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"value": "The consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union. The consolidated financial statementswere authorised by the Board on 28 February 2023. The dividend as included in the financial statements is subject to change as this is subject to approval during theGeneral Meeting of which is scheduled to be held on 25 April 2023.Consolidation principlesThe consolidated financial statements include theindividual financial statements of Deceuninckand its subsidiaries (\u2018the Group\u2019).1. Significant accounting principlesBasis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2022. They have been prepared prior to the distribution of profits proposed by the parent company athe Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financialstatements may not add up due to rounding.The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2022 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 28.77 % in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV andthe Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Groupto exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon themajor operational decisions for the company.The Group acquired a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019sinterest in this joint venture is accounted for using the equity method in the consolidated financial statements.HyperinflationAs of April 2022, the cumulative inflation rate in Turkey over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022. The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries for the first time in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied as of 1 January 2022;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using an inflation index (see table below). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains (losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the general price index and is converted at the closing exchange rate of the period (rather than at monthly average exhange rates as for subsidiaries in non-hyperinflationary economies), thereby restating the year to date income statement account both for inflation index and currency conversion;\u2022 The prior year income statement and balance sheet of the Turkish subsidiaries were not restated.Upon application of IAS 29, the Group used the conversion coefficient derived from the consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 18-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), were as follows:As at 31 December Index Conversion coefficient2005 100,00 9,202006 109,65 8,392007 118,85 7,742008 130,81 7,032009 139,35 6,602010 148,27 6,212011 163,76 5,622012 173,85 5,292013 186,72 4,932014 201,97 4,562015 219,76 4,192016 238,52 3,862017 266,95 3,452018 321,14 2,862019 359,15 2,562020 411,59 2,242021 560,09 1,642022 920,01 1,00Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 month period ended 31 December 2022 amount to \u20ac 48,218 thousand and are included in the statement of other comprehensive income. These contain (i) the hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 for \u20ac 21,821 thousand and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 26,397 thousand.The application of IAS 29 had a negative impact on the operating profit (EBIT) of the group for an amount of \u20ac 3,179 thousand for the 12 month period ended 31 December 2022. The monetary loss amounts to \u20ac 16,963 thousand and relates to the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items. The total negative impact on net result amounts to \u20ac 20,391 thousand of which \u20ac 17,926 thousand is attributable to shareholders of the parent company and \u20ac 2,465 thousand to non-controlling interests.Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary inrelation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and therelating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Groupis accounting for this plan as a post-employment definedbenefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number ofemployees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discountrate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carry forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which includedfor example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments - Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historic exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are convertedat their historic exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translationadjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparingthe financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2021 2022 2021 2022AUD 1.5615 1.5693 1.5745 1.5159BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 6.3101 5.6386 6.3749 5.4254CLP 964.4132 916.9265 895.2084 917.3120COP 4,508.5663 5,130.8363 4,423.3108 4,452.6902CZK 24.8580 24.1160 25.6434 24.5574GBP 0.8403 0.8869 0.8598 0.8524HRK 7.5156 7.5345 7.5290 7.5349INR 84.2290 88.1710 87.4636 82.6669LTL 3.4528 3.4528 3.4528 3.4528MXN 23.1438 20.8560 23.9843 21.1372PLN 4.5969 4.6808 4.5636 4.6826RON 4.9490 4.9495 4.9208 4.9316RSD 117.5820 117.2910 117.5705 117.4545RUB 84.0696 75.6556 87.1393 69.7231SEK 10.2503 11.1218 10.1444 10.6228THB 37.6530 36.8350 37.8003 36.8533TRY 15.0867 19.9349 10.2391 -UAH 30.9226 38.9510 32.1978 34.2067USD 1.1326 1.0666 1.1829 1.0518Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this should be shorter. The useful life is usually estimatedat 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortised but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that the most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in Turkey, included in the \u2018Turkey & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit. RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.Tangible fixed assets are measured at historic cost price, less accumulated depreciation and impairment. Historic cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costsSubsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2 - 6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment 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 consolidated balance sheet. The same valuation principle applies for business units held for sale.Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share Tangible fixed assetsof the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.As the joint venture is considered as an integral vehicle through which the Group conducts its operations and its strategy, the aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss inside operating profit and represents profit or loss after tax and non-controlling interests in the joint venture. Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives receivedRight-of-use assetsare depreciated on a straight-line basis over the shorterof the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-useassets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes.If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless theyare incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicitin the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii)The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset. Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics andthe Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the caseof a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain asignificant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profitor loss.Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.Equity instruments designated at fair value throughOCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date)which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.InventoriesInventories are valued at the lower of cost price or net realizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling and selling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the general production costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the companyis deducted from equity.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is The Group adopted IFRS 15 using the modified retrospective method of adoption.The Group is in thebusiness of delivering window and door systems, buildingproducts and other goods to customers.As part of its commercial relationship, the Group typically grants payment term between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and Turkey. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labor agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debet or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognises restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financialstatement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.SHARE-BASED PAYMENTSVarious stock option, subscription right programs and performance share plans enable the staff members, senior management members and members of the Executive Team Group and Executive Team Regions to acquire company shares. The exercise price for options or warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing pricepreceding the day of the offer. When such plans are exercised they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined by an expert, using a binominal tree structure. The cost of share-based payment transactionand at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based paymenttransactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost isimmediately recognized. However, if a new share-basedpayment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled andthe new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.BONUSESContractual bonuses are granted based on planned keyfinancial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.SalesSALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should berecognized at the point in time when control of the asset is transferred to the customer, generally on delivery of theproduct.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paidto customers to compensate for investments made to adjust IT systems or production processes to be able touse our products in their production facilities. The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fairvalue of the distinct good or service received from the customer. The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer for the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today for this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. There is no consensus reachedby the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companieshould evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made. ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly,the cash discounts received from the suppliers arededucted from the costs. iii) Warranty obligations The Group typically provides warranties for generarepairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to thecosts that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realizedFinancial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted fodepreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuringexpenses, (iii) gains & losses on disposal of consolidatedentities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Earnings before taxes. Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and casequivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2022, and apart from IAS 29 (Hyperinflation accounting), which took effect as of 2022 for the Group\u2019s Turkish subsidiaries, as the cumulative inflation rates over a three-year period exceeded 100% as of April 2022 in Turkey.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union, but do not have a significant impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.\u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements\u2022 Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: \u2022 IFRS 14, \u2018Regulatory deferral accounts\u2019, effective 1 January 2016The following new amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by theEuropean Union:\u2022 IFRS 17 \u2018Insurance contracts\u2019\u2022 Amendments to IAS 1 Presentation of Financial State-ments and IFRS Practice Statement 2: Disclosure of Accounting policies\u2022 Amendments to IAS 8 Accounting policies, Chang-es 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 IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative InformationStandards issued, but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 01/01/2024\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 20242. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;3. North America: Canada & the United States;4. Turkey & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and Turkey.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER Europe North-America(IN \u20ac THOUSAND)2021 2022 2021 2022 External Sales 411,396 458,232 183,160 224,095 Intercompany Sales 4,763 3,021 1,729 746 Total sales* 416,159 461,253 184,889 224,840 EBITDA 34,931 22,789 10,919 20,366 Adjusted EBITDA 39,838 27,735 10,919 20,366 Adj EBITDA items (4,907) (4,945) - - Financial Result (1,267) 3,657 (1,189) (2,916) Taxes - Current & Deferred 4,360 2,657 724 (1,281) Depreciations and Impairments 21,225 29,215 11,494 11,527 Capital expenditures (Capex) (15,691) (25,120) (10,549) (10,788) * Out of which \u20ac 120.3 relating to Belgium The difference between the adjusted EBITDA and EBITDA of \u20ac 4.9 million includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to the one-off product platform migration \u20ac (4.9) million in Europe.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe* 314,433 313,681 North America 109,656 116,483 Turkey & Emerging Markets 191,330 232,437 Intersegment assets 615,419 662,602 Cash and cash equivalents 72,885 58,949 Intersegment eliminations (13,214) (11,952)Total Group Assets 675,089 709,598 * Out of which \u20ac 173.6 relating to Belgium Turkey & EmergingIntersegment Eliminations ConsolidatedMarkets2021 2022 2021 2022 2021 2022 243,542 291,778 - - 838,097 974,104 17,647 19,776 (24,137) (23,543) 2 - 261,189 311,553 (24,137) (23,543) 838,099 974,104 47,613 54,988 (631) (815) 92,832 97,328 47,613 54,988 (631) (815) 97,739 102,274 - - - - (4,907) (4,945) (8,828) (22,993) (3,313) (8,659) (14,597) (30,911) (7,611) (10,188) 24 86 (2,503) (8,726) 6,381 9,834 (547) (487) 38,553 50,090 (18,220) (13,414) 903 879 (43,556) (48,444)Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe 109,509 99,937 North America 41,002 31,946 Turkey & Emerging Markets 149,149 133,517 Intersegment liabilities 299,660 265,399 Equity including non-controlling interests 258,919 319,621 Long-term interest-bearing loans 13,002 130,748 Other long-term liabilities 580 580 Current portion of interest bearing loans 119,149 6,766 Intersegment eliminations (16,223) (13,516)Total group liabilities 675,089 709,598 External sales by product group is presented in the table below (in EUR and in %):FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2021 Europe (IN \u20ac THOUSAND) % Window & Doors 343,598 83.5% Outdoor Living 37,437 9.1% Home protection 30,361 7.4% Total 411,396 100.0% FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe (IN \u20ac THOUSAND) % Window & Doors 387,510 84.6% Outdoor Living 36,211 7.9% Home protection 34,511 7.5% Total 458,232 100.0% Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 183,160 100.0% 233,605 95.9% 759,902 90.7% - 0.0% 97 0.0% 37,798 4.5% - 0.0% 9,839 4.0% 40,396 4.8% 183,159 100.0% 243,542 100.0% 838,097 100.0%Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 224,095 100.0% 279,974 96.0% 891,578 91.5% - 0.0% 74 0.0% 36,285 3.7% - 0.0% 11,729 4.0% 46,241 4.7% 224,095 100.0% 291,778 100.0% 974,104 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customer3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Transport (44,722) (51,508)Maintenance (20,576) (23,026)Services (22,277) (20,495)Energy (16,529) (26,731)Rent (2,155) (3,171)Communication (12,400) (10,955)Local taxes and fines (4,442) (4,581)Travel (2,807) (5,041)Marketing and sales support (1,112) (2,131)Insurance (2,565) (2,757)Loss on the realization of trade debtors (878) (279)(Increase) / decrease of allowances on doubtful debtors & inventory (1,323) (6,819)Other (566) (1,462)Total (132,354) (158,955)The increase in operating costs compared to 2021 is mainly driven by higher energy costs, transport costs, maintenance costs, travel costs and an increase of allowances on doubtful debtors & inventory. PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2021 2022Wages and salaries (121,683) (136,470)Social security contributions (26,880) (30,709)Contributions to defined contribution plans (6,646) (6,405)Other (5,191) (6,452)Total (160,399) (180,035)The increase of the payroll costs is mainly explained by an increase in gross salaries in combination with an increase of the number of FTE\u2019s.HEADCOUNT (TOTAL FULL TIME EQUIVALENTS (FTE) BY CATEGORY) 2021 2022Blue-collar workers 2,663 2,768White-collar workers 1,047 1,171Total 3,709 3,939The number of FTE\u2019s increased compared to 2021 in order to support the Group\u2019s growth.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Increase of provisions - (1,121)Integration costs (1,713) -Impairments (1,125) (8,288)Loss on disposal of tangible fixed assets (41) (321)Other (1,320) (711)Total (4,199) (10,440)The other operating costs increased mainly due to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2021 2022(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (3,545) (1,648)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and the weaker TRY/EUR conversion rate.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Other financial income (expense) (446) (1,679)Other financial income and expenses mainly include bank charges, the result on the share liquidity program with KBC Securities and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to the loss on the share liquidity program (whereas in 2021 there was a gain) and higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2021 2022Monetary gains (losses) - (16,963)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.4. Income taxesThe breakdown of the income tax charge for 2021 and 2022 is presented as follows: INCOME TA XES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2021 2022Current income taxes (8,809) (13,173)Relating to current year (9,210) (12,773)Relating to previous years 703 (276)Other (301) (124)Deferred income taxes 6,307 4,447Relating to temporary differences - current year 255 3,531 Relating to temporary differences - adjustment previous years (147) 169Recognition of deferred income tax asset on tax losses of current year 1,559 2,654Utilization of deferred income tax asset on tax losses of previous years (2,737) (3,565)Recognition of deferred income tax asset on tax losses of previous years (25) 432Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses of 6,850 471previous yearsRecognition of deferred tax assets on tax incentives 2,071 1,432Utilization of deferred tax assets on tax incentives (1,519) (795)Other - 119Income taxes recognized in the income statement (2,503) (8,726)The following table provides a reconciliation between the Earning before tax and the income taxes as per 31 December 2021 and 2022:RECONCILIATION BETWEEN EARNINGS BEFORE TA X (EBT) - IFRS AND INCOME 2021 2022TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 39,682 16,328Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (9,920) (4,082)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company (184) 557Non-deductible items (1,728) (4,257)Government grants and other exempted income 335 2,404Use of tax losses carried forward for which no deferred income tax asset has been 257 -recognizedCurrent income taxes relating to previous years 705 (276)Deferred taxes on temporary differences relating to previous years - adjustments (195) 169Non-recognition of deferred income taxes on current years losses and deductable (144) (1,670)temporary(De)recognition of deferred income tax assets on tax losses of previous years 6,723 2,573(De)recognition of deferred income tax assets on tax incentives 1,895 1,432Other (246) (5,576)Income taxes recognized in the income statement (2,503) (8,726)Effective rate rate 6.31% 53.45%Non-deductible items in 2022 contain the tax impact of the impairment of tangible fixed assets in Russia.Other contains the impact of the application of IAS29 Hyperinflation.The following table gives an overview of the deferred income taxes as per 31 December 2021 and 2022:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2021credited toTransfersadjustments 2022credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,663 (406) - - (152) 23,106tax incentivesTangible fixed assets 840 53 - - (6) 887Provisions 5,770 1,526 (2,870) - (23) 4,404Inventories 1,854 187 - - (11) 2,029Interest bearing loans 19 517 - - (3) 533Other assets 2,109 681 742 - (4) 3,527Deferred income tax assets 34,254 2,559 (2,128) - (200) 34,486DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - -tax incentivesTangible fixed assets 24,471 (2,111) - - 8,682 31,043Provisions - 5 - - - 5Inventories 38 (38) - - - -Interest bearing loans - - - - - -Other assets 1,497 256 - - 12 1,764Deferred income tax liabilities 26,006 (1,887) - - 8,694 32,813Net deferred income taxes 8,248 4,447 (2,128) - (8,694) 1,673In 2022, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 23,106 thousand at the end of 2022 (end 2021: \u20ac 23,663 thousand).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As per 31 December 2022, the Group did not recognize deferred income tax assets on a total amount of tax credits of \u20ac 58,290 thousand (2021: \u20ac 63,082 thousand), mainly in Belgium, UK and Russia. Translation adjustments also contain the recognition of deferred taxes upon initial application of IAS29 hyperinflation.5. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac0.04.(IN \u20ac THOUSAND) 2021 2022Earnings attributable to ordinary shareholders 33,990 5,980 Weighted average number of ordinary shares (in thousands) 137,476 138,135 Basic earnings per share (in \u20ac) 0.25 0.04Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac0.04 per share.(IN \u20ac THOUSAND) 2021 2022Earnings attributable to ordinary shareholders 33,990 5,980 Weighted average number of ordinary shares (in thousands) 137,476 138,135 Dilution effect of non-exercised warrants (in thousands) 6,312 6,973 Weighted average number of shares after dilution (in thousands) 143,789 145,108 Basic earnings per share (in \u20ac) 0.24 0.046. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2022, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within Turkey & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac2,861 thousand. The impairment test of these assets is included in the goodwill impairment test for Turkey (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2022. Licences ITCustomer Assets under 2021 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,235 18,407 1,296 4,003 - 24,940 Additions - 463 - - 36 499 Disposals - (2) - - - (2)Transfers - 333 - - - 333 Translation adjustments 21 5 (106) (345) - (427)At the end of this year 1,255 19,206 1,189 3,657 36 25,343 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,210) (17,344) (1,130) (3,004) - (22,688)Additions to depreciations (10) (805) (12) (47) - (874)Disposals - 2 - - - 2 Transfers - 53 - - - 53 Translation adjustments (21) (12) 83 (38) - 13 At the end of this year (1,241) (18,107) (1,058) (3,089) - (23,494)INTANGIBLE FIXED ASSETSCost 1,255 19,206 1,189 3,657 36 25,343 Accumulated depreciations (1,241) (18,107) (1,058) (3,089) - (23,494)and impairmentsNet Carrying Value 14 1,099 132 568 36 1,849 Licences ITCustomer Assets under 2022 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,255 19,206 1,189 3,657 36 25,343 Additions - 387 - - 2 389 Transfers - 55 - - (36) 19 Translation adjustments 17 33 940 3,501 - 4,490 At the end of this year 1,272 19,680 2,129 7,158 2 30,242 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,241) (18,107) (1,058) (3,089) - (23,494)Additions to depreciations (10) (696) (33) - - (740)Additions to impairments - (28) - - - (28)Translation adjustments (17) (25) (801) (608) - (1,451)At the end of this year (1,268) (18,856) (1,892) (3,697) - (25,713)INTANGIBLE FIXED ASSETSCost 1,272 19,680 2,129 7,158 2 30,242 Accumulated depreciations (1,268) (18,856) (1,892) (3,697) - (25,713)and impairmentsNet Carrying Value 4 824 238 3,461 2 4,529 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2022 (\u20ac5,022 thousand in Cost and \u20ac1,844 thousand in Depreciations and Impairments).7. Goodwill(IN \u20ac THOUSAND) 2021 2022COSTAt the beginning of 60,014 63,260 Translation adjustments 3,246 1,232 At the end of 63,260 64,492 IMPAIRMENTSAt the beginning of (49,413) (52,690)Translation adjustments (3,277) (1,243)At the end of (52,690) (53,933)GOODWILLCost 63,260 64,492 Accumulated depreciations and impairments (52,690) (53,933)At the end of 10,571 10,560 The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:CASH-GENERATING UNIT (IN \u20ac THOUSAND) 2021 2022Turkey 9,324 9,313 Europe 1,247 1,247 Net Carrying Value 10,571 10,560 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with it carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2022, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. Impairment test goodwill TurkeyCASH GENERATING UNITThe cash generating unit is Ege Profil, which holds the brands Ege Pen Deceuninck, Winsa and Pimapen,following the merger of Ege Profil and Pimas in 2017.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 27.4% for 2022 (2021: 26.9%). ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 3% is assumed.SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 9.7% for 2022 (2021: 9.2%).ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed. SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BVThe investment has been classified as joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this jointventure is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2021 2022Sales 15,643 19,203 Cost of goods sold (11,517) (14,086)Gross profit 4,126 5,116 Marketing, sales and distribution expenses (3,055) (3,754)Administrative and general expenses (2,349) (2,748)Other net operating result 523 556 Operating profit / (loss) (755) (830)Financial charges (1,206) (1,699)Financial income 170 256 Profit / (loss) before taxes (EBT) (1,791) (2,274)Income taxes 41 (5)Net profit / (loss) (1,750) (2,279)Group's share of profit / (loss) for the year (875) (1,140)(IN \u20ac THOUSAND) 2021 2022Group's carrying amount of the investment at the beginning of - - Group's share of profit / (loss) for the year (875) (1,140)Translation adjustments - 75 Non-recognized group's share of total comprehensive loss / (profit) for the year* 875 1,064 Group's carrying amount of the investment at the end of - - * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited Total comprehensive losses, the recognition of the Group\u2019s share of the Total comprehensive loss of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the Total comprehensive income are not recognized by the Group until the historically non recognized Group\u2019s share of the Total comprehensive loss of the joint venture are covered.(IN \u20ac THOUSAND) 2021 2022ASSETSIntangible fixed assets 1,004 689 Tangible fixed assets 5,666 5,644 Non-current assets 6,669 6,334 Inventories 2,355 2,446 Trade receivables 5,077 2,224 Other receivables 3,706 595 Cash and cash equivalents 700 219 Current assets 11,837 5,484 Total assets 18,506 11,818 EQUITY AND LIABILITIESEquity (9,100) (11,229)Interest-bearing loans 14,249 11,616 Deferred tax liabilities 50 16 Non-current liabilities 14,299 11,632 Trade payables 5,109 3,618 Other liabilities 8,199 7,797 Current liabilities 13,308 11,415 Total equity and liabilities 18,506 11,818 (IN \u20ac THOUSAND) 2021 2022Group's share in equity (4,550) (5,615)Goodwill - - Goodwill after purchase price allocation 3,214 3,214 Allocated losses (3,214) (3,214)Non-recognized total comprehensive income (1,336) (2,401)Group's carrying amount of the investment - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.9. Tangible fixed assets Other Land & Machinery & Furniture tangible Assets under 2021 (IN \u20ac THOUSAND)Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt the beginning of this year 173,585 490,213 17,928 138 11,046 692,910 Additions 10,727 18,004 1,257 - 12,460 42,448 Disposals - (9,734) (143) - (21) (9,898)Transfers 1,235 11,986 111 - (13,289) 42 Translation adjustments (8,352) (3,992) (704) - (487) (13,535)At the end of this year 177,195 506,477 18,449 138 9,708 711,967 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (75,490) (365,964) (13,134) (81) - (454,670)Additions to depreciations (4,460) (24,634) (1,218) (11) - (30,324)Additions to impairments - (1,012) - - - (1,012)Disposals - 9,131 162 - - 9,292 Transfers (11) (341) (7) - - (359)Translation adjustments (332) 1,606 312 -- 1,587 At the end of this year (80,294) (381,214) (13,885) (92) - (475,484)TANGIBLE FIXED ASSETSCost 177,195 506,477 18,449 138 9,708 711,967 Accumulated depreciations and (80,294) (381,214) (13,885) (92) - (475,484)impairmentsNet Carrying Value 96,901 125,263 4,564 47 9,708 236,483 Other Land & Machinery & Furniture Assets under 2022 (IN \u20ac THOUSAND)tangible fixedTotalbuildingsequipmentand vehiclesconstructionassetsCOSTAt the beginning of this year 177,195 506,477 18,449 138 9,708 711,967 Additions 4,346 21,219 1,466 - 20,395 47,427 Disposals (15) (1,748) (52) - - (1,816)Transfers (9,952) 9,306 363 - (9,950) (10,233)Translation adjustments 39,091 92,802 4,728 - 158 136,779 At the end of this year 210,665 628,055 24,954 138 20,313 884,125 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (80,294) (381,214) (13,885) (92) - (475,484)Additions to depreciations (5,514) (27,352) (1,473) (10) - (34,348)Additions to impairments (5,275) (2,799) (185) - - (8,259)Disposals (12) 1,504 70 - - 1,562 Transfers 639 (83) (9) - - 546 Translation adjustments (3,503) (78,273) (4,097) - - (85,872)At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)TANGIBLE FIXED ASSETSCost 210,665 628,055 24,954 138 20,313 884,125 Accumulated depreciations and (93,958) (488,217) (19,579) (101) - (601,856)impairmentsNet Carrying Value 116,706 139,838 5,375 37 20,313 282,270 The transfers from assets under construction in both 2021 and 2022 mainly related to finalized investments in machinery and equipment. In 2022, there was an outgoing transfer from Land & Buildings, resulting from the reclassification of real estate in Turkey to assets classified as held for sale.In 2022 the Group has recognized impairments on tangible fixed assets for \u20ac 8,259 thousand (2021: \u20ac 1,012 thousand). These impairments mainly relate the full impairment of Deceuninck\u2019s tangible fixed assets in Russia, and have been included in other operating costs.Translation adjustments also contain the IAS29 hyper-inflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2022 (\u20ac 137,263thousand in Cost and \u20ac 86,244 in Depreciations and Impairments).The Group has \u20ac 21.7 million fixed asset related commitments spread over the next year which are mainly related to machinery and buildings. Tangible fixed assets under construction are further broken down in the table below. These are mainly related to tools and machinery.(IN \u20ac THOUSAND) 2021 2022Land & Buildings 348 3,473 Machinery & equipment 7,706 15,124 Other 1,654 1,716Total 9,708 20,313 The right-of-use assets are further detailed in Note 20.The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of use assets. The transfers in 2022 were mainly related to the reclassification of real estate in Turkey to assets classified as held for sale.(IN \u20ac THOUSAND) 2021 2022Intangible fixed assets 387 19 Tangible fixed assets (317) (9,687)Assets classified as held for sale - 9,667Right-of-use assets (70) -Total - -10. Long-term receivables(IN \u20ac THOUSAND) 2021 2022Other receivables 1,508 413 Total 1,508 413 11. Inventories(IN \u20ac THOUSAND) 2021 2022Raw materials and consumables 51,503 56,421 Finished goods 100,177 97,189 Trade goods 17,908 18,112 Total 169,589 171,722 During 2022 a net amount of \u20ac 3,398 thousand was recorded as an increase in the allowance related to the write-down on inventory (in 2021: \u20ac 3,262 thousand increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2022 amounted to \u20ac 713,181thousand (2021: \u20ac 608,440 thousand).No inventories werepledged as security for liabilities (2021: idem).12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2021 2022Gross trade receivables 100,747 100,254 Impairments allowance (9,991) (12,306)Trade receivables 90,756 87,947 VAT and other taxes 7,194 6,910 Derivative financial instruments 3,278 3,290 Prepaid charges 3,057 3,075 Short-term warranties 218 164 Advance checks received 52,308 35,669 Receivables from joint ventures 2,727 4,043 Other 1,176 1,844 Other receivables 69,959 54,994 Net trade receivables decreased \u20ac 2,809 thousand mainly due to an increase in the impairment allowance. Total factoring amounted to \u20ac 17.4 million at 31 December 2022 (2021: \u20ac 23.3 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received.Days sales outstanding (DSO) remained stable year-on-year, at 37 days in 2021 and 2022. The costs related to the derecognition of accounts receivable for 2022 amount to \u20ac 1,648 thousand (2021: \u20ac 3,545 thousand). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring). The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in Turkey, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check. An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.AGING ANALYSIS OF31 - 6061 - 9091 - 120> 120TRADE RECEIVABLES Total Not due < 30 daysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 100,254 75,977 8,729 1,602 970 1,437 11,538 31 December 2022Impairments allowance per (12,306) (514) (413) (49) (207) (887) (10,236)31 December 2022Net carrying value per 87,947 75,463 8,316 1,553 763 550 1,302 31 December 2022Net carrying value per 90,756 81,369 4,945 1,328 411 1,437 1,267 31 December 2021As per 31 December 2022 an amount of \u20ac 12,306 thousand (2021: \u20ac 9,991 thousand) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2021 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2021 ECL model.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2021 2022At the beginning of (14,848) (9,991)Additions (1,171) (4,708)Reversals 3,258 1,691 Utilizations 28 - Translation adjustments 2,742 700 At the end of (9,991) (12,306)13. Cash and cash equivalents(IN \u20ac THOUSAND) 2021 2022Cash and current bank accounts 36,489 37,730 Short term deposits 36,396 21,219 Total 72,885 58,949 Cash and cash equivalents have decreased due to an increase in working capital, capital expenditures, dividend payments and net financial result excl interests, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium, Turkey and the United States.14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2021 2022Cost 1,436 12,006 Accumulated depreciations and impairments (90) (726)Net Carrying Value 1,346 11,280 The assets classified as held for sale mainly relate to real estate in Turkey and land held for sale in Poland. All assets are available for immediate sale in its present condition and the sale is highly probable. Necessary actions have been taken in order to place these assets on the market and sales are expected during 2023. Following the reclassification to assets classified as held for sale, these assets are no longer depreciated.15. Issued capital and reservesIssued capitalISSUED CAPITAL 2021 2022Amount (in \u20ac thousand) 54,441 54,505 Number of shares (without nominal value) 138,040,929 138,202,261As per 31 December 2022, issued capital is set at \u20ac 54,505 thousand and is composed of 138,202 thousand shares without a nominal value.Share premiumsSHARE PREMIUMS 2021 2022Amount (in \u20ac thousand) 90,213 90,468 Treasury shares TREASURY SHARES 2021 2022Amount (in \u20ac thousand) (75) (16)Number of shares (without nominal value) 69,769 13,103On 31 December 2022, the Group held 13,103 treasury shares to fulfil its commitments with respect to stock option plans.Currency translation adjustmentsAn overview of the currency translation adjustments by currency is given below: CURRENCY TRANSLATION ADJUSTMENTS2021 2022(IN \u20ac THOUSAND)USD (8,434) (3,162)TRY (117,298) (74,961)RUB (10,722) (9,096)PLN (4,501) (4,911)GBP (2,071) (3,085)CZK 668 1,080 Other (59) 598 Total (142,418) (93,538)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac (93,538) thousand at 31 December 2022.The 2022 movement of currency translation adjustments in TRY, attributable to shareholders of the parent company, contain (i) \u20ac 19,183 thousand hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 23,205 thousand.16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and DeceuninckEge Profil ASRECONCILIATIONOