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"s8_notes__6__12": {
"value": "1. IDENTIFICATION SIPEF (the \u2018company\u2019) is a limited liability company (\u2018naamloze vennootschap\u2019 / \u2019soci\u00e9t\u00e9 anonyme\u2019) incorporated in Belgium and registered at 2900 Schoten, Calesbergdreef 5. The consolidated financial statements for the year ended 31 December 2023 comprise SIPEF and its subsidiaries (together referred to as \u2018SIPEF group\u2019 or \u2018the Group\u2019). Comparative figures are for the financial year 2022. The consolidated financial statements have been established by the board of directors on 13 February 2024. The events after the reporting period were updated and approved for issue by the directors on April 16, 2024. These financial statements will be presented to the shareholders at the general meeting of June 12, 2024. A list of the directors and the statutory auditor, as well as a description of the principal activities of the Group, are included in the chapters \u201cCorporate governance statement\u201d and \u201cSIPEF\u2019s operations\u201d of the integrated report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__5": {
"value": "SIPEF",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__6": {
"value": "naamloze vennootschap",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__9": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__7": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__10": {
"value": "2900 Schoten, Calesbergdreef 5",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__8": {
"value": "2900 Schoten, Calesbergdreef 5",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__11": {
"value": "The consolidated financial statements have been established by the board of directors on 13 February 2024. The events after the reporting period were updated and approved for issue by the directors on April 16, 2024. These financial statements will be presented to the shareholders at the general meeting of June 12, 2024. A list of the directors and the statutory auditor, as well as a description of the principal activities of the Group, are included in the chapters \u201cCorporate governance statement\u201d and \u201cSIPEF\u2019s operations\u201d of the integrated report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__13": {
"value": "2. STATEMENT OF COMPLIANCE The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) which have been adopted by the European Union as per 31 December 2023. The following standards or interpretations are applicable for the annual period beginning on 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 12 Income taxes: International Tax Reform \u2013 Pillar Two Model Rules \u2022 IFRS 17 Insurance Contracts \u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information These changes did not have a significant impact on the equity or net result of the Group. The Group did not elect for early application of the following new standards and interpretations which were issued at the date of approval of these financial statements but were not yet effective on the balance sheet date: \u2022 Amendments to IAS covenants and classification of liabilities as current or non-current (deferred), effective January 1, 2024 \u2022 Amendments to IAS 7 / IFRS 7: Disclosures Suppliers Finance Arrangements, effective January 1, 2024 \u2022 Amendments to IFRS 16 leases: lease liability in a sale and leaseback, effective January 1, 2024 \u2022 Amendments to IAS 21: Lack of Exchangeability, effective January 1, 2025 At present, the Group does not expect the initial adoption of these standards and interpretations to have a material effect on the Group's financial statements.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__14": {
"value": "3. ACCOUNTING POLICIES Basis of preparation Starting in 2007, the consolidated financial statements are presented in US dollar (until 2006 this was done in euro), rounded off to the nearest thousand (KUSD). This modification is the result of the changed policy with regard to the liquidity and debt management since the end of 2006, whereby the functional currency of the majority of the subsidiaries has been changed from the local currency to the US dollar. The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments in equity instruments measured at FVOCI, financial derivative instruments and biological produce. The accounting policies have been consistently applied throughout the Group and are consistent with those used in the previous year. Consolidation principles Subsidiaries Subsidiaries are those enterprises controlled by the company. An investor controls an investee if and only if the investor has all of the following elements, in accordance with IFRS 10: \u2022 Power over the investee, i.e. the investor has existing rights that give it the ability to direct the relevant activities; \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases (or a date nearby). Associates Associates are those enterprises in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group's share of the total recognized gains and losses of associates on an equity accounting basis, from the date that significant influence effectively commences until the date that significant influence effectively ceases (or a date nearby). When the Group\u2019s share of losses exceeds the carrying amount of the associate, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate. Transactions eliminated on consolidation All intra-group balances and transactions, and any unrealized gains arising on intra-group transactions, are eliminated for companies included using the full consolidation method in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains except that they are only eliminated to the extent that there is no evidence of impairment. Foreign currency Foreign currency transactions In the individual Group companies, transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Financial statements of foreign operations Functional currency: items included in financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). Starting from 2007, the consolidated financial statements are presented in USD, this is the functional currency of the majority of the Group companies. To consolidate the Group and each of its subsidiaries, the financial statements of the individual entities are translated as follows: \u2022 Assets and liabilities at the closing rate; \u2022 Income statements at the average exchange rate for the year; \u2022 The components of shareholders\u2019 equity at the historical exchange rate. Exchange differences arising from the translation of the net investment in foreign subsidiaries, joint ventures and associated entities at the year-end exchange rate are recorded as part of the shareholders\u2019 equity under \u201ctranslation differences\u201d. When a foreign entity is sold, such exchange differences are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate. Biological assets The biological asset of palm oil is defined as the oil contained in the palm fruit, so that the fair value of this distinct asset can be estimated reliably. SIPEF group has opted to measure biological assets of rubber at fair value at the point of harvest in accordance with IAS 41.32 and not to measure it at fair value as it grows less costs to sell, as it is of the opinion that all parameters used in any alternative fair value measurement (future productions, determination of the start of the life cycle, cost allocation,\u2026) are clearly unreliable. As a consequence, all alternative fair value measurements are also considered clearly unreliable. The biological assets of bananas are measured at fair value as it grows less costs to sell, taking into account that all the parameters for the fair value calculation are available and reliable. A gain or loss arising on initial recognition of a biological asset at fair value less estimated point of sale costs and from the change in fair value less estimated point of sale costs of a biological asset is included in net profit or loss in the period in which it arises. At the time of harvest, fresh fruit bunches, rubber and bananas are measured at their fair value less costs to sell and transferred to inventories. Goodwill Goodwill represents the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired in a business combination. Goodwill is not amortized but reviewed for impairment at least annually. For the purpose of testing goodwill for impairment, goodwill is allocated to operating companies which is the lowest level at which the goodwill is monitored for internal management purposes (i.e. cash flow generating unit). Any impairment is immediately recognized in the income statement and is not subsequently reversed. Negative goodwill represents the excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition. Negative goodwill is immediately recognized in the income statement. Intangible assets Intangible assets include computer software and various licenses. Intangible assets are capitalized and amortized using the straight-line method over their useful life. Property, plant and equipment Property, plant and equipment, including investment property and bearer plants, are stated at cost less accumulated depreciation and any accumulated impairment losses. Borrowing costs attributable to the construction or production of qualifying assets are capitalized. Expenses for the repair of property, plant and equipment are usually charged against income when incurred. Property held for sale, if any, is stated at the lower of amortized cost and fair value less selling charges. In accordance with the amendments to IAS 16 and IAS 41, bearer plants are stated at cost less accumulated depreciation and any accumulated impairment losses. All costs relating to the maintenance of the bearer plants, including fertilisation, is capitalised as long as the bearer plants are immature. Depreciation commences when the bearer plants have become mature and the production of biological assets starts. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets: Buildings 5 to 30 years Infrastructure 5 to 25 years Installations and machinery 5 to 30 years Vehicles 3 to 20 years Office equipment and furniture 5 to 10 years Other property, plant and equipment 2 to 20 years Bearer plants 20 to 25 years Land and \u2018construction in progress\u2019 are not amortized. The Group presents the cost of land rights as a part of property, plant & equipment, consistently with practices in the industry and with relevant guidance in that respect. In addition, The Group closely monitors the situation of each land title in terms of renewal and only depreciates its land rights if there is an indication that the land title might not be renewed. The renewal costs of land rights are also recognized as land rights and are amortized over the term of the renewal. Leases Assets, representing the right to use the underlying leased asset, are capitalized as property, plant and equipment 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, are recognized as long-term or current liabilities depending on the period in which they are due. Leased assets and liabilities are recognized for all leases with a term of more than 12 months, unless the underlying asset is of low value. The lease payments are discounted using the lessee\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The interest rate implicit in the lease could not be determined. All cash flows relating to the leases are included in the increase/decrease of the short term or long-term financial borrowings (financing activities) in the cash flow statement. Lease interest is charged to the income statement as an interest expense. Leased assets are depreciated, using straight-line depreciation over the lease term, including the period of renewable options, in case it is probable that the option will be exercised. Lessee accounting Due to the nature of the Group\u2019s business whereby the operations are primarily taking place in relatively remote areas, the Group owns most of the assets used. Therefore, there is only a limited amount of leases which qualify for lease accounting. The three main categories consist of: Office rental Considering that most of the office rentals are long-term leases, the main areas management actions are required: \u2022 Determining the lease term;\u2022 Calculating the incremental borrowing rate.Company cars Company cars in Belgium meet the definition of a lease and therefore the same approach as office rentals will be applied. Papua-New-Guinea land rights In the Group\u2019s subsidiary Hargy Oil Palms Ltd in Papua-New-Guinea, a part of the land rights includes a fixed annual rental payment for the usufruct of the land, as well as a variable royalty depending on the production levels of the year measured in tonnes FFB. The annual fixed rental payment meets the definition of a lease, whereby the lease term of asset has been determined as the average lifespan of an oil palm (25 years). Lessor accounting The Group has no contracts that could lead to lessor accounting. Impairment of assets Property, plant and equipment (including bearer plants) and other non-current assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may be higher than the recoverable amount. An impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing an impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. If the impairment is no longer justified in future periods due to a recovery in assets\u2019 fair value or value in use, the impairment reserve is reversed. Financial instruments Classification and measurement of financial instruments Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. The financial assets include the investments in equity instruments designated at fair value through other comprehensive income, loans to related parties, receivables including trade receivables and other receivables, derivative financial instruments, financial assets at fair value through profit or loss, cash and cash equivalents. The acquisitions and sales of financial assets are recognised at the transaction date. Financial assets \u2013 debt instruments All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Debt instruments that meet the following conditions are subsequently measured at amortised cost: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments include: \u2022 Receivables measured at amortised cost; \u2022 Trade receivables measured at amortised cost; \u2022 Cash and cash equivalents, and; \u2022 Other investments and deposits. Financial assets \u2013 investments in equity instruments On initial recognition, the Group made an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVOCI. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the investment\u2019s revaluation reserve. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, instead, they will be transferred to retained earnings. Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument. Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well. Financial liabilities All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date. Cash and cash equivalents Cash and cash equivalents are measured at their amortised value and include cash and deposits with an original maturity of less than three months. Negative cash balances are recorded as liabilities. Other investments and deposits Investments are measured at their amortized value and include short term deposits with an original maturity of three months or more or other short-term monetary investments that are readily convertible into a known amount of cash and with an insignificant risk of change in value. Interest-bearing borrowings Interest-bearing borrowings are measured at amortised cost price. Borrowings are initially recognized as proceeds received, net of transaction costs. Any difference between cost and redemption value is recognized in the income statement using the effective interest method. Inventories Inventories are valued at the lower of cost or net realizable value. At the time of harvest, agricultural produces are measured at fair value less costs to sell and transferred to inventories. Costs incurred in growing the agricultural produces, including any applicable harvest costs, are recognised as part of cost of sales. Inventories are written down on a case-by-case basis if the estimated net realizable value declines below the carrying amount of the inventories. Net realizable value is the estimated selling price less the estimated costs necessary to make the sale. When the reason for a write-down of the inventories has ceased to exist, the write-down is reversed. Assets held for sale The Group classifies non-current assets and disposal groups as held for sale, if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as assets 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 (disposal group-, excluding finance costs and income tax expenses). The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. 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 plant to sell the asset and the sale expected to be completed within one year from the date of the classification. PP&E and intangible assets are not depreciated or amortised 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. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated income statement. Shareholders\u2019 equity Dividends of the parent company payable on ordinary shares are only recognized as a liability in the period in which they are approved. Costs incurred with respect to the issuance of equity instruments are recorded as a deduction in equity. Non-controlling interest Non-controlling interests include a proportion of the fair value of identifiable assets and liabilities recognized upon acquisition of a subsidiary, together with the appropriate proportion of subsequent profits and losses. In the income statement, the minority share in the company\u2019s profit or loss is separated from the consolidated result of the Group. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium. Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a reliable estimate of the amount can be made. Pensions and other post-employment benefits Group companies have various pension schemes in accordance with the local conditions and practices in the countries they operate in. 1. Defined benefit plansThe defined benefit plans are generally un-funded but fullyprovisioned for using the \u2018projected unit credit\u2019- method. Thisprovision represents the present value of the defined benefitobligation. The actuarial gains and losses are recognized inOther Comprehensive Income.2.Defined contribution plansThe Group pays contributions to publicly or privatelyadministered insurance plans. Since the Group is obliged tomake additional payments if the average return on theemployer\u2019s contribution and on the employees\u2019 contributionsis not attained, those plans should be treated as \u201cdefinedbenefit plans\u201d in accordance with IAS 19.Share based payment Stock option plans exist within the SIPEF group, giving beneficiaries the right to buy SIPEF shares at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period. Revenue recognition The SIPEF group\u2019s core activity is the sale of goods. SIPEF group recognises revenue at the moment the control over the asset is transferred to the customer. The goods sold are transported by ship and recognized as revenue as soon as the goods are loaded onto the ship. Revenue recognition occurs at the moment when the goods are loaded onto the ship. Revenue is recorded at this point in time for all contracts within the SIPEF group. The payment terms depend on the delivery terms of the contract and can vary between prepayment, cash against documents and 45 days after handover of the bill of lading. Deliveries are at a fixed price. For each contract there is only one performance obligation which needs to be fulfilled: the delivery of the goods. The Group has no material incremental costs of obtaining a contract which would fulfil the capitalization criteria as defined by IFRS 15. Cost of sales Cost of sales includes all costs associated with harvest, transformation and transport. Purchases are recognized net of cash discounts and other supplier discounts and allowances. General and administrative expenses General and administrative expenses include expenses of the marketing and financial department and general management expenses. Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly to equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax liabilities and assets are recognized for temporary differences between the carrying amount in the balance sheet and the tax bases of assets and liabilities and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are included in the consolidated accounts only to the extent that their realization is probable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__15": {
"value": "Basis of preparation Starting in 2007, the consolidated financial statements are presented in US dollar (until 2006 this was done in euro), rounded off to the nearest thousand (KUSD). This modification is the result of the changed policy with regard to the liquidity and debt management since the end of 2006, whereby the functional currency of the majority of the subsidiaries has been changed from the local currency to the US dollar. The consolidated financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: investments in equity instruments measured at FVOCI, financial derivative instruments and biological produce. The accounting policies have been consistently applied throughout the Group and are consistent with those used in the previous year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__16": {
"value": "Consolidation principles Subsidiaries Subsidiaries are those enterprises controlled by the company. An investor controls an investee if and only if the investor has all of the following elements, in accordance with IFRS 10: \u2022 Power over the investee, i.e. the investor has existing rights that give it the ability to direct the relevant activities; \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases (or a date nearby). Associates Associates are those enterprises in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group's share of the total recognized gains and losses of associates on an equity accounting basis, from the date that significant influence effectively commences until the date that significant influence effectively ceases (or a date nearby). When the Group\u2019s share of losses exceeds the carrying amount of the associate, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate. Transactions eliminated on consolidation All intra-group balances and transactions, and any unrealized gains arising on intra-group transactions, are eliminated for companies included using the full consolidation method in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains except that they are only eliminated to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"value": "Subsidiaries Subsidiaries are those enterprises controlled by the company. An investor controls an investee if and only if the investor has all of the following elements, in accordance with IFRS 10: \u2022 Power over the investee, i.e. the investor has existing rights that give it the ability to direct the relevant activities; \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect the amount of the investor\u2019s returns. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date that control effectively ceases (or a date nearby).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18": {
"value": "Associates Associates are those enterprises in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group's share of the total recognized gains and losses of associates on an equity accounting basis, from the date that significant influence effectively commences until the date that significant influence effectively ceases (or a date nearby). When the Group\u2019s share of losses exceeds the carrying amount of the associate, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "Associates Associates are those enterprises in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group's share of the total recognized gains and losses of associates on an equity accounting basis, from the date that significant influence effectively commences until the date that significant influence effectively ceases (or a date nearby). When the Group\u2019s share of losses exceeds the carrying amount of the associate, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations in respect of the associate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Transactions eliminated on consolidation All intra-group balances and transactions, and any unrealized gains arising on intra-group transactions, are eliminated for companies included using the full consolidation method in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains except that they are only eliminated to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "Foreign currency Foreign currency transactions In the individual Group companies, transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognized in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Financial statements of foreign operations Functional currency: items included in financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). Starting from 2007, the consolidated financial statements are presented in USD, this is the functional currency of the majority of the Group companies. To consolidate the Group and each of its subsidiaries, the financial statements of the individual entities are translated as follows: \u2022 Assets and liabilities at the closing rate; \u2022 Income statements at the average exchange rate for the year; \u2022 The components of shareholders\u2019 equity at the historical exchange rate. Exchange differences arising from the translation of the net investment in foreign subsidiaries, joint ventures and associated entities at the year-end exchange rate are recorded as part of the shareholders\u2019 equity under \u201ctranslation differences\u201d. When a foreign entity is sold, such exchange differences are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "Functional currency: items included in financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (the functional currency). Starting from 2007, the consolidated financial statements are presented in USD, this is the functional currency of the majority of the Group companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"value": "Biological assets The biological asset of palm oil is defined as the oil contained in the palm fruit, so that the fair value of this distinct asset can be estimated reliably. SIPEF group has opted to measure biological assets of rubber at fair value at the point of harvest in accordance with IAS 41.32 and not to measure it at fair value as it grows less costs to sell, as it is of the opinion that all parameters used in any alternative fair value measurement (future productions, determination of the start of the life cycle, cost allocation,\u2026) are clearly unreliable. As a consequence, all alternative fair value measurements are also considered clearly unreliable. The biological assets of bananas are measured at fair value as it grows less costs to sell, taking into account that all the parameters for the fair value calculation are available and reliable. A gain or loss arising on initial recognition of a biological asset at fair value less estimated point of sale costs and from the change in fair value less estimated point of sale costs of a biological asset is included in net profit or loss in the period in which it arises. At the time of harvest, fresh fruit bunches, rubber and bananas are measured at their fair value less costs to sell and transferred to inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "Goodwill Goodwill represents the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired in a business combination. Goodwill is not amortized but reviewed for impairment at least annually. For the purpose of testing goodwill for impairment, goodwill is allocated to operating companies which is the lowest level at which the goodwill is monitored for internal management purposes (i.e. cash flow generating unit). Any impairment is immediately recognized in the income statement and is not subsequently reversed. Negative goodwill represents the excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition. Negative goodwill is immediately recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25-1": {
"value": "Goodwill Goodwill represents the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired in a business combination. Goodwill is not amortized but reviewed for impairment at least annually. For the purpose of testing goodwill for impairment, goodwill is allocated to operating companies which is the lowest level at which the goodwill is monitored for internal management purposes (i.e. cash flow generating unit). Any impairment is immediately recognized in the income statement and is not subsequently reversed. Negative goodwill represents the excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition. Negative goodwill is immediately recognized in the income statement.Intangible assets Intangible assets include computer software and various licenses. Intangible assets are capitalized and amortized using the straight-line method over their useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "Goodwill Goodwill represents the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities acquired in a business combination. Goodwill is not amortized but reviewed for impairment at least annually. For the purpose of testing goodwill for impairment, goodwill is allocated to operating companies which is the lowest level at which the goodwill is monitored for internal management purposes (i.e. cash flow generating unit). Any impairment is immediately recognized in the income statement and is not subsequently reversed. Negative goodwill represents the excess of the Group\u2019s interest in the fair value of the net identifiable assets acquired over the cost of acquisition. Negative goodwill is immediately recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "Intangible assets Intangible assets include computer software and various licenses. Intangible assets are capitalized and amortized using the straight-line method over their useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "Property, plant and equipment Property, plant and equipment, including investment property and bearer plants, are stated at cost less accumulated depreciation and any accumulated impairment losses. Borrowing costs attributable to the construction or production of qualifying assets are capitalized. Expenses for the repair of property, plant and equipment are usually charged against income when incurred. Property held for sale, if any, is stated at the lower of amortized cost and fair value less selling charges. In accordance with the amendments to IAS 16 and IAS 41, bearer plants are stated at cost less accumulated depreciation and any accumulated impairment losses. All costs relating to the maintenance of the bearer plants, including fertilisation, is capitalised as long as the bearer plants are immature. Depreciation commences when the bearer plants have become mature and the production of biological assets starts. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets: Buildings 5 to 30 years Infrastructure 5 to 25 years Installations and machinery 5 to 30 years Vehicles 3 to 20 years Office equipment and furniture 5 to 10 years Other property, plant and equipment 2 to 20 years Bearer plants 20 to 25 years Land and \u2018construction in progress\u2019 are not amortized. The Group presents the cost of land rights as a part of property, plant & equipment, consistently with practices in the industry and with relevant guidance in that respect. In addition, The Group closely monitors the situation of each land title in terms of renewal and only depreciates its land rights if there is an indication that the land title might not be renewed. The renewal costs of land rights are also recognized as land rights and are amortized over the term of the renewal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "Property, plant and equipment Property, plant and equipment, including investment property and bearer plants, are stated at cost less accumulated depreciation and any accumulated impairment losses. Borrowing costs attributable to the construction or production of qualifying assets are capitalized. Expenses for the repair of property, plant and equipment are usually charged against income when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"value": "Property, plant and equipment, including investment property and bearer plants, are stated at cost less accumulated depreciation and any accumulated impairment losses. Borrowing costs attributable to the construction or production of qualifying assets are capitalized. Expenses for the repair of property, plant and equipment are usually charged against income when incurred",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets: Buildings 5 to 30 years Infrastructure 5 to 25 years Installations and machinery 5 to 30 years Vehicles 3 to 20 years Office equipment and furniture 5 to 10 years Other property, plant and equipment 2 to 20 years Bearer plants 20 to 25 years Land and \u2018construction in progress\u2019 are not amortized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "\u2018construction in progress\u2019 are not amortized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Leases Assets, representing the right to use the underlying leased asset, are capitalized as property, plant and equipment 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, are recognized as long-term or current liabilities depending on the period in which they are due. Leased assets and liabilities are recognized for all leases with a term of more than 12 months, unless the underlying asset is of low value. The lease payments are discounted using the lessee\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The interest rate implicit in the lease could not be determined. All cash flows relating to the leases are included in the increase/decrease of the short term or long-term financial borrowings (financing activities) in the cash flow statement. Lease interest is charged to the income statement as an interest expense. Leased assets are depreciated, using straight-line depreciation over the lease term, including the period of renewable options, in case it is probable that the option will be exercised. Lessee accounting Due to the nature of the Group\u2019s business whereby the operations are primarily taking place in relatively remote areas, the Group owns most of the assets used. Therefore, there is only a limited amount of leases which qualify for lease accounting. The three main categories consist of: Office rental Considering that most of the office rentals are long-term leases, the main areas management actions are required: \u2022 Determining the lease term;\u2022 Calculating the incremental borrowing rate.Company cars Company cars in Belgium meet the definition of a lease and therefore the same approach as office rentals will be applied. Papua-New-Guinea land rights In the Group\u2019s subsidiary Hargy Oil Palms Ltd in Papua-New-Guinea, a part of the land rights includes a fixed annual rental payment for the usufruct of the land, as well as a variable royalty depending on the production levels of the year measured in tonnes FFB. The annual fixed rental payment meets the definition of a lease, whereby the lease term of asset has been determined as the average lifespan of an oil palm (25 years). Lessor accounting The Group has no contracts that could lead to lessor accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "Impairment of assets Property, plant and equipment (including bearer plants) and other non-current assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may be higher than the recoverable amount. An impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing an impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. If the impairment is no longer justified in future periods due to a recovery in assets\u2019 fair value or value in use, the impairment reserve is reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Impairment of assets Property, plant and equipment (including bearer plants) and other non-current assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may be higher than the recoverable amount. An impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing an impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. If the impairment is no longer justified in future periods due to a recovery in assets\u2019 fair value or value in use, the impairment reserve is reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "Financial instruments Classification and measurement of financial instruments Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. The financial assets include the investments in equity instruments designated at fair value through other comprehensive income, loans to related parties, receivables including trade receivables and other receivables, derivative financial instruments, financial assets at fair value through profit or loss, cash and cash equivalents. The acquisitions and sales of financial assets are recognised at the transaction date. Financial assets \u2013 debt instruments All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Debt instruments that meet the following conditions are subsequently measured at amortised cost: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments include: \u2022 Receivables measured at amortised cost; \u2022 Trade receivables measured at amortised cost; \u2022 Cash and cash equivalents, and; \u2022 Other investments and deposits. Financial assets \u2013 investments in equity instruments On initial recognition, the Group made an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVOCI. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the investment\u2019s revaluation reserve. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, instead, they will be transferred to retained earnings. Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument. Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well. Financial liabilities All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date. Cash and cash equivalents Cash and cash equivalents are measured at their amortised value and include cash and deposits with an original maturity of less than three months. Negative cash balances are recorded as liabilities. Other investments and deposits Investments are measured at their amortized value and include short term deposits with an original maturity of three months or more or other short-term monetary investments that are readily convertible into a known amount of cash and with an insignificant risk of change in value. Interest-bearing borrowings Interest-bearing borrowings are measured at amortised cost price. Borrowings are initially recognized as proceeds received, net of transaction costs. Any difference between cost and redemption value is recognized in the income statement using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41-1": {
"value": "Classification and measurement of financial instruments Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. The financial assets include the investments in equity instruments designated at fair value through other comprehensive income, loans to related parties, receivables including trade receivables and other receivables, derivative financial instruments, financial assets at fair value through profit or loss, cash and cash equivalents. The acquisitions and sales of financial assets are recognised at the transaction date. Financial assets \u2013 debt instruments All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Debt instruments that meet the following conditions are subsequently measured at amortised cost: \u2022 The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments include: \u2022 Receivables measured at amortised cost; \u2022 Trade receivables measured at amortised cost; \u2022 Cash and cash equivalents, and; \u2022 Other investments and deposits. Financial assets \u2013 investments in equity instruments On initial recognition, the Group made an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVOCI. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the investment\u2019s revaluation reserve. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, instead, they will be transferred to retained earnings. Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument. Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well.Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date. Cash and cash equivalents Cash and cash equivalents are measured at their amortised value and include cash and deposits with an original maturity of less than three months. Negative cash balances are recorded as liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"value": "Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument. Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well. Financial liabilities All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Derivatives The Group uses financial derivative instruments primarily to manage its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities. The Group applies hedge accounting under IFRS 9 \u2013 \"Financial Instruments\". Derivative instruments are valued at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as hedging instruments in respect interest rate risk in cash flow hedges. Derivatives related to the foreign currency risk are not documented in a hedging relationship. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all the following hedge effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i. e. rebalances the hedge) so that it meets the qualifying criteria again. The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are recorded out of other comprehensive income into the profit and loss account at the moment the hedged transaction influences the result. A derivative with a positive fair value is recorded as a financial asset, while a derivative with a negative fair value is recorded as a financial liability. A derivate is presented as current or non-current depending on the expected expiration date of the financial instrument. Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well. Financial liabilities All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "Impairment of financial assets In relation to the impairment of financial assets an expected credit loss model is applied. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, the following assets are included in the scope for impairment assessment for the Group: 1) trade receivables; 2) non-current receivables and loans to related parties; 3) cash and cash equivalents. IFRS 9 requires the Group to record expected credit losses on all of its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The Group has applied the simplified approach and records lifetime expected losses on all trade receivables. IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. On the other hand, if the credit risk on a financial instrument has not increased significantly since initial recognition, the Group is required to measure the loss allowance for that financial instrument at an amount equal to 12 month expected credit losses. For long term receivables, IFRS 9 provides a choice to measure expected credit losses applying lifetime or a general (3 stages of expected credit loss assessment) expected credit losses model. The Group selected the general model. All bank balances are assessed for expected credit losses as well.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45-1": {
"value": "Financial liabilities All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest method. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date.Interest-bearing borrowings Interest-bearing borrowings are measured at amortised cost price. Borrowings are initially recognized as proceeds received, net of transaction costs. Any difference between cost and redemption value is recognized in the income statement using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "Receivables and payables The Group initially measures an amount receivable and payable at fair value. For the amount receivables, the transaction price is deemed to be equal to the fair value. Subsequently, these amount receivables are carried at amortized cost using the effective interest method less any allowance for expected credit losses. For amounts payable, the transaction price is deemed to be equal to the fair value. Subsequently, these amount payables are carried at amortized cost using the effective interest method. Amounts receivable and payable in a currency other than the functional currency of the subsidiary are translated at the prevailing Group exchange rates on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Cash and cash equivalents Cash and cash equivalents are measured at their amortised value and include cash and deposits with an original maturity of less than three months. Negative cash balances are recorded as liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "Interest-bearing borrowings Interest-bearing borrowings are measured at amortised cost price. Borrowings are initially recognized as proceeds received, net of transaction costs. Any difference between cost and redemption value is recognized in the income statement using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "Inventories Inventories are valued at the lower of cost or net realizable value. At the time of harvest, agricultural produces are measured at fair value less costs to sell and transferred to inventories. Costs incurred in growing the agricultural produces, including any applicable harvest costs, are recognised as part of cost of sales.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "Assets held for sale The Group classifies non-current assets and disposal groups as held for sale, if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as assets 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 (disposal group-, excluding finance costs and income tax expenses). The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. 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 plant to sell the asset and the sale expected to be completed within one year from the date of the classification. PP&E and intangible assets are not depreciated or amortised 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. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "Assets held for sale The Group classifies non-current assets and disposal groups as held for sale, if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as assets 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 (disposal group-, excluding finance costs and income tax expenses). The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. 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 plant to sell the asset and the sale expected to be completed within one year from the date of the classification. PP&E and intangible assets are not depreciated or amortised 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. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "Dividends of the parent company payable on ordinary shares are only recognized as a liability in the period in which they are approved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "Costs incurred with respect to the issuance of equity instruments are recorded as a deduction in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "Non-controlling interest Non-controlling interests include a proportion of the fair value of identifiable assets and liabilities recognized upon acquisition of a subsidiary, together with the appropriate proportion of subsequent profits and losses. In the income statement, the minority share in the company\u2019s profit or loss is separated from the consolidated result of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a reliable estimate of the amount can be made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "Pensions and other post-employment benefits Group companies have various pension schemes in accordance with the local conditions and practices in the countries they operate in. 1. Defined benefit plansThe defined benefit plans are generally un-funded but fullyprovisioned for using the \u2018projected unit credit\u2019- method. Thisprovision represents the present value of the defined benefitobligation. The actuarial gains and losses are recognized inOther Comprehensive Income.2.Defined contribution plansThe Group pays contributions to publicly or privatelyadministered insurance plans. Since the Group is obliged tomake additional payments if the average return on theemployer\u2019s contribution and on the employees\u2019 contributionsis not attained, those plans should be treated as \u201cdefinedbenefit plans\u201d in accordance with IAS 19.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "Share based payment Stock option plans exist within the SIPEF group, giving beneficiaries the right to buy SIPEF shares at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value. The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "Revenue recognition The SIPEF group\u2019s core activity is the sale of goods. SIPEF group recognises revenue at the moment the control over the asset is transferred to the customer. The goods sold are transported by ship and recognized as revenue as soon as the goods are loaded onto the ship. Revenue recognition occurs at the moment when the goods are loaded onto the ship. Revenue is recorded at this point in time for all contracts within the SIPEF group. The payment terms depend on the delivery terms of the contract and can vary between prepayment, cash against documents and 45 days after handover of the bill of lading. Deliveries are at a fixed price. For each contract there is only one performance obligation which needs to be fulfilled: the delivery of the goods. The Group has no material incremental costs of obtaining a contract which would fulfil the capitalization criteria as defined by IFRS 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64-1": {
"value": "General and administrative expenses General and administrative expenses include expenses of the marketing and financial department and general management expenses.Cost of sales Cost of sales includes all costs associated with harvest, transformation and transport. Purchases are recognized net of cash discounts and other supplier discounts and allowances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "Income taxes Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognized in the income statement except to the extent that it relates to items recognized directly to equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax liabilities and assets are recognized for temporary differences between the carrying amount in the balance sheet and the tax bases of assets and liabilities and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are included in the consolidated accounts only to the extent that their realization is probable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "Deferred tax liabilities and assets are recognized for temporary differences between the carrying amount in the balance sheet and the tax bases of assets and liabilities and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. Deferred tax assets are included in the consolidated accounts only to the extent that their realization is probable in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "4. USE OF ACCOUNTING ESTIMATES ANDJUDGEMENTSThe preparation of the consolidated financial statements in conformity with IFRS requires the Group to use accounting estimates and judgements and make assumptions that may affect the reported amounts of assets and liabilities at the date of the balance sheets and reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Below, we present an update of the most important judgements applicable in the annual report. \u2022 Judging that land rights will not be amortized unless thereis an indication that the land title might not be renewed:The main areas in which estimates are used are: \u2022 Deferred tax assets\u2022 Impairment of assets (goodwill impairment)\u2022 Determination of the estimated costs related to the saleof PT Melania.The key estimates used in the calculation of deferred tax assets and impairment of assets (goodwill impairment) testing rely on making an estimate on commodity prices over a longer period. By nature, the commodity prices used in such estimates are volatile and will therefore in reality be different from the estimated amounts. There is no unique independent variable on which a relevant sensitivity can be done on the calculation of the deferred tax assets. We refer to note 8 for the goodwill impairment testing. The determination of the net selling price of PT Melania includes an estimate of the costs related to the sale as agreed in the Sale and purchase agreement (SPA). The main estimates made include: \u2022 The timing and the cost of renewing the permanentconcession rights (HGU)\u2022 The compensation for the accumulated social rights ofthe employed personnel, who will presumably be takenover almost entirely by Shamrock Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "5. GROUP COMPANIES / CONSOLIDATION SCOPE The ultimate parent of the Group, SIPEF NV, Schoten/Belgium, is the parent company of the following significant subsidiaries: Location % of control % of interest Consolidated companies (full consolidation) PT Tolan Tiga Indonesia Medan / Indonesia 95.00 95.00 PT Eastern Sumatra Indonesia Medan / Indonesia 95.00 90.25 PT Kerasaan Indonesia Medan / Indonesia 57.00 54.15 PT Bandar Sumatra Indonesia Medan / Indonesia 95.00 90.25 PT Mukomuko Agro Sejahtera Medan / Indonesia 95.00 85.74 PT Umbul Mas Wisesa Medan / Indonesia 95.00 95.00 PT Citra Sawit Mandiri Medan / Indonesia 95.00 95.00 PT Toton Usaha Mandiri Medan / Indonesia 95.00 95.00 PT Agro Rawas Ulu Medan / Indonesia 100.00 95.00 PT Agro Kati Lama Medan / Indonesia 100.00 95.00 PT Agro Muara Rupit Medan / Indonesia 100.00 100.00 Hargy Oil Palms Ltd Bialla / Papua N.G. 100.00 100.00 Plantations J. Eglin SA Azagui\u00e9 / C\u00f4te d'Ivoire 100.00 100.00 Jabelmalux SA Luxembourg / G.D. Luxemburg 100.00 100.00 Sipef Singapore Pte Ltd Singapore / Republic of Singapore 100.00 100.00 PT Agro Muko Medan / Indonesia 100.00 95.05 PT Dendymarker Indah Lestari Medan / Indonesia 100.00 95.05 Associates and joint ventures (equity method) Verdant Bioscience Pte Ltd Singapore / Republic of Singapore 38.00 38.00 PT Melania Indonesia Medan / Indonesia 55.00 52.25 PT Timbang Deli Indonesia Medan / Indonesia 38.00 36.10 Companies not included Horikiki Development Cy Ltd Honiara / Solomon Islands 90.80 90.80 The Group consists of Sipef NV and a total of 21 investees. Of these 21 investees, 17 are fully consolidated and 3 are accounted for under the equity method, while the other investee does not meet the criteria of significance. In accordance with the concept of materiality, companies which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. SIPEF has signed a sale and purchase agreement with Shamrock Group (SG) on the sale of 100% of the share capital of its Indonesian subsidiary, PT Melania. In a first phase, 40% was sold so that the SIPEF group now owns only 55% of the share capital. However, upon signing of the SPA, SIPEF has lost full control of PT Melania. Subsequently, PT Melania has been accounted for as a joint venture held for sale as from 30 April 2021. The assets and liabilities of PT Melania have been measured at fair value, equalling the net selling price of KUSD 23 353. As of 30 April 2021, the results of PT Melania are no longer included in the consolidated profit and loss of the SIPEF group as PT Melania is classified as a joint venture held for sale and therefore not included in note 24 \u2018investments in associates and joint ventures\u2019. There are no restrictions to realise assets and settle liabilities of subsidiaries. ",
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"s8_notes__6__70": {
"value": "6. EXCHANGE RATES As a result of a revised liquidity- and debt management as from the end of 2006 the functional currency in the majority of the subsidiaries has been changed to US dollar as from January 1, 2007. The following subsidiary has a different functional currency: Plantations J. Eglin SA euro (EUR) The exchange rates below have been used to convert the balance sheets and the results of these entities into US dollar (this is the currency in which the Group presents its results). Closing rate Average rate 2023 2022 2023 2022 EUR 0.9060 0.9393 0.9237 0.9533",
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"s8_notes__6__80": {
"value": "7. OPERATIONAL RESULT AND SEGMENT INFORMATION SIPEF's activities can be classified into segments based on the type of product. SIPEF has the following segments: \u2022 Palm: Includes all palm products, including palm oil, palm kernels and palm kernel oil, both in Indonesia and Papua New Guinea. \u2022 Rubber: Includes all different types of rubber produced in Indonesia and sold by the SIPEF group: - Ribbed Smoked Sheets (RSS) - Standard Indonesia Rubber (SIR) - Scraps and Lumps \u2022 Tea: Includes the cut, tear, curl (CTC) tea produced by PT Melania in Indonesia and which the SIPEF group buys and sells. \u2022 Bananas and horticulture: Includes all sales of bananas and horticulture originating from C\u00f4te d\u2019Ivoire. \u2022 Corporate: Mainly includes management fees received from non-group companies, commissions charged on sea freight and other commissions which are not covered by the sales contract. The overview of segments below is based on the SIPEF group\u2019s internal management reporting. The executive committee is the chief operating decision maker. The most important difference with IFRS consolidation is: \u2022 Instead of revenue the gross margin per segment is used as the starting point. In KUSD 2023 2022 Gross margin per product Palm 149 632 221 248 Rubber -5 861 -4 105 Tea 139 195 Bananas and horticulture 4 357 2 294 Corporate 1 405 1 397 Total gross margin 149 673 221 031 General and administrative expenses -46 204 -43 424 Other operating income/(expenses) 4 509 705 Financial income/(expenses) - 270 -2 503 Exchange differences 1 108 -3 251 Result before tax 108 817 172 557 Tax expense -31 128 -59 536 Effective tax rate -28.6% -34.5% Result after tax 77 689 113 021 Share of results of associated companies -1 335 - 566 Result for the period 76 354 112 455 Below we present the segment information per product and per geographical region in accordance with the IFRS profit and loss accounts. The segment result is revenue minus expense that is directly attributable to the segment and the relevant portion of income and expense that can be allocated on a reasonable basis to the segment.",
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"s8_notes__6__76": {
"value": "7. OPERATIONAL RESULT AND SEGMENT INFORMATION SIPEF's activities can be classified into segments based on the type of product. SIPEF has the following segments: \u2022 Palm: Includes all palm products, including palm oil, palm kernels and palm kernel oil, both in Indonesia and Papua New Guinea. \u2022 Rubber: Includes all different types of rubber produced in Indonesia and sold by the SIPEF group: - Ribbed Smoked Sheets (RSS) - Standard Indonesia Rubber (SIR) - Scraps and Lumps \u2022 Tea: Includes the cut, tear, curl (CTC) tea produced by PT Melania in Indonesia and which the SIPEF group buys and sells. \u2022 Bananas and horticulture: Includes all sales of bananas and horticulture originating from C\u00f4te d\u2019Ivoire. \u2022 Corporate: Mainly includes management fees received from non-group companies, commissions charged on sea freight and other commissions which are not covered by the sales contract. The overview of segments below is based on the SIPEF group\u2019s internal management reporting. The executive committee is the chief operating decision maker. The most important difference with IFRS consolidation is: \u2022 Instead of revenue the gross margin per segment is used as the starting point. In KUSD 2023 2022 Gross margin per product Palm 149 632 221 248 Rubber -5 861 -4 105 Tea 139 195 Bananas and horticulture 4 357 2 294 Corporate 1 405 1 397 Total gross margin 149 673 221 031 General and administrative expenses -46 204 -43 424 Other operating income/(expenses) 4 509 705 Financial income/(expenses) - 270 -2 503 Exchange differences 1 108 -3 251 Result before tax 108 817 172 557 Tax expense -31 128 -59 536 Effective tax rate -28.6% -34.5% Result after tax 77 689 113 021 Share of results of associated companies -1 335 - 566 Result for the period 76 354 112 455 Below we present the segment information per product and per geographical region in accordance with the IFRS profit and loss accounts. The segment result is revenue minus expense that is directly attributable to the segment and the relevant portion of income and expense that can be allocated on a reasonable basis to the segment. Gross profit by product Changes in the 2023 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 405 380 -253 962 -1 785 149 632 100.0 Rubber 1 487 -7 348 0 -5 861 -3.9 Tea 3 060 -2 921 0 139 0.1 Bananas and horticulture 32 555 -30 169 1 971 4 357 2.9 Corporate 1 405 0 0 1 405 0.9 Total 443 886 -294 400 186 149 673 100.0 Changes in the 2022 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 495 737 -274 646 157 221 248 100.1 Rubber 3 821 -7 926 0 -4 105 -1.9 Tea 4 286 -4 090 0 195 0.1 Bananas and horticulture 22 219 -21 536 1 611 2 294 1.0 Corporate 1 397 0 0 1 397 0.6 Total 527 460 -308 198 1 769 221 031 100.0The Group\u2019s total \u2018revenue\u2019 amounted to KUSD 443 886 as per 31 December 2023 and dropped by KUSD 83 574 or 15.8% against 31 December 2022. The palm segment\u2019s revenue in particular dropped (KUSD -90 357), mainly as a result of the greatly reduced unit selling price (-16.8%). In addition, the total tonnes of produced CPO have decreased by 3.2%. The 2023 ex-mill gate unit selling price was USD 739 per tonne for Indonesia (2022: USD 840 per tonne), USD 988 per tonne for Papua New Guinea (2022: USD 1 222 per tonne) and USD 830 per tonne for the Group (2022: USD 996 per tonne). Banana segment revenue expressed in euro, the functional currency, rose by 47.4% mainly due to an increase in the average unit selling price (+17.9%) and a rise in volumes produced and sold (+27.0%) due to the maturing of the new expansions in Lumen and Akoudi\u00e9. The total \u2018cost of sales\u2019 declined by KUSD 13 798 in 2023 in comparison with last year. The main reason for this decrease were: \u2022 Operating costs for the own plantations and mills decreased by KUSD 13 855 or 8.9%. This was mainly due to lower fertiliser costs and harvesting costs as a consequence of the smaller production volumes and the devaluation of the IDR against the USD which is beneficial for the estate operating costs. These decreases are offset by the further maturing of the South Sumatra plantations, resulting in an increase of total estate operating costs for the South Sumatra plantations by KUSD 5 417. \u2022 Third-party purchases of Fresh Fruit Bunches (FFB) from Hargy Oil Palms Ltd decreased by KUSD 18 701 or 37.8%, largely due to lower purchase prices of FFB, of which the price is related to CPO, and lower production volumes. \u2022 Finally, there was a negative impact on the total cost of sales 2023 of KUSD 1 916 following the lower closing stock as of 31 December 2023, due to smaller quantities and an overall lower market price of CPO and PKO. The \u2018changes in the fair value of biological assets\u2019 concerned the effects of valuing the hanging fruits at their fair value (IAS41R). Gross profit decreased from KUSD 221 031 at the end of 2022 to KUSD 149 673 at the end of 2023, a decrease of 32.3%. Palm segment\u2019s gross profit dropped by KUSD 71 616 to KUSD 149 632, mainly due to lower net ex-mill gate CPO prices. The average realised net ex-mill gate CPO price of USD 830 per tonne was 16.7% lower than that of USD 996 per tonne last year. The gross profit of the banana and horticulture activities rose from KUSD 2 294 to KUSD 4 357, as a consequence of an increase in selling prices and a rise in volumes produced resulting from the expansion of the new planted areas. Gross profit by geographical region Changes in 2023 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 225 360 -153 088 779 - 72872 322 48.3 Papua New Guinea 184 567 -111 143 0 -1 05672 367 48.4 C\u00f4te d\u2019Ivoire 32 555 -30 169 0 1 971 4 357 2.9 Europe 626 0 0 0 626 0.4 Total 443 107 -294 400 779 186 149 673 100.0 Changes in 2022 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 260 957 -161 780 968 128 100 272 45.4 Papua New Guinea 242 888 -124 880 0 29 118 036 53.4 C\u00f4te d\u2019Ivoire 22 219 -21 537 0 1 611 2 293 1.0 Europe 429 0 0 0 429 0.2 Total 526 492 -308 198 968 1 769 221 031 100.0 Total cost of sales can be split up in the following categories: 1. Estate charges \u2013 includes all charges relating to the field work to produce the base agricultural products (i.e. fresh fruit bunches,latex, bananas, horticulture);2. Processing charges \u2013 includes all charges relating to the processing of the base agricultural products to the finished agriculturalcommodities (i.e. palm oil, rubber, ...);3. FFB/CPO/latex purchases \u2013 includes all purchases from third parties (smallholders) or associates;4. Stock movement \u2013 includes the variance in stock;5. Changes in fair value \u2013 includes the changes in the fair value of the biological assets of palm oil and bananas;6. Sales charges \u2013 includes all direct costs attributable to the sales of the year (i.e. transport charges, palm oil export tax/levy, ...);7. General and administrative expenses \u2013 includes all costs related to the overall organisation (i.e. general management, financialdepartment, marketing, internal audit, sustainability, etc.).In KUSD 2023 2022 Estate charges 178 489 171 824 Processing charges 34 456 34 363 FFB/CPO/latex purchases 42 651 75 145 Stock movement finished products 2 535 -1 771Changes in fair value 186 1 769 Sales charges 35 895 25 098 Cost of sales 294 214 306 429 General and administrative expenses 46 204 43 424 Total cost of sales and general and administrative expenses 340 417 349 853Estate charges have increased compared to last year due to: \u2022 higher fertilizer cost in the first half of 2023;\u2022 higher local transporting costs in Hargy Oil Palms Ltd;\u2022 the additional mature hectares in the Musi Rawas region, whereby estate charges are now increasing annually;\u2022 the additional mature hectares in Plantations J. Eglin SA;\u2022 a general increase in costs due to inflation.The processing charges remained in line with last year despite the decrease in processed FFB. Purchases of FFB/CPO/Latex decreased by KUSD 32 494, mainly due to the decrease in purchases of FFB from third parties at Hargy Oil Palms Ltd (-8.6%), which decreased by KUSD 18 701 or 37.8%, largely due to lower purchase prices of FFB, the price of which is related to CPO. Stock levels were in line with prior year resulting in a minor stock movement. Sales charges have increased due to the higher transportation and freight prices on the world market in 2023 compared to 2022. Total depreciation amounts to KUSD 52 724. Most of the depreciation was included in the estate and processing charges (KUSD 48 092). In addition, a total of KUSD 4 349 of depreciation charges is recorded in the \u2018General and administrative expenses\u2019 and KUSD 284 in \u2018other operating income/(expenses)\u2019. 'General and administrative expenses' increased in comparison with last year, mainly as a result of the further deployment of Sipef Singapore Pte Ltd to centralise the internal IT services of the Group, the size increase in Plantations J. Eglin SA and general inflation. The increase is partially offset by a decrease in the provision for variable remuneration for staff and management. Revenue by location of the debtors In KUSD 2023 2022 Indonesia 228 348 246 604 Switzerland 152 279 91 059 United Kingdom 14 613 7 494 The Netherlands 12 884 133 570 Belgium 12 653 12 112 France 9 646 10 250 C\u00f4te d'Ivoire 4 875 3 538 Ireland 2 990 2 004 Spain 2 230 69 Afghanistan 985 992 United Arab. Emirates 697 494 China 513 1 388 Pakistan 393 693 Singapore 336 1 512 Germany 216 4 018 Malaysia 126 10 970 Other 101 99 United States 0 593 Total 443 886 527 460 The revenue of the Group is realised against a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For additional information, we refer to note 26 \u2013 financial instruments. Segment information \u2013 geographical information 2023 In KUSD Indonesia PNG C\u00f4te d'Ivoire Europe Singapore Total Intangible assets 0 0 0 138 0 138 Goodwill 104 782 0 0 0 0 104 782 Biological assets 246 770 79 182 705 0 0 326 656 Other property, plant & equipment 292 988 119 050 11 572 594 813 425 018 Investments in associates and joint ventures -1 426 0 0 0 3 123 1 697 Other financial assets 46 0 51 15 0 112 Receivables > 1 year 34 229 0 0 0 0 34 229 Deferred tax assets 12 691 0 910 1 613 0 15 214 Total non-current assets 690 081 198 232 13 238 2 360 3 937 907 847 % of total 76.01% 21.84% 1.46% 0.26% 0.43% 100.00% 2022 In KUSD Indonesia PNG C\u00f4te d'Ivoire Europe Singapore Total Intangible assets 0 0 0 226 0 226 Goodwill 104 782 0 0 0 0 104 782 Biological assets 236 406 79 844 464 0 0 316 714 Other property, plant & equipment 267 239 101 664 9 723 503 801 379 931 Investments in associates - 769 0 0 0 3 801 3 032 Other financial assets 46 0 37 15 0 98 Receivables > 1 year 28 287 0 0 0 0 28 287 Deferred tax assets 11 762 0 558 1 776 0 14 097 Total non-current assets 647 753 181 508 10 783 2 521 4 603 847 168 % of total 76.46% 21.43% 1.27% 0.30% 0.54% 100.00% The assets of Indonesia relate almost entirely to the palm segment. The assets of PNG relate 100% to the palm segment. The assets of C\u00f4te d\u2019Ivoire relate 100% to the bananas and horticulture segment. The assets of Singapore relate primarily to Verdant Bioscience Pte Ltd conducting research into and developing high-yielding seeds. The assets of Europe do not relate specifically to one product segment.",
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"s8_notes__6__71": {
"value": "SIPEF's activities can be classified into segments based on the type of product. SIPEF has the following segments: \u2022 Palm: Includes all palm products, including palm oil, palm kernels and palm kernel oil, both in Indonesia and Papua New Guinea. \u2022 Rubber: Includes all different types of rubber produced in Indonesia and sold by the SIPEF group: - Ribbed Smoked Sheets (RSS) - Standard Indonesia Rubber (SIR) - Scraps and Lumps \u2022 Tea: Includes the cut, tear, curl (CTC) tea produced by PT Melania in Indonesia and which the SIPEF group buys and sells. \u2022 Bananas and horticulture: Includes all sales of bananas and horticulture originating from C\u00f4te d\u2019Ivoire. \u2022 Corporate: Mainly includes management fees received from non-group companies, commissions charged on sea freight and other commissions which are not covered by the sales contract.",
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"s8_notes__6__72-1": {
"value": "The total \u2018cost of sales\u2019 declined by KUSD 13 798 in 2023 in comparison with last year. The main reason for this decrease were: \u2022 Operating costs for the own plantations and mills decreased by KUSD 13 855 or 8.9%. This was mainly due to lower fertiliser costs and harvesting costs as a consequence of the smaller production volumes and the devaluation of the IDR against the USD which is beneficial for the estate operating costs. These decreases are offset by the further maturing of the South Sumatra plantations, resulting in an increase of total estate operating costs for the South Sumatra plantations by KUSD 5 417. \u2022 Third-party purchases of Fresh Fruit Bunches (FFB) from Hargy Oil Palms Ltd decreased by KUSD 18 701 or 37.8%, largely due to lower purchase prices of FFB, of which the price is related to CPO, and lower production volumes. \u2022 Finally, there was a negative impact on the total cost of sales 2023 of KUSD 1 916 following the lower closing stock as of 31 December 2023, due to smaller quantities and an overall lower market price of CPO and PKO.Total cost of sales can be split up in the following categories: 1. Estate charges \u2013 includes all charges relating to the field work to produce the base agricultural products (i.e. fresh fruit bunches,latex, bananas, horticulture);2. Processing charges \u2013 includes all charges relating to the processing of the base agricultural products to the finished agriculturalcommodities (i.e. palm oil, rubber, ...);3. FFB/CPO/latex purchases \u2013 includes all purchases from third parties (smallholders) or associates;4. Stock movement \u2013 includes the variance in stock;5. Changes in fair value \u2013 includes the changes in the fair value of the biological assets of palm oil and bananas;6. Sales charges \u2013 includes all direct costs attributable to the sales of the year (i.e. transport charges, palm oil export tax/levy, ...);7. General and administrative expenses \u2013 includes all costs related to the overall organisation (i.e. general management, financialdepartment, marketing, internal audit, sustainability, etc.).Gross profit by product Changes in the 2023 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 405 380 -253 962 -1 785 149 632 100.0 Rubber 1 487 -7 348 0 -5 861 -3.9 Tea 3 060 -2 921 0 139 0.1 Bananas and horticulture 32 555 -30 169 1 971 4 357 2.9 Corporate 1 405 0 0 1 405 0.9 Total 443 886 -294 400 186 149 673 100.0 Changes in the 2022 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 495 737 -274 646 157 221 248 100.1 Rubber 3 821 -7 926 0 -4 105 -1.9 Tea 4 286 -4 090 0 195 0.1 Bananas and horticulture 22 219 -21 536 1 611 2 294 1.0 Corporate 1 397 0 0 1 397 0.6 Total 527 460 -308 198 1 769 221 031 100.0Gross profit by geographical region Changes in 2023 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 225 360 -153 088 779 - 72872 322 48.3 Papua New Guinea 184 567 -111 143 0 -1 05672 367 48.4 C\u00f4te d\u2019Ivoire 32 555 -30 169 0 1 971 4 357 2.9 Europe 626 0 0 0 626 0.4 Total 443 107 -294 400 779 186 149 673 100.0 Changes in 2022 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 260 957 -161 780 968 128 100 272 45.4 Papua New Guinea 242 888 -124 880 0 29 118 036 53.4 C\u00f4te d\u2019Ivoire 22 219 -21 537 0 1 611 2 293 1.0 Europe 429 0 0 0 429 0.2 Total 526 492 -308 198 968 1 769 221 031 100.0 In KUSD 2023 2022 Estate charges 178 489 171 824 Processing charges 34 456 34 363 FFB/CPO/latex purchases 42 651 75 145 Stock movement finished products 2 535 -1 771Changes in fair value 186 1 769 Sales charges 35 895 25 098 Cost of sales 294 214 306 429 General and administrative expenses 46 204 43 424 Total cost of sales and general and administrative expenses 340 417 349 853",
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"value": "Total depreciation amounts to KUSD 52 724. Most of the depreciation was included in the estate and processing charges (KUSD 48 092). In addition, a total of KUSD 4 349 of depreciation charges is recorded in the \u2018General and administrative expenses\u2019 and KUSD 284 in \u2018other operating income/(expenses)\u2019.8. GOODWILL AND OTHER INTANGIBLE ASSETS 2023 2022 Intangible Intangible In KUSD Goodwill Goodwill assets assets Gross carrying amount at January 1 104 782 767 104 782 767 Acquisitions 0 9 0 0 Sales and disposals 0 - 39 0 0 Transfers 0 0 0 0 Translation differences 0 0 0 0 Gross carrying amount at December 31 104 782 737 104 782 767 Accumulated amortization and impairment losses at January 1 0 - 541 0 - 419 Depreciations 0 - 97 0 - 122 Sales and disposals 0 39 0 0 Transfers 0 0 0 0 Remeasurement 0 0 0 0 Accumulated amortization and impairment losses at December 31 0 - 599 0 - 541 Net carrying amount January 1 104 782 226 104 782 348 Net carrying amount December 31 104 782 138 104 782 226 Goodwill impairment analysis Goodwill is the positive difference between the acquisition price of a subsidiary, associated company or joint venture and the share9. BIOLOGICAL ASSETS \u2013 BEARER PLANTS Movement schedule biological assets - bearer plants The balance sheet movements in biological assets \u2013 bearer plants can be summarized as follows: In KUSD 2023 2022 Gross carrying amount at January 1 439 851 416 487 Change in consolidation scope 0 0 Acquisitions 32 556 29 429 Sales and disposals - 9 897 - 6 145 Transfers - 1 923 161 Translation differences 70 - 82 Gross carrying amount at December 31 460 656 439 851 Accumulated depreciation and impairment losses at January 1 - 123 136 - 109 116 Change in consolidation scope 0 0 Depreciation - 21 382 - 19 228 Sales and disposals 10 566 5 140 Transfers 0 0 Translation differences - 48 68 Accumulated depreciation and impairment losses at December 31 - 134 000 - 123 136 Net carrying amount January 1 316 715 307 371 Net carrying amount December 31 326 656 316 71510. OTHER PROPERTY, PLANT AND EQUIPMENT 2023 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Acquisitions 11 656 13 102 14 785 4 092 334 16 954 13 497 74 421 Sales and disposals - 1 270 - 7 311 - 6 538 - 2 490 0 - 3 002 0 - 20 610 Transfers 5 050 1 417 525 447 0 - 5 509 - 7 1 923 Other 376 19 212 230 0 0 2 047 2 884 Translation differences 585 144 91 48 0 73 8 948 Gross carrying amount at December 31 236 759 207 245 83 316 38 396 4 707 16 250 154 689 741 362 Accumulated depreciation and impairment losses at January 1 - 88 987 - 126 587 - 57 384 - 24 479 - 1 588 0 - 2 841 - 301 866 Depreciation - 10 136 - 11 758 - 6 053 - 2 720 - 571 0 - 7 - 31 245 Sales and disposals 1 030 7 432 6 484 2 464 0 0 0 17 411 Transfers 0 0 0 0 0 0 0 0 Other - 19 - 10 - 46 - 7 0 0 0 - 83 Translation differences - 366 - 93 - 60 - 35 0 0 - 7 - 562 Accumulated depreciation and impairment losses at December 31 - 98 479 - 131 016 - 57 059 - 24 778 - 2 158 0 - 2 855 - 316 345 Net carrying amount January 1 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 930 Net carrying amount December 31 138 280 76 229 26 258 13 618 2 549 16 250 151 834 425 018 The total of the investments in tangible assets (KUSD 74 421) relates to the usual replacement investments in the existing operations and in the new developments in South Sumatra (KUSD 40 114). In addition, to the further expansion of the planted areas and the associated infrastructure such as houses and roads, investments are being made in South Sumatra in particular in the construction of the Agro Muara Rupit mill (KUSD 13 630 up to December 2023) with a processing capacity, in the first phase, of 45 tonnes of FFB per hour. The remaining assets in progress mainly relate to the continued investments in the immature areas, which will be transferred to the bearer plants upon their coming to maturity. 2022 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 200 834 187 855 72 622 34 867 3 551 12 794 131 411 643 933 Acquisitions 12 947 10 912 7 451 1 260 822 8 730 7 744 49 864 Sales and disposals - 1 521- 2 470 - 6 112- 158 0 - 338 0 - 10 598Transfers 8 782 3 730 405 160 0 - 13 238 0 - 161Other - 10 13 0 0 0 0 0 3 Translation differences - 670- 167- 126- 57 0 - 213- 13- 1 247Gross carrying amount at December 31 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Accumulated depreciation and impairment losses at January 1 - 81 651- 118 542 - 57 856- 22 192- 963 0 - 2 834 - 284 038Depreciation - 8 858- 10 906 - 5 690- 2 493- 624 0 - 19- 28 590Sales and disposals 981 2 713 6 077 153 0 0 - 1 9 923 Transfers 0 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Translation differences 541 149 85 53 0 0 13 840 Accumulated depreciation and impairment losses at December 31 - 88 987- 126 587 - 57 384- 24 479 - 1 588 0 - 2 841 - 301 866Net carrying amount January 1 119 183 69 313 14 766 12 675 2 588 12 794 128 577 359 896 Net carrying amount December 31 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 931 Below is a table with the proprietary rights on which the plantations of the SIPEF group are established: Hectares Type Maturity Crop PT Tolan Tiga Indonesia 6 042 Concession 2023* Oil palm PT Tolan Tiga Indonesia 2 437 Concession 2024 Oil palm PT Eastern Sumatra Indonesia 3 200 Concession 2023* Oil palm PT Kerasaan Indonesia 2 380 Concession 2023* Oil palm PT Bandar Sumatra Indonesia 1 189 Concession 2024 Rubber and oil palm PT Melania Indonesia 5 140 Concession 2023* Rubber and Tea PT Toton Usaha Mandiri 1 199 Concession 2046 Oil palm PT Agro Muko 2 256 Concession 2044 Oil palm PT Agro Muko 2 423 Concession 2045 Oil palm PT Agro Muko 315 Concession 2031 Oil palm PT Agro Muko 1 410 Concession 2028 Oil palm PT Agro Muko 2 903 Concession 2028 Oil palm PT Agro Muko 7 437 Concession 2044 Oil palm PT Agro Muko 2 171 Concession 2047 Oil palm PT Agro Muko 1 515 Concession 2022* Oil palm PT Agro Muko 2 100 Concession 2047 Rubber PT Agro Muko 232 Concession 2056 Oil palm PT Umbul Mas Wisea 4 397 Concession 2048 Oil palm PT Umbul Mas Wisea 2 071 Concession 2048 Oil palm PT Umbul Mas Wisea 679 Concession 2049 Oil palm PT Umbul Mas Wisea 462 Concession 2049 Oil palm PT Umbul Mas Wisea 155 Concession 2049 Oil palm PT Dendymarker Indah Lestari 13 705 Concession 2028 Oil palm PT Mukomuko Agro Sejahtera 1 705 Concession 2053 Oil palm PT Mukomuko Agro Sejahtera (STGE) 385 Concession 2024 Oil palm PT Mukomuko Agro Sejahtera (BKDE) 1 513 Concession 2057 Oil palm PT Timbang Deli Indonesia 972 Concession 2023* Rubber and oil palm Hargy Oil Palms Limited 128 Concession 2075 Oil palm Hargy Oil Palms Limited 2 967 Concession 2076 Oil palm Hargy Oil Palms Limited 34 Concession 2077 Oil palm Hargy Oil Palms Limited 7 Concession 2079 Oil palm Hargy Oil Palms Limited 6 460 Concession 2082 Oil palm Hargy Oil Palms Limited 2 900 Concession 2101 Oil palm Hargy Oil Palms Limited 170 Concession 2102 Oil palm Hargy Oil Palms Limited 694 Concession 2106 Oil palm Hargy Oil Palms Limited 1 Concession 2110 Oil palm Hargy Oil Palms Limited 18 Concession 2113 Oil palm Hargy Oil Palms Limited 246 Concession 2117 Oil palm Plantations J. Eglin SA 1 021 Freehold n/a Bananas and horticulture Plantations J. Eglin SA 743 Provisional concession n/a Bananas and horticulture Plantations J. Eglin SA 817 Provisional concession n/a Bananas and horticulture Total 86 598 PT Citra Sawit Mandiri 1 814 In negotiation - Oil palm PT Agro Rawas Ulu 5 712 In negotiation - Oil palm PT Agro Kati Lama 7 568 In negotiation - Oil palm PT Agro Kati Lama 3 091 In negotiation - Oil palm PT Agro Muara Rupit 4 811 In negotiation - Oil palm PT Agro Muara Rupit 7 498 In negotiation - Oil palm PT Agro Muara Rupit 1 303 In negotiation - Oil palm PT Agro Muara Rupit 4 201 In negotiation - Oil palm PT Mukomuko Agro Sejahtera 385 In negotiation - Oil palm Total 36 383 * All documentation for the renewal of the land rights which matured in 2022 and 2023 has been delivered in time to the relevant authorities. The authorities are in the process of reviewing and approving. There is no indication that these land rights will not be renewed. In addition, our subsidiary Hargy Oil Palms Ltd has a total of 7 289 hectares of surveyed area (of which 4 095 hectares planted) on subleased land, with renewal dates between 2036 and 2046.",
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"s8_notes__6__78": {
"value": "General and administrative expenses\u2019 and KUSD 284 in \u2018other operating income/(expenses)\u2019. 'General and administrative expenses' increased in comparison with last year, mainly as a result of the further deployment of Sipef Singapore Pte Ltd to centralise the internal IT services of the Group, the size increase in Plantations J. Eglin SA and general inflation. The increase is partially offset by a decrease in the provision for variable remuneration for staff and management.",
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"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81-1": {
"value": "Revenue by location of the debtors In KUSD 2023 2022 Indonesia 228 348 246 604 Switzerland 152 279 91 059 United Kingdom 14 613 7 494 The Netherlands 12 884 133 570 Belgium 12 653 12 112 France 9 646 10 250 C\u00f4te d'Ivoire 4 875 3 538 Ireland 2 990 2 004 Spain 2 230 69 Afghanistan 985 992 United Arab. Emirates 697 494 China 513 1 388 Pakistan 393 693 Singapore 336 1 512 Germany 216 4 018 Malaysia 126 10 970 Other 101 99 United States 0 593 Total 443 886 527 460 The revenue of the Group is realised against a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For additional information, we refer to note 26 \u2013 financial instrumentsGross profit by geographical region Changes in 2023 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 225 360 -153 088 779 - 72872 322 48.3 Papua New Guinea 184 567 -111 143 0 -1 05672 367 48.4 C\u00f4te d\u2019Ivoire 32 555 -30 169 0 1 971 4 357 2.9 Europe 626 0 0 0 626 0.4 Total 443 107 -294 400 779 186 149 673 100.0 Changes in 2022 \u2013 KUSD Revenue Cost of sales Other income Gross profit % of total the fair value Indonesia 260 957 -161 780 968 128 100 272 45.4 Papua New Guinea 242 888 -124 880 0 29 118 036 53.4 C\u00f4te d\u2019Ivoire 22 219 -21 537 0 1 611 2 293 1.0 Europe 429 0 0 0 429 0.2 Total 526 492 -308 198 968 1 769 221 031 100.0 Total cost of sales can be split up in the following categories: 1. Estate charges \u2013 includes all charges relating to the field work to produce the base agricultural products (i.e. fresh fruit bunches,latex, bananas, horticulture);2. Processing charges \u2013 includes all charges relating to the processing of the base agricultural products to the finished agriculturalcommodities (i.e. palm oil, rubber, ...);3. FFB/CPO/latex purchases \u2013 includes all purchases from third parties (smallholders) or associates;4. Stock movement \u2013 includes the variance in stock;5. Changes in fair value \u2013 includes the changes in the fair value of the biological assets of palm oil and bananas;6. Sales charges \u2013 includes all direct costs attributable to the sales of the year (i.e. transport charges, palm oil export tax/levy, ...);7. General and administrative expenses \u2013 includes all costs related to the overall organisation (i.e. general management, financialdepartment, marketing, internal audit, sustainability, etc.).In KUSD 2023 2022 Estate charges 178 489 171 824 Processing charges 34 456 34 363 FFB/CPO/latex purchases 42 651 75 145 Stock movement finished products 2 535 -1 771Changes in fair value 186 1 769 Sales charges 35 895 25 098 Cost of sales 294 214 306 429 General and administrative expenses 46 204 43 424 Total cost of sales and general and administrative expenses 340 417 349 853Gross profit by product Changes in the 2023 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 405 380 -253 962 -1 785 149 632 100.0 Rubber 1 487 -7 348 0 -5 861 -3.9 Tea 3 060 -2 921 0 139 0.1 Bananas and horticulture 32 555 -30 169 1 971 4 357 2.9 Corporate 1 405 0 0 1 405 0.9 Total 443 886 -294 400 186 149 673 100.0 Changes in the 2022 \u2013 KUSD Revenue Cost of sales Gross profit % of total fair value Palm 495 737 -274 646 157 221 248 100.1 Rubber 3 821 -7 926 0 -4 105 -1.9 Tea 4 286 -4 090 0 195 0.1 Bananas and horticulture 22 219 -21 536 1 611 2 294 1.0 Corporate 1 397 0 0 1 397 0.6 Total 527 460 -308 198 1 769 221 031 100.0The Group\u2019s total \u2018revenue\u2019 amounted to KUSD 443 886 as per 31 December 2023 and dropped by KUSD 83 574 or 15.8% against 31 December 2022. The palm segment\u2019s revenue in particular dropped (KUSD -90 357), mainly as a result of the greatly reduced unit selling price (-16.8%). In addition, the total tonnes of produced CPO have decreased by 3.2%. The 2023 ex-mill gate unit selling price was USD 739 per tonne for Indonesia (2022: USD 840 per tonne), USD 988 per tonne for Papua New Guinea (2022: USD 1 222 per tonne) and USD 830 per tonne for the Group (2022: USD 996 per tonne). Banana segment revenue expressed in euro, the functional currency, rose by 47.4% mainly due to an increase in the average unit selling price (+17.9%) and a rise in volumes produced and sold (+27.0%) due to the maturing of the new expansions in Lumen and Akoudi\u00e9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "8. GOODWILL AND OTHER INTANGIBLE ASSETS 2023 2022 Intangible Intangible In KUSD Goodwill Goodwill assets assets Gross carrying amount at January 1 104 782 767 104 782 767 Acquisitions 0 9 0 0 Sales and disposals 0 - 39 0 0 Transfers 0 0 0 0 Translation differences 0 0 0 0 Gross carrying amount at December 31 104 782 737 104 782 767 Accumulated amortization and impairment losses at January 1 0 - 541 0 - 419 Depreciations 0 - 97 0 - 122 Sales and disposals 0 39 0 0 Transfers 0 0 0 0 Remeasurement 0 0 0 0 Accumulated amortization and impairment losses at December 31 0 - 599 0 - 541 Net carrying amount January 1 104 782 226 104 782 348 Net carrying amount December 31 104 782 138 104 782 226 Goodwill impairment analysis Goodwill is the positive difference between the acquisition price of a subsidiary, associated company or joint venture and the share of the Group in the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Under standard IFRS 3 \u2013 Business Combinations, goodwill is not amortized, but rather tested for impairment. Goodwill and intangible fixed assets are tested annually by management to see whether they have been exposed to impairment in accordance with the accounting policies in note 3 (regardless of whether there are indications of impairment). To be able to assess the necessity of an impairment, the goodwill is allocated to a cash-generating unit. A cash-generating unit is the smallest identifiable group that generates cash that is to a large degree independent of the inflow of cash from other assets or groups of assets. This cash-generating unit is analysed on each balance sheet date to determine whether the carrying value of the goodwill can be fully recovered. If the realizable value of the cash-generating unit is lower in the long term than the carrying value, an impairment is recognized on the income statement in the amount of this difference. In the SIPEF model, the cash-generating unit is compared with the total underlying asset related to the palm oil segment as of 31 December 2023. This consists of the following items: Assets (in KUSD)* 2023 Biological assets \u2013 bearer plants 325 952 Other fixed assets 413 445 Goodwill 104 782 Current assets \u2013 current liabilities 16 299 Total 860 478 * Assets include only the entities with palm oil activities The SIPEF group has defined the \u201ccash-generating unit\u201d as the operational palm oil segment. It consists of all cash flows from the palm oil activities of all plantations in Indonesia and Papua New Guinea. The cash flows from the sale of rubber, tea and bananas are not included here, as the goodwill has been allocated exclusively to the whole of the palm oil segment. The recoverable value of the cash-generating units to which goodwill is allocated was determined by means of a calculation using a discounted cash flow model. The starting point is the operational plans of the Group, which look a decade ahead (to 2033) and have been approved by the board of directors. In this model, the macro-economic parameters, such as palm oil price and inflation, are deemed constant for each year. The constant palm oil price used in the model (USD 820/tonne) is management's best estimate of the long-term palm oil price expressed as CIF Rotterdam. The negative impact of the altered export tax and export levy schemes in Indonesia have been included in the future cash flows as well as the impact of the eruption of \u2018Mount Ulawun\u2019 in November 2023. The average palm oil price used in the goodwill impairment amounts to USD 820/tonne, whereas the spot price per 31 December 2023 amounted to USD 940/tonne. In the model, the growth of sales is the same as the normal improvement of the production volumes due to the maturity of the palm trees of the various subsidiaries. Any improvement in the future EBITDA margins in the model is a normal consequence of the same improvement in production volumes. The current model was established with a weighted average cost of capital (after tax) of 10.31% and utilises the local tax rates of 22%-30%, depending on the countries in the which the cash flows are generated. The terminal value in the discounted cash flow model is based on perpetual growth of 2% in accordance with the Gordon growth model. In the model, we use a sensitivity analysis for various palm oil prices and various weighted average costs of capital (WACC): Palm oil price (CIF Rotterdam) Scenario 1 USD 770/tonne CIF Rotterdam Scenario 2 (base case) USD 820/tonne CIF Rotterdam Scenario 3 USD 870/tonne CIF Rotterdam WACC Scenario 1 9.31% Scenario 2 (base case) 10.31% Scenario 3 11.31% Summary assumptions of 2023: PO / WACC 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 820/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 870/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 Summary assumptions of 2022: PO / WACC 10.56% 11.56% 12.56% USD 750/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 800/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 850/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 The decrease of the WACC compared to previous year is primarily due to a decrease in country risk premiums (CRP). For the sensitivity analysis, the price is increased and decreased by USD 50/tonne. The WACC is increased and decreased with one percent. A sensitivity matrix is shown below for the total discounted cash flow for various palm oil prices and various weighted average costs of capital (WACC). Sensitivity matrix per 31 December 2023 WACC/PO price (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam 765 876 663 372 582 922 USD 820/tonne CIF Rotterdam 1 016 097 882 175 777 073 USD 870/tonne CIF Rotterdam 1 214 783 1 055 965 931 322 Value of underlying assets* 860 478 860 478 860 478 * Concerns the underlying assets related to the palm oil segmentThe headroom is the difference between the total discounted cash flows and the value of the underlying asset: Headroom (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam - 94 602 - 197 106 - 277 555USD 820/tonne CIF Rotterdam 155 619 21 697 - 83 405USD 870/tonne CIF Rotterdam 354 305 195 488 70 845 Green = base scenario We also calculate the breakeven palm oil price based on the various WACCs. Breakeven price 9.31% 10.31% 11.31% USD/tonne 789 $/tonne 815 $/tonne 852 $/tonne Management is of the opinion that the assumptions used in the calculation of the value in use as described above give the best estimates of future development. The sensitivity analysis shows that goodwill is in most of the cases fully recoverable. As a result, management is of the opinion that there is no indication of any impairment. Future sales prices continue to be difficult to predict over a long period of time and will be continuously monitored in the future. Eruption of \u2018Mount Ulawun\u2019 volcano Volcano \u2018Mount Ulawun\u2019 erupted near Hargy Oil Palms Ltd in Papua New Guinea on November 20, 2023. No injuries or deaths were reported, but surrounding communities were evacuated and one palm oil extraction mill was temporarily closed. The main damage was caused by the ash rain that destroyed the palm fronds of the mature trees in the affected area to a greater or lesser extent. This has limited the production potential of these palms in the coming period. For 2024, Hargy Oil Palms\u2019 budgeted own volumes of palm products would fall by a maximum of 20%, or by about 18 500 tonnes of palm oil and 1 500 tonnes of palm kernel oil. Based on the same 20% decrease for fruits purchased from third parties and at current selling prices, the total financial impact on 2024 profit, after tax, would be a decrease of maximum USD 14.7 million. By analogy with the previous volcanic eruption, the negative impact on production would be fully absorbed after 2.5 to 3 years. However, SIPEF hopes to shorten this period thanks to its accumulated experience. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__85": {
"value": "8. GOODWILL AND OTHER INTANGIBLE ASSETS 2023 2022 Intangible Intangible In KUSD Goodwill Goodwill assets assets Gross carrying amount at January 1 104 782 767 104 782 767 Acquisitions 0 9 0 0 Sales and disposals 0 - 39 0 0 Transfers 0 0 0 0 Translation differences 0 0 0 0 Gross carrying amount at December 31 104 782 737 104 782 767 Accumulated amortization and impairment losses at January 1 0 - 541 0 - 419 Depreciations 0 - 97 0 - 122 Sales and disposals 0 39 0 0 Transfers 0 0 0 0 Remeasurement 0 0 0 0 Accumulated amortization and impairment losses at December 31 0 - 599 0 - 541 Net carrying amount January 1 104 782 226 104 782 348 Net carrying amount December 31 104 782 138 104 782 226 Goodwill impairment analysis Goodwill is the positive difference between the acquisition price of a subsidiary, associated company or joint venture and the share of the Group in the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Under standard IFRS 3 \u2013 Business Combinations, goodwill is not amortized, but rather tested for impairment. Goodwill and intangible fixed assets are tested annually by management to see whether they have been exposed to impairment in accordance with the accounting policies in note 3 (regardless of whether there are indications of impairment). To be able to assess the necessity of an impairment, the goodwill is allocated to a cash-generating unit. A cash-generating unit is the smallest identifiable group that generates cash that is to a large degree independent of the inflow of cash from other assets or groups of assets. This cash-generating unit is analysed on each balance sheet date to determine whether the carrying value of the goodwill can be fully recovered. If the realizable value of the cash-generating unit is lower in the long term than the carrying value, an impairment is recognized on the income statement in the amount of this difference. In the SIPEF model, the cash-generating unit is compared with the total underlying asset related to the palm oil segment as of 31 December 2023. This consists of the following items: Assets (in KUSD)* 2023 Biological assets \u2013 bearer plants 325 952 Other fixed assets 413 445 Goodwill 104 782 Current assets \u2013 current liabilities 16 299 Total 860 478 * Assets include only the entities with palm oil activities The SIPEF group has defined the \u201ccash-generating unit\u201d as the operational palm oil segment. It consists of all cash flows from the palm oil activities of all plantations in Indonesia and Papua New Guinea. The cash flows from the sale of rubber, tea and bananas are not included here, as the goodwill has been allocated exclusively to the whole of the palm oil segment. The recoverable value of the cash-generating units to which goodwill is allocated was determined by means of a calculation using a discounted cash flow model. The starting point is the operational plans of the Group, which look a decade ahead (to 2033) and have been approved by the board of directors. In this model, the macro-economic parameters, such as palm oil price and inflation, are deemed constant for each year. The constant palm oil price used in the model (USD 820/tonne) is management's best estimate of the long-term palm oil price expressed as CIF Rotterdam. The negative impact of the altered export tax and export levy schemes in Indonesia have been included in the future cash flows as well as the impact of the eruption of \u2018Mount Ulawun\u2019 in November 2023. The average palm oil price used in the goodwill impairment amounts to USD 820/tonne, whereas the spot price per 31 December 2023 amounted to USD 940/tonne. In the model, the growth of sales is the same as the normal improvement of the production volumes due to the maturity of the palm trees of the various subsidiaries. Any improvement in the future EBITDA margins in the model is a normal consequence of the same improvement in production volumes. The current model was established with a weighted average cost of capital (after tax) of 10.31% and utilises the local tax rates of 22%-30%, depending on the countries in the which the cash flows are generated. The terminal value in the discounted cash flow model is based on perpetual growth of 2% in accordance with the Gordon growth model. In the model, we use a sensitivity analysis for various palm oil prices and various weighted average costs of capital (WACC): Palm oil price (CIF Rotterdam) Scenario 1 USD 770/tonne CIF Rotterdam Scenario 2 (base case) USD 820/tonne CIF Rotterdam Scenario 3 USD 870/tonne CIF Rotterdam WACC Scenario 1 9.31% Scenario 2 (base case) 10.31% Scenario 3 11.31% Summary assumptions of 2023: PO / WACC 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 820/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 870/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 Summary assumptions of 2022: PO / WACC 10.56% 11.56% 12.56% USD 750/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 800/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 850/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 The decrease of the WACC compared to previous year is primarily due to a decrease in country risk premiums (CRP). For the sensitivity analysis, the price is increased and decreased by USD 50/tonne. The WACC is increased and decreased with one percent. A sensitivity matrix is shown below for the total discounted cash flow for various palm oil prices and various weighted average costs of capital (WACC). Sensitivity matrix per 31 December 2023 WACC/PO price (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam 765 876 663 372 582 922 USD 820/tonne CIF Rotterdam 1 016 097 882 175 777 073 USD 870/tonne CIF Rotterdam 1 214 783 1 055 965 931 322 Value of underlying assets* 860 478 860 478 860 478 * Concerns the underlying assets related to the palm oil segmentThe headroom is the difference between the total discounted cash flows and the value of the underlying asset: Headroom (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam - 94 602 - 197 106 - 277 555USD 820/tonne CIF Rotterdam 155 619 21 697 - 83 405USD 870/tonne CIF Rotterdam 354 305 195 488 70 845 Green = base scenario We also calculate the breakeven palm oil price based on the various WACCs. Breakeven price 9.31% 10.31% 11.31% USD/tonne 789 $/tonne 815 $/tonne 852 $/tonne Management is of the opinion that the assumptions used in the calculation of the value in use as described above give the best estimates of future development. The sensitivity analysis shows that goodwill is in most of the cases fully recoverable. As a result, management is of the opinion that there is no indication of any impairment. Future sales prices continue to be difficult to predict over a long period of time and will be continuously monitored in the future. Eruption of \u2018Mount Ulawun\u2019 volcano Volcano \u2018Mount Ulawun\u2019 erupted near Hargy Oil Palms Ltd in Papua New Guinea on November 20, 2023. No injuries or deaths were reported, but surrounding communities were evacuated and one palm oil extraction mill was temporarily closed. The main damage was caused by the ash rain that destroyed the palm fronds of the mature trees in the affected area to a greater or lesser extent. This has limited the production potential of these palms in the coming period. For 2024, Hargy Oil Palms\u2019 budgeted own volumes of palm products would fall by a maximum of 20%, or by about 18 500 tonnes of palm oil and 1 500 tonnes of palm kernel oil. Based on the same 20% decrease for fruits purchased from third parties and at current selling prices, the total financial impact on 2024 profit, after tax, would be a decrease of maximum USD 14.7 million. By analogy with the previous volcanic eruption, the negative impact on production would be fully absorbed after 2.5 to 3 years. However, SIPEF hopes to shorten this period thanks to its accumulated experience. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__79": {
"value": "8. GOODWILL AND OTHER INTANGIBLE ASSETS 2023 2022 Intangible Intangible In KUSD Goodwill Goodwill assets assets Gross carrying amount at January 1 104 782 767 104 782 767 Acquisitions 0 9 0 0 Sales and disposals 0 - 39 0 0 Transfers 0 0 0 0 Translation differences 0 0 0 0 Gross carrying amount at December 31 104 782 737 104 782 767 Accumulated amortization and impairment losses at January 1 0 - 541 0 - 419 Depreciations 0 - 97 0 - 122 Sales and disposals 0 39 0 0 Transfers 0 0 0 0 Remeasurement 0 0 0 0 Accumulated amortization and impairment losses at December 31 0 - 599 0 - 541 Net carrying amount January 1 104 782 226 104 782 348 Net carrying amount December 31 104 782 138 104 782 226 Goodwill impairment analysis Goodwill is the positive difference between the acquisition price of a subsidiary, associated company or joint venture and the share of the Group in the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Under standard IFRS 3 \u2013 Business Combinations, goodwill is not amortized, but rather tested for impairment. Goodwill and intangible fixed assets are tested annually by management to see whether they have been exposed to impairment in accordance with the accounting policies in note 3 (regardless of whether there are indications of impairment). To be able to assess the necessity of an impairment, the goodwill is allocated to a cash-generating unit. A cash-generating unit is the smallest identifiable group that generates cash that is to a large degree independent of the inflow of cash from other assets or groups of assets. This cash-generating unit is analysed on each balance sheet date to determine whether the carrying value of the goodwill can be fully recovered. If the realizable value of the cash-generating unit is lower in the long term than the carrying value, an impairment is recognized on the income statement in the amount of this difference. In the SIPEF model, the cash-generating unit is compared with the total underlying asset related to the palm oil segment as of 31 December 2023. This consists of the following items: Assets (in KUSD)* 2023 Biological assets \u2013 bearer plants 325 952 Other fixed assets 413 445 Goodwill 104 782 Current assets \u2013 current liabilities 16 299 Total 860 478 * Assets include only the entities with palm oil activities The SIPEF group has defined the \u201ccash-generating unit\u201d as the operational palm oil segment. It consists of all cash flows from the palm oil activities of all plantations in Indonesia and Papua New Guinea. The cash flows from the sale of rubber, tea and bananas are not included here, as the goodwill has been allocated exclusively to the whole of the palm oil segment. The recoverable value of the cash-generating units to which goodwill is allocated was determined by means of a calculation using a discounted cash flow model. The starting point is the operational plans of the Group, which look a decade ahead (to 2033) and have been approved by the board of directors. In this model, the macro-economic parameters, such as palm oil price and inflation, are deemed constant for each year. The constant palm oil price used in the model (USD 820/tonne) is management's best estimate of the long-term palm oil price expressed as CIF Rotterdam. The negative impact of the altered export tax and export levy schemes in Indonesia have been included in the future cash flows as well as the impact of the eruption of \u2018Mount Ulawun\u2019 in November 2023. The average palm oil price used in the goodwill impairment amounts to USD 820/tonne, whereas the spot price per 31 December 2023 amounted to USD 940/tonne. In the model, the growth of sales is the same as the normal improvement of the production volumes due to the maturity of the palm trees of the various subsidiaries. Any improvement in the future EBITDA margins in the model is a normal consequence of the same improvement in production volumes. The current model was established with a weighted average cost of capital (after tax) of 10.31% and utilises the local tax rates of 22%-30%, depending on the countries in the which the cash flows are generated. The terminal value in the discounted cash flow model is based on perpetual growth of 2% in accordance with the Gordon growth model. In the model, we use a sensitivity analysis for various palm oil prices and various weighted average costs of capital (WACC): Palm oil price (CIF Rotterdam) Scenario 1 USD 770/tonne CIF Rotterdam Scenario 2 (base case) USD 820/tonne CIF Rotterdam Scenario 3 USD 870/tonne CIF Rotterdam WACC Scenario 1 9.31% Scenario 2 (base case) 10.31% Scenario 3 11.31% Summary assumptions of 2023: PO / WACC 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 820/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 870/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 Summary assumptions of 2022: PO / WACC 10.56% 11.56% 12.56% USD 750/tonne CIF Rotterdam Scenario 1 Scenario 4 Scenario 7 USD 800/tonne CIF Rotterdam Scenario 2 Scenario 5 (base case) Scenario 8 USD 850/tonne CIF Rotterdam Scenario 3 Scenario 6 Scenario 9 The decrease of the WACC compared to previous year is primarily due to a decrease in country risk premiums (CRP). For the sensitivity analysis, the price is increased and decreased by USD 50/tonne. The WACC is increased and decreased with one percent. A sensitivity matrix is shown below for the total discounted cash flow for various palm oil prices and various weighted average costs of capital (WACC). Sensitivity matrix per 31 December 2023 WACC/PO price (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam 765 876 663 372 582 922 USD 820/tonne CIF Rotterdam 1 016 097 882 175 777 073 USD 870/tonne CIF Rotterdam 1 214 783 1 055 965 931 322 Value of underlying assets* 860 478 860 478 860 478 * Concerns the underlying assets related to the palm oil segmentThe headroom is the difference between the total discounted cash flows and the value of the underlying asset: Headroom (in KUSD) 9.31% 10.31% 11.31% USD 770/tonne CIF Rotterdam - 94 602 - 197 106 - 277 555USD 820/tonne CIF Rotterdam 155 619 21 697 - 83 405USD 870/tonne CIF Rotterdam 354 305 195 488 70 845 Green = base scenario We also calculate the breakeven palm oil price based on the various WACCs. Breakeven price 9.31% 10.31% 11.31% USD/tonne 789 $/tonne 815 $/tonne 852 $/tonne Management is of the opinion that the assumptions used in the calculation of the value in use as described above give the best estimates of future development. The sensitivity analysis shows that goodwill is in most of the cases fully recoverable. As a result, management is of the opinion that there is no indication of any impairment. Future sales prices continue to be difficult to predict over a long period of time and will be continuously monitored in the future. Eruption of \u2018Mount Ulawun\u2019 volcano Volcano \u2018Mount Ulawun\u2019 erupted near Hargy Oil Palms Ltd in Papua New Guinea on November 20, 2023. No injuries or deaths were reported, but surrounding communities were evacuated and one palm oil extraction mill was temporarily closed. The main damage was caused by the ash rain that destroyed the palm fronds of the mature trees in the affected area to a greater or lesser extent. This has limited the production potential of these palms in the coming period. For 2024, Hargy Oil Palms\u2019 budgeted own volumes of palm products would fall by a maximum of 20%, or by about 18 500 tonnes of palm oil and 1 500 tonnes of palm kernel oil. Based on the same 20% decrease for fruits purchased from third parties and at current selling prices, the total financial impact on 2024 profit, after tax, would be a decrease of maximum USD 14.7 million. By analogy with the previous volcanic eruption, the negative impact on production would be fully absorbed after 2.5 to 3 years. However, SIPEF hopes to shorten this period thanks to its accumulated experience. ",
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"value": "9. BIOLOGICAL ASSETS \u2013 BEARER PLANTS Movement schedule biological assets - bearer plants The balance sheet movements in biological assets \u2013 bearer plants can be summarized as follows: In KUSD 2023 2022 Gross carrying amount at January 1 439 851 416 487 Change in consolidation scope 0 0 Acquisitions 32 556 29 429 Sales and disposals - 9 897 - 6 145 Transfers - 1 923 161 Translation differences 70 - 82 Gross carrying amount at December 31 460 656 439 851 Accumulated depreciation and impairment losses at January 1 - 123 136 - 109 116 Change in consolidation scope 0 0 Depreciation - 21 382 - 19 228 Sales and disposals 10 566 5 140 Transfers 0 0 Translation differences - 48 68 Accumulated depreciation and impairment losses at December 31 - 134 000 - 123 136 Net carrying amount January 1 316 715 307 371 Net carrying amount December 31 326 656 316 71510. OTHER PROPERTY, PLANT AND EQUIPMENT 2023 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Acquisitions 11 656 13 102 14 785 4 092 334 16 954 13 497 74 421 Sales and disposals - 1 270 - 7 311 - 6 538 - 2 490 0 - 3 002 0 - 20 610 Transfers 5 050 1 417 525 447 0 - 5 509 - 7 1 923 Other 376 19 212 230 0 0 2 047 2 884 Translation differences 585 144 91 48 0 73 8 948 Gross carrying amount at December 31 236 759 207 245 83 316 38 396 4 707 16 250 154 689 741 362 Accumulated depreciation and impairment losses at January 1 - 88 987 - 126 587 - 57 384 - 24 479 - 1 588 0 - 2 841 - 301 866 Depreciation - 10 136 - 11 758 - 6 053 - 2 720 - 571 0 - 7 - 31 245 Sales and disposals 1 030 7 432 6 484 2 464 0 0 0 17 411 Transfers 0 0 0 0 0 0 0 0 Other - 19 - 10 - 46 - 7 0 0 0 - 83 Translation differences - 366 - 93 - 60 - 35 0 0 - 7 - 562 Accumulated depreciation and impairment losses at December 31 - 98 479 - 131 016 - 57 059 - 24 778 - 2 158 0 - 2 855 - 316 345 Net carrying amount January 1 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 930 Net carrying amount December 31 138 280 76 229 26 258 13 618 2 549 16 250 151 834 425 018 The total of the investments in tangible assets (KUSD 74 421) relates to the usual replacement investments in the existing operations and in the new developments in South Sumatra (KUSD 40 114). In addition, to the further expansion of the planted areas and the associated infrastructure such as houses and roads, investments are being made in South Sumatra in particular in the construction of the Agro Muara Rupit mill (KUSD 13 630 up to December 2023) with a processing capacity, in the first phase, of 45 tonnes of FFB per hour. The remaining assets in progress mainly relate to the continued investments in the immature areas, which will be transferred to the bearer plants upon their coming to maturity. 2022 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 200 834 187 855 72 622 34 867 3 551 12 794 131 411 643 933 Acquisitions 12 947 10 912 7 451 1 260 822 8 730 7 744 49 864 Sales and disposals - 1 521- 2 470 - 6 112- 158 0 - 338 0 - 10 598Transfers 8 782 3 730 405 160 0 - 13 238 0 - 161Other - 10 13 0 0 0 0 0 3 Translation differences - 670- 167- 126- 57 0 - 213- 13- 1 247Gross carrying amount at December 31 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Accumulated depreciation and impairment losses at January 1 - 81 651- 118 542 - 57 856- 22 192- 963 0 - 2 834 - 284 038Depreciation - 8 858- 10 906 - 5 690- 2 493- 624 0 - 19- 28 590Sales and disposals 981 2 713 6 077 153 0 0 - 1 9 923 Transfers 0 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Translation differences 541 149 85 53 0 0 13 840 Accumulated depreciation and impairment losses at December 31 - 88 987- 126 587 - 57 384- 24 479 - 1 588 0 - 2 841 - 301 866Net carrying amount January 1 119 183 69 313 14 766 12 675 2 588 12 794 128 577 359 896 Net carrying amount December 31 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 931 Below is a table with the proprietary rights on which the plantations of the SIPEF group are established: Hectares Type Maturity Crop PT Tolan Tiga Indonesia 6 042 Concession 2023* Oil palm PT Tolan Tiga Indonesia 2 437 Concession 2024 Oil palm PT Eastern Sumatra Indonesia 3 200 Concession 2023* Oil palm PT Kerasaan Indonesia 2 380 Concession 2023* Oil palm PT Bandar Sumatra Indonesia 1 189 Concession 2024 Rubber and oil palm PT Melania Indonesia 5 140 Concession 2023* Rubber and Tea PT Toton Usaha Mandiri 1 199 Concession 2046 Oil palm PT Agro Muko 2 256 Concession 2044 Oil palm PT Agro Muko 2 423 Concession 2045 Oil palm PT Agro Muko 315 Concession 2031 Oil palm PT Agro Muko 1 410 Concession 2028 Oil palm PT Agro Muko 2 903 Concession 2028 Oil palm PT Agro Muko 7 437 Concession 2044 Oil palm PT Agro Muko 2 171 Concession 2047 Oil palm PT Agro Muko 1 515 Concession 2022* Oil palm PT Agro Muko 2 100 Concession 2047 Rubber PT Agro Muko 232 Concession 2056 Oil palm PT Umbul Mas Wisea 4 397 Concession 2048 Oil palm PT Umbul Mas Wisea 2 071 Concession 2048 Oil palm PT Umbul Mas Wisea 679 Concession 2049 Oil palm PT Umbul Mas Wisea 462 Concession 2049 Oil palm PT Umbul Mas Wisea 155 Concession 2049 Oil palm PT Dendymarker Indah Lestari 13 705 Concession 2028 Oil palm PT Mukomuko Agro Sejahtera 1 705 Concession 2053 Oil palm PT Mukomuko Agro Sejahtera (STGE) 385 Concession 2024 Oil palm PT Mukomuko Agro Sejahtera (BKDE) 1 513 Concession 2057 Oil palm PT Timbang Deli Indonesia 972 Concession 2023* Rubber and oil palm Hargy Oil Palms Limited 128 Concession 2075 Oil palm Hargy Oil Palms Limited 2 967 Concession 2076 Oil palm Hargy Oil Palms Limited 34 Concession 2077 Oil palm Hargy Oil Palms Limited 7 Concession 2079 Oil palm Hargy Oil Palms Limited 6 460 Concession 2082 Oil palm Hargy Oil Palms Limited 2 900 Concession 2101 Oil palm Hargy Oil Palms Limited 170 Concession 2102 Oil palm Hargy Oil Palms Limited 694 Concession 2106 Oil palm Hargy Oil Palms Limited 1 Concession 2110 Oil palm Hargy Oil Palms Limited 18 Concession 2113 Oil palm Hargy Oil Palms Limited 246 Concession 2117 Oil palm Plantations J. Eglin SA 1 021 Freehold n/a Bananas and horticulture Plantations J. Eglin SA 743 Provisional concession n/a Bananas and horticulture Plantations J. Eglin SA 817 Provisional concession n/a Bananas and horticulture Total 86 598 PT Citra Sawit Mandiri 1 814 In negotiation - Oil palm PT Agro Rawas Ulu 5 712 In negotiation - Oil palm PT Agro Kati Lama 7 568 In negotiation - Oil palm PT Agro Kati Lama 3 091 In negotiation - Oil palm PT Agro Muara Rupit 4 811 In negotiation - Oil palm PT Agro Muara Rupit 7 498 In negotiation - Oil palm PT Agro Muara Rupit 1 303 In negotiation - Oil palm PT Agro Muara Rupit 4 201 In negotiation - Oil palm PT Mukomuko Agro Sejahtera 385 In negotiation - Oil palm Total 36 383 * All documentation for the renewal of the land rights which matured in 2022 and 2023 has been delivered in time to the relevant authorities. The authorities are in the process of reviewing and approving. There is no indication that these land rights will not be renewed. In addition, our subsidiary Hargy Oil Palms Ltd has a total of 7 289 hectares of surveyed area (of which 4 095 hectares planted) on subleased land, with renewal dates between 2036 and 2046.",
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"s8_notes__6__90-1": {
"value": "10. OTHER PROPERTY, PLANT AND EQUIPMENT 2023 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Acquisitions 11 656 13 102 14 785 4 092 334 16 954 13 497 74 421 Sales and disposals - 1 270 - 7 311 - 6 538 - 2 490 0 - 3 002 0 - 20 610 Transfers 5 050 1 417 525 447 0 - 5 509 - 7 1 923 Other 376 19 212 230 0 0 2 047 2 884 Translation differences 585 144 91 48 0 73 8 948 Gross carrying amount at December 31 236 759 207 245 83 316 38 396 4 707 16 250 154 689 741 362 Accumulated depreciation and impairment losses at January 1 - 88 987 - 126 587 - 57 384 - 24 479 - 1 588 0 - 2 841 - 301 866 Depreciation - 10 136 - 11 758 - 6 053 - 2 720 - 571 0 - 7 - 31 245 Sales and disposals 1 030 7 432 6 484 2 464 0 0 0 17 411 Transfers 0 0 0 0 0 0 0 0 Other - 19 - 10 - 46 - 7 0 0 0 - 83 Translation differences - 366 - 93 - 60 - 35 0 0 - 7 - 562 Accumulated depreciation and impairment losses at December 31 - 98 479 - 131 016 - 57 059 - 24 778 - 2 158 0 - 2 855 - 316 345 Net carrying amount January 1 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 930 Net carrying amount December 31 138 280 76 229 26 258 13 618 2 549 16 250 151 834 425 018 The total of the investments in tangible assets (KUSD 74 421) relates to the usual replacement investments in the existing operations and in the new developments in South Sumatra (KUSD 40 114). In addition, to the further expansion of the planted areas and the associated infrastructure such as houses and roads, investments are being made in South Sumatra in particular in the construction of the Agro Muara Rupit mill (KUSD 13 630 up to December 2023) with a processing capacity, in the first phase, of 45 tonnes of FFB per hour. The remaining assets in progress mainly relate to the continued investments in the immature areas, which will be transferred to the bearer plants upon their coming to maturity. 2022 Office Land, Installations equipment, In Land In KUSD buildings and and Vehicles Leasing Total furniture progress rights infrastructure machinery and others Gross carrying amount at January 1 200 834 187 855 72 622 34 867 3 551 12 794 131 411 643 933 Acquisitions 12 947 10 912 7 451 1 260 822 8 730 7 744 49 864 Sales and disposals - 1 521- 2 470 - 6 112- 158 0 - 338 0 - 10 598Transfers 8 782 3 730 405 160 0 - 13 238 0 - 161Other - 10 13 0 0 0 0 0 3 Translation differences - 670- 167- 126- 57 0 - 213- 13- 1 247Gross carrying amount at December 31 220 362 199 873 74 240 36 070 4 373 7 735 139 143 681 795 Accumulated depreciation and impairment losses at January 1 - 81 651- 118 542 - 57 856- 22 192- 963 0 - 2 834 - 284 038Depreciation - 8 858- 10 906 - 5 690- 2 493- 624 0 - 19- 28 590Sales and disposals 981 2 713 6 077 153 0 0 - 1 9 923 Transfers 0 0 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Translation differences 541 149 85 53 0 0 13 840 Accumulated depreciation and impairment losses at December 31 - 88 987- 126 587 - 57 384- 24 479 - 1 588 0 - 2 841 - 301 866Net carrying amount January 1 119 183 69 313 14 766 12 675 2 588 12 794 128 577 359 896 Net carrying amount December 31 131 374 73 287 16 856 11 591 2 785 7 735 136 302 379 931 Below is a table with the proprietary rights on which the plantations of the SIPEF group are established: Hectares Type Maturity Crop PT Tolan Tiga Indonesia 6 042 Concession 2023* Oil palm PT Tolan Tiga Indonesia 2 437 Concession 2024 Oil palm PT Eastern Sumatra Indonesia 3 200 Concession 2023* Oil palm PT Kerasaan Indonesia 2 380 Concession 2023* Oil palm PT Bandar Sumatra Indonesia 1 189 Concession 2024 Rubber and oil palm PT Melania Indonesia 5 140 Concession 2023* Rubber and Tea PT Toton Usaha Mandiri 1 199 Concession 2046 Oil palm PT Agro Muko 2 256 Concession 2044 Oil palm PT Agro Muko 2 423 Concession 2045 Oil palm PT Agro Muko 315 Concession 2031 Oil palm PT Agro Muko 1 410 Concession 2028 Oil palm PT Agro Muko 2 903 Concession 2028 Oil palm PT Agro Muko 7 437 Concession 2044 Oil palm PT Agro Muko 2 171 Concession 2047 Oil palm PT Agro Muko 1 515 Concession 2022* Oil palm PT Agro Muko 2 100 Concession 2047 Rubber PT Agro Muko 232 Concession 2056 Oil palm PT Umbul Mas Wisea 4 397 Concession 2048 Oil palm PT Umbul Mas Wisea 2 071 Concession 2048 Oil palm PT Umbul Mas Wisea 679 Concession 2049 Oil palm PT Umbul Mas Wisea 462 Concession 2049 Oil palm PT Umbul Mas Wisea 155 Concession 2049 Oil palm PT Dendymarker Indah Lestari 13 705 Concession 2028 Oil palm PT Mukomuko Agro Sejahtera 1 705 Concession 2053 Oil palm PT Mukomuko Agro Sejahtera (STGE) 385 Concession 2024 Oil palm PT Mukomuko Agro Sejahtera (BKDE) 1 513 Concession 2057 Oil palm PT Timbang Deli Indonesia 972 Concession 2023* Rubber and oil palm Hargy Oil Palms Limited 128 Concession 2075 Oil palm Hargy Oil Palms Limited 2 967 Concession 2076 Oil palm Hargy Oil Palms Limited 34 Concession 2077 Oil palm Hargy Oil Palms Limited 7 Concession 2079 Oil palm Hargy Oil Palms Limited 6 460 Concession 2082 Oil palm Hargy Oil Palms Limited 2 900 Concession 2101 Oil palm Hargy Oil Palms Limited 170 Concession 2102 Oil palm Hargy Oil Palms Limited 694 Concession 2106 Oil palm Hargy Oil Palms Limited 1 Concession 2110 Oil palm Hargy Oil Palms Limited 18 Concession 2113 Oil palm Hargy Oil Palms Limited 246 Concession 2117 Oil palm Plantations J. Eglin SA 1 021 Freehold n/a Bananas and horticulture Plantations J. Eglin SA 743 Provisional concession n/a Bananas and horticulture Plantations J. Eglin SA 817 Provisional concession n/a Bananas and horticulture Total 86 598 PT Citra Sawit Mandiri 1 814 In negotiation - Oil palm PT Agro Rawas Ulu 5 712 In negotiation - Oil palm PT Agro Kati Lama 7 568 In negotiation - Oil palm PT Agro Kati Lama 3 091 In negotiation - Oil palm PT Agro Muara Rupit 4 811 In negotiation - Oil palm PT Agro Muara Rupit 7 498 In negotiation - Oil palm PT Agro Muara Rupit 1 303 In negotiation - Oil palm PT Agro Muara Rupit 4 201 In negotiation - Oil palm PT Mukomuko Agro Sejahtera 385 In negotiation - Oil palm Total 36 383 * All documentation for the renewal of the land rights which matured in 2022 and 2023 has been delivered in time to the relevant authorities. The authorities are in the process of reviewing and approving. There is no indication that these land rights will not be renewed. In addition, our subsidiary Hargy Oil Palms Ltd has a total of 7 289 hectares of surveyed area (of which 4 095 hectares planted) on subleased land, with renewal dates between 2036 and 2046.27. LeasingThe Group leases office space, land rights and vehicles under a number of lease agreements with a lease term of one year or more. The rent of the office buildings concerns the monthly rental payments for the offices in Indonesia and Singapore. The rent of the offices and ancillary parking space in Belgium has not been included in the leases due to the short-term exemption. For the land rights the subject of the lease concerns the usufruct of certain land wherefore a fixed annual rental amount is paid. The remaining land rights in PNG have a duration of 99 years for which no rental amount is paid. These assets will be depreciated over a period of 25 years in line with the lifespan of an oil palm. The vehicles concern the limited number of car leases within the Group. The future operating lease commitments under these non-cancellable leases are due as follows: In KUSD 2023 2022 Current lease liabilities 675 590 Non-current lease liabilities 1 974 2 320 Total lease liability as at 31 December 2 649 2 910 The movement during the year of the lease liability can be summarised as follows: In KUSD 2023 2022 Lease commitments disclosed as at 1 January 2 910 2 691 Acquisitions 337 822 Financial expense/(income) 220 219 Lease repayments - 792- 804Exchange result - 27- 17Lease liability recognised as at 31 December 2 649 2 910 The lease commitments are included in the increase in long term (KUSD 182) and short term (KUSD 155) financial borrowings in the cash flow. The lease repayments are included in the decrease in long term (KUSD 630) and short term (KUSD -162) financial borrowings in the cash flow. The right-of-use assets can be classified as follows: Movement (in KUSD) 2023 2022 Total right-of-use assets as at 1 January 2 785 2 587 Acquisition 334 822 Depreciation -571- 624Total right-of-use assets as at 31 December 2 549 2 785 Land rights Office rent Car rent Total Total right-of-use assets as at 31 December 2022 833 1 693 259 2 785 Total right-of-use assets as at 31 December 2023 822 1 428 299 2 549 The total depreciation of the right-of-use assets until 31 December 2023 amounts to KUSD 571 and the financial expenses to KUSD 220. Of the depreciation, KUSD 11 was recorded in the cost of sales of the palm segment of Papua New Guinea and KUSD 560 KUSD in the \u2018general and administrative expenses\u2019. There are no material expenses related to short term and low value leases. There are no material extension options not included in the calculation.",
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"value": "11. RECEIVABLES > 1 YEAR In KUSD 2023 2022 Receivables > 1 year \u2013 smallholder receivables 34 229 28 287 The \u2018receivables over one year\u2019 consists out of loans to smallholders in South Sumatra to finance the development of their new plantings. When the smallholders plantations start to mature, the smallholders are obliged to sell their harvests to the Group and a portion of the resulting proceeds will be used to repay the loans. The smallholder receivables will be gradually repaid from the moment the smallholders become a going concern plantation whereby proceeds of the FFB sales will be partly used to repay the loan. Smallholder receivables are divided into interest bearing and non-interest bearing. The non-interest-bearing smallholder receivables are discounted upon recognition. The total discounting cost up to December 31, 2023, amounts to KUSD 2 240 with a cost of KUSD 402 for 2023. The total unwinding of the discount amounts to a gain of KUSD 45 for 2023. The Group has calculated the expected credit loss in accordance with IFRS 9 and has done an impairment test on the outstanding smallholders\u2019 receivables which showed no basis for impairment based on the long-term repayment plans. The repayment of the smallholders\u2019 loans will be determined largely by the plasma fruit production and world palm oil prices over the next years and is also dependent on the terms and conditions of the plasma scheme. Therefore, it is not possible to predict the exact timing of repayment. The Group currently has a total short term plasma receivable of KUSD 3 074 \u2013 included in the current other receivables - and a long-term smallholder receivable of KUSD 34 229. ",
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"s8_notes__6__92-1": {
"value": "11. RECEIVABLES > 1 YEAR In KUSD 2023 2022 Receivables > 1 year \u2013 smallholder receivables 34 229 28 287 The \u2018receivables over one year\u2019 consists out of loans to smallholders in South Sumatra to finance the development of their new plantings. When the smallholders plantations start to mature, the smallholders are obliged to sell their harvests to the Group and a portion of the resulting proceeds will be used to repay the loans. The smallholder receivables will be gradually repaid from the moment the smallholders become a going concern plantation whereby proceeds of the FFB sales will be partly used to repay the loan. Smallholder receivables are divided into interest bearing and non-interest bearing. The non-interest-bearing smallholder receivables are discounted upon recognition. The total discounting cost up to December 31, 2023, amounts to KUSD 2 240 with a cost of KUSD 402 for 2023. The total unwinding of the discount amounts to a gain of KUSD 45 for 2023. The Group has calculated the expected credit loss in accordance with IFRS 9 and has done an impairment test on the outstanding smallholders\u2019 receivables which showed no basis for impairment based on the long-term repayment plans. The repayment of the smallholders\u2019 loans will be determined largely by the plasma fruit production and world palm oil prices over the next years and is also dependent on the terms and conditions of the plasma scheme. Therefore, it is not possible to predict the exact timing of repayment. The Group currently has a total short term plasma receivable of KUSD 3 074 \u2013 included in the current other receivables - and a long-term smallholder receivable of KUSD 34 229. 14. OTHER CURRENT RECEIVABLES AND OTHER CURRENT PAYABLESThe \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries. The Group has calculated the expected credit loss in accordance with IFRS 9 and determined it to be immaterial. The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.19. NET FINANCIAL ASSETS/(LIABILITIES) Net financial assets/(liabilities) (non-GAAP measure) can be analysed as follows: In KUSD 2023 2022 Short-term obligations - credit institutions -22 319 -5 323 Financial liabilities > 1 year (incl. derivatives) 0 -18 000 Current portion of amounts payable after one year -18 000 -18 000 Other investments and deposits 1 10 208 Cash and cash equivalents 11 549 34 148 Lease liability -2 649 -2 910 Net financial assets/(liabilities) -31 418 122 Analysis of net financial assets/(liabilities) 2023 per currency: In KUSD EUR USD Others Total Short-term financial obligations -5 519 -34 800 0 -40 319 Other investments and deposits 0 1 0 1 Cash and cash equivalents 1 103 9 226 1 220 11 549 Financial liabilities > 1 year 0 0 0 0 Lease liability - 306 -2 343 0 -2 649 Total 2023 -4 721 -27 917 1 220 -31 418 Total 2022 -4 559 3 957 724 122The short-term financial obligations relate to the commercial papers for a total amount of KUSD 5 519. This financial obligation has been completely hedged at an average rate of EUR 1 = USD 1.1018. Further, the short-term financial obligations are related to a straight loan of KUSD 16 800. Other investments and deposits mainly include bank deposits with original maturities of more than 3 months but less than one year. The financial liabilities with an original maturity of more than one year include an USD 85.5 million loan of which USD 67.5 million has already been repaid between 2019 - 2023. The remaining KUSD 18 000 will be repaid during fiscal year 2024. The interest rate is composed as the USD 3M interest rate + a margin of 1.20% to 2.50%, depending on the debt/EBITDA ratio. The variable interest rate was hedged at a fixed interest rate of 1.3933% through an interest rate swap (IRS). It should be noted that in 2020 SIPEF has made use of the possibility of postponing capital repayments to cope with the impact of covid-19. As a result, the repayments at the end of June 2020 (KUSD 4 500) have been postponed until June 2024, and the repayment at the end of September 2020 (KUSD 4 500) has been postponed until September 2024. There is one financial requirement applicable to the loan covenant which states that the net financial debt may not exceed 2.5 times the REBITDA of the year. This financial covenant is tested every half-year. The EBITDA of the Group consists of the operating results + profit/loss from equity companies + depreciation and additional impairments/increases on assets. The REBITDA consists of the same calculation, but excluding the one-off, non-recurring effects. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. The financial covenant ratio will remain at 2.50 on 30 June 2024 and 31 December 2024. Due to the significant volatility of the palm oil prices and the impact on the result and EBITDA of the Group, this covenant is continuously monitored. It is not expected that this covenant will be breached in 2024. Covenant ratio 2023 2022 Operating result 107 978 178 312 Exceptional items -2 801 0 Recurring operating result 105 177 178 312 Depreciation and result on sale FA 54 364 48 101 REBITDA 159 541 226 413 (-) minorities recurring -3 619-4 298REBITDA group share 155 922 222 115 Net Senior Leverage 0.20 0.00 Reconciliation of the net financial assets/(liabilities) and cash flow: In KUSD 2023 2022 Net financial position at the beginning of the period 122 -49 192Decrease in long-term borrowings 18 528 18 642 Increase in long-term borrowings - 182- 755Decrease in short-term financial obligations 590 7 154 Increase in short-term financial obligations -17 671- 106Net movement in cash and cash equivalents -32 80624 379 Net financial assets/(liabilities) at the end of the period -31 418 122 Reconciliation of the total financial liabilities: In KUSD 2023 2022 Financial liabilities at the beginning of the period 44 233 69 168 Decrease in long-term financial obligations -18 528-18 642Increase in long-term financial obligations 182 755 Decrease in short-term financial obligations - 590-7 154Increase in short-term financial obligations 17 671 106 Financial liabilities at the end of the period 42 968 44 23326. FINANCIAL INSTRUMENTS Exposure to fluctuations in the market price of core products, currencies, environmental changes, agricultural activity, interest rates and credit risk arises in the normal course of the Group\u2019s business. Financial derivative instruments are used to a limited extend to reduce the exposure to fluctuations in foreign exchange rates and interest rates. Fluctuations in the market price of core products Structural risk SIPEF group is exposed to structural price risks of their core products. The risk is primarily related to palm oil and palm kernel oil and to a lesser extent to bananas. A change of the palm oil price of USD 10 CIF per tonne has an impact of about KUSD 3 091 (without considering the impact of the current export tax and export levies in Indonesia) on result after tax. This risk is assumed to be a business risk. Transactional risk The Group faces transactional price risks on products sold. The transactional risk is the risk that the price of products purchased from third parties fluctuates between the time the price is fixed with a customer and the time the transaction is settled. This risk is assumed to be a business risk. Currency risk Most of the subsidiaries are using the US dollar as functional currency. The Group\u2019s currency risk can be split into three distinct categories: structural, transactional and translational: Structural risk Most of the Group\u2019s revenues are denominated in USD, while all the operations are located outside the USD zone (particularly in Indonesia, Papua New Guinea, C\u00f4te d\u2019Ivoire and Europe). Any change in the USD against the local currency will therefore have a considerable impact on the operating result of the company. Most of these risks are considered to be a business risk. Transactional risk The Group is also subject to transactional risks in respect of currencies, i.e. the risk of currency exchange rates fluctuating between the time the price is fixed with a customer, supplier or financial institution and the time the transaction is settled. This risk, with the exception of naturally covered positions, is not covered since most receivables and payables have a short settlement term. The pension liabilities in Indonesia are important long-term liabilities that are fully payable in IDR. A devaluation or revaluation of 10% of the IDR versus the USD has the following effect on the income statement: In KUSD IDR Dev 10% Book value IDR Rev 10% Pension liabilities in Indonesia 20 819 22 900 25 445 Gross impact income statement 2 082 -2 544 The pension liability in Indonesia consists of KUSD 22 900 from fully consolidated subsidiaries and of KUSD 430 from equity consolidated companies (PT Timbang Deli). The long-term receivables on the Indonesian smallholders are important long-term assets that are fully payable in IDR. A devaluation or revaluation of 10% of the IDR versus the USD has the following effect on the income statement: In KUSD IDR Dev 10% Book value IDR Rev 10% Smallholder receivables 35 949 39 544 43 937 Gross impact income statement -3 595 4 394 On February 13, 2024, the board of directors has proposed the payment of a dividend of maximum KEUR 21 159 (EUR 2.00 gross per ordinary share). In line with the Group\u2019s liquidity and currency policy, the exchange risk was covered in 4 forward exchange contracts for the sale of KUSD 21 141 for KEUR 19 200 (average exchange rate of 1.1011) before year-end. Sensitivity analysis With regard to the cover of the dividend for the end of the year a devaluation or revaluation of 10% of the EUR versus the USD has the following effect on the profit and loss account: In KUSD EUR Dev 10% Closing rate EUR Rev 10% Dividend 19 266 21 192 23 547 Gross Impact income statement -1 9272 355 Translational risk The SIPEF group is an international company and has operations which do not use the USD as their reporting currency. When such results are consolidated into the Group\u2019s accounts the translated amount is exposed to variations in the value of such local results are consolidated into the Group\u2019s accounts the translated amount is exposed to variations in the value of such local currencies against the USD. SIPEF group does not hedge against such risk (see accounting policies). stAs from 1 of January 2007 onwards, the functional currency of most of our activities is the same as the presentation currency, this risk has been largely restricted. Interest rate risk The Group\u2019s exposure to changes in interest rates relates to the Group\u2019s financial debt obligations. At the end of December 2023, the Group\u2019s net financial assets/(liabilities) amounted to KUSD -31 418 (2022: KUSD 122), of which KUSD 40 994 short-term financial liabilities (2022: KUSD 23 913), KUSD 0 long term financial liabilities (2022 KUSD: 18 000) and KUSD 11 745 net short-term cash and cash equivalents (2022: KUSD 44 356). The \u2018financial liabilities > 1 year\u2019 (incl. derivatives) amount to KUSD 1 974 (2022: KUSD 20 320). Considering that only the 'short-term obligations - credit institutions\u2019 (KUSD 5 519, refer to note 19) are of a current nature with variable interest rates, we believe a 0.5% change in interest rate will not have a material impact. Considering that the long-term financial debt is primarily based on a variable interest rate, the risk exists that with an increase of the interest rate, the financing cost will increase. This interest risk is hedged using an interest rate swap (IRS). The goal of this interest rate swap is to decrease the volatility (and with it the interest rate risk) as much as possible. Available funds are invested in short-term deposits. Environmental risk The Group manages key environmental-related risks that are linked with land use and conservation through its group-wide commitment to \u2018no deforestation\u2019 and \u2018no new development in peat areas\u2019 (NDP). The scope of this commitment includes SIPEF\u2019s smallholder suppliers. SIPEF is using a third-party monitoring platform to ensure effective implementation of this NDP policy. In addition, climate-related risks are being assessed in consultation with experts, with a focus on climate change mitigation (GHG emissions), climate physical risk and climate transition risk, as part of its work to develop and finalise the Group\u2019s climate change mitigation and adaptation strategy. The production volumes, the turnover and margins realised by SIPEF are influenced by climatic conditions such as rainfall, sunshine, temperature and humidity. The potential physical impact of climate change is uncertain and may vary by region and product. SIPEF monitors water tables to design systems to deal with water retention, maintains buffer zones and invests in fire prevention / monitoring. With the growing concern over sustainability, tighter rules may be imposed on companies. SIPEF\u2019s palm oil plantations adhere to the RSPO standards and comply with the RSPO principles and criteria. If SIPEF is unable to continue to meet stricter requirements, it may lose its certification, or this may be suspended. Agricultural activity risk The primary financial risk associated with the Group\u2019s agricultural activity occurs due to the length of time between expending cash on capital expenditures, the purchase or planting and maintenance of the core products and on harvesting and producing the products, and ultimately receiving cash from the sale of the core products to third parties. The Group\u2019s strategy to manage this financial risk is to actively review and manage its working capital requirement. In addition, the Group maintains credit facilities at a level sufficient to fund its working capital during the period between cash expenditure and cash inflow. At 31 December 2023, the Group has unused credit facilities in the form of short-term loans of KUSD 101 755. Credit risk Credit risk is the risk that one party will fail to discharge an obligation and cause the other party to incur a loss. This credit risk can be split into a commercial and a financial credit risk. With regard to the commercial credit risk management has established a credit policy and the exposure to this credit risk is monitored on a continuous basis. In practice a difference is made between: In KUSD 2023 2022 Receivables from the sale of palm oil 26 617 42 891 Receivables from the sale of bananas and plants 3 259 1 752 Total 29 876 44 643 The credit risk for the first category is rather limited as these sales are for the most part immediately paid against presentation of documents. Moreover, it concerns a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For palm oil there is one client who represents over 30% of the total sales. For rubber there are two clients which represent over 30% of total revenues. Contrary to the first category the credit risk for the receivables from the sales of bananas and horticulture is higher. For both categories there is a weekly monitoring of the open balances due and a proactive system of reminders. Impairments are applied as soon as total or partial payments are seen as unlikely. The elements that are taken into account for these appraisals are the lengths of the delay in payment and the creditworthiness of the client. The receivables from the sales of bananas and horticulture have the following due date schedule: In KUSD 2023 2022 Not yet due 2 115 852 Due < 30 days 736 823 Due between 30 and 60 days 391 49 Due between 60 and 90 days 0 0 Due > 90 days 16 28 Total 3 259 1 752 During 2023 and 2022, no material impairment on receivables was recorded in the income statement. The Group applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables based on historical losses. The Group analysed the impact of IFRS 9 and concluded there is no material impact on the bad debt reserve booked. The Group also assessed whether the historic pattern would change materially in the future and expects no significant impact. Liquidity risk A material and structural shortage in our cash flow would damage both our creditworthiness as well as the trust of investors and would restrict the capacity of the Group to attract fresh capital. The operational cash flow provides the means to finance the financial obligations and to increase shareholder value. The Group manages the liquidity risk by evaluating the short term and long-term cash flows. The SIPEF group maintains an access to the capital market through short- and long-term debt programs. The following table gives the contractually determined (not-discounted) cash flows resulting from liabilities at balance sheet date: Carrying Contractual Less than More than2023- In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 0 0 0 0 0 0 0 Leasing liabilities > 1 year 1 974 -3 389- 57- 695- 601- 443-1 593Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 25 243 -25 243-25 243 0 0 0 0 Advances received 3 411 -3 411-3 411 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 327-18 327 0 0 0 0 Financial liabilities 22 319 -22 519-22 519 0 0 0 0 Leasing liabilities < 1 year 675 - 718- 718Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 71 623 -73 607-70 275- 695- 601- 443-1 593Carrying Contractual Less than More than2022 - In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 18 000 -18 771- 475-18 296 0 0 0 Leasing liabilities > 1 year 2 320 -3 817- 50- 639- 601- 548-1 979Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 29 863 -29 863 -29 863 0 0 0 0 Advances received 5 698 -5 698-5 698 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 296-18 296 0 0 0 0 Financial liabilities 5 323 -5 396-5 396 0 0 0 0 Leasing liabilities < 1 year 590 - 628 - 628Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 79 794 -82 468-60 405-18 935- 601- 548-1 979In order to limit the financial credit risk, SIPEF has spread its more important activities over a small number of banking groups with a first-class rating for creditworthiness. The current maximum credit lines available amount to KUSD 142 074 (2022: KUSD 159 292). In 2023, same as in previous years, there were no infringements on the conditions stated in the credit agreements nor were there any shortcomings in repayments. Financial instruments measured at fair value in the statement of financial position Companies within the Group may use financial instruments for risk management purposes. Specifically, these are instruments principally intended to manage the risks associated with fluctuating interest and exchange rates. The counterparties in the related transactions are exclusively first-ranked banks. Derivative instruments are measured at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. Fair values of derivatives are: In KUSD 2023 2022 Interest rate swaps 495 1 350 Forward exchange transactions 285 289 Fair value (+ = asset; - = liability) 780 1 639 In accordance with IFRS 13 financial instruments are grouped into 3 levels based on the degree to which the fair value is observable: \u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at themeasurement date;\u2022 Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability either directlyor indirectly;\u2022 Level 3 inputs are unobservable inputs for the asset or liability.The interest rate swap (IRS) has a notional amount of KUSD 18 000. The carrying amount is recorded on the derivatives (assets) for an amount of KUSD 855, the deferred tax assets for an amount of KUSD -214 and the other comprehensive income in the equity for an amount of KUSD 642. The notional amount from the forward exchange transactions amounts to KUSD 20 636. The forward exchange contracts are not documented in a hedging relationship and accordingly, all changes in fair value are recorded in the financial result. The Group has documented the interest rate swaps (IRS) in a hedging relationship. The terms of the IRS and the hedged debt match 100%. Therefore, no effectiveness test based on a ratio of changes in fair value of the hedging instrument against that of the hedged debt is required. An IRS with matching contractual terms would have limited inefficiency. The fair value of the forward exchange contracts and interest rate swap calculated at the closing value at 31 December 2023 were also incorporated in level 2. Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 91127. LeasingThe Group leases office space, land rights and vehicles under a number of lease agreements with a lease term of one year or more. The rent of the office buildings concerns the monthly rental payments for the offices in Indonesia and Singapore. The rent of the offices and ancillary parking space in Belgium has not been included in the leases due to the short-term exemption. For the land rights the subject of the lease concerns the usufruct of certain land wherefore a fixed annual rental amount is paid. The remaining land rights in PNG have a duration of 99 years for which no rental amount is paid. These assets will be depreciated over a period of 25 years in line with the lifespan of an oil palm. The vehicles concern the limited number of car leases within the Group. The future operating lease commitments under these non-cancellable leases are due as follows: In KUSD 2023 2022 Current lease liabilities 675 590 Non-current lease liabilities 1 974 2 320 Total lease liability as at 31 December 2 649 2 910 The movement during the year of the lease liability can be summarised as follows: In KUSD 2023 2022 Lease commitments disclosed as at 1 January 2 910 2 691 Acquisitions 337 822 Financial expense/(income) 220 219 Lease repayments - 792- 804Exchange result - 27- 17Lease liability recognised as at 31 December 2 649 2 910 The lease commitments are included in the increase in long term (KUSD 182) and short term (KUSD 155) financial borrowings in the cash flow. The lease repayments are included in the decrease in long term (KUSD 630) and short term (KUSD -162) financial borrowings in the cash flow. The right-of-use assets can be classified as follows: Movement (in KUSD) 2023 2022 Total right-of-use assets as at 1 January 2 785 2 587 Acquisition 334 822 Depreciation -571- 624Total right-of-use assets as at 31 December 2 549 2 785 Land rights Office rent Car rent Total Total right-of-use assets as at 31 December 2022 833 1 693 259 2 785 Total right-of-use assets as at 31 December 2023 822 1 428 299 2 549 The total depreciation of the right-of-use assets until 31 December 2023 amounts to KUSD 571 and the financial expenses to KUSD 220. Of the depreciation, KUSD 11 was recorded in the cost of sales of the palm segment of Papua New Guinea and KUSD 560 KUSD in the \u2018general and administrative expenses\u2019. There are no material expenses related to short term and low value leases. There are no material extension options not included in the calculation.",
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"value": "12. INVENTORIES Analysis of inventories: In KUSD 2023 2022 Raw materials and supplies 24 681 24 181 Finished goods 22 498 24 755 Total 47 179 48 936 The remaining stock of raw materials and supplies has increased slightly with KUSD 500 in comparison to prior year. This is mainly related to timing of fertilizer purchases. The decrease in finished goods is mainly due to the lower CPO prices at year-end compared to prior year (940 USD/tonne in 2023 compared to 1 070 USD/tonne in 2022) which results in a lower overall stock value, as the stock finished goods includes biological assets measured at fair value less cost to sell at the date of harvest. The quantity of CPO stock was in line with last year.",
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"s8_notes__6__96": {
"value": "13. BIOLOGICAL ASSETS The total biological assets at the end of the year are presented below: In KUSD 2023 2022 Biological assets - palm oil 4 679 6 464 Biological assets - bananas 6 443 4 472 Total 11 122 10 936 The biological asset of palm oil is defined as the oil contained in the palm fruit. When the palm fruit contains oil, then this distinct asset is recognised and the fair value is estimated based on: \u2022 The estimated quantity of oil that is available in the palm fruit; \u2022 The estimated sales price of palm oil at the time of closing; \u2022 The estimated cost to harvest and process the palm fruit; \u2022 The estimated sales charges (transport, export tax, \u2026). Different scientific studies have shown that the oil in the palm oil fruit develops exponentially in approximately 4 weeks. The estimated quantity of oil in the palm oil fruit is therefore determined based on harvest of 4 weeks after the time of closing. In the calculation of the estimated quantity of available oil, the weighted importance of the harvest decreases step-by-step per week, in order to approximate the quantity of oil at the time of closing as well as possible. The margin from processing is excluded from the calculation of biological assets. The fair value of the biological assets calculated at the closing value on the 31st of December 2023 is based on level 2 data input. At 31 December 2023, the total biological assets of palm oil amounted to KUSD 4 679 compared to KUSD 6 464 at 31 December 2022. Impact of the estimated quantity of available oil -10%Carrying amount +10%Carrying value of the biological assets - palm oil 4 211 4 679 5 147 Gross Impact income statement (before tax) - 468 468 The estimated sales price and the estimated costs and charges are the actual sales prices and costs at the time of closing. The results from the change of the fair value of the palm fruit are included in \u2018changes in fair value of biological assets\u2019. The decrease compared to prior year is mainly related to the impact of the volcanic eruption on the productions in Hargy Oil Palms Ltd. in November 2023. The biological assets at the end of December also contain the consumable biological assets of bananas of our subsidiary Plantations J.Eglin SA. The biological assets of bananas are defined as the banana bunches which will be harvested in 3 months, weighted attheir pro-rata for each remaining harvesting month. At 3 months before harvest, a reliable flower count is done, which is used todetermine the estimated biological assets. The net selling price to value the biological assets is determined as the current marketprices reduced by the remaining costs to sell the biological assets. The balance of 2023 amounted to KUSD 6 443 (2022: KUSD 4472) and has increased due to the maturing of the new plantations in Akoudi\u00e9 and Lumen as well as an increase in the net sellingprice used.Impact of the estimated quantity of available bananas -10%Carrying amount +10%Carrying value of the biological assets - bananas 5 799 6 443 7 088 Gross Impact income statement (before tax) - 644 644 There are no restrictions, pledges or commitments in relation to the biological assets of the Group.",
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"s8_notes__6__102": {
"value": "14. OTHER CURRENT RECEIVABLES AND OTHER CURRENT PAYABLESThe \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries. The Group has calculated the expected credit loss in accordance with IFRS 9 and determined it to be immaterial. The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.",
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"s8_notes__6__101": {
"value": "14. OTHER CURRENT RECEIVABLES AND OTHER CURRENT PAYABLESThe \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries. The Group has calculated the expected credit loss in accordance with IFRS 9 and determined it to be immaterial. The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.",
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},
"s8_notes__6__100": {
"value": "14. OTHER CURRENT RECEIVABLES AND OTHER CURRENT PAYABLESThe \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries. The Group has calculated the expected credit loss in accordance with IFRS 9 and determined it to be immaterial. The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98-1": {
"value": "14. OTHER CURRENT RECEIVABLES AND OTHER CURRENT PAYABLESThe \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries. The Group has calculated the expected credit loss in accordance with IFRS 9 and determined it to be immaterial. The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.11. RECEIVABLES > 1 YEAR In KUSD 2023 2022 Receivables > 1 year \u2013 smallholder receivables 34 229 28 287 The \u2018receivables over one year\u2019 consists out of loans to smallholders in South Sumatra to finance the development of their new plantings. When the smallholders plantations start to mature, the smallholders are obliged to sell their harvests to the Group and a portion of the resulting proceeds will be used to repay the loans. The smallholder receivables will be gradually repaid from the moment the smallholders become a going concern plantation whereby proceeds of the FFB sales will be partly used to repay the loan. Smallholder receivables are divided into interest bearing and non-interest bearing. The non-interest-bearing smallholder receivables are discounted upon recognition. The total discounting cost up to December 31, 2023, amounts to KUSD 2 240 with a cost of KUSD 402 for 2023. The total unwinding of the discount amounts to a gain of KUSD 45 for 2023. The Group has calculated the expected credit loss in accordance with IFRS 9 and has done an impairment test on the outstanding smallholders\u2019 receivables which showed no basis for impairment based on the long-term repayment plans. The repayment of the smallholders\u2019 loans will be determined largely by the plasma fruit production and world palm oil prices over the next years and is also dependent on the terms and conditions of the plasma scheme. Therefore, it is not possible to predict the exact timing of repayment. The Group currently has a total short term plasma receivable of KUSD 3 074 \u2013 included in the current other receivables - and a long-term smallholder receivable of KUSD 34 229. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__103": {
"value": "The \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__97": {
"value": "The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__104": {
"value": "15. SHAREHOLDERS\u2019 EQUITYCapital stock and share premium The issued capital of the company as at December 31, 2023, amounts to KUSD 44 734, represented by 10 579 328 fully paid ordinary shares without nominal value. 2023 2022 Difference Number of shares 10 579 328 10 579 328 0 In KUSD 2023 2022 Difference Capital 44 734 44 734 0 Share premium 107 970 107 970 0 Total 152 704 152 704 0 2023 2022 2023 2022 KUSD KUSD KEUR KEUR Treasury shares - opening balance 11 588 11 521 9 549 9 490 Acquisition/sale treasury shares 93 67 92 59 Treasury shares - ending balance 11 681 11 588 9 641 9 549 Since the start of the share buy-back program on 22 September 2011, SIPEF has a total of 180 000 own shares for an amount of KEUR 9 641, corresponding to 1.7014% of the total shares outstanding, as cover for a share option plan for the management. For additional information see note 22. Authorised capital The extraordinary general meeting of shareholders on June 14, 2023, authorised the board of directors to increase the capital in one or more operations by an amount of KUSD 44 734 over a period of 5 years after the publication of the renewal. Shareholder structure The company has received following shareholders declarations: Acting in concert Number of shares Date*** Denominator % Ackermans & Van Haaren NV* 4 234 956 04/12/2023 10 579 328 40.030 Cabra NV** 1 001 032 04/12/2023 10 579 328 9.462 Cabra P** 100 000 04/12/2023 10 579 328 0.945 Cabra T** 100 000 04/12/2023 10 579 328 0.945 Cabra V** 100 000 04/12/2023 10 579 328 0.945 Theodora Bracht** 2 000 04/12/2023 10 579 328 0.019 Priscilla Bracht** 0 04/12/2023 10 579 328 0.000 Victoria Bracht** 0 04/12/2023 10 579 328 0.000 Total votes acting in concert 5 537 988 52.346 * Including 180 000 own shares ** Group Bracht *** Latest transparency declarationTranslation differences Translation differences consists of all the differences related to the translation of the financial statements of our subsidiaries for which the functional currency is different from the presentation currency of the Group (USD). The deviation from last year is due to the movement of the USD versus the EUR (KUSD 268). In KUSD 2023 2022 Opening balance at January 1 -11 246-10 666Movement, full consolidation 268 - 580Ending balance at December 31 -10 978-11 246Dividends On February 13, 2024, a dividend of maximum KEUR 21 159 (EUR 2.00 gross per ordinary share) has been proposed by the board of directors but has not yet been approved by the general meeting of shareholders of SIPEF and is therefore not provided for in the financial statements as at December 31, 2023. Capital management The capital structure of the Group is based on the financial strategy as defined by the board of directors. Summarized, this strategy consists of an expansion policy while respecting a very limited debt ratio. The management puts forward yearly the plan for approval by the board of directors. Chain of control 1. Chain of control above Ackermans & Van Haaren NVI. Ackermans & Van Haaren NV is directly controlled by Scaldis Invest NV, a company incorporated under Belgian law.II. Scaldis Invest NV is directly controlled by Belfimas NV, a company incorporated under Belgian law.III. Belfimas NV is directly controlled by Celfloor SA, a company incorporated under Luxembourg law.IV. Celfloor SA is directly controlled by Apodia International Holding BV, a company incorporated under Dutch law.V. Apodia International Holding BV is directly controlled by Palamount SA, a company incorporated under Luxembourg law.VI. Palamount SA is directly controlled by Stichting administratiekantoor \u201cHet Torentje\u201d, incorporated under Dutch law.VII. Stichting Administratiekantoor \u201cHet Torentje\u201d is the ultimate controlling shareholder.2. Chain of control above Cabra NVPriscilla Bracht, Theodora Bracht and Victoria Bracht exercise joint control over Cabra NV.3. Chain of control above Cabra P NV, Cabra T NV and Cabra V NVCabra P NV, Cabra T NV and Cabra V NV are controlled by, respectively, Priscilla Bracht, Theodora Bracht and Victoria Bracht.4.Chain of control above SIPEFAckermans & van Haaren NV and Group Bracht jointly exercise control over SIPEF.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__137": {
"value": "Capital stock and share premium The issued capital of the company as at December 31, 2023, amounts to KUSD 44 734, represented by 10 579 328 fully paid ordinary shares without nominal value. 2023 2022 Difference Number of shares 10 579 328 10 579 328 0 In KUSD 2023 2022 Difference Capital 44 734 44 734 0 Share premium 107 970 107 970 0 Total 152 704 152 704 0 2023 2022 2023 2022 KUSD KUSD KEUR KEUR Treasury shares - opening balance 11 588 11 521 9 549 9 490 Acquisition/sale treasury shares 93 67 92 59 Treasury shares - ending balance 11 681 11 588 9 641 9 549 Since the start of the share buy-back program on 22 September 2011, SIPEF has a total of 180 000 own shares for an amount of KEUR 9 641, corresponding to 1.7014% of the total shares outstanding, as cover for a share option plan for the management. For additional information see note 22.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__105": {
"value": "Capital stock and share premium The issued capital of the company as at December 31, 2023, amounts to KUSD 44 734, represented by 10 579 328 fully paid ordinary shares without nominal value. 2023 2022 Difference Number of shares 10 579 328 10 579 328 0 In KUSD 2023 2022 Difference Capital 44 734 44 734 0 Share premium 107 970 107 970 0 Total 152 704 152 704 0 2023 2022 2023 2022 KUSD KUSD KEUR KEUR Treasury shares - opening balance 11 588 11 521 9 549 9 490 Acquisition/sale treasury shares 93 67 92 59 Treasury shares - ending balance 11 681 11 588 9 641 9 549 Since the start of the share buy-back program on 22 September 2011, SIPEF has a total of 180 000 own shares for an amount of KEUR 9 641, corresponding to 1.7014% of the total shares outstanding, as cover for a share option plan for the management. For additional information see note 22.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__106-1": {
"value": "Dividends On February 13, 2024, a dividend of maximum KEUR 21 159 (EUR 2.00 gross per ordinary share) has been proposed by the board of directors but has not yet been approved by the general meeting of shareholders of SIPEF and is therefore not provided for in the financial statements as at December 31, 2023. The distributed dividends to non-controlling interests consist of: In KUSD 2023 2022 PT Kerasaan Indonesia 2 795 1 720 Jabelmalux SA 1 0 Total 2 796 1 720 The dividend from PT Kerasaan and Jabelmalux SA has been declared and paid in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__107": {
"value": "21159000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"s8_notes__6__108": {
"value": "2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"s8_notes__6__109": {
"value": "Capital management The capital structure of the Group is based on the financial strategy as defined by the board of directors. Summarized, this strategy consists of an expansion policy while respecting a very limited debt ratio. The management puts forward yearly the plan for approval by the board of directors. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__111": {
"value": "Chain of control 1. Chain of control above Ackermans & Van Haaren NVI. Ackermans & Van Haaren NV is directly controlled by Scaldis Invest NV, a company incorporated under Belgian law.II. Scaldis Invest NV is directly controlled by Belfimas NV, a company incorporated under Belgian law.III. Belfimas NV is directly controlled by Celfloor SA, a company incorporated under Luxembourg law.IV. Celfloor SA is directly controlled by Apodia International Holding BV, a company incorporated under Dutch law.V. Apodia International Holding BV is directly controlled by Palamount SA, a company incorporated under Luxembourg law.VI. Palamount SA is directly controlled by Stichting administratiekantoor \u201cHet Torentje\u201d, incorporated under Dutch law.VII. Stichting Administratiekantoor \u201cHet Torentje\u201d is the ultimate controlling shareholder.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__110": {
"value": "4.Chain of control above SIPEFAckermans & van Haaren NV and Group Bracht jointly exercise control over SIPEF.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__113": {
"value": "16. NON-CONTROLLING INTERESTSThe table below presents the non-controlling interests per company, as well as their share of the equity and the profit of the year. 2023 2022 Share of Share of % Non-% Non-Share of the profit Share of the profit In KUSD controlling controlling the equity of the the equity of the interests interests year year PT Tolan Tiga Indonesia 5.00 22 834 824 5.00 21 823 1 106 PT Eastern Sumatra Indonesia 9.75 7 507 696 9.75 6 813 709 PT Kerasaan Indonesia 45.85 4 553 1 344 45.85 6 197 2 029 PT Bandar Sumatra Indonesia 9.75 868 - 1489.75 1 018 - 121PT Melania Indonesia 2.75 235 0 2.75 235 0 PT Mukomuko Agro Sejahtera 14.26 - 524- 7514.26 - 447- 104PT Umbul Mas Wisesa 5.00 94 158 5.10 - 68 469 PT Citra Sawit Mandiri 5.00 - 66 112 5.10 - 182 18 PT Toton Usaha Mandiri 5.00 279 40 5.10 244 86 PT Agro Rawas Ulu 0,00 0 0 5.00 - 330- 136PT Agro Kati Lama 0,00 0 0 5.00 - 974- 277PT Agro Muara Rupit 0,00 - 1 0 5.10 - 564- 300PT Agro Muko 4.95 1 996 738 5.00 1 344 1 170 PT Dendymarker Indah Lestari 4.95 -2 733- 685.00 -2 710- 351Jabelmalux SA 0.00 - 1 0 0.11 - 58 0 Total 35 042 3 619 32 341 4 298 The non-controlling interest's share of the property, plant and equipment (including biological assets - bearer plants) amounts to KUSD 23 347 in 2023 (2022: KUSD 29 787). In 2023, SIPEF did a capital restructuring within the Group. The SIPEF group purchased the remaining shares from the minority shareholders in PT Agro Rawas Ulu, PT Agro Kati Lama and PT Agro Muara Rupit. The total consideration paid amounted to KUSD 415. Furthermore, a capital increase in Jabelmalux SA was done in 2023 impacting the controlling interest percentages in the subsidiaries PT Umbul Mas Wisesa, PT Citra Sawit Mandiri, PT Toton Usaha Mandiri and PT Agro Muara Rupit. The movements of the year can be summarized as follows: In KUSD 2023 2022 At the end of the preceding period 32 341 38 854 Profit for the period attributable to non-controlling interests 3 619 4 298 Remeasurement gain/(loss) on Defined Benefit Plans - 14 - 7 Distributed dividends -2 796 -1 720 Equity transactions with non-controlling parties 1 890 -9 083 Other 0 0 At the end of the period 35 042 32 341 The distributed dividends to non-controlling interests consist of: In KUSD 2023 2022 PT Kerasaan Indonesia 2 795 1 720 Jabelmalux SA 1 0 Total 2 796 1 720 The dividend from PT Kerasaan and Jabelmalux SA has been declared and paid in 2023. There are no limitations to the transfer of funds. The non-controlling interests have no rights to use the assets of the Group or to repay the liabilities of the subsidiaries. The non-controlling interests do not have significant protective rights. There are no restrictions to realise assets and settle liabilities of subsidiaries.",
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__114": {
"value": "There are no limitations to the transfer of funds. The non-controlling interests have no rights to use the assets of the Group or to repay the liabilities of the subsidiaries. The non-controlling interests do not have significant protective rights. There are no restrictions to realise assets and settle liabilities of subsidiaries.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__115": {
"value": "17. PROVISIONS In KUSD 2023 2022 Provision 524 767 The provisions are entirely related to a VAT dispute in Indonesia. During 2023, there have been a number of court cases which were settled mainly in SIPEF\u2019s favour. It is difficult to make an estimate of the settlement time of the dispute. The remaining provisions is estimated based on the ratio of the settled court cases in favour of SIPEF compared to the total court cases remaining.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__116-1": {
"value": "18. PENSION LIABILITIES Defined benefit plans Pension liabilities mainly represent defined benefit plans in Indonesia. These pension plans, set up in order to pay a lump sum amount at the time of retirement, are not financed with a third party. The total number of employees affected by the pension plan amounts to 10 194. The pension plan is payable to an employee at the age of 55 or after 30 years of seniority, whichever comes first. Since the pension plan is adjusted by future salary increases and discount rates, the pension plan is exposed to Indonesia's future salary expectations, as well as Indonesia's inflation and interest rate risk. Furthermore, the pension plan is payable in Indonesian Rupiah, exposing it to a currency risk. We refer to note 26 for further details concerning the currency risk of the Group. As the pension plan is unfunded, there is no risk relating to a return on plan assets. The following reconciliation summarizes the variation of total pension liabilities between 2022 and 2023: Pension Translation In KUSD 2022 Payment Exchange 2023 cost difference Indonesia 19 802 3 740 -1 450 379 0 22 471 C\u00f4te d\u2019Ivoire 646 427 - 53 0 24 1 044 Total 20 448 4 167 -1 503 379 24 23 515 The following assumptions are used in the pension calculation of Indonesia: 2023 2022 Discount rate 7.00% 7.25% Future salary increases 5.00% 5.00% Assumed retirement age 55 years or 30 years of seniority 55 years or 30 years of seniority Pension liabilities in Indonesia have changed as follows: In KUSD 2023 2022 Opening 19 801 21 498 Service cost 2 056 -116Interest cost 1 445 1 366 Benefits paid -1 450-1 064Actuarial gains and losses 239 126 Exchange differences 379 -2 009Closing 22 471 19 801 Actuarial gains and losses consist of the following components: In KUSD 2023 2022 Experience adjustments -752-345Changes in assumptions used 991 471 Total actuarial gains and losses 239 126 The actuarial gains and losses included in the above table contain the largest part of the total actuarial gains and losses included in the other comprehensive income. The amounts relating to the pension cost of Indonesia are as follows: In KUSD 2023 2022 Service cost 2 056 - 116Interest cost 1 445 1 366 Pension cost 3 501 1 250 Actuarial gains and losses recorded in Other Comprehensive Income 239 126 Total pension cost 3 741 1 375 These costs are included under the headings cost of sales and general and administrative expenses of the income statement. Estimated benefit payments cumulates to KUSD 1 442 in 2024. Sensitivity of the variation of the discount rate and of the future salary increase Values as appearing in the balance sheet are sensitive to changes in the actual discount rate compared to the discount rate used. The same applies to changes in the actual future salary increase compared to the future salary increase used in the calculation. For our Indonesian entities, simulations were made to calculate the impact of a 1% increase or decrease of both parameters on the pension provision, resulting in the following effects: Impact of the change in discount rate In KUSD +1%Carrying amount -1%Pension liability of the Indonesian subsidiaries 20 464 22 471 24 768 Gross impact on the comprehensive income 2 006 -2 297Impact of the change in future salary increase In KUSD +1%Carrying amount -1%Pension liability of the Indonesian subsidiaries 24 885 22 471 20 333 Gross impact on the comprehensive income -2 4152 138 Defined contribution plans The Group pays contributions to publicly or privately administered insurance plans. Since the Group is obliged to make additional payments if the average return on the employer\u2019s contribution and on the employees\u2019 contributions is not attained, those plans should be treated as \u201cdefined benefit plans\u201d in accordance with IAS 19. The liability is based on an analysis of the plans and the limited difference between the legally guaranteed minimum returns and the interest guaranteed by the insurance company, the Group has concluded that the application of the PUC method would have an immaterial impact. The total accumulated reserves amount to KUSD 2 152 by the end of December 2023 (2022: KUSD 1 966) compared to the total minimum guaranteed reserves of KUSD 1 827 at 31 December 2023 (2022: KUSD 1 648). Contributions paid regarding the defined contribution plans amount to KUSD 493 (2022: KUSD 463). SIPEF is not responsible for the minimum guaranteed return on the contributions paid for the members of the executive committee (KUSD 429).Transactions with directors and members of the executive committee Key management personnel are defined as the directors and the Group\u2019s management committee. The table below shows an overview of total remuneration received: In KUSD 2023 2022 Directors' fees 480 465 Fixed fees 2 803 2 429 Variable fees 2 557 1 534 Post-employment benefits 429 406 Other 139 171 Market value vested stock option (on vesting date) 127 195 Total 6 535 5 200 The amounts are paid in EUR. The amount paid in 2023 amounts to KEUR 6 036 (2022: KEUR 4 957). The increase of KEUR 1 079 is mainly a consequence of the higher variable fee paid in 2023 compared to 2022. Starting from the financial year 2007, fixed fees shall be paid to the members of the board of directors, the audit committee and the remuneration committee. Related party transactions are considered immaterial, except for the rental agreement since 1985 between Cabra NV and SIPEF covering the offices and ancillary parking space at Castle Calesberg in Schoten. The annual rent, adjusted for inflation, amounts to KUSD 220 (2022 KUSD 194) and KUSD 89 (2022 KUSD 81) is invoiced for SIPEF\u2019s share of maintenance of the buildings, parking space and park area. SIPEF's relations with board members and management committee members are covered in detail in the \u201cCorporate Governance statement\u201d section.",
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__117": {
"value": "19. NET FINANCIAL ASSETS/(LIABILITIES) Net financial assets/(liabilities) (non-GAAP measure) can be analysed as follows: In KUSD 2023 2022 Short-term obligations - credit institutions -22 319 -5 323 Financial liabilities > 1 year (incl. derivatives) 0 -18 000 Current portion of amounts payable after one year -18 000 -18 000 Other investments and deposits 1 10 208 Cash and cash equivalents 11 549 34 148 Lease liability -2 649 -2 910 Net financial assets/(liabilities) -31 418 122 Analysis of net financial assets/(liabilities) 2023 per currency: In KUSD EUR USD Others Total Short-term financial obligations -5 519 -34 800 0 -40 319 Other investments and deposits 0 1 0 1 Cash and cash equivalents 1 103 9 226 1 220 11 549 Financial liabilities > 1 year 0 0 0 0 Lease liability - 306 -2 343 0 -2 649 Total 2023 -4 721 -27 917 1 220 -31 418 Total 2022 -4 559 3 957 724 122The short-term financial obligations relate to the commercial papers for a total amount of KUSD 5 519. This financial obligation has been completely hedged at an average rate of EUR 1 = USD 1.1018. Further, the short-term financial obligations are related to a straight loan of KUSD 16 800. Other investments and deposits mainly include bank deposits with original maturities of more than 3 months but less than one year. The financial liabilities with an original maturity of more than one year include an USD 85.5 million loan of which USD 67.5 million has already been repaid between 2019 - 2023. The remaining KUSD 18 000 will be repaid during fiscal year 2024. The interest rate is composed as the USD 3M interest rate + a margin of 1.20% to 2.50%, depending on the debt/EBITDA ratio. The variable interest rate was hedged at a fixed interest rate of 1.3933% through an interest rate swap (IRS). It should be noted that in 2020 SIPEF has made use of the possibility of postponing capital repayments to cope with the impact of covid-19. As a result, the repayments at the end of June 2020 (KUSD 4 500) have been postponed until June 2024, and the repayment at the end of September 2020 (KUSD 4 500) has been postponed until September 2024. There is one financial requirement applicable to the loan covenant which states that the net financial debt may not exceed 2.5 times the REBITDA of the year. This financial covenant is tested every half-year. The EBITDA of the Group consists of the operating results + profit/loss from equity companies + depreciation and additional impairments/increases on assets. The REBITDA consists of the same calculation, but excluding the one-off, non-recurring effects. There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the current period. The financial covenant ratio will remain at 2.50 on 30 June 2024 and 31 December 2024. Due to the significant volatility of the palm oil prices and the impact on the result and EBITDA of the Group, this covenant is continuously monitored. It is not expected that this covenant will be breached in 2024. Covenant ratio 2023 2022 Operating result 107 978 178 312 Exceptional items -2 801 0 Recurring operating result 105 177 178 312 Depreciation and result on sale FA 54 364 48 101 REBITDA 159 541 226 413 (-) minorities recurring -3 619-4 298REBITDA group share 155 922 222 115 Net Senior Leverage 0.20 0.00 Reconciliation of the net financial assets/(liabilities) and cash flow: In KUSD 2023 2022 Net financial position at the beginning of the period 122 -49 192Decrease in long-term borrowings 18 528 18 642 Increase in long-term borrowings - 182- 755Decrease in short-term financial obligations 590 7 154 Increase in short-term financial obligations -17 671- 106Net movement in cash and cash equivalents -32 80624 379 Net financial assets/(liabilities) at the end of the period -31 418 122 Reconciliation of the total financial liabilities: In KUSD 2023 2022 Financial liabilities at the beginning of the period 44 233 69 168 Decrease in long-term financial obligations -18 528-18 642Increase in long-term financial obligations 182 755 Decrease in short-term financial obligations - 590-7 154Increase in short-term financial obligations 17 671 106 Financial liabilities at the end of the period 42 968 44 233",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__118": {
"value": "Net financial assets/(liabilities) (non-GAAP measure) can be analysed as follows: In KUSD 2023 2022 Short-term obligations - credit institutions -22 319 -5 323 Financial liabilities > 1 year (incl. derivatives) 0 -18 000 Current portion of amounts payable after one year -18 000 -18 000 Other investments and deposits 1 10 208 Cash and cash equivalents 11 549 34 148 Lease liability -2 649 -2 910 Net financial assets/(liabilities) -31 418 122 Analysis of net financial assets/(liabilities) 2023 per currency: In KUSD EUR USD Others Total Short-term financial obligations -5 519 -34 800 0 -40 319 Other investments and deposits 0 1 0 1 Cash and cash equivalents 1 103 9 226 1 220 11 549 Financial liabilities > 1 year 0 0 0 0 Lease liability - 306 -2 343 0 -2 649 Total 2023 -4 721 -27 917 1 220 -31 418 Total 2022 -4 559 3 957 724 122",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__124": {
"value": "20. OTHER OPERATING INCOME/(EXPENSES)The other operating income/(expenses) can be detailed as follows: 2023 2022 Equity Equity Non-Non-holders holders In KUSD controlling Total controlling Total of the of the interests interests parent parent VAT claim Indonesia 485 26 510 548 30 578 VAT claim Belgium 0 0 0 274 0 274 Accelerated depreciation oil palms PT Dendymarker 0 0 0 - 385- 20- 405Reversal impairment PT Citra Sawit Mandiri 2 661 140 2 801 0 0 0 Impairment PT Umbul Mas Wisesa biopellet project -1 140- 60-1 200 0 0 0 Rental income tank storage capacity 588 31 619 270 14 284 Other income/(charges) 1 689 89 1 778 18 - 44- 26Other operating income/(expenses) 4 284 225 4 509 725 - 20 705 The other income/charges mainly consist out of: \u2022 the movement in the provision for the Indonesian VAT claim (KUSD +510) mainly in favour of SIPEF; \u2022 the reversal on the historical impairment (KUSD +2 801) in PT Citra Sawit Mandiri as the HGU has been obtained; \u2022 the impairment of the \u2018bio pellet project\u2019 next to the mill of PT Umbul Mas Wisesa (KUSD -1 200); \u2022 the tank rental income generated by rentals of tank storage capacity (KUSD +619); \u2022 the stock adjustments for obsolete stock; \u2022 warehouse sales to smallholders in Papua New Guinea. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__123": {
"value": "20. OTHER OPERATING INCOME/(EXPENSES)The other operating income/(expenses) can be detailed as follows: 2023 2022 Equity Equity Non-Non-holders holders In KUSD controlling Total controlling Total of the of the interests interests parent parent VAT claim Indonesia 485 26 510 548 30 578 VAT claim Belgium 0 0 0 274 0 274 Accelerated depreciation oil palms PT Dendymarker 0 0 0 - 385- 20- 405Reversal impairment PT Citra Sawit Mandiri 2 661 140 2 801 0 0 0 Impairment PT Umbul Mas Wisesa biopellet project -1 140- 60-1 200 0 0 0 Rental income tank storage capacity 588 31 619 270 14 284 Other income/(charges) 1 689 89 1 778 18 - 44- 26Other operating income/(expenses) 4 284 225 4 509 725 - 20 705 The other income/charges mainly consist out of: \u2022 the movement in the provision for the Indonesian VAT claim (KUSD +510) mainly in favour of SIPEF; \u2022 the reversal on the historical impairment (KUSD +2 801) in PT Citra Sawit Mandiri as the HGU has been obtained; \u2022 the impairment of the \u2018bio pellet project\u2019 next to the mill of PT Umbul Mas Wisesa (KUSD -1 200); \u2022 the tank rental income generated by rentals of tank storage capacity (KUSD +619); \u2022 the stock adjustments for obsolete stock; \u2022 warehouse sales to smallholders in Papua New Guinea. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__122": {
"value": "20. OTHER OPERATING INCOME/(EXPENSES)The other operating income/(expenses) can be detailed as follows: 2023 2022 Equity Equity Non-Non-holders holders In KUSD controlling Total controlling Total of the of the interests interests parent parent VAT claim Indonesia 485 26 510 548 30 578 VAT claim Belgium 0 0 0 274 0 274 Accelerated depreciation oil palms PT Dendymarker 0 0 0 - 385- 20- 405Reversal impairment PT Citra Sawit Mandiri 2 661 140 2 801 0 0 0 Impairment PT Umbul Mas Wisesa biopellet project -1 140- 60-1 200 0 0 0 Rental income tank storage capacity 588 31 619 270 14 284 Other income/(charges) 1 689 89 1 778 18 - 44- 26Other operating income/(expenses) 4 284 225 4 509 725 - 20 705 The other income/charges mainly consist out of: \u2022 the movement in the provision for the Indonesian VAT claim (KUSD +510) mainly in favour of SIPEF; \u2022 the reversal on the historical impairment (KUSD +2 801) in PT Citra Sawit Mandiri as the HGU has been obtained; \u2022 the impairment of the \u2018bio pellet project\u2019 next to the mill of PT Umbul Mas Wisesa (KUSD -1 200); \u2022 the tank rental income generated by rentals of tank storage capacity (KUSD +619); \u2022 the stock adjustments for obsolete stock; \u2022 warehouse sales to smallholders in Papua New Guinea. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__121-1": {
"value": "20. OTHER OPERATING INCOME/(EXPENSES)The other operating income/(expenses) can be detailed as follows: 2023 2022 Equity Equity Non-Non-holders holders In KUSD controlling Total controlling Total of the of the interests interests parent parent VAT claim Indonesia 485 26 510 548 30 578 VAT claim Belgium 0 0 0 274 0 274 Accelerated depreciation oil palms PT Dendymarker 0 0 0 - 385- 20- 405Reversal impairment PT Citra Sawit Mandiri 2 661 140 2 801 0 0 0 Impairment PT Umbul Mas Wisesa biopellet project -1 140- 60-1 200 0 0 0 Rental income tank storage capacity 588 31 619 270 14 284 Other income/(charges) 1 689 89 1 778 18 - 44- 26Other operating income/(expenses) 4 284 225 4 509 725 - 20 705 The other income/charges mainly consist out of: \u2022 the movement in the provision for the Indonesian VAT claim (KUSD +510) mainly in favour of SIPEF; \u2022 the reversal on the historical impairment (KUSD +2 801) in PT Citra Sawit Mandiri as the HGU has been obtained; \u2022 the impairment of the \u2018bio pellet project\u2019 next to the mill of PT Umbul Mas Wisesa (KUSD -1 200); \u2022 the tank rental income generated by rentals of tank storage capacity (KUSD +619); \u2022 the stock adjustments for obsolete stock; \u2022 warehouse sales to smallholders in Papua New Guinea. The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__120-1": {
"value": "20. OTHER OPERATING INCOME/(EXPENSES)The other operating income/(expenses) can be detailed as follows: 2023 2022 Equity Equity Non-Non-holders holders In KUSD controlling Total controlling Total of the of the interests interests parent parent VAT claim Indonesia 485 26 510 548 30 578 VAT claim Belgium 0 0 0 274 0 274 Accelerated depreciation oil palms PT Dendymarker 0 0 0 - 385- 20- 405Reversal impairment PT Citra Sawit Mandiri 2 661 140 2 801 0 0 0 Impairment PT Umbul Mas Wisesa biopellet project -1 140- 60-1 200 0 0 0 Rental income tank storage capacity 588 31 619 270 14 284 Other income/(charges) 1 689 89 1 778 18 - 44- 26Other operating income/(expenses) 4 284 225 4 509 725 - 20 705 The other income/charges mainly consist out of: \u2022 the movement in the provision for the Indonesian VAT claim (KUSD +510) mainly in favour of SIPEF; \u2022 the reversal on the historical impairment (KUSD +2 801) in PT Citra Sawit Mandiri as the HGU has been obtained; \u2022 the impairment of the \u2018bio pellet project\u2019 next to the mill of PT Umbul Mas Wisesa (KUSD -1 200); \u2022 the tank rental income generated by rentals of tank storage capacity (KUSD +619); \u2022 the stock adjustments for obsolete stock; \u2022 warehouse sales to smallholders in Papua New Guinea. The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__133-1": {
"value": "21. FINANCIAL RESULT The financial income concerns the interests received on current accounts with non-consolidated companies and on temporary excessIn KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__132": {
"value": "21. FINANCIAL RESULT The financial income concerns the interests received on current accounts with non-consolidated companies and on temporary excess cash, as well as the income resulting from the unwinding of the discounting of the \u2018receivables > 1 year\u2019. The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__129-1": {
"value": "21. FINANCIAL RESULT The financial income concerns the interests received on current accounts with non-consolidated companies and on temporary excessIn KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__128": {
"value": "21. FINANCIAL RESULT The financial income concerns the interests received on current accounts with non-consolidated companies and on temporary excess cash, as well as the income resulting from the unwinding of the discounting of the \u2018receivables > 1 year\u2019. The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__135": {
"value": "The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__131": {
"value": "The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__125": {
"value": "The financial expenses concern the interests on long term and short-term borrowings as well as bank charges, the discounting of the long-term smallholders receivables and other financial expenses. In KUSD 2023 2022 Interests received 1 809 1 300 Discounting of receivables > 1 year - 402 -1 883 Financial expenses -1 677 -1 920 Exchange result 1 112 -4 809 Financial result derivatives - 3 1 558 Financial result 839 -5 754",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__136": {
"value": "22. SHARE BASED PAYMENT Number of Number of Number of Grant date Opening balance options Ending Balance options granted options expired exercised 2013 16 000 -8 442 -7 558 0 2014 18 000 -2 000 16 000 2015 18 000 18 000 2016 18 000 18 000 2017 18 000 18 000 2018 20 000 20 000 2019 20 000 -2 000 18 000 2020 18 000 18 000 2021 18 000 -2 000 16 000 2022 20 000 -2 000 18 000 2023 0 20 000 20 000 Balance 184 000 20 000 -10 442 -13 558 180 000 2023 2022 Weighted Weighted Number of share Number of share average exercise average exercise options options price (in EUR) price (in EUR) January 1 184 000 53.2 178 000 51.5 Granted during the year 20 000 52.7 20 000 57.7 Forfeitures of rights and expiries during the year -13 558 54.8 -12 000 59.1 Exercised during the year -10 442 55.3 -2 000 59.1 December 31 180 000 52.9 184 000 53.2 Exercisable at December 31 126 000 128 000 Options outstanding Options Exercisable Weighted Weighted Weighted Range of exercise prices Number of average average Number average (EUR) outstanding remaining life contractual exercisable exercise price (years) price 44.59 - 45,61 36 000 6.5 45.1 36 000 45.1 49.15 \u2013 53.09 76 000 5.2 51.4 56 000 51.3 54.71 \u2013 57.70 34 000 5.3 56.3 16 000 54.7 58.31 - 62.87 34 000 5.9 60.7 18 000 62.9 180 000 126 000 SIPEF's stock option plan, which was approved in November 2011, is intended to provide long term motivation for the members of the executive committee and general directors of the foreign subsidiaries whose activities are essential to the success of the Group. The options give them the right to acquire a corresponding number of SIPEF shares. The remuneration committee is responsible for monitoring this plan and selecting the beneficiaries. The options are provided free of charge and their exercise period is 10 years. IFRS 2 has been applied to the stock options. The total value of the outstanding options 2014 - 2023 (valued at the fair value at the moment of granting), amounts to KUSD 1 463 and is calculated based on an adjusted Black & Scholes model of which the main characteristics are as follows: Estimated Black & Share price (in Grant date Dividend yield Volatility Interest rate expected Scholes Value EUR) lifetime (in EUR) 2013 57.7 2.5% 29.7 1.4% 5.0 12.7 2014 47.7 2.5% 24.8 0.2% 5.0 5.3 2015 52.8 2.5% 22.3 0.1% 5.0 8.0 2016 60.5 3.0% 19.4 -0.4% 5.0 8.4 2017 62.8 3.0% 18.9 -0.1% 5.0 5.6 2018 48.8 3.0% 18.6 -0.1% 5.0 3.5 2019 54.8 3.0% 19.6 -0.3% 5.0 8.1 2020 43.2 3.0% 23.4 -0.7% 5.0 4.6 2021 56.9 3.0% 24.1 -0.3% 5.0 6.7 2022 58.9 3.0% 25.9 2.8% 5.0 11.7 2023 53.0 3.0% 26.0 2.3% 5.0 9.8 In 2023, 20 000 new stock options were granted with an exercise price of EUR 52.7 per share. The fair value when granted was fixed at KUSD 216 and is recorded in the profit and loss accounts over the vesting period of 3 years (2024-2026). The total cost of the stock options included in the income statement is KUSD 163 in 2023 (2022: KUSD 140). To cover the outstanding option liability, SIPEF has a total of 180 000 treasury shares in portfolio. Average Total Total Number of shares purchase/selling purchase/selling purchase/selling price (in EUR) price (in KEUR) price (in KUSD) Opening balance 31/12/2022 178 933 53.4 9 549 11 588 Acquisition of treasury shares 11 509 56.6 651 701 Disposal of treasury shares -10 442 53.4 - 559 - 608 Ending balance 31/12/2023 180 000 53.4 9 641 11 681 The extraordinary general meeting of shareholders on June 14, 2023, authorised the board of directors to purchase own shares of SIPEF if deemed necessary over a period of 5 years after the publication of the renewal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__139": {
"value": "23. INCOME TAXES The reconciliation between the tax expenses and tax at local applicable tax rates is as follows: In KUSD 2023 2022 Profit before tax 108 817 172 557 Tax at the applicable local rates -28 251 -45 989 Average applicable tax rate -25.9% -26.7% Withholding tax on the dividend of Hargy Oil Palms Ltd 0 -7 500 Non-taxable result reversal historical impairment PT Citra Sawit Mandiri 616 0 Permanent differences - 935 -3 796 Losses of the year for which no DTA is recognised 0 - 128 Profits of the year for which no DTA is recognised 571 0 Impairment losses recognised on DTA recognised in previous years -3 566 -2 003 Reversal of impairment losses on DTA recognised in previous years 437 105 Corrections prior year 0 - 225 Tax expense -31 128 -59 536 Average effective tax rate -28.6% -34.5% The non-taxable result in PT Citra Sawit Mandiri relates to the reversal of the historical impairment recorded in PT Citra Sawit Mandiri. The permanent differences consist mainly of disallowed expenses for tax purposes and have decreased due to lower permanently rejected interest cost expenses in the SIPEF group due to the thin capitalisation regulation in Indonesia. The withholding tax on the dividend of Hargy Oil Palms Ltd in prior year related to a 15% withholding tax payable on a dividend of USD 50 million paid by Hargy Oil Palms Ltd to SIPEF NV. We received from the Indonesian tax authorities the formal approval, which starting from financial year 2014 our Indonesian affiliates are allowed to lodge their tax declaration in USD. From the tax authorities in Papua New Guinea the SIPEF group got permission to prepare the tax declaration based on USD accounts from 2015 onwards. For SIPEF NV and Jabelmalux SA a similar authorisation has been obtained with effect from the financial year 2016. Deferred tax liabilities and assets are offset per taxable entity which leads to the following split between deferred tax assets and deferred tax liabilities: In KUSD 2023 2022 Deferred tax assets 15 214 14 097 Deferred tax liabilities -52 454 -48 131 Net deferred taxes -37 240 -34 034 The movements in net deferred taxes (assets - liabilities) are: In KUSD 2023 2022 Opening balance -34 034 -33 400 Variation (- expense) / (+ income) through income statement 2 043 - 109 Tax impact of IAS 19 through comprehensive income 124 28 Tax impact hedge accounting via OCI 214 - 537 Impact accelerated fiscal depreciations Hargy Oil Palms Ltd -5 614 0 Change in consolidation scope 0 0 Other 27 - 16 Closing balance -37 240 -34 034 Deferred taxes in the income statement are the result of: In KUSD 2023 2022 Addition/(utilization) of tax losses brought forward -1 091 149 Origin/(reversal) of temporary differences - IAS 41 revaluation 521 236 Origin/(reversal) of temporary differences - fixed assets 2 685 - 466Origin/(reversal) of temporary differences - pension provision 463 - 401Origin/(reversal) of temporary differences - other - 536 373 Total 2 042 - 109Total deferred tax assets are not entirely recognized in the balance sheet. The breakdown of total recognized and unrecognized deferred taxes is as follows: 2023 In KUSD Total Not recorded Recorded Biological assets - 902 0 - 902Property, plant and equipment, including bearer plants -47 854 0 -47 854Inventories -5 7770 -5 777Pension provision 4 944 0 4 944 Tax losses 15 975 6 683 9 292 Others 3 057 0 3 057 Total -30 5576 683 -37 240The majority of the unrecognized deferred tax assets at the end of 2023 are located at the companies of the South Sumatra group (KUSD 5 675) and the Tolan Tiga group rubber activities (KUSD 1 008). The set-up of and the adjustments to the deferred tax assets are based on the most recently available long-term business plans. The total tax losses (recognized and unrecognized) have the following maturity structure: 2023 In KUSD Total Not recorded Recorded 1 year 9 321 5 432 3 889 2 years 21 771 18 909 2 862 3 years 13 505 4 424 9 081 4 years 9 349 807 8 542 5 years 9 211 807 8 404 Unlimited 8 220 0 8 220 Total 71 376 30 378 40 998 In Indonesia and Papua New Guinea, the Group made advance payments of taxes in accordance with local legislation. These were partly based on the results of 2021 and partly on the results of 2022 which were both higher than the results of 2023. Therefore, the prepayments of taxes of KUSD 56 216 were higher the taxes to be paid of KUSD 33 171. In KUSD 2023 2022 Taxes to receive 6 925 1 100 Taxes to pay -10 605-33 440Net taxes to receive/ (to pay) -3 681-32 340In KUSD 2023 2022 Net taxes to receive/ (to pay) at the beginning of the period -32 340-17 877Transfer 5 614 0 Taxes to pay -33 171-59 427Paid taxes 56 216 44 964 Net taxes to receive/ (to pay) at the end of the period -3 681-32 340Taxes paid as presented in the consolidated cash flow statement are detailed as follows: In KUSD 2023 2022 Tax expense -31 128 -59 536 Deferred tax -2 043 109 Current taxes -33 171 -59 427 Variation prepaid taxes -5 825 369 Variation payable taxes -17 221 14 094 Paid taxes -56 216 -44 964 There are no material unrecorded uncertain tax positions within the SIPEF group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__140": {
"value": "Deferred tax liabilities and assets are offset per taxable entity which leads to the following split between deferred tax assets and deferred tax liabilities: In KUSD 2023 2022 Deferred tax assets 15 214 14 097 Deferred tax liabilities -52 454 -48 131 Net deferred taxes -37 240 -34 034 The movements in net deferred taxes (assets - liabilities) are: In KUSD 2023 2022 Opening balance -34 034 -33 400 Variation (- expense) / (+ income) through income statement 2 043 - 109 Tax impact of IAS 19 through comprehensive income 124 28 Tax impact hedge accounting via OCI 214 - 537 Impact accelerated fiscal depreciations Hargy Oil Palms Ltd -5 614 0 Change in consolidation scope 0 0 Other 27 - 16 Closing balance -37 240 -34 034 Deferred taxes in the income statement are the result of: In KUSD 2023 2022 Addition/(utilization) of tax losses brought forward -1 091 149 Origin/(reversal) of temporary differences - IAS 41 revaluation 521 236 Origin/(reversal) of temporary differences - fixed assets 2 685 - 466Origin/(reversal) of temporary differences - pension provision 463 - 401Origin/(reversal) of temporary differences - other - 536 373 Total 2 042 - 109Total deferred tax assets are not entirely recognized in the balance sheet. The breakdown of total recognized and unrecognized deferred taxes is as follows: 2023 In KUSD Total Not recorded Recorded Biological assets - 902 0 - 902Property, plant and equipment, including bearer plants -47 854 0 -47 854Inventories -5 7770 -5 777Pension provision 4 944 0 4 944 Tax losses 15 975 6 683 9 292 Others 3 057 0 3 057 Total -30 5576 683 -37 240The majority of the unrecognized deferred tax assets at the end of 2023 are located at the companies of the South Sumatra group (KUSD 5 675) and the Tolan Tiga group rubber activities (KUSD 1 008). The set-up of and the adjustments to the deferred tax assets are based on the most recently available long-term business plans.",
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__138": {
"value": "Deferred tax liabilities and assets are offset per taxable entity which leads to the following split between deferred tax assets and deferred tax liabilities: In KUSD 2023 2022 Deferred tax assets 15 214 14 097 Deferred tax liabilities -52 454 -48 131 Net deferred taxes -37 240 -34 034 The movements in net deferred taxes (assets - liabilities) are: In KUSD 2023 2022 Opening balance -34 034 -33 400 Variation (- expense) / (+ income) through income statement 2 043 - 109 Tax impact of IAS 19 through comprehensive income 124 28 Tax impact hedge accounting via OCI 214 - 537 Impact accelerated fiscal depreciations Hargy Oil Palms Ltd -5 614 0 Change in consolidation scope 0 0 Other 27 - 16 Closing balance -37 240 -34 034 Deferred taxes in the income statement are the result of: In KUSD 2023 2022 Addition/(utilization) of tax losses brought forward -1 091 149 Origin/(reversal) of temporary differences - IAS 41 revaluation 521 236 Origin/(reversal) of temporary differences - fixed assets 2 685 - 466Origin/(reversal) of temporary differences - pension provision 463 - 401Origin/(reversal) of temporary differences - other - 536 373 Total 2 042 - 109Total deferred tax assets are not entirely recognized in the balance sheet. The breakdown of total recognized and unrecognized deferred taxes is as follows: 2023 In KUSD Total Not recorded Recorded Biological assets - 902 0 - 902Property, plant and equipment, including bearer plants -47 854 0 -47 854Inventories -5 7770 -5 777Pension provision 4 944 0 4 944 Tax losses 15 975 6 683 9 292 Others 3 057 0 3 057 Total -30 5576 683 -37 240The majority of the unrecognized deferred tax assets at the end of 2023 are located at the companies of the South Sumatra group (KUSD 5 675) and the Tolan Tiga group rubber activities (KUSD 1 008). The set-up of and the adjustments to the deferred tax assets are based on the most recently available long-term business plans.",
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"s8_notes__6__142": {
"value": "24. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The SIPEF group has the following percentage of control and percentage of interest in the associates: Entity Location % of control % of interest Verdant Bioscience Pte Ltd Singapore / Republic of Singapore 38.00 38.00 PT Timbang Deli Indonesia Medan / Indonesia 38.00 36.10 An associate is an entity over which the Group has significant influence. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The Group has no joint ventures. The investments in associates consist of Verdant Bioscience and PT Timbang Deli, both active in tropical agriculture. Verdant Bioscience Pte Ltd (VBS) is a company located in Singapore. As of 1 January 2014, the Group holds a 38% interest in VBS. The company is a cooperation between Ackermans & Van Haaren (42%), SIPEF NV (38%), PT Dharma Satya Nusantara (10%) and BioSing Pte (10%) with the objective of conducting research into and developing high-yielding seeds with a view to commercializing them. The Group holds via Verdant Bioscience Pte Ltd a 36.10% participation in PT Timbang Deli, a company located on the island of Sumatra in Indonesia. PT Timbang Deli is engaged in cultivation of palm oil and provides the practical operation of the Group's research activities. Following the Share Swap agreement with Verdant Bioscience Pte Ltd the SIPEF group contributed 95% of the total number of shares of PT Timbang Deli to Verdant Bioscience Pte Ltd. The total section \"investments in associates and joint ventures\" can be summarized as follows: In KUSD 2023 2022 Verdant Bioscience Pte Ltd 3 123 3 801 PT Timbang Deli Indonesia -1 426 - 769 Total 1 697 3 032 The total section \"Share of profit/loss of an associate and joint venture\" can be summarized as follows: In KUSD 2023 2022 Verdant Bioscience Pte Ltd - 678 - 546 PT Timbang Deli Indonesia - 657 - 20 Total result -1 335 - 566 Below we present the condensed statements of financial position of the associated companies. These are prepared in accordance with IFRS and are before intercompany eliminations and excluding goodwill. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Biological assets 0 0 3 249 3 546 Other non-current assets 23 835 23 886 5 650 6 275 Current assets 14 527 13 723 987 892 Cash and cash equivalents 108 248 255 206 Total assets 38 470 37 856 10 141 10 919 Non-current liabilities - 14 - 14 1 371 1 341 Long term financial debts 0 0 0 0 Current liabilities 24 105 21 707 14 957 13 945 Short term financial debts 0 0 0 0 Equity 14 379 16 162 -6 187 -4 367 Total equity and liabilities 38 470 37 856 10 141 10 919 The associates had no contingent liabilities or capital commitments as at 31 December 2023 and 2022. Below we present the condensed income statements of the associated companies. These are prepared in accordance with IFRS and are before intercompany eliminations and excluding goodwill. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Inclusion in the consolidation: 38.00% 38.00% 36.10% 36.10% Revenue 0 0 5 315 5 905 Depreciation 50 48 813 841 Interest income 203 200 3 5 Interest charges 0 0 - 203 - 200 Total comprehensive income -1 784 -1 436 -1 820 - 56 Share in the consolidation - 678 - 546 - 657 - 20 Total share of the group - 678 - 546 - 657 - 20 Total share minorities 0 0 0 0 Total - 678 - 546 - 657 - 20 Reconciliation of the associated companies The below tables are prepared in accordance based on the IFRS financial statements as included in the consolidation, in accordance with the accounting policies of the SIPEF group, before goodwill allocation. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Equity without goodwill 14 379 16 161 -6 187 -4 367 Share of the group 5 464 6 141 -2 233 -1 576 Goodwill 0 0 807 807 Equity elimination PT Timbang Deli -2 340 -2 340 0 0 Total 3 123 3 801 -1 426 - 769 Dividends received from associated companies During the year no dividends were received from associated companies. There are no restrictions on the transfers of funds to the Group. ",
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__141": {
"value": "24. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The SIPEF group has the following percentage of control and percentage of interest in the associates: Entity Location % of control % of interest Verdant Bioscience Pte Ltd Singapore / Republic of Singapore 38.00 38.00 PT Timbang Deli Indonesia Medan / Indonesia 38.00 36.10 An associate is an entity over which the Group has significant influence. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The Group has no joint ventures. The investments in associates consist of Verdant Bioscience and PT Timbang Deli, both active in tropical agriculture. Verdant Bioscience Pte Ltd (VBS) is a company located in Singapore. As of 1 January 2014, the Group holds a 38% interest in VBS. The company is a cooperation between Ackermans & Van Haaren (42%), SIPEF NV (38%), PT Dharma Satya Nusantara (10%) and BioSing Pte (10%) with the objective of conducting research into and developing high-yielding seeds with a view to commercializing them. The Group holds via Verdant Bioscience Pte Ltd a 36.10% participation in PT Timbang Deli, a company located on the island of Sumatra in Indonesia. PT Timbang Deli is engaged in cultivation of palm oil and provides the practical operation of the Group's research activities. Following the Share Swap agreement with Verdant Bioscience Pte Ltd the SIPEF group contributed 95% of the total number of shares of PT Timbang Deli to Verdant Bioscience Pte Ltd. The total section \"investments in associates and joint ventures\" can be summarized as follows: In KUSD 2023 2022 Verdant Bioscience Pte Ltd 3 123 3 801 PT Timbang Deli Indonesia -1 426 - 769 Total 1 697 3 032 The total section \"Share of profit/loss of an associate and joint venture\" can be summarized as follows: In KUSD 2023 2022 Verdant Bioscience Pte Ltd - 678 - 546 PT Timbang Deli Indonesia - 657 - 20 Total result -1 335 - 566 Below we present the condensed statements of financial position of the associated companies. These are prepared in accordance with IFRS and are before intercompany eliminations and excluding goodwill. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Biological assets 0 0 3 249 3 546 Other non-current assets 23 835 23 886 5 650 6 275 Current assets 14 527 13 723 987 892 Cash and cash equivalents 108 248 255 206 Total assets 38 470 37 856 10 141 10 919 Non-current liabilities - 14 - 14 1 371 1 341 Long term financial debts 0 0 0 0 Current liabilities 24 105 21 707 14 957 13 945 Short term financial debts 0 0 0 0 Equity 14 379 16 162 -6 187 -4 367 Total equity and liabilities 38 470 37 856 10 141 10 919 The associates had no contingent liabilities or capital commitments as at 31 December 2023 and 2022. Below we present the condensed income statements of the associated companies. These are prepared in accordance with IFRS and are before intercompany eliminations and excluding goodwill. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Inclusion in the consolidation: 38.00% 38.00% 36.10% 36.10% Revenue 0 0 5 315 5 905 Depreciation 50 48 813 841 Interest income 203 200 3 5 Interest charges 0 0 - 203 - 200 Total comprehensive income -1 784 -1 436 -1 820 - 56 Share in the consolidation - 678 - 546 - 657 - 20 Total share of the group - 678 - 546 - 657 - 20 Total share minorities 0 0 0 0 Total - 678 - 546 - 657 - 20 Reconciliation of the associated companies The below tables are prepared in accordance based on the IFRS financial statements as included in the consolidation, in accordance with the accounting policies of the SIPEF group, before goodwill allocation. Verdant Bioscience Pte Ltd PT Timbang Deli In KUSD 2023 2022 2023 2022 Equity without goodwill 14 379 16 161 -6 187 -4 367 Share of the group 5 464 6 141 -2 233 -1 576 Goodwill 0 0 807 807 Equity elimination PT Timbang Deli -2 340 -2 340 0 0 Total 3 123 3 801 -1 426 - 769 Dividends received from associated companies During the year no dividends were received from associated companies. There are no restrictions on the transfers of funds to the Group. ",
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"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__144-1": {
"value": "fluctuations in the market price of core products, currencies, environmental changes, agricultural activity, interest rates and credit risk arises in the normal course of the Group\u2019s business. Financial derivative instruments are used to a limited extend to reduce the exposure to fluctuations in foreign exchange rates and interest rates. Fluctuations in the market price of core products Structural risk SIPEF group is exposed to structural price risks of their core products. The risk is primarily related to palm oil and palm kernel oil and to a lesser extent to bananas. A change of the palm oil price of USD 10 CIF per tonne has an impact of about KUSD 3 091 (without considering the impact of the current export tax and export levies in Indonesia) on result after tax. This risk is assumed to be a business risk. Transactional risk The Group faces transactional price risks on products sold. The transactional risk is the risk that the price of products purchased from third parties fluctuates between the time the price is fixed with a customer and the time the transaction is settled. This risk is assumed to be a business risk.Currency risk Most of the subsidiaries are using the US dollar as functional currency. The Group\u2019s currency risk can be split into three distinct categories: structural, transactional and translational: Structural risk Most of the Group\u2019s revenues are denominated in USD, while all the operations are located outside the USD zone (particularly in Indonesia, Papua New Guinea, C\u00f4te d\u2019Ivoire and Europe). Any change in the USD against the local currency will therefore have a considerable impact on the operating result of the company. Most of these risks are considered to be a business risk. Transactional risk The Group is also subject to transactional risks in respect of currencies, i.e. the risk of currency exchange rates fluctuating between the time the price is fixed with a customer, supplier or financial institution and the time the transaction is settled. This risk, with the exception of naturally covered positions, is not covered since most receivables and payables have a short settlement term. The pension liabilities in Indonesia are important long-term liabilities that are fully payable in IDR. A devaluation or revaluation of 10% of the IDR versus the USD has the following effect on the income statement: In KUSD IDR Dev 10% Book value IDR Rev 10% Pension liabilities in Indonesia 20 819 22 900 25 445 Gross impact income statement 2 082 -2 544 The pension liability in Indonesia consists of KUSD 22 900 from fully consolidated subsidiaries and of KUSD 430 from equity consolidated companies (PT Timbang Deli). The long-term receivables on the Indonesian smallholders are important long-term assets that are fully payable in IDR. A devaluation or revaluation of 10% of the IDR versus the USD has the following effect on the income statement: In KUSD IDR Dev 10% Book value IDR Rev 10% Smallholder receivables 35 949 39 544 43 937 Gross impact income statement -3 595 4 394 On February 13, 2024, the board of directors has proposed the payment of a dividend of maximum KEUR 21 159 (EUR 2.00 gross per ordinary share). In line with the Group\u2019s liquidity and currency policy, the exchange risk was covered in 4 forward exchange contracts for the sale of KUSD 21 141 for KEUR 19 200 (average exchange rate of 1.1011) before year-end. Sensitivity analysis With regard to the cover of the dividend for the end of the year a devaluation or revaluation of 10% of the EUR versus the USD has the following effect on the profit and loss account: In KUSD EUR Dev 10% Closing rate EUR Rev 10% Dividend 19 266 21 192 23 547 Gross Impact income statement -1 9272 355 Translational risk The SIPEF group is an international company and has operations which do not use the USD as their reporting currency. When such results are consolidated into the Group\u2019s accounts the translated amount is exposed to variations in the value of such local results are consolidated into the Group\u2019s accounts the translated amount is exposed to variations in the value of such local currencies against the USD. SIPEF group does not hedge against such risk (see accounting policies). stAs from 1 of January 2007 onwards, the functional currency of most of our activities is the same as the presentation currency, this risk has been largely restricted. Interest rate risk The Group\u2019s exposure to changes in interest rates relates to the Group\u2019s financial debt obligations. At the end of December 2023, the Group\u2019s net financial assets/(liabilities) amounted to KUSD -31 418 (2022: KUSD 122), of which KUSD 40 994 short-term financial liabilities (2022: KUSD 23 913), KUSD 0 long term financial liabilities (2022 KUSD: 18 000) and KUSD 11 745 net short-term cash and cash equivalents (2022: KUSD 44 356). The \u2018financial liabilities > 1 year\u2019 (incl. derivatives) amount to KUSD 1 974 (2022: KUSD 20 320). Considering that only the 'short-term obligations - credit institutions\u2019 (KUSD 5 519, refer to note 19) are of a current nature with variable interest rates, we believe a 0.5% change in interest rate will not have a material impact. Considering that the long-term financial debt is primarily based on a variable interest rate, the risk exists that with an increase of the interest rate, the financing cost will increase. This interest risk is hedged using an interest rate swap (IRS). The goal of this interest rate swap is to decrease the volatility (and with it the interest rate risk) as much as possible. Available funds are invested in short-term deposits. Credit risk Credit risk is the risk that one party will fail to discharge an obligation and cause the other party to incur a loss. This credit risk can be split into a commercial and a financial credit risk. With regard to the commercial credit risk management has established a credit policy and the exposure to this credit risk is monitored on a continuous basis. In practice a difference is made between: In KUSD 2023 2022 Receivables from the sale of palm oil 26 617 42 891 Receivables from the sale of bananas and plants 3 259 1 752 Total 29 876 44 643 The credit risk for the first category is rather limited as these sales are for the most part immediately paid against presentation of documents. Moreover, it concerns a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For palm oil there is one client who represents over 30% of the total sales. For rubber there are two clients which represent over 30% of total revenues. Contrary to the first category the credit risk for the receivables from the sales of bananas and horticulture is higher. For both categories there is a weekly monitoring of the open balances due and a proactive system of reminders. Impairments are applied as soon as total or partial payments are seen as unlikely. The elements that are taken into account for these appraisals are the lengths of the delay in payment and the creditworthiness of the client. The receivables from the sales of bananas and horticulture have the following due date schedule: In KUSD 2023 2022 Not yet due 2 115 852 Due < 30 days 736 823 Due between 30 and 60 days 391 49 Due between 60 and 90 days 0 0 Due > 90 days 16 28 Total 3 259 1 752 During 2023 and 2022, no material impairment on receivables was recorded in the income statement. The Group applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables based on historical losses. The Group analysed the impact of IFRS 9 and concluded there is no material impact on the bad debt reserve booked. The Group also assessed whether the historic pattern would change materially in the future and expects no significant impact.Liquidity risk A material and structural shortage in our cash flow would damage both our creditworthiness as well as the trust of investors and would restrict the capacity of the Group to attract fresh capital. The operational cash flow provides the means to finance the financial obligations and to increase shareholder value. The Group manages the liquidity risk by evaluating the short term and long-term cash flows. The SIPEF group maintains an access to the capital market through short- and long-term debt programs. The following table gives the contractually determined (not-discounted) cash flows resulting from liabilities at balance sheet date: Carrying Contractual Less than More than2023- In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 0 0 0 0 0 0 0 Leasing liabilities > 1 year 1 974 -3 389- 57- 695- 601- 443-1 593Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 25 243 -25 243-25 243 0 0 0 0 Advances received 3 411 -3 411-3 411 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 327-18 327 0 0 0 0 Financial liabilities 22 319 -22 519-22 519 0 0 0 0 Leasing liabilities < 1 year 675 - 718- 718Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 71 623 -73 607-70 275- 695- 601- 443-1 593Carrying Contractual Less than More than2022 - In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 18 000 -18 771- 475-18 296 0 0 0 Leasing liabilities > 1 year 2 320 -3 817- 50- 639- 601- 548-1 979Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 29 863 -29 863 -29 863 0 0 0 0 Advances received 5 698 -5 698-5 698 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 296-18 296 0 0 0 0 Financial liabilities 5 323 -5 396-5 396 0 0 0 0 Leasing liabilities < 1 year 590 - 628 - 628Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 79 794 -82 468-60 405-18 935- 601- 548-1 979In order to limit the financial credit risk, SIPEF has spread its more important activities over a small number of banking groups with a first-class rating for creditworthiness. The current maximum credit lines available amount to KUSD 142 074 (2022: KUSD 159 292). In 2023, same as in previous years, there were no infringements on the conditions stated in the credit agreements nor were there any shortcomings in repayments.",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__147": {
"value": "Credit risk Credit risk is the risk that one party will fail to discharge an obligation and cause the other party to incur a loss. This credit risk can be split into a commercial and a financial credit risk. With regard to the commercial credit risk management has established a credit policy and the exposure to this credit risk is monitored on a continuous basis. In practice a difference is made between: In KUSD 2023 2022 Receivables from the sale of palm oil 26 617 42 891 Receivables from the sale of bananas and plants 3 259 1 752 Total 29 876 44 643 The credit risk for the first category is rather limited as these sales are for the most part immediately paid against presentation of documents. Moreover, it concerns a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For palm oil there is one client who represents over 30% of the total sales. For rubber there are two clients which represent over 30% of total revenues. Contrary to the first category the credit risk for the receivables from the sales of bananas and horticulture is higher. For both categories there is a weekly monitoring of the open balances due and a proactive system of reminders. Impairments are applied as soon as total or partial payments are seen as unlikely. The elements that are taken into account for these appraisals are the lengths of the delay in payment and the creditworthiness of the client. The receivables from the sales of bananas and horticulture have the following due date schedule: In KUSD 2023 2022 Not yet due 2 115 852 Due < 30 days 736 823 Due between 30 and 60 days 391 49 Due between 60 and 90 days 0 0 Due > 90 days 16 28 Total 3 259 1 752 During 2023 and 2022, no material impairment on receivables was recorded in the income statement. The Group applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables based on historical losses. The Group analysed the impact of IFRS 9 and concluded there is no material impact on the bad debt reserve booked. The Group also assessed whether the historic pattern would change materially in the future and expects no significant impact.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__146": {
"value": "Credit risk Credit risk is the risk that one party will fail to discharge an obligation and cause the other party to incur a loss. This credit risk can be split into a commercial and a financial credit risk. With regard to the commercial credit risk management has established a credit policy and the exposure to this credit risk is monitored on a continuous basis. In practice a difference is made between: In KUSD 2023 2022 Receivables from the sale of palm oil 26 617 42 891 Receivables from the sale of bananas and plants 3 259 1 752 Total 29 876 44 643 The credit risk for the first category is rather limited as these sales are for the most part immediately paid against presentation of documents. Moreover, it concerns a relatively small number of first-class buyers: per product about 90% of the revenue from contracts with customers is realized with a maximum of 10 clients. For palm oil there is one client who represents over 30% of the total sales. For rubber there are two clients which represent over 30% of total revenues. Contrary to the first category the credit risk for the receivables from the sales of bananas and horticulture is higher. For both categories there is a weekly monitoring of the open balances due and a proactive system of reminders. Impairments are applied as soon as total or partial payments are seen as unlikely. The elements that are taken into account for these appraisals are the lengths of the delay in payment and the creditworthiness of the client. The receivables from the sales of bananas and horticulture have the following due date schedule: In KUSD 2023 2022 Not yet due 2 115 852 Due < 30 days 736 823 Due between 30 and 60 days 391 49 Due between 60 and 90 days 0 0 Due > 90 days 16 28 Total 3 259 1 752 During 2023 and 2022, no material impairment on receivables was recorded in the income statement. The Group applied the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables based on historical losses. The Group analysed the impact of IFRS 9 and concluded there is no material impact on the bad debt reserve booked. The Group also assessed whether the historic pattern would change materially in the future and expects no significant impact.",
"dimensions": {
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"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__152": {
"value": "Liquidity risk A material and structural shortage in our cash flow would damage both our creditworthiness as well as the trust of investors and would restrict the capacity of the Group to attract fresh capital. The operational cash flow provides the means to finance the financial obligations and to increase shareholder value. The Group manages the liquidity risk by evaluating the short term and long-term cash flows. The SIPEF group maintains an access to the capital market through short- and long-term debt programs. The following table gives the contractually determined (not-discounted) cash flows resulting from liabilities at balance sheet date: Carrying Contractual Less than More than2023- In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 0 0 0 0 0 0 0 Leasing liabilities > 1 year 1 974 -3 389- 57- 695- 601- 443-1 593Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 25 243 -25 243-25 243 0 0 0 0 Advances received 3 411 -3 411-3 411 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 327-18 327 0 0 0 0 Financial liabilities 22 319 -22 519-22 519 0 0 0 0 Leasing liabilities < 1 year 675 - 718- 718Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 71 623 -73 607-70 275- 695- 601- 443-1 593Carrying Contractual Less than More than2022 - In KUSD 1-2 years 2-3 years 3-4 years amount cash flows 1 year 5 years Financial obligations > 1 year (incl. derivatives) 18 000 -18 771- 475-18 296 0 0 0 Leasing liabilities > 1 year 2 320 -3 817- 50- 639- 601- 548-1 979Advances received > 1 year 0 0 0 0 0 0 0 Trade & other liabilities < 1 year Trade payables 29 863 -29 863 -29 863 0 0 0 0 Advances received 5 698 -5 698-5 698 0 0 0 0 Financial liabilities < 1 year Current portion of amounts payable > 1 year 18 000 -18 296-18 296 0 0 0 0 Financial liabilities 5 323 -5 396-5 396 0 0 0 0 Leasing liabilities < 1 year 590 - 628 - 628Derivatives 0 0 0 0 0 0 0 Other current liabilities 0 0 0 0 0 0 0 Total liabilities 79 794 -82 468-60 405-18 935- 601- 548-1 979In order to limit the financial credit risk, SIPEF has spread its more important activities over a small number of banking groups with a first-class rating for creditworthiness. The current maximum credit lines available amount to KUSD 142 074 (2022: KUSD 159 292). In 2023, same as in previous years, there were no infringements on the conditions stated in the credit agreements nor were there any shortcomings in repayments.",
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"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__156": {
"value": "Financial instruments measured at fair value in the statement of financial position Companies within the Group may use financial instruments for risk management purposes. Specifically, these are instruments principally intended to manage the risks associated with fluctuating interest and exchange rates. The counterparties in the related transactions are exclusively first-ranked banks. Derivative instruments are measured at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. Fair values of derivatives are: In KUSD 2023 2022 Interest rate swaps 495 1 350 Forward exchange transactions 285 289 Fair value (+ = asset; - = liability) 780 1 639 In accordance with IFRS 13 financial instruments are grouped into 3 levels based on the degree to which the fair value is observable: \u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at themeasurement date;\u2022 Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability either directlyor indirectly;\u2022 Level 3 inputs are unobservable inputs for the asset or liability.The interest rate swap (IRS) has a notional amount of KUSD 18 000. The carrying amount is recorded on the derivatives (assets) for an amount of KUSD 855, the deferred tax assets for an amount of KUSD -214 and the other comprehensive income in the equity for an amount of KUSD 642. The notional amount from the forward exchange transactions amounts to KUSD 20 636. The forward exchange contracts are not documented in a hedging relationship and accordingly, all changes in fair value are recorded in the financial result. The Group has documented the interest rate swaps (IRS) in a hedging relationship. The terms of the IRS and the hedged debt match 100%. Therefore, no effectiveness test based on a ratio of changes in fair value of the hedging instrument against that of the hedged debt is required. An IRS with matching contractual terms would have limited inefficiency. The fair value of the forward exchange contracts and interest rate swap calculated at the closing value at 31 December 2023 were also incorporated in level 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__155": {
"value": "Financial instruments measured at fair value in the statement of financial position Companies within the Group may use financial instruments for risk management purposes. Specifically, these are instruments principally intended to manage the risks associated with fluctuating interest and exchange rates. The counterparties in the related transactions are exclusively first-ranked banks. Derivative instruments are measured at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. Fair values of derivatives are: In KUSD 2023 2022 Interest rate swaps 495 1 350 Forward exchange transactions 285 289 Fair value (+ = asset; - = liability) 780 1 639 In accordance with IFRS 13 financial instruments are grouped into 3 levels based on the degree to which the fair value is observable: \u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at themeasurement date;\u2022 Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability either directlyor indirectly;\u2022 Level 3 inputs are unobservable inputs for the asset or liability.The interest rate swap (IRS) has a notional amount of KUSD 18 000. The carrying amount is recorded on the derivatives (assets) for an amount of KUSD 855, the deferred tax assets for an amount of KUSD -214 and the other comprehensive income in the equity for an amount of KUSD 642. The notional amount from the forward exchange transactions amounts to KUSD 20 636. The forward exchange contracts are not documented in a hedging relationship and accordingly, all changes in fair value are recorded in the financial result. The Group has documented the interest rate swaps (IRS) in a hedging relationship. The terms of the IRS and the hedged debt match 100%. Therefore, no effectiveness test based on a ratio of changes in fair value of the hedging instrument against that of the hedged debt is required. An IRS with matching contractual terms would have limited inefficiency. The fair value of the forward exchange contracts and interest rate swap calculated at the closing value at 31 December 2023 were also incorporated in level 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__160": {
"value": "Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 911",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__159": {
"value": "Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 911",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__157-1": {
"value": "Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 911Financial instruments measured at fair value in the statement of financial position Companies within the Group may use financial instruments for risk management purposes. Specifically, these are instruments principally intended to manage the risks associated with fluctuating interest and exchange rates. The counterparties in the related transactions are exclusively first-ranked banks. Derivative instruments are measured at fair value at initial recognition. The changes in fair value are reported in the income statement unless these instruments are part of hedging transactions. Fair values of derivatives are: In KUSD 2023 2022 Interest rate swaps 495 1 350 Forward exchange transactions 285 289 Fair value (+ = asset; - = liability) 780 1 639 In accordance with IFRS 13 financial instruments are grouped into 3 levels based on the degree to which the fair value is observable: \u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at themeasurement date;\u2022 Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability either directlyor indirectly;\u2022 Level 3 inputs are unobservable inputs for the asset or liability.The interest rate swap (IRS) has a notional amount of KUSD 18 000. The carrying amount is recorded on the derivatives (assets) for an amount of KUSD 855, the deferred tax assets for an amount of KUSD -214 and the other comprehensive income in the equity for an amount of KUSD 642. The notional amount from the forward exchange transactions amounts to KUSD 20 636. The forward exchange contracts are not documented in a hedging relationship and accordingly, all changes in fair value are recorded in the financial result. The Group has documented the interest rate swaps (IRS) in a hedging relationship. The terms of the IRS and the hedged debt match 100%. Therefore, no effectiveness test based on a ratio of changes in fair value of the hedging instrument against that of the hedged debt is required. An IRS with matching contractual terms would have limited inefficiency. The fair value of the forward exchange contracts and interest rate swap calculated at the closing value at 31 December 2023 were also incorporated in level 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__153-1": {
"value": "Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 911The \u2018other receivables\u2019 have increased with KUSD 1 762 from KUSD 47 728 in 2022 to KUSD 49 490 in 2023. The other receivables mainly consist of VAT receivables in the various entities, but also include a current account with Verdant Bioscience PTE Ltd (KUSD 10 054 in 2023 and KUSD 9 073 in 2022), a current account with PT Melania as it is classified as \u2018asset held for sale\u2019 and the smallholder receivables in Hargy Oil Palms Ltd. The increase in \u2018other receivables\u2019 is explained by an increase in the outstanding loan to Verdant Bioscience Pte Ltd (VBS) with KUSD 981, some significant VAT settlements in our Indonesian subsidiaries (KUSD 510), a decrease of KUSD 2 456 in the current account towards PT Melania and an increase in the GST receivable (VAT receivable) in Hargy Oil Palms Ltd (KUSD 1 457).The remaining movements consist of various smaller items in the different subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__149-1": {
"value": "Financial instruments per category The following table presents the financial instruments per category as per end 2023 and end 2022: Carrying IFRS 9 Fair value 2023 - In KUSD Fair value amount category hierarchy Financial assets Other investments 112 AC 112 Level 2 Receivables > 1 year Other receivables 34 229 AC 34 229 Level 2 Total non-current financial assets 34 341 34 341 Trade and other receivables Trade receivables 29 876 AC 29 876 Level 2 Other receivables 49 490 AC 49 490 Level 2 Investments Other investments and deposits 1 AC 1 Level 2 Cash and cash equivalents 11 549 AC 11 549 Level 2 Derivatives 285 FVPL 285 Level 2 Hedge Derivatives 495 accounting 0 Level 2 Total current financial assets 91 696 91 201 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 0 AC 0 Level 2 Leasing liabilities > 1 year 1 974 AC 1 974 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 1 974 1 974 Trade & other obligations < 1 year Trade payables 25 243 AC 25 243 Level 2 Other payables 15 832 AC 15 832 Level 2 Advances received 3 411 AC 3 411 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 22 319 AC 22 319 Level 2 Leasing liabilities < 1 year 675 AC 675 Level 2 Derivatives 0 FVPL 0 Level 2 Hedge Derivatives 0 accounting 0 Level 2 Total current financial liabilities 85 481 85 481 Carrying IFRS 9 Fair value 2022 - In KUSD Fair value amount category hierarchy Financial assets Other investments 98 AC 98 Level 2 Receivables > 1 year Other receivables 28 287 AC 28 287 Level 2 Total non-current financial assets 28 385 28 385 Trade and other receivables Trade receivables 44 643 AC 44 643 Level 2 Other receivables 47 728 AC 47 728 Level 2 Investments 0 Other investments and deposits 10 208 AC 10 208 Level 2 Cash and cash equivalents 34 148 AC 34 148 Level 2 Derivatives 289 FVPL 289 Level 2 Hedge Derivatives 1 350 accounting 1 350 Level 2 Total current financial assets 138 366 138 366 Trade and other obligations > 1 year 0 AC 0 Level 2 Financial obligations > 1 year (incl. derivatives) 18 000 AC 18 000 Level 2 Leasing liabilities > 1 year 2 320 AC 2 320 Level 2 Advances received > 1 year 0 AC 0 Level 2 Total non-current financial liabilities 20 320 20 320 Trade & other obligations < 1 year Trade payables 29 863 AC 29 863 Level 2 Other payables 14 437 AC 14 437 Level 2 Advances received 5 698 AC 5 698 Level 2 Financial obligations < 1 year Current portion of amounts payable > 1 year 18 000 AC 18 000 Level 2 Financial obligations 5 323 AC 5 323 Level 2 Leasing liabilities < 1 year 590 AC 590 Level 2 Derivatives 00 FVPL 0 Level 2 Hedge Derivatives 00 accounting 0 Level 2 Total current financial liabilities 73 911 73 911The \u2018other payables\u2019 (KUSD 15 832 in 2023 and KUSD 14 437 in 2022) mainly concern social obligations (salaries to be paid, provisions for holiday pay and bonus) and other non-trade related payables. The increase, in comparison to prior year, is primarily due to the expenses related to the implementation of the new ERP project and partly offset by the decrease in variable numeration due to the lower results in 2023 compared to 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__165": {
"value": "28. RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEETGuarantees No guarantees have been issued by third parties as security for the company\u2019s account and no guarantees have been issued to a third party for the account of subsidiaries. Significant litigation Nil. Forward sales The commitments for the delivery of goods (palm products, bananas and horticulture) after the year end fall within the normal delivery period of about 3 months from date of sale. Those sales are not considered as forward sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__164": {
"value": "28. RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEETGuarantees No guarantees have been issued by third parties as security for the company\u2019s account and no guarantees have been issued to a third party for the account of subsidiaries. Significant litigation Nil. Forward sales The commitments for the delivery of goods (palm products, bananas and horticulture) after the year end fall within the normal delivery period of about 3 months from date of sale. Those sales are not considered as forward sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__163": {
"value": "28. RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEETGuarantees No guarantees have been issued by third parties as security for the company\u2019s account and no guarantees have been issued to a third party for the account of subsidiaries. Significant litigation Nil. Forward sales The commitments for the delivery of goods (palm products, bananas and horticulture) after the year end fall within the normal delivery period of about 3 months from date of sale. Those sales are not considered as forward sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__168": {
"value": "29. RELATED PARTY TRANSACTIONSTransactions with directors and members of the executive committee Key management personnel are defined as the directors and the Group\u2019s management committee. The table below shows an overview of total remuneration received: In KUSD 2023 2022 Directors' fees 480 465 Fixed fees 2 803 2 429 Variable fees 2 557 1 534 Post-employment benefits 429 406 Other 139 171 Market value vested stock option (on vesting date) 127 195 Total 6 535 5 200 The amounts are paid in EUR. The amount paid in 2023 amounts to KEUR 6 036 (2022: KEUR 4 957). The increase of KEUR 1 079 is mainly a consequence of the higher variable fee paid in 2023 compared to 2022. Starting from the financial year 2007, fixed fees shall be paid to the members of the board of directors, the audit committee and the remuneration committee. Related party transactions are considered immaterial, except for the rental agreement since 1985 between Cabra NV and SIPEF covering the offices and ancillary parking space at Castle Calesberg in Schoten. The annual rent, adjusted for inflation, amounts to KUSD 220 (2022 KUSD 194) and KUSD 89 (2022 KUSD 81) is invoiced for SIPEF\u2019s share of maintenance of the buildings, parking space and park area. SIPEF's relations with board members and management committee members are covered in detail in the \u201cCorporate Governance statement\u201d section. Other related party transactions Transactions with related companies are mainly trade transactions and are priced at arms\u2019 length. The revenue and expenses related to these transactions are immaterial to the consolidated financial statements as a whole. Transactions with group companies Balances and transactions between the Group and its subsidiaries which are related parties of the Group have been eliminated in the consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. The following table represents the total of the transactions that have occurred during the financial year between the Group and the joint venture PT Timbang Deli and Verdant Bioscience Pte Ltd at 100%: Verdant Bioscience Pte Ltd PT Timbang Deli 2023 2022 2023 2022 Total sales during the financial year 0 0 0 0 Total purchases during the financial year 0 0 2 117 2 510 Total receivables as per 31 December 10 056 9 028 12 9 Total payables as per 31 December 300 300 128 193",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__167": {
"value": "Transactions with directors and members of the executive committee Key management personnel are defined as the directors and the Group\u2019s management committee. The table below shows an overview of total remuneration received: In KUSD 2023 2022 Directors' fees 480 465 Fixed fees 2 803 2 429 Variable fees 2 557 1 534 Post-employment benefits 429 406 Other 139 171 Market value vested stock option (on vesting date) 127 195 Total 6 535 5 200 The amounts are paid in EUR. The amount paid in 2023 amounts to KEUR 6 036 (2022: KEUR 4 957). The increase of KEUR 1 079 is mainly a consequence of the higher variable fee paid in 2023 compared to 2022. Starting from the financial year 2007, fixed fees shall be paid to the members of the board of directors, the audit committee and the remuneration committee. Related party transactions are considered immaterial, except for the rental agreement since 1985 between Cabra NV and SIPEF covering the offices and ancillary parking space at Castle Calesberg in Schoten. The annual rent, adjusted for inflation, amounts to KUSD 220 (2022 KUSD 194) and KUSD 89 (2022 KUSD 81) is invoiced for SIPEF\u2019s share of maintenance of the buildings, parking space and park area. SIPEF's relations with board members and management committee members are covered in detail in the \u201cCorporate Governance statement\u201d section.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__169": {
"value": "31. EARNINGS PER SHARE (BASIC AND DILUTED)From continuing and discontinued operations 2023 2022 Basic earnings per share Basic earnings per share - calculation (USD) 6.99 10.40 Basic earnings per share is calculated as follows: Numerator: net result for the period attributable to ordinary shareholders (KUSD) 72 735 108 157 Denominator: the weighted average number of ordinary shares outstanding 10 403 105 10 401 938 The weighted average number of ordinary shares outstanding is calculated as follows: Number of ordinary shares outstanding at January 1 10 400 395 10 401 328 Effect of shares issued / share buyback programs 2 710 610 Effect of the capital increase 0 0 The weighted average number of ordinary shares outstanding at December 31 10 403 105 10 401 938 Diluted earnings per share Diluted earnings per share - calculation (USD) 6.98 10.36 The diluted earnings per share is calculated as follows: Numerator: net result for the period attributable to ordinary shareholders (KUSD) 72 735 108 157 Denominator: the weighted average number of dilutive ordinary shares outstanding 10 417 254 10 443 064 The weighted average number of dilutive ordinary shares outstanding is calculated as follows: The weighted average number of ordinary shares outstanding at December 31 10 403 105 10 401 938 Effect of stock options on issue 14 149 41 126 The weighted average number of dilutive ordinary shares outstanding at December 31 10 417 254 10 443 064",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__170": {
"value": "32. EVENTS AFTER THE BALANCE SHEET DATEThere are no significant post-balance sheet events that have a specific impact on SIPEF group's activities and consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__171": {
"value": "33. SERVICES PROVIDED BY THE AUDITOR AND RELATED FEESThe statutory auditor of the SIPEF group is Ernst & Young Bedrijfsrevisoren BV represented by Wim Van Gasse and Christoph Oris. The fees for the annual report of SIPEF were approved by the general meeting after review and approval of the audit committee and by the board of directors. These fees correspond to an amount of KUSD 130 in 2023 (2022: KUSD 115). For the Group, EY has provided services for KUSD 597 in 2023 (2022: KUSD 568), of which KUSD 0 (2022: KUSD 0) are for non-audit services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300NN3PC8KDD43S24",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}