970 203,688 135,249 Interest payments -24,330 -4,739 -957 -30,026 -21,391 Lease liabilities present value 54,528 63,121 56,013 173,662 113,858 Land and buildings 103,830 82,241 Floating and other construction equipment 33,579 9,688 Furniture and vehicles 36,253 21,929 Total lease payments per class of property, plant and 173,662 113,858 equipment Reference is also made to note (21) interest-bearing debt and net financial debt. There are no material leases concluded at reporting date that didn't commence as of 31 December 2024. The amount of renewal options and termination options not reflected in the lease liabilities is immaterial. As mentioned in note (8) right-of-use assets, there is a significant increase in 'land and buildings' in 2024, mainly due to the renewal of a dredging concession and the lease of additional land in Flushing. The significant increase in 'floating and other construction equipment' in 2024 is related to the lease of support vessels, mainly in the US, while the electrification of DEME's car fleet, included in \u2018furniture and vehicles\u2019 is still ongoing, all resulting in higher lease liabilities. The amounts related to leasing recognized in the consolidated statement of income are included in the table below: (in thousands of euro) 2024 2023 Land and buildings 15,731 14,923 Floating and other construction equipment 24,304 7,437 Furniture and vehicles 12,322 8,505 Total depreciation charge of right-of-use assets (note (8)) 52,357 30,865 Interest expense (note (4) financial result) 4,045 1,938 Expense relating to short-term leases 43,173 5,554 Expense relating to leases of low-value assets that are not short-term leases 203 202 Total expense related to leases 99,778 38,559 The increase in right-of-use assets, and as such lease liabilities, resulted in higher depreciation and interest expenses for 2024. The increase in short-term rental expenses in the income statement in 2024 is mainly due to expensive specialized short-term project equipment required for US offshore projects and more short-term rental cars. This amount is included in the EU Taxonomy OpEx calculation (see Chapter 07.Sustainability Statements \u2013 section 2.1.2.4).Note 25 \u2013 Other current liabilities For the year ended 31 December (in thousands of euro) 2024 2023 Current other taxes and value added tax (VAT) 42,254 51,000 Other amounts payable 28,129 31,989 Accruals and deferred income 3,636 9,186 Other current liabilities 74,019 92,175 Other amounts payable relates to other operating payables and to amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related parties.",
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"value": "Note (29) related party disclosures summarizes among others all receivables and payables towards joint ventures and associates.Note 29 \u2013 Related party disclosures For the year ended 31 December Joint ventures and associates Reference is made to the DEME group structure and list of joint ventures and associates earlier in this report. Transactions with joint ventures and associates are realized in the normal course of business and at arm\u2019s length. No related parties have engaged in any other transactions with the group that require specific disclosures requirements under IAS 24 related party disclosures other than the disclosures below. (in thousands of euro) Associates Joint ventures 2024 Associates Joint ventures 2023 Assets Non-current financial assets 34,884 23,969 58,853 22,340 17,960 40,300 Trade and other operating receivables 2,830 20,383 23,213 26,301 38,378 64,679 Assets held for sale - 33,255 33,255 - - - Liabilities Trade and other current liabilities 2,995 25,505 28,500 13,780 35,908 49,688 Expenses and income ((-) is cost and (+) is income) Turnover 41,709 381,801 423,510 39,484 245,805 285,289 Operating expenses -20,745 6,010 -14,735 -11,354 6,080 -5,274 Financial income and expenses 2,522 754 3,276 1,611 501 2,112 The non-current financial assets are the loans given to joint ventures such as Japan Offshore Marine Ltd and Deeprock BV and associates such as to Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd, both for the ScotWind OWF-project, Seamade NV, Rentel NV and C-Power NV. Reference is made to note (10) other non-current assets. For the movement of the year reference is made to the investing cash flow and the net of new borrowings and repayment of borrowings given to joint ventures and associates where (only) the cash movements of non-current financial assets are reflected. The trade and other operating receivables include the receivables towards joint ventures such as Deeprock BV, Soci\u00e9t\u00e9 de Reconversion de la Cokerie d\u2019Ougr\u00e9e SA and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). In 2023 the amounts related mainly to the associates in the Concessions segment (e.g. Bowdun Offshore Wind Farm Ltd and Ayre Offshore Wind Farm Ltd). In H1 2024, DEME management decided that all of the conditions regarding IFRS 5 non-currentasset held for sale were fulfilled for the DP2 jack-up installation vessel \u2018Sea Challenger\u2019 within the Offshore Energy segment and that a sale within the next 12 months is highly probable to a joint venture within the DEME group. The lower of the net book value or net realizable value of the vessel amounts to 33.3 million euro and is presented as an asset held for sale (note (15)). The turnover realized towards joint ventures and associates are mainly related to joint ventures such as BAAK Blankenburg-Verbinding BV, Port-La Nouvelle SEMOP, K3 DEME BV, Japan Offshore Marine Ltd and CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan). The part realized towards associates mainly relates to Terranova NV. The increase in turnover is mainly explained by CSBC DEME Wind Engineering co. Ltd (CDWE Taiwan) and Port-La Nouvelle SEMOP. The operating expenses are related to expenses towards associates such as Terranova NV, whereas the part related to joint ventures is mainly attributable to Deeprock BV. Shareholders CFE NV, DEME\u2019s previous shareholder before the public listing, is considered to be a fellow subsidiary as from 30 June 2022, date of the partial demerger of CFE NV. CFE NV and DEME Group NV have both Ackermans & van Haaren as their main shareholder. Since 2001, DEME has a service agreement with Ackermans & van Haaren NV for services rendered which is subject to indexation on a yearly basis. The service agreement covers specialized advice delivered by Ackermans & van Haaren NV. The remuneration due by DEME in 2024 towards Ackermans & van Haaren upon the conditions of the contract amounted to 1.46 million euro (2023: 1.43 million euro). DEME also received incoming invoices of its shareholder and/or fellow subsidiary for an amount of 0.33 million euro, a.o. relating to a maintenance contract for central heating and air conditioning (2023: 0.55 million euro, mainly related to that same maintenance contract and for its presence on business specific events). On the other hand, DEME itself invoiced around 0.12 million euro to its shareholder, mainly IT licenses and tax consulting services (2023: 0.66 million euro, mainly IT, tax and also accounting consulting services). DEME recently built a visitor pavilion on the site of its headquarters in Beveren-Kruibeke-Zwijndrecht. Execution of works was done by a subsidiary of CFE NV. In November 2024, the construction of the visitor pavilion was completed and a total of 7.98 million euro was transferred from assets under construction to buildings, of which 3.8 million euro was capitalized in 2023. In 2025, DEME has started the demolition of three old buildings and the construction of a new one at its headquarters, also to be carried out by a subsidiary of CFE NV. Key management personnel DEME Group NV has a \u201cone tier\u201d governance structure consisting of a Board of Directors (as collegiate body). The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of the Company\u2019s corporate object, except for those actions that are specifically reserved by law for the Shareholders\u2019 Meeting. On 29 June 2022, the Board of Directors has delegated the daily management of the Company from the Executive Committee to the CEO. The CEO is assisted in the exercise of its powers by the Executive Committee, which operates as an advisory committee (separate from the Board of Directors). The Executive Committee, chaired by the CEO, is responsible for discussing the general management of the Company and, from 2023, the statutory members of the Executive Committee have a self-employed status. Representatives who are members of the Board of Directors, Audit Committee and Remuneration Committee are remunerated since the public listing of the group. On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. Reference is made to the Remuneration Report and Corporate governance statement within Chapter 05.Corporate governance and risk management and note (18) share-based payments. For his role as Executive Director, Luc Vandenbulcke received a fixed and variable remuneration of 1.8 million euro in 2024 (2023: 2.0 million euro). The 2023 annual salary included an exception of an early single and double holiday payment settlement upon transition towards a self-employed status. (in thousands of euro) 2024 2023 Director fees at the expense of DEME group Total 826 785 Remuneration of the CEO Fixed annual remuneration 537 534 Short-term variable remuneration 1,278 1,452 Long-term variable remuneration (*) - - Total 1,815 1,986 Group insurance / Pension (Plan) contributions 106 87 Other benefits (**) 178 3 Remuneration of the members of the Executive Committee (excluding CEO) Fixed annual remuneration 1,422 1,436 Short-term variable remuneration 3,807 3,044 Long-term variable remuneration (*) - - Total 5,229 4,480 Group insurance / Pension (Plan) contributions 304 237 Other benefits (**) 244 15 (*) No vested options from the 2024 stock option plan yet. (**) The other benefits include e.g. taxable benefits and income tax coverage on stock option grant",
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"value": "Credit and counterparty risk A credit risk may arise in the event a customer or counterparty fails to perform its contractual obligations in respect of DEME in accordance with the provisions of the contract concerned. Non-payment by a customer may be the consequence of a lack of liquidity, bankruptcy or fraud on the part of the customer or be attributable to the general political or economic situation in the customer\u2019s country. The level of counterparty risk is limited by examining client\u2019s solvency prior to finalizing contracts and by putting the required payment guarantees in place (including credit insurance policies with public service credit insurers such as Credendo and private credit insurers, bank guarantees and through letters of credit). A part of the consolidated turnover is also realized through public or semi-public sector customers (as such less risk for insolvency) and turnover is spread out over a large number of clients within its project-oriented business. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract, payment conditions and geographical location. No clients are classified as material clients within the turnover of the group for 2024. Though to contain the risk, DEME constantly monitors its outstanding trade receivables and adjusts its position if necessary. The aging of trade receivables (gross amount and excluding other operating receivables) is as follows: 2024 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 679,944 504,455 14,887 35,941 7,318 37,524 56,800 23,019 2023 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 458,784 285,063 56,656 37,392 3,869 33,468 13,567 28,769 Overdue receivables in the different buckets above, generally relate to pending settlements, additional works and subsequent contract modifications accepted by the customers but to be recovered by an overall agreement with the client and that are all part of a broader negotiation process. Revenues and earnings are only recognized in the accounts when it's probable that they will be realized. As a result of all the reasons mentioned above, and especially because outstanding receivables are generally covered by Credendo or other instruments, the amounts written off are limited to 11.0 million euro in 2024 (10.9 million euro in 2023). The credit history of the group indicates that credit losses are insignificant compared to the level of activity. Therefore, management is of the opinion that credit risk is adequately controlled by the current applicable procedures. The payment behavior of the group's customers remained also unchanged in 2024. At the reporting date there was no concentration of credit risk with any customers. A detailed movement in amounts written off trade receivables is presented below: (in thousands of euro) 2024 2023 Balance at 1 January -10,864 -13,018 Additional provisions -221 -36 Amounts used 21 2,013 Amounts unused 59 177 Translation (losses) / gains -26 - Balance at 31 December -11,031 -10,864 The outstanding balance of amounts written off in 2024 and 2023 is still mainly related to the allowance for the insolvency in 2019 of a customer for whom DEME Offshore carried out maintenance work on offshore wind farms. The outstanding balance is closely monitored on a quarterly basis. The addition for the year of 221 thousand euro relates to a project within Concessions that\u2019s put on hold. Reference is also made to note (2) other operating income and expenses. Cash and cash equivalents, other receivables, interest-bearing debt, trade and other payables and derivatives are also financial instruments within the consolidated statement of financial position and are considered to be current and not expired.Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level. Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Price risk/ commodity risk As a final example of market risk, DEME is also exposed to commodity risks and hedges against oil price fluctuations by entering into swap contracts. The fair value variations of these instruments are considered as construction costs. Those variations are presented as operating result. The fair value and notional amount of these instruments can be found below (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges - - 196 -361 -165 10,552 2023 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges 13 - 367 - 380 7,436",
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"value": "Credit and counterparty risk A credit risk may arise in the event a customer or counterparty fails to perform its contractual obligations in respect of DEME in accordance with the provisions of the contract concerned. Non-payment by a customer may be the consequence of a lack of liquidity, bankruptcy or fraud on the part of the customer or be attributable to the general political or economic situation in the customer\u2019s country. The level of counterparty risk is limited by examining client\u2019s solvency prior to finalizing contracts and by putting the required payment guarantees in place (including credit insurance policies with public service credit insurers such as Credendo and private credit insurers, bank guarantees and through letters of credit). A part of the consolidated turnover is also realized through public or semi-public sector customers (as such less risk for insolvency) and turnover is spread out over a large number of clients within its project-oriented business. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract, payment conditions and geographical location. No clients are classified as material clients within the turnover of the group for 2024. Though to contain the risk, DEME constantly monitors its outstanding trade receivables and adjusts its position if necessary. The aging of trade receivables (gross amount and excluding other operating receivables) is as follows: 2024 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 679,944 504,455 14,887 35,941 7,318 37,524 56,800 23,019 2023 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 458,784 285,063 56,656 37,392 3,869 33,468 13,567 28,769 Overdue receivables in the different buckets above, generally relate to pending settlements, additional works and subsequent contract modifications accepted by the customers but to be recovered by an overall agreement with the client and that are all part of a broader negotiation process. Revenues and earnings are only recognized in the accounts when it's probable that they will be realized. As a result of all the reasons mentioned above, and especially because outstanding receivables are generally covered by Credendo or other instruments, the amounts written off are limited to 11.0 million euro in 2024 (10.9 million euro in 2023). The credit history of the group indicates that credit losses are insignificant compared to the level of activity. Therefore, management is of the opinion that credit risk is adequately controlled by the current applicable procedures. The payment behavior of the group's customers remained also unchanged in 2024. At the reporting date there was no concentration of credit risk with any customers. A detailed movement in amounts written off trade receivables is presented below: (in thousands of euro) 2024 2023 Balance at 1 January -10,864 -13,018 Additional provisions -221 -36 Amounts used 21 2,013 Amounts unused 59 177 Translation (losses) / gains -26 - Balance at 31 December -11,031 -10,864 The outstanding balance of amounts written off in 2024 and 2023 is still mainly related to the allowance for the insolvency in 2019 of a customer for whom DEME Offshore carried out maintenance work on offshore wind farms. The outstanding balance is closely monitored on a quarterly basis. The addition for the year of 221 thousand euro relates to a project within Concessions that\u2019s put on hold. Reference is also made to note (2) other operating income and expenses. Cash and cash equivalents, other receivables, interest-bearing debt, trade and other payables and derivatives are also financial instruments within the consolidated statement of financial position and are considered to be current and not expired.",
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"f1__s8__7__352-1": {
"value": "Credit and counterparty risk A credit risk may arise in the event a customer or counterparty fails to perform its contractual obligations in respect of DEME in accordance with the provisions of the contract concerned. Non-payment by a customer may be the consequence of a lack of liquidity, bankruptcy or fraud on the part of the customer or be attributable to the general political or economic situation in the customer\u2019s country. The level of counterparty risk is limited by examining client\u2019s solvency prior to finalizing contracts and by putting the required payment guarantees in place (including credit insurance policies with public service credit insurers such as Credendo and private credit insurers, bank guarantees and through letters of credit). A part of the consolidated turnover is also realized through public or semi-public sector customers (as such less risk for insolvency) and turnover is spread out over a large number of clients within its project-oriented business. The group carries out a diversity of projects, all with different aspects regarding e.g. nature and scope, type of clients, type of contract, payment conditions and geographical location. No clients are classified as material clients within the turnover of the group for 2024. Though to contain the risk, DEME constantly monitors its outstanding trade receivables and adjusts its position if necessary. The aging of trade receivables (gross amount and excluding other operating receivables) is as follows: 2024 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 679,944 504,455 14,887 35,941 7,318 37,524 56,800 23,019 2023 Expired Expired Expired Expired Expired Expired (in thousands of Total Not expired <1 month <2 months <3 months <6 months <1 year > 1 year euro) Trade receivables 458,784 285,063 56,656 37,392 3,869 33,468 13,567 28,769 Overdue receivables in the different buckets above, generally relate to pending settlements, additional works and subsequent contract modifications accepted by the customers but to be recovered by an overall agreement with the client and that are all part of a broader negotiation process. Revenues and earnings are only recognized in the accounts when it's probable that they will be realized. As a result of all the reasons mentioned above, and especially because outstanding receivables are generally covered by Credendo or other instruments, the amounts written off are limited to 11.0 million euro in 2024 (10.9 million euro in 2023). The credit history of the group indicates that credit losses are insignificant compared to the level of activity. Therefore, management is of the opinion that credit risk is adequately controlled by the current applicable procedures. The payment behavior of the group's customers remained also unchanged in 2024. At the reporting date there was no concentration of credit risk with any customers. A detailed movement in amounts written off trade receivables is presented below: (in thousands of euro) 2024 2023 Balance at 1 January -10,864 -13,018 Additional provisions -221 -36 Amounts used 21 2,013 Amounts unused 59 177 Translation (losses) / gains -26 - Balance at 31 December -11,031 -10,864 The outstanding balance of amounts written off in 2024 and 2023 is still mainly related to the allowance for the insolvency in 2019 of a customer for whom DEME Offshore carried out maintenance work on offshore wind farms. The outstanding balance is closely monitored on a quarterly basis. The addition for the year of 221 thousand euro relates to a project within Concessions that\u2019s put on hold. Reference is also made to note (2) other operating income and expenses. Cash and cash equivalents, other receivables, interest-bearing debt, trade and other payables and derivatives are also financial instruments within the consolidated statement of financial position and are considered to be current and not expired.Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). ",
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"f1__s8__7__363": {
"value": "Note 16 \u2013 Other current assets For the year ended 31 December (in thousands of euro) 2024 2023 Deferred charges and accrued income 80,473 63,767 Environmental landfill volume reservation fee 39 1,059 Advance payments on purchases and cost of material regarding construction contracts 14,626 5,582 Other current assets 95,138 70,408 Deferred charges and accrued income include among others deferred hedge charges for construction contracts, for their percentage not completed. The hedge charges of construction contracts are recorded as construction cost for the percentage completed. The increase in 2024 compared to 2023 is mainly related to the increase in deferred hedge costs for the offshore contracts in the US. The increase in advance payments on purchases and cost of material regarding construction contracts for costs not yet incurred is mainly related to the cable installation projects for the IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems in the Netherlands and the Fehmarnbelt project, the construction of the world's longest immersed tunnel in Denmark.",
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"f1__s8__7__291": {
"value": "Note 16 \u2013 Other current assets For the year ended 31 December (in thousands of euro) 2024 2023 Deferred charges and accrued income 80,473 63,767 Environmental landfill volume reservation fee 39 1,059 Advance payments on purchases and cost of material regarding construction contracts 14,626 5,582 Other current assets 95,138 70,408 Deferred charges and accrued income include among others deferred hedge charges for construction contracts, for their percentage not completed. The hedge charges of construction contracts are recorded as construction cost for the percentage completed. The increase in 2024 compared to 2023 is mainly related to the increase in deferred hedge costs for the offshore contracts in the US. The increase in advance payments on purchases and cost of material regarding construction contracts for costs not yet incurred is mainly related to the cable installation projects for the IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems in the Netherlands and the Fehmarnbelt project, the construction of the world's longest immersed tunnel in Denmark.",
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"value": "Note 17 \u2013 Share capital, dividends and other reserves Shareholder structure and share capital At 31 December 2024, the shareholder structure of DEME Group NV is as follows: Ackermans & van Haaren NV EURONEXT BRUSSELS 62.12% 25.59% Vinci Construction SAS Treasury shares 0.18% 12.11% DEME GROUP NV Euronext \u2018DEME\u2019 100% DEME NV Per 31 December 2024, the share capital of DEME Group NV amounts to 33,193,861 euro and is represented by 25,314,482 ordinary shares without nominal value, of which 45,000 are treasury shares, resulting in a total amount shares outstanding of 25,269,482 (see note (18) share-based payments and note (19) earnings by share). The owners of ordinary shares (treasury shares excluded) have the right to receive dividends, and all shares are of the same class and are entitled to one vote per share in Shareholders\u2019 General Meetings. DEME Group NV (XBRU BE 0974413453) is 100 % shareholder of DEME NV. Until 29 June 2022, DEME NV\u2019s 100 % shareholder was the Brussels-based civil engineering contractor CFE NV (XBRU BE 0003883031), which is controlled (62.12%) by the Belgian investment group Ackermans & van Haaren NV (XBRU BE 0003764785) and for 12.11% in hands of Vinci Construction SAS (FR0000125486). Both CFE NV and Ackermans & van Haaren NV are publicly listed companies on Euronext Brussels and Vinci Construction SAS is listed on Euronext\u2019s Paris stock exchange. On 29 June 2022, CFE NV, transferred its 100 % stake in DEME NV to a new established company, DEME Group NV, by means of a partial demerger and as such the DEME group became listed as well. DEME Group NV shares are listed on Euronext Brussels under the symbol \u2018DEME\u2019 (Euronext product name DEME GROUP) with ISIN code BE 0974413453. The first day of trading was 30 June 2022. DEME Group\u2019s securities are only admitted to trading in Belgium. At 31 December 2024, the shareholders of DEME Group NV holding 5% or more of total voting rights for the shares they hold are: Ackermans & van Haaren NV VINCI Construction SAS 15,725,684 shares (or 62.12%) 3,066,460 shares (or 12.11%) Begijnenvest 113 1973, Boulevard de la D\u00e9fense B-2000 Antwerp (Belgium) F-92757 Nanterre Cedex (France)Dividends All of the ordinary shares (excluding treasury shares) will entitle a holder thereof to an equal right to participate in dividends. All of the ordinary outstanding shares participate equally in the company\u2019s profits (if any). Subject to the company\u2019s earnings, financial condition, capital requirements and other factors considered important by the Board of Directors, the availability of distributable reserves and the approval by the Shareholders\u2019 meeting, the company intends to declare and distribute an annual non-cumulative dividend to its shareholders based on a target pay-out ratio of 33% of the group\u2019s net profit. There can be no assurance as to whether dividends or similar payments will be paid out in the future nor, if they are paid, as to their amount. For 2024, the Board of Directors will propose to the General Assembly, on 21 May 2025, to distribute a gross dividend of 3.8 euro (2.66 euro net) per share, an increase of 81% compared to last year. Subject to the approval of the General assembly, the payment date is proposed to be set on 30 May 2025. The dividend for 2023 (a gross dividend of 2.1 euro per share) was paid for a total amount of 53.1 million euro on 27 May 2024 and considered that no dividend was paid on the treasury shares that DEME Group NV owned on that date. The company recognizes a liability to pay a dividend once the distribution is authorized. A corresponding amount is recognized directly in equity",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__299-1": {
"value": "Note 17 \u2013 Share capital, dividends and other reserves Shareholder structure and share capital At 31 December 2024, the shareholder structure of DEME Group NV is as follows: Ackermans & van Haaren NV EURONEXT BRUSSELS 62.12% 25.59% Vinci Construction SAS Treasury shares 0.18% 12.11% DEME GROUP NV Euronext \u2018DEME\u2019 100% DEME NV Per 31 December 2024, the share capital of DEME Group NV amounts to 33,193,861 euro and is represented by 25,314,482 ordinary shares without nominal value, of which 45,000 are treasury shares, resulting in a total amount shares outstanding of 25,269,482 (see note (18) share-based payments and note (19) earnings by share). The owners of ordinary shares (treasury shares excluded) have the right to receive dividends, and all shares are of the same class and are entitled to one vote per share in Shareholders\u2019 General Meetings. DEME Group NV (XBRU BE 0974413453) is 100 % shareholder of DEME NV. Until 29 June 2022, DEME NV\u2019s 100 % shareholder was the Brussels-based civil engineering contractor CFE NV (XBRU BE 0003883031), which is controlled (62.12%) by the Belgian investment group Ackermans & van Haaren NV (XBRU BE 0003764785) and for 12.11% in hands of Vinci Construction SAS (FR0000125486). Both CFE NV and Ackermans & van Haaren NV are publicly listed companies on Euronext Brussels and Vinci Construction SAS is listed on Euronext\u2019s Paris stock exchange. On 29 June 2022, CFE NV, transferred its 100 % stake in DEME NV to a new established company, DEME Group NV, by means of a partial demerger and as such the DEME group became listed as well. DEME Group NV shares are listed on Euronext Brussels under the symbol \u2018DEME\u2019 (Euronext product name DEME GROUP) with ISIN code BE 0974413453. The first day of trading was 30 June 2022. DEME Group\u2019s securities are only admitted to trading in Belgium. At 31 December 2024, the shareholders of DEME Group NV holding 5% or more of total voting rights for the shares they hold are: Ackermans & van Haaren NV VINCI Construction SAS 15,725,684 shares (or 62.12%) 3,066,460 shares (or 12.11%) Begijnenvest 113 1973, Boulevard de la D\u00e9fense B-2000 Antwerp (Belgium) F-92757 Nanterre Cedex (France)Retained earnings and other reserves The consolidated statement of changes in equity is presented earlier in this report. In the table below, further detail is given about the movement of the period in retained earnings and other reserves. Parent company reserves before profit distribution Stock option plan (*) 2024 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2024 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Parent company result 2023 39,685 -39,685 - Dividends paid -53,160 15 -53,145 Purchase of treasury shares -7,211 -7,211 Share-based payments 1,062 1,062 Result share of the group 288,228 288,228 Other -625 -625 Balance at 31 December 2024 487,400 3,319 3,630 94,838 -7,211 1,062 1,057,022 1,640,060 (*) For DEME Group NV, the treasury shares reserve is entirely related to the stock option plan. Reference is made to note (18) share-based payments. Parent company reserves before profit distribution Stock option plan 2023 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2023 487,400 3,319 3,630 96,468 - - 627,455 1,218,272 Parent company result 2022 49,818 -49,818 - Dividends paid -37,972 -37,972 Result share of the group 162,762 162,762 Other -1 68,690 68,689 Balance at 31 December 2023 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Reference is made to section changes in the consolidation scope for more information on the amount 0.6 million euro in 2024 and 68.7 million euro in 2023 included in the line \u2018other\u2019. Note 19 \u2013 Earnings per share For the year ended 31 December (in thousands of euro) 2024 2023 Income attributable to DEME share Result for the period - share of the group 288,228 162,762 Comprehensive income - share of the group 267,273 125,808 There were no discontinued operations per end of December 2024 nor in 2023. (in units) 2024 2023 Number of shares Total shares issued as at 31 December 2024 25,314,482 25,314,482 of which treasury shares 45,000 - of which shares outstanding 25,269,482 25,314,482 Weighted average number of outstanding shares 25,291,730 25,314,482 (in euro) 2024 2023 Earnings and comprehensive income per share Earnings per share (basic) 11.40 6.43 Comprehensive income per share (basic) 10.57 4.97 Earnings per share (diluted) 11.40 6.43 Comprehensive income per share (diluted) 10.57 4.97 Basic EPS is calculated as the result for the period (or comprehensive income) attributable to the shareholders of the group divided by the weighted average number of ordinary shares outstanding during the year. The weighted average number of outstanding shares is calculated taking into account the weighted average effect of changes in treasury shares during the year. Treasury shares are not considered as outstanding for public shareholders. The goal of basic EPS is to measure the interest of the share in the performance of the entity. Treasury shares do not have voting rights, cannot receive dividends, and do not participate in the earnings of the company. Diluted EPS reflects any commitments of the group to issue shares in the future which comprise shares to be issued for equity-settled share-based payment plans. Share-based payment arrangements are only dilutive when the average market price of ordinary shares over the period exceeds the exercise price of the options (stock options are in the money). For share options and other share-based payment arrangements to which IFRS 2 share-based payments applies, the exercise price shall include the fair value (measured in accordance with IFRS 2) of any goods or services to be supplied to the entity in the future under the share option or other share-based payments arrangement. Per end December 2024, there is no dilutive effect. Reference is made to Chapter 05.Corporate governance and risk management- share performance.",
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"value": "NV",
"dimensions": {
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"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__370": {
"value": "3.8",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
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"f1__s8__7__371": {
"value": "2.1",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300FPFPQPKI3PJV37",
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"f1__s8__7__365": {
"value": "Ackermans & van Haaren NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__364": {
"value": "Retained earnings and other reserves The consolidated statement of changes in equity is presented earlier in this report. In the table below, further detail is given about the movement of the period in retained earnings and other reserves. Parent company reserves before profit distribution Stock option plan (*) 2024 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2024 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Parent company result 2023 39,685 -39,685 - Dividends paid -53,160 15 -53,145 Purchase of treasury shares -7,211 -7,211 Share-based payments 1,062 1,062 Result share of the group 288,228 288,228 Other -625 -625 Balance at 31 December 2024 487,400 3,319 3,630 94,838 -7,211 1,062 1,057,022 1,640,060 (*) For DEME Group NV, the treasury shares reserve is entirely related to the stock option plan. Reference is made to note (18) share-based payments. Parent company reserves before profit distribution Stock option plan 2023 (in thousands of euro) Untaxed Share-based Retained Revaluation reserves and Retained Treasury shares Consolidation Legal reserves payments earnings and surplus available earnings reserve reserves reserve other reserves reserves Balance at 1 January 2023 487,400 3,319 3,630 96,468 - - 627,455 1,218,272 Parent company result 2022 49,818 -49,818 - Dividends paid -37,972 -37,972 Result share of the group 162,762 162,762 Other -1 68,690 68,689 Balance at 31 December 2023 487,400 3,319 3,630 108,313 - - 809,089 1,411,751 Reference is made to section changes in the consolidation scope for more information on the amount 0.6 million euro in 2024 and 68.7 million euro in 2023 included in the line \u2018other\u2019. ",
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"language": "en",
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"f1__s8__7__373": {
"value": "Note 19 \u2013 Earnings per share For the year ended 31 December (in thousands of euro) 2024 2023 Income attributable to DEME share Result for the period - share of the group 288,228 162,762 Comprehensive income - share of the group 267,273 125,808 There were no discontinued operations per end of December 2024 nor in 2023. (in units) 2024 2023 Number of shares Total shares issued as at 31 December 2024 25,314,482 25,314,482 of which treasury shares 45,000 - of which shares outstanding 25,269,482 25,314,482 Weighted average number of outstanding shares 25,291,730 25,314,482 (in euro) 2024 2023 Earnings and comprehensive income per share Earnings per share (basic) 11.40 6.43 Comprehensive income per share (basic) 10.57 4.97 Earnings per share (diluted) 11.40 6.43 Comprehensive income per share (diluted) 10.57 4.97 Basic EPS is calculated as the result for the period (or comprehensive income) attributable to the shareholders of the group divided by the weighted average number of ordinary shares outstanding during the year. The weighted average number of outstanding shares is calculated taking into account the weighted average effect of changes in treasury shares during the year. Treasury shares are not considered as outstanding for public shareholders. The goal of basic EPS is to measure the interest of the share in the performance of the entity. Treasury shares do not have voting rights, cannot receive dividends, and do not participate in the earnings of the company. Diluted EPS reflects any commitments of the group to issue shares in the future which comprise shares to be issued for equity-settled share-based payment plans. Share-based payment arrangements are only dilutive when the average market price of ordinary shares over the period exceeds the exercise price of the options (stock options are in the money). For share options and other share-based payment arrangements to which IFRS 2 share-based payments applies, the exercise price shall include the fair value (measured in accordance with IFRS 2) of any goods or services to be supplied to the entity in the future under the share option or other share-based payments arrangement. Per end December 2024, there is no dilutive effect. Reference is made to Chapter 05.Corporate governance and risk management- share performance.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__377": {
"value": "Note 21 \u2013 Interest-bearing debt and net financial debt For the year ended 31 December Net financial debt as defined by the group 2024 2023 (in thousands of euro / (-) is debit) Non-current Current Total Non-current Current Total Subordinated loans 677 - 677 677 - 677 Lease liabilities (note (23)) 117,649 56,013 173,662 86,208 27,650 113,858 Credit institutions 410,452 175,709 586,161 564,634 191,093 755,727 Long-term loan facility 1 - - - - 6,286 6,286 Long-term loan facility 2 - 5,295 5,295 5,295 14,181 19,476 Long-term loan facility 3 46,875 31,250 78,125 78,125 31,250 109,375 Long-term loan facility 4 68,661 44,197 112,858 112,858 44,196 157,054 Long-term loan facility 5 247,500 55,000 302,500 302,500 55,000 357,500 Asset-based loan 1 - - - 100 3,566 3,666 Asset-based loan 2 - - - 1,230 4,192 5,422 Asset-based loan 3 100 12,560 12,660 12,660 12,560 25,220 Asset-based loan 4 2,600 7,675 10,275 10,275 8,500 18,775 Asset-based loan 5 15,050 7,475 22,525 22,525 7,475 30,000 Asset-based loan 6 (*) 25,412 10,125 35,537 12,680 1,806 14,486 Other long-term bank loans 4,254 2,132 6,386 6,386 2,081 8,467 Other long-term loans 1,825 - 1,825 1,004 - 1,004 Short-term credit facilities - - - - 30,000 30,000 Short-term bank loans - - - - - - Short-term commercial paper - - - - 30,000 30,000 Total interest-bearing debt 530,603 231,722 762,325 652,523 248,743 901,266 Short-term deposits - -345,632 -345,632 - -109,576 -109,576 Cash at bank and in hand - -507,774 -507,774 - -279,508 -279,508 Total cash and cash equivalents - -853,406 -853,406 - -389,084 -389,084 Total net financial debt 530,603 -621,684 -91,081 652,523 -140,341 512,182 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro. A detailed overview of initial amounts, starting and maturity date of long-term credit facilities and asset-based loans is given below. (in thousands of euro) Initial amount Dating from Maturity till Long-term loan facilities Long-term loan facility 1 435,000 2015-2017 2024 Long-term loan facility 2 240,000 2018 2025 Long-term loan facility 3 250,000 2019 2027 Long-term loan facility 4 350,000 2019 2027 Long-term loan facility 5 440,000 2022 2030 1,715,000 Asset-based loans Asset-based loan 1 14,364 2020 2024 Asset-based loan 2 18,000 2020 2024 Asset-based loan 3 50,340 2021 2029 Asset-based loan 4 25,000 2022 2030 Asset-based loan 5 30,000 2023 2031 Asset-based loan 6 (*) 40,600 2023-2024 2031 178,304 (*) In 2024 the underlying amount of the asset-based loan has been increased with 26.1 million euro.",
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"f1__s8__7__384-1": {
"value": "To finance the DEME group capital expenditure (vessels and other equipment), equity participations (e.g. by DEME Concessions) and acquisitions, DEME sources its funding mainly through term loan facilities, which are available for general corporate purposes as well as through asset-based loans. Currently, DEME Coordination Center NV, which serves as in-house bank financing the DEME-entities, has term loan facilities with several commercial banks. Same as for the revolving credit facilities, the documentation is signed bilaterally (no club deal), catering for optimal financing conditions and maximum flexibility. The term loan facility documentation is identical for all banks, apart from the amount, tenor and commercial conditions. The interest rate of long-term loan facilities is based on EURIBOR plus a margin which is updated each semester based on DEME\u2019s leverage ratio, whereas the interest rate of the asset-based loans is fixed. The interest rate risk of long-term loan facilities resulting from the floating interest rate base, is hedged through interest rate swaps (note (22) financial risk management and financial derivatives). Next to long-term loan facilities and asset-based loans, DEME has also lease liabilities (note (23)) and other long-term loans as included in the tables above. Fueled by the positive profitability of the year, lower investment levels and the positive impact of operating working capital, the free cash flow for the year as said before was a positive 729 million euro up from 278 million euro end of June 2024 and 62 million euro at the end of last year. The net financial debt of -512 million euro as of 31 December 2023 was reversed to a net cash position of +91 million euro. Net financial debt over EBITDA stood at -0.12 on 31 December 2024, compared with 0.49 on 30 June 2024 and 0.86 at year-end 2023. In 2024, no new long-term loan facilities were added. In 2024, for one asset-based loan from 2023 the underlying amount has been increased with 26.1 million euro. No other new asset-based loans were added. The total subordinated loan is contracted by Combined Marine Terminal Operations Worldwide NV (CTOW) and includes the part due to the shareholders of the company. According to the terms of the contract, no fixed instalments are due, therefore the loan is classified as a long-term liability and will only be classified as a short-term liability in the year before the maturity date. The same applies to the other unsubordinated loans to the shareholders of this company, which are shown as other long-term loans, and for which a new loan of 0.82 million euro (DEME share) was added in 2024. In 2022, to realize DEME\u2019s ambitious sustainability goals in all aspects of its activities, the group converted its long-term financing into sustainability-linked loans (SLLs). This commitment underlines DEME\u2019s vision of achieving a sustainable future and at 31 December 2024 the outstanding sustainability-linked loans amount to 498.8 million euro. The commercial terms of those loans are directly linked to DEME\u2019s sustainability performance in two areas: (1) safety at work (calculation of worldwide LTIFR) (target of 0.20 agreed upon till 2026) and (2) use of low-carbon fuel (target agreed upon 5% for 2022, 8% for 2023, 11% for 2024, 14% for 2025 and 17% for 2026), which are in line with two material topics of its current ESG materiality matrix. Meeting or not meeting the targets that are set for the key performance indicators (KPIs) has an impact on the interest margins applied to the sustainability-linked loans. Unlike last year, this year DEME only met the target for \u2018Safety at work\u2019, resulting in an unchanged interest margin on the loans (no bonus, no penalty). DEME is actively working to increase the use of low carbon fuels over conventional fuels across its operations. In 2024, higher vessel utilization and an increased voluntary low-carbon fuel target (11%) required significantly more low-carbon fuel than in previous years. However, the use of low-carbon fuels fell to 5.8% of total fuel consumption in 2024, down from 10.3% in 2023.This setback was primarily due to the non-generalized adoption of such alternative fuels in the industry and the limited availability of low-carbon fuels in the main regions of operations and unfortunately resulted in DEME failing to meet its target for the SLLs (Chapter 07.Sustainability Statements \u2013 section 2.4.6). Whereas for \u2018Safety at work\u2019, the primary metric being the Worldwide Lost Time Injury Frequency Rate (LTIFR ) well remained below 0.20 at 0.10 in 2024, as DEME is continuously committed to safety, focusing on Key Safety Performance Indicators (KPIs) and consistently meeting or exceeding targets for toolbox meeting participation, incident reporting, action item closure, inspections, and investigations. (Chapter 07.Sustainability Statements \u2013 section 3.2.3). Liquidity risk & capital management DEME aims to maintain a healthy balance between the consolidated group equity (2024: 2,174 million euro) and the consolidated net financial debt (2024: + 91.1 million euro) and uses equity to finance the operations described in the corporate purposes of the subsidiaries. As noted above, DEME has significant cash and cash equivalents, of which a small portion is restricted due to transfer restrictions, joint control or other legal restrictions. DEME has significant credit and guarantee facilities with various international banks and it also has a commercial paper program to cover its short-term borrowing requirements if necessary. On its bilateral loans, DEME is always required to comply with a number of covenants and the risk on its current long-term bank loans at variable interest rates has been fully hedged through the use of interest rate swaps (note (22) financial risk management and financial derivatives). Note (27) on working capital elaborates on how DEME manages its cash and liquidity. The liquidity risk at DEME in general is among others limited by spreading borrowing among several banks and by agreeing on a variety of repayment terms. Although DEME applies strict financial policies, has the necessary payment guarantees (including credit insurance policies with public credit insurers such as Credendo and private credit insurers, bank guarantees and letters of credit) and ensures a diversity of financing sources and repayment terms, it cannot be entirely ruled out that the non-payment of significant payment obligations by customers or the inability to obtain adequate external financing on acceptable terms could have a negative impact on DEME's cash flow and liquidity and thus adversely affect DEME's activities, financial position and results of operations.Note 27 \u2013 Working capital For the year ended 31 December Operating working capital (OWC) is net working capital (current assets less current liabilities), excluding interest-bearing debt and cash and cash equivalents and financial derivatives related to interest rate swaps and including other non-current assets and non-current liabilities (if any) as well as non-current financial derivatives (assets and liabilities), except for those related to interest rate swaps. The focus of the DEME group is to find a balance between working capital on the one hand and net cash, which is the difference between cash and cash equivalents and short-term debt on the other hand. In the contracting business, operating working capital is difficult to monitor because each project is different, not only in terms of size and capital requirements, but also, and more importantly, in terms of the way in which the group is paid by its customers. Most revenues are paid with an advance payment at the beginning of the project, followed by milestone payments after completion of the work and acceptance by the customer. If working capital is under pressure and needs to be increased, the group can either increase its assets or reduce its liabilities. The group can negotiate shorter milestones and payment terms with customers or longer payment terms with suppliers, but without straining relationships with them. The group can limit non-project-related expenditure, review and limit capital expenditure or sell surplus equipment and convert it into working capital. To finance its working capital needs, DEME has the possibility to issue commercial paper for a total amount of up to 250 million euro. In addition, DEME has short-term credit facilities of up to 205 million euro in 2024, which are currently unused (2023: 110 million euro), totaling 455 million euro when including commercial paper. In addition to short-term financing, long-term financing may also be considered to fund working capital requirements. Working capital 2024 2023 Delta (in thousands of euro) NON-CURRENT ASSETS 22,754 12,737 10,017 Non-current financial derivatives (forex/fuel hedges) - 2,211 -2,211 Other non-current assets 22,754 10,526 12,228 CURRENT ASSETS 1,533,427 1,253,688 279,739 Inventories 20,440 32,015 -11,575 Contract assets 651,459 633,027 18,432 Trade and other operating receivables 704,791 488,107 216,684 Current financial derivatives (forex/fuel hedges) 2,002 2,565 -563 Assets held for sale 33,535 1,630 31,905 Income tax receivables 26,061 25,936 125 Other current assets 95,139 70,408 24,731 TOTAL ASSETS 1,556,181 1,266,425 289,756 NON-CURRENT LIABILITIES 10,960 22,953 -11,993 Non-current financial derivatives (forex/fuel hedges) 10,960 22,953 -11,993 CURRENT LIABILITIES 2,357,756 1,714,818 642,938 Current financial derivatives (forex/fuel hedges) 45,550 20,324 25,226 Provisions 15,794 14,045 1,749 Contract liabilities 661,057 447,363 213,694 Advances received 181,041 84,486 96,555 Trade payables 1,195,229 897,610 297,619 Remuneration and social debt 113,922 94,791 19,131 Income tax payables 71,144 64,024 7,120 Other current liabilities 74,019 92,175 -18,156 TOTAL LIABILITIES 2,368,716 1,737,771 630,945 OPERATING WORKING CAPITAL -812,535 -471,346 -341,189 Operating working capital stood at -812.5 million euro up from -575.0 million euro at the mid-year point and -471.3 million euro as of 31 December 2023. This increase is due to a mix of factors including growth in turnover and increase in advance payments received from customers. Reference is made to the consolidated statement of cash flows. The movement in working capital is contributing to the free cash flow for an amount of 370.3 million euro in 2024 whereas last year there was a working capital need for an amount of 66.5 million euro. The reconciliation of the operating working capital movement with the cash flow from changes in working capital can be found below. Reconciliation operating working capital movement with cash flow from changes in working capital 2024 2023 Delta (in thousands of euro) OPERATING WORKING CAPITAL -812,535 -471,346 -341,189 CASH FLOW CORRECTIONS ON WORKING CAPITAL MOVEMENTS OF THE YEAR Movements in assets held for sale -31,905 Movements in amounts written off inventories and trade receivables 141 Movement of provisions in current liabilities 1,749 Impact financial derivatives included in working capital 1,544 Correction unpaid taxes and interests 6,377 Cash correction on investments in property, plant and equipment -12,284 Cash correction on acquisition of associates 600 Translation differences 4,654 CASH FLOW FROM CHANGES IN WORKING CAPITAL -370,313 Reconciliation operating working capital movement with cash flow from changes in working capital 2023 2022 Delta (in thousands of euro) OPERATING WORKING CAPITAL -471,346 -506,153 34,807 CASH FLOW CORRECTIONS ON WORKING CAPITAL MOVEMENTS OF THE YEAR Movements in assets held for sale 30,367 Movements in amounts written off inventories and trade receivables -2,431 Impact financial derivatives included in working capital -536 Correction unpaid taxes and interests -6,610 Cash correction on investments in property, plant and equipment 10,895 Translation differences -4 CASH FLOW FROM CHANGES IN WORKING CAPITAL 66,488",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__387": {
"value": "Liquidity risk & capital management DEME aims to maintain a healthy balance between the consolidated group equity (2024: 2,174 million euro) and the consolidated net financial debt (2024: + 91.1 million euro) and uses equity to finance the operations described in the corporate purposes of the subsidiaries. As noted above, DEME has significant cash and cash equivalents, of which a small portion is restricted due to transfer restrictions, joint control or other legal restrictions. DEME has significant credit and guarantee facilities with various international banks and it also has a commercial paper program to cover its short-term borrowing requirements if necessary. On its bilateral loans, DEME is always required to comply with a number of covenants and the risk on its current long-term bank loans at variable interest rates has been fully hedged through the use of interest rate swaps (note (22) financial risk management and financial derivatives). Note (27) on working capital elaborates on how DEME manages its cash and liquidity. The liquidity risk at DEME in general is among others limited by spreading borrowing among several banks and by agreeing on a variety of repayment terms. Although DEME applies strict financial policies, has the necessary payment guarantees (including credit insurance policies with public credit insurers such as Credendo and private credit insurers, bank guarantees and letters of credit) and ensures a diversity of financing sources and repayment terms, it cannot be entirely ruled out that the non-payment of significant payment obligations by customers or the inability to obtain adequate external financing on acceptable terms could have a negative impact on DEME's cash flow and liquidity and thus adversely affect DEME's activities, financial position and results of operations.",
"dimensions": {
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"entity": "scheme:549300FPFPQPKI3PJV37",
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"f1__s8__7__392": {
"value": "Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. DEME contracts considerable financing for the acquisition of its fleet and related capital expenditure (note (21)) and interest rate risk management is centrally performed within the group. In order to achieve the best possible balance between the cost of financing and the volatility of the financial results of its long-term borrowings, DEME hedges the vast majority of its exposure to changes in the underlying floating interest rates using derivative financial instruments, mainly interest rate swaps. With regard to the unhedged portion of the interest rate risk (which, where applicable, relates mainly to short-term borrowings), adverse changes in floating interest rates may result in an increase in the interest cost borne by DEME. These hedging instruments generally have the same notional amounts and generally the same maturities as the hedged borrowings. As such, the swaps are designated as effective hedges of outstanding or anticipated borrowings and qualify for hedge accounting under IFRS 9. The fair value of the effective portion of the hedging instruments are therefore recognized directly in other comprehensive income under hedge accounting. The ineffective portion of any gain or loss on the financial instrument is recognized in the income statement. At closing date, the instruments qualified as cash flow hedges have the following characteristics: 2024 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 9,342 - 6,292 - 15,634 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 135,742 136,473 199,063 27,500 498,778 2023 Total net balance Non-current asset Non-current liability Current asset Current liability (in thousands of euro) fair value Interest rate swaps 19,862 - 10,938 - 30,800 <1 year Between 1 and 2 years Between 2 and 5 years > 5 years Notional amount 150,913 135,742 280,536 82,500 649,691 Some of DEME's joint ventures and associates also finance significant assets such as infrastructure, offshore wind farms or vessels and can therefore hold interest rate swaps (IRSs). Per 31 December 2024, the other comprehensive income (OCI) of the current period includes an amount of +9.3 million euro compared to +14.0 million euro at the end of 2023 for DEME\u2019s share in the fair value of the IRSs of Rentel NV, C-Power NV, Seamade NV, Normalux SA, BAAK Blankenburg-Verbinding BV, SEMOP Port-La Nouvelle and CDWE Green Jade Shipowner Co Ltd, net of deferred tax assets. The amount for 2024 is lower compared to 2023 due to the decline in long-term interest rates and a reduction in underlying volumes. At DEME, asset-based loans, other long-term (bank) loans and subordinated loans are already considered at fixed rates, while other credit facilities are hedged by swapping the floating rate into a fixed rate. After IRSs, the ones having a variable interest rate are added to the same category as those already at fixed rates, as shown in the tables below. The group has no interest rate hedges for its floating rate short-term borrowings (if any in a given year), which are raised through the issuance of commercial paper and the use of its revolving credit facilities. Consequently, the amount and interest rate of the short-term credit facilities, if any, will remain unchanged, both before and after consideration of derivatives. After applying hedge accounting, the average fixed interest rate on the group's outstanding debt can be found in the tables below. Lease liabilities are not included in these tables. Reference is made to note (21) interest-bearing debt and net financial debt for the outstanding amounts of borrowings included in the tables. 2024 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 89,885 100.00% 3.69% 498,778 100.00% 3.72% 588,663 100.00% 3.72% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% loans & other loans Short-term credit facilities - 0.00% 0.00% - 0.00% - - 0.00% 0.00% Total 588,663 100.00% 1.87% - 0.00% - 588,663 100.00% 1.87% 2023 (in thousands of euro) Effective average interest rate before considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 107,717 78.22% 3.13% 649,691 100.00% 4.90% 757,408 96.19% 4.64% loans & other loans Short-term credit facilities 30,000 21.78% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 137,717 100.00% 3.42% 649,691 100.00% 4.90% 787,408 100.00% 4.64% Effective average interest rate after considering derivatives Fixed Rate Floating Rate Total Amounts Quota Rate Amounts Quota Rate Amounts Quota Rate Type of debts Credit institutions, subordinated 757,408 96.19% 1.81% - 0.00% - 757,408 96.19% 1.81% loans & other loans Short-term credit facilities 30,000 3.81% 4.47% - 0.00% - 30,000 3.81% 4.47% Total 787,408 100.00% 1.91% - 0.00% - 787,408 100.00% 1.91% Similar to 2023, the group's entire outstanding long-term interest-bearing debt portfolio has a fixed interest rate character, which reduces the group's exposure to interest rate fluctuations. The overall average effective interest rate after hedging has decreased from 1.91% at the end of 2023 to 1.87% at 31 December 2024. The absence of short-term commercial paper funding reduces the average interest rate after hedging. For long-term interest-bearing debt, the fixed interest rate increases slightly compared to last year as older IRSs are phased out, which may now reflect the weight of the latest 'higher cost' loans. In 2024, a new additional asset-based loan was drawn, while in 2023, a one-off basis swap was added to several ongoing IRSs on DEME Coordination NV loans in order to optimize and pursue a market opportunity at the time. The underlying loans themselves were renegotiated from a 6-monthly to a 3-monthly interest payment. Sensitivity to the interest rate risk The group could be subject to the risk of fluctuating interest rates for cash flows relating to financial instruments at floating rate that are not hedged. Though because of the fact that the entire group\u2019s outstanding debt portfolio (short and long-term) after hedging, has a fixed interest rate character both at year-end 2024 as well as at 2023, the exposure of the group to interest rate fluctuations is eliminated. As such an increase or decrease of EURIBOR with 50 base points at closing date (assumed that underlying figures remain constant over the year), will not have any impact on the current interest charges in the income statement. The group does not maintain a hedging ratio as an instruction as such, although the hedge ratio is kept as high as possible. As shown above, for the interest rate risk the ratio between fixed and floating interest rates even amounts to 100%. The funding activity with respect to the fully owned subsidiaries is fully centralized at DEME Coordination Center NV that has taken out long-term loans from various banks at floating rates, that are hedged accordingly. The cash flow schemes that are hedged by means of IRSs are one on one identical to the cashflow schemes representing each individual loan contract. When in-effectiveness occurs, the hedge is being amended accordingly. When loans are taken out on an associate or joint venture level, the hedging decisions are taken on that level. Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Price risk/ commodity risk As a final example of market risk, DEME is also exposed to commodity risks and hedges against oil price fluctuations by entering into swap contracts. The fair value variations of these instruments are considered as construction costs. Those variations are presented as operating result. The fair value and notional amount of these instruments can be found below (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges - - 196 -361 -165 10,552 2023 Total net balance Non-current asset Non-current liability Current asset Current liability Notional amount (in thousands of euro) fair value Fuel hedges 13 - 367 - 380 7,436Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves",
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"value": "Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701",
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"value": "Currency risk DEME is also exposed to risks associated with fluctuations in currency exchange rates. The group\u2019s currency risk can be split into two categories: translational and transactional currency risk. Translational currency risk DEME's reporting currency is euro, however, given the group's global operations, a significant portion of the group's assets, liabilities, expenses and revenue are denominated in currencies other than euro. Such assets, liabilities, expenses and revenue are translated to euro at the applicable exchange rates to prepare the group's consolidated financial statements. Therefore, fluctuations in exchange rates between euro and such other currencies affect the value of those items expressed in euro terms in the group's consolidated financial statements. A change of one or more of the foreign currencies in which DEME's local subsidiaries operate against euro impacts its revenue and profitability expressed in euro terms accordingly. Changes in the euro values of the group's consolidated assets and liabilities resulting from exchange rate movements may cause the group to record foreign currency gains and losses through profit or loss, or through its cumulative translation adjustment reserve recognized in other comprehensive income and accumulated in equity. In 2024 the change in cumulative translation adjustment reserve amounts to -0.2 million euro compared to -6.8 million euro last year. The main foreign currency companies contributing to the group\u2019s turnover have USD, TWD, GBP, SAR, MXN, AUD, INR and SGD as their currency. For 2024 foreign currency entities, especially in USD and TWD, contributed 38.97% to the group\u2019s turnover, while in 2023 it was as high as 42%. The group does not hedge against translational currency risk. Some of the main exchange rates that have been used to convert the financial statements: Currency rates from foreign currency to EUR 31 December 2024 31 December 2023 Closing rate Average rate Closing rate Average rate AED 0.2630 0.2521 0.2467 0.2520 AOA 0.0011 0.0011 0.0011 0.0014 AUD 0.5976 0.6098 0.6171 0.6153 BRL 0.1562 0.1716 0.1867 0.1852 CAD 0.6717 0.6761 0.6841 0.6863 CNY 0.1323 0.1288 0.1277 0.1309 EGP 0.0190 0.0216 0.0293 0.0307 GBP 1.2084 1.1819 1.1534 1.1508 HKD 0.1243 0.1186 0.1160 0.1182 INR 0.0113 0.0111 0.0109 0.0112 JPY 0.0061 0.0061 0.0064 0.0066 MXN 0.0464 0.0506 0.0534 0.0522 MYR 0.2162 0.2033 0.1974 0.2036 NGN 0.0006 0.0007 0.0010 0.0016 OMR 2.5096 2.4053 2.3539 2.4053 PGK 0.2337 0.2331 0.2363 0.2499 PHP 0.0166 0.0162 0.0164 0.0166 PLN 0.2340 0.2324 0.2304 0.2208 QAR 0.2650 0.2541 0.2489 0.2539 RUB 0.0085 0.0099 0.0102 0.0111 SAR 0.2571 0.2467 0.2416 0.2467 SGD 0.7075 0.6926 0.6869 0.6898 TWD 0.0295 0.0289 0.0295 0.0298 UAH 0.0230 0.0231 0.0238 0.0251 USD 0.9659 0.9257 0.9061 0.9255 UYU 0.0221 0.0231 0.0232 0.0239 Transactional currency risk The global nature of DEME's activities means that contract payments may be made in a variety of currencies, exposing DEME to exchange rate risks. Similarly, purchases and expenses denominated in foreign currencies also give rise to exchange rate risks. The majority of the group's purchases are typically transacted in EUR or USD. This means that the group is exposed to exchange rate risk when sales are denominated in a currency other than the currency of purchase. DEME may not be able to pass on increased costs to its customers. -Financing and Investing: DEME\u2019s transactional currency risk regarding financing and investing activities could arise from financial loans denominated in currencies other than the euro. \u2022 The financing transactional currency risk can be considered to be nil for the outstanding long-term debt as all in euro (note (21)), lease liabilities are also mainly denominated in euro. \u2022 Long-term loans given to joint ventures & associates (recorded as other non-current financial assets note (10)) are in euro, except for ScotWind OWF-project (in GBP), minimizing the exposure on transactional currency risk. \u2022 Capital funding in euro in joint ventures and associates denominated in other currencies is subject to the translational currency risk as described above. -Operational activities: Given the international character of its business operations and the execution of contracts in foreign currency, DEME is exposed to currency risks. DEME\u2019s transactional foreign currency risk arises from commercial flows denominated in currencies other than euro. \u2022 In 2024, 66.6% of the group's turnover was contracted in EUR followed by USD, GBP, SAR, INR, AUD, TWD, SGD and PGK. In 2023 this was 64.6% in EUR, followed by USD, GBP, DKK, INR, SGD, MXN and PGK. \u2022 The group's expenses are mainly in euro. To a lesser extent costs are charged in a currency not equal to the euro or in the currency of a country in which our activities are performed. \u2022 The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro. The fair value variation of exchange rate instruments is considered as construction costs. This variation is presented as an operating result. Exchange rate risk for large projects and large investments are hedged as much as possible, also for smaller volumes hedging is taken out in most cases. When in-effectiveness occurs due to timing mismatches, the FX-trades are being rolled to the future. In-effectiveness in terms of volumes is in most cases an underhedge. When overhedge occurs due to underlying flow being cancelled or being paid in other currency than the hedged currency, the hedge will be amended accordingly. The following tables disclose the fair value and the notional amount of exchange rate instruments (forex hedges) issued (forward sales/purchase agreements) (+ is asset / - is liability): 2024 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges - -10,960 1,806 -45,189 -54,343 2023 Total net balance Non-current asset Non-current liability Current asset Current liability fair value (in thousands of euro) Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Market value Notional amount 2024 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD 3,655 -57,775 -54,120 -143,699 628,122 484,423 GBP 563 -292 271 -23,728 36,373 12,645 AED - -242 -242 - 54,140 54,140 CAD - - - -10 - -10 AUD -4 - -4 -1,286 338 -948 DKK - -1 -1 -4,266 42,713 38,447 SGD 40 -6 34 -23,855 4,428 -19,427 IDR - -262 -262 - 54,314,651 54,314,651 NOK - - - -8 - -8 MYR - -19 -19 - 11,682 11,682 Balance at 31 December 4,254 -58,597 -54,343 Market value Notional amount 2023 (in thousands of euro) (in thousands of foreign currency) Currency Forward purchase Forward sale Total amount Forward purchase Forward sale Total amount USD -334 -38,480 -38,814 -115,591 1,076,271 960,680 GBP -30 - -30 -9,406 1,183 -8,223 AED - 49 49 - 29,437 29,437 AUD 11 - 11 -10,602 300 -10,302 DKK - -1 -1 - 10,641 10,641 SGD 72 -62 10 -63,301 19,202 -44,099 INR - -93 -93 - 2,058,750 2,058,750 MYR - -13 -13 -4,614 4,614 - Balance at 31 December -281 -38,600 -38,881 Sensitivity The fair value of monetary items denominated in foreign currencies is affected by exchange rate fluctuations. In order to eliminate most of these foreign currency effects, the group uses derivative financial instruments as described above, which are designed to largely offset the effects of such fluctuations. Currency sensitivity is mainly related to the performance of a portfolio of foreign currencies against the euro. The following sensitivity analysis is performed supposing that the amount of financial assets/liabilities and derivatives as at 31 December 2024 and 2023 would remain constant over the year. A variation of 5% (appreciation of the EUR) at closing date would give an increase or a decrease in the balance sheet items as follows (mainly USD, GBP, AED): Balance sheet impact 2024 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +8,345 -7,550 Translational currency risk on outstanding trade receivables & payables +4,704 -4,704 Balance sheet impact 2023 (+ is debit/- is credit) Impact of the sensitivity Impact of the sensitivity (in thousands of euro) calculation- depreciation of 5% calculation- appreciation of 5% of the EUR of the EUR Non-current interest-bearing debt (+ current portion due in the year) - - Net of short-term credit facilities and cash and cash equivalents +4,526 -4,095 Translational currency risk on outstanding trade receivables & payables +10,534 -10,534Note 22 \u2013 Financial risk management and financial derivatives For the year ended 31 December The group\u2019s financial instruments are cash and cash equivalents, trade and other receivables, interest-bearing debt, trade and other payables and derivatives. The group uses derivative financial instruments primarily to reduce fluctuations in interest rates, foreign exchange rates, prices of commodities and other market risks. Derivatives are designated exclusively as hedging instruments and not for trading or other speculative purposes and are measured at their fair value. The group is exposed to the following risks associated with financial instruments: \u2018market risk\u2019, \u2018credit and counterparty risk\u2019 (note (14) and note (21)) and \u2018liquidity risk\u2019 (note (21)). Market risk To finance its investments and activities, DEME frequently makes use of external finance, both on short and long-term. The extent of leverage may expose the group to various risks, including increasing its vulnerability to downturns or adverse changes in general economic, industry or competitive conditions and government regulations and requiring a substantial portion of its cash flows from operations to be dedicated to the payment of principal and interest on the group\u2019s indebtedness, therefore reducing its ability to use its cash flows to fund its operations, capital expenditures and future business opportunities. Market risk is defined to be the risk that captures changes in market price variations (interest rates, foreign exchange rates, fuel prices,\u2026) that could affect the group's income statement or the value of its assets and liabilities. Market risk consists out of interest rate risk, currency risk and price/commodity risk. The objective of market risk management is to manage and control market risk exposures and to keep the market risk position within acceptable boundaries while achieving the best possible return. Overview of derivative financial instruments (+ is asset / - is liability) Total net balance 2024 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 9,342 - 6,292 - 15,634 Forex hedges - -10,960 1,806 -45,189 -54,343 Fuel hedges - - 196 -361 -165 Balance at 31 December 9,342 -10,960 8,294 -45,550 -38,874 Total net balance 2023 fair value Non-current asset Non-current liability Current asset Current liability (in thousands of euro) Interest rate swaps 19,862 - 10,938 - 30,800 Forex hedges 2,198 -22,953 2,198 -20,324 -38,881 Fuel hedges 13 - 367 - 380 Balance at 31 December 22,073 -22,953 13,503 -20,324 -7,701Interest rate risk Interest rate risk can be",
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"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__388": {
"value": "Fair values & hierarchy The fair values are classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments. -Level 1 instruments are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation model is used. In level 1, we find all financial assets (valued at fair value) with a public listing in an active market -Level 2 instruments are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation based on observable parameters such as discounted cash flow model, the comparison with another similar instrument, the determination of prices by third parties -Level 3 instruments are non-observable data for determining the fair value of an asset or liability, e.g. some financial assets for which no public listing is available, loans and advances to customers, valued at amortized cost etc. Set out below is an overview of the carrying amounts of the group\u2019s financial instruments that are shown in the financial statements. All fair values mentioned in the table below relate to Level 2. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. 2024 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 9,342 91,119 100,461 114,377 Other non-current financial assets - 68,365 68,365 Level 2 82,806 Financial derivatives 9,342 - 9,342 Level 2 9,342 Other non-current assets - 22,754 22,754 Level 2 22,229 Current assets 8,294 1,538,802 1,547,096 1,547,198 Trade receivables and other operating receivables - 685,396 685,396 Level 2 685,498 Financial derivatives 8,294 - 8,294 Level 2 8,294 Cash and cash equivalents - 853,406 853,406 Level 2 853,406 Non-current liabilities 10,960 536,129 547,089 537,133 Interest-bearing debt - 530,603 530,603 Level 2 520,647 Financial derivatives 10,960 - 10,960 Level 2 10,960 Other non-current financial liabilities - 5,526 5,526 Level 2 5,526 Current liabilities 45,550 1,455,080 1,500,630 1,508,327 Interest-bearing debt - 231,722 231,722 Level 2 239,419 Financial derivatives 45,550 - 45,550 Level 2 45,550 Trade payables - 1,195,229 1,195,229 Level 2 1,195,229 Other amounts payable - 28,129 28,129 Level 2 28,129 2023 Derivatives Assets & liabilities at Fair value designated as amortized Book value measurement Fair value (in thousands of euro) hedging instrument cost by level Non-current assets 22,073 58,850 80,923 89,176 Other non-current financial assets - 48,324 48,324 Level 2 57,295 Financial derivatives 22,073 - 22,073 Level 2 22,073 Other non-current assets - 10,526 10,526 Level 2 9,808 Current assets 13,503 849,846 863,349 863,467 Trade receivables and other operating receivables - 460,762 460,762 Level 2 460,880 Financial derivatives 13,503 - 13,503 Level 2 13,503 Cash and cash equivalents - 389,084 389,084 Level 2 389,084 Non-current liabilities 22,953 652,855 675,808 655,529 Interest-bearing debt - 652,523 652,523 Level 2 632,244 Financial derivatives 22,953 - 22,953 Level 2 22,953 Other non-current financial liabilities - 332 332 Level 2 332 Current liabilities 20,324 1,178,342 1,198,666 1,207,238 Interest-bearing debt - 248,743 248,743 Level 2 257,315 Financial derivatives 20,324 - 20,324 Level 2 20,324 Trade payables - 897,610 897,610 Level 2 897,610 Other amounts payable - 31,989 31,989 Level 2 31,989 The following methods and assumptions were used to estimate the fair values in the tables above: -Cash and cash equivalents, trade and other operating receivables (excluding VAT), trade payables and other amounts payable (within other current liabilities and relating to other operating payables and amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related party disclosures and approximate their carrying amounts because they have a short-term maturity) -The fair value of interest-bearing debt is estimated by discounting future cash flows using the effective interest rates currently available for debt on similar terms, credit risk and remaining maturities; where the interest rate is variable (floating), the fair value is considered to be similar to the carrying amount. A similar approach is used for non-current (financial) assets -The group enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives valued using valuation techniques with market observable inputs are mainly interest rate swaps, fuel hedges and foreign exchange forward contracts (see table above). The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__397": {
"value": "Note 25 \u2013 Other current liabilities For the year ended 31 December (in thousands of euro) 2024 2023 Current other taxes and value added tax (VAT) 42,254 51,000 Other amounts payable 28,129 31,989 Accruals and deferred income 3,636 9,186 Other current liabilities 74,019 92,175 Other amounts payable relates to other operating payables and to amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__396": {
"value": "Note 25 \u2013 Other current liabilities For the year ended 31 December (in thousands of euro) 2024 2023 Current other taxes and value added tax (VAT) 42,254 51,000 Other amounts payable 28,129 31,989 Accruals and deferred income 3,636 9,186 Other current liabilities 74,019 92,175 Other amounts payable relates to other operating payables and to amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__395": {
"value": "Note 25 \u2013 Other current liabilities For the year ended 31 December (in thousands of euro) 2024 2023 Current other taxes and value added tax (VAT) 42,254 51,000 Other amounts payable 28,129 31,989 Accruals and deferred income 3,636 9,186 Other current liabilities 74,019 92,175 Other amounts payable relates to other operating payables and to amounts due to joint ventures. The latter are also included in the amount disclosed in note (29) related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__399": {
"value": "Note 26 \u2013 Provisions and contingent assets and liabilities Provisions (in thousands of euro) Warranties Other 2024 Warranties Other 2023 Balance at 1 January 52,690 8,312 61,002 40,872 6,827 47,699 Arising during the year 3,754 700 4,454 3,978 1,485 5,463 Utilized during the year -1,975 -1,015 -2,990 -2,921 - -2,921 Unused amounts reversed - - - - - - Reclass from working capital - - - 10,761 - 10,761 Balance at 31 December 54,469 7,997 62,466 52,690 8,312 61,002 Current 15,794 - 15,794 14,045 - 14,045 Non-current 38,675 7,997 46,672 38,645 8,312 46,957 Reference is made to the summary of material accounting principles for information about the provisions. There is no formal plan for restructuring. The dismissal provisions in the normal course of business that exist at the end of the period are immaterial and are booked as remuneration and social charges. Other provisions are all related to the Environmental segment and as for the warranties (all assurance type warranties) the majority is related to the Offshore Energy segment. At current no provisions nor contingent liabilities are recorded related to the impact of climate change. Contingent assets and liabilities Based on available information at the date on which the financial statements are approved by the Board of Directors, DEME is not aware of any other contingent assets or liabilities than the ones described below: -In September 2023, certain companies of the DEME group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. Following the exchange of written submissions between the parties, the case was heard by the Court of First Instance East-Flanders, Ghent Division on 5 June 2024. This means that for the first time, parties had the opportunity to set out substantive arguments regarding the charges brought by the Public Prosecutor. The DEME companies have fully contested all allegations and have an extensive number of procedural and substantive defenses. On 4 September 2024, the Correctional Court declared the entire criminal prosecution against the DEME companies (and all other defendants) inadmissible. Consequently, DEME's position was upheld, and the Public Prosecutor's Office's claim was entirely rejected. On 24 September 2024, the Public Prosecutor's Office appealed the decision of the Correctional Court. To date, the DEME companies have not yet been summoned for the start of this appeal procedure. In the current circumstances, it is premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages to the initial claimant, who, as stated above, has definitively waived its civil complaint. In line with IAS 37, as the outcome cannot be predicted, the Company discloses a contingent liability. -One of the group companies is involved in legal proceedings initiated by the Dutch Waterboard (Waterschap Vallei Energy Veluwe) against a consortium of which said group company is a member, due to allegedly unauthorized activities on the project Eemdijk. The alleged unauthorized activities were fully and solely executed by the group company\u2019s former partner in the consortium, as the group company withdrew from the project even before the start of the actual execution of any works. The group company was however not able to formally withdraw from the consortium as well. Meanwhile, said former partner has filed for bankruptcy. The outcome of this claim is still uncertain. However, based on the current circumstances and subject to the insurance policy conditions, the outcome of the aforementioned pending legal proceedings is not expected to have a material impact on the company's future results and cash flows. The group takes care that all its entities respect the laws and regulations in force, including the compliance rules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__398": {
"value": "Contingent assets and liabilities Based on available information at the date on which the financial statements are approved by the Board of Directors, DEME is not aware of any other contingent assets or liabilities than the ones described below: -In September 2023, certain companies of the DEME group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. Following the exchange of written submissions between the parties, the case was heard by the Court of First Instance East-Flanders, Ghent Division on 5 June 2024. This means that for the first time, parties had the opportunity to set out substantive arguments regarding the charges brought by the Public Prosecutor. The DEME companies have fully contested all allegations and have an extensive number of procedural and substantive defenses. On 4 September 2024, the Correctional Court declared the entire criminal prosecution against the DEME companies (and all other defendants) inadmissible. Consequently, DEME's position was upheld, and the Public Prosecutor's Office's claim was entirely rejected. On 24 September 2024, the Public Prosecutor's Office appealed the decision of the Correctional Court. To date, the DEME companies have not yet been summoned for the start of this appeal procedure. In the current circumstances, it is premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages to the initial claimant, who, as stated above, has definitively waived its civil complaint. In line with IAS 37, as the outcome cannot be predicted, the Company discloses a contingent liability. -One of the group companies is involved in legal proceedings initiated by the Dutch Waterboard (Waterschap Vallei Energy Veluwe) against a consortium of which said group company is a member, due to allegedly unauthorized activities on the project Eemdijk. The alleged unauthorized activities were fully and solely executed by the group company\u2019s former partner in the consortium, as the group company withdrew from the project even before the start of the actual execution of any works. The group company was however not able to formally withdraw from the consortium as well. Meanwhile, said former partner has filed for bankruptcy. The outcome of this claim is still uncertain. However, based on the current circumstances and subject to the insurance policy conditions, the outcome of the aforementioned pending legal proceedings is not expected to have a material impact on the company's future results and cash flows. The group takes care that all its entities respect the laws and regulations in force, including the compliance rules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__403": {
"value": "Key management personnel DEME Group NV has a \u201cone tier\u201d governance structure consisting of a Board of Directors (as collegiate body). The Board of Directors is vested with the power to perform all acts that are necessary or useful for the realization of the Company\u2019s corporate object, except for those actions that are specifically reserved by law for the Shareholders\u2019 Meeting. On 29 June 2022, the Board of Directors has delegated the daily management of the Company from the Executive Committee to the CEO. The CEO is assisted in the exercise of its powers by the Executive Committee, which operates as an advisory committee (separate from the Board of Directors). The Executive Committee, chaired by the CEO, is responsible for discussing the general management of the Company and, from 2023, the statutory members of the Executive Committee have a self-employed status. Representatives who are members of the Board of Directors, Audit Committee and Remuneration Committee are remunerated since the public listing of the group. On 23 February 2024, on the advice of the Remuneration Committee, the Board of Directors approved a first stock option plan providing for the free grant of purchase options in respect of existing shares of DEME Group NV. Reference is made to the Remuneration Report and Corporate governance statement within Chapter 05.Corporate governance and risk management and note (18) share-based payments. For his role as Executive Director, Luc Vandenbulcke received a fixed and variable remuneration of 1.8 million euro in 2024 (2023: 2.0 million euro). The 2023 annual salary included an exception of an early single and double holiday payment settlement upon transition towards a self-employed status. (in thousands of euro) 2024 2023 Director fees at the expense of DEME group Total 826 785 Remuneration of the CEO Fixed annual remuneration 537 534 Short-term variable remuneration 1,278 1,452 Long-term variable remuneration (*) - - Total 1,815 1,986 Group insurance / Pension (Plan) contributions 106 87 Other benefits (**) 178 3 Remuneration of the members of the Executive Committee (excluding CEO) Fixed annual remuneration 1,422 1,436 Short-term variable remuneration 3,807 3,044 Long-term variable remuneration (*) - - Total 5,229 4,480 Group insurance / Pension (Plan) contributions 304 237 Other benefits (**) 244 15 (*) No vested options from the 2024 stock option plan yet. (**) The other benefits include e.g. taxable benefits and income tax coverage on stock option grant",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__404": {
"value": "Note 30 \u2013 Auditor remuneration For the year ended 31 December An overview of the total remuneration paid to the auditors by DEME Group NV and its consolidated subsidiaries is presented below. A distinction (both in absolute figures and in percentage) is made between fees paid by the group to the statutory auditor of DEME Group NV, EY, and fees paid to other audit firms. EY Others Total 2024 Amount % Amount % (in thousands of euro) Audit fees 1,427 53.1% 1,262 46.9% 2,689 Tax advisory services 155 8.1% 1,755 91.9% 1,910 Assurance related and other non-audit services 238 14.8% 1,374 85.2% 1,612 1,820 29.3% 4,391 70.7% 6,211 The amount of assurance related and other non-audit services provided by the statutory auditor and persons professionally related to him are in line with article 3:64 and 65 of the Code of Companies and Associations and approved by the Audit Committee in advance. They mainly relate to ad hoc attestations and, in 2024, to a readiness check for CSRD reporting. The other (non-audit) services provided by other auditors, who are not the statutory auditors of DEME Group NV, mainly relate to tax services and advisory services. As a result of working in a diverse global environment, the number of tax advisory services provided each year remains high (regional and project specific advice, transfer pricing, the new pillar Two legislation, etc.). Other non-audit services provided in 2024 mainly relate to consultancy services for the further optimization of DEME's 'Third Party Management' screening tool. EY Others Total 2023 Amount % Amount % (in thousands of euro) Audit fees 1,176 43.2% 1,549 56.8% 2,725 Tax advisory services 222 8.9% 2,284 91.1% 2,506 Assurance related and other non-audit services 127 9.1% 1,273 90.9% 1,400 1,525 23.0% 5,106 77.0% 6,631",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__406": {
"value": "Note 31 \u2013 Events after the reporting period In January 2025, Offshore Energy received a cancellation notice and associated settlement fee for a US project. According to the contractual terms and the signing date of the termination notice, this is considered a subsequent event. The contract value of the project was not included in DEME\u2019s order book, and therefore, the cancellation has no impact on it. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300FPFPQPKI3PJV37",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}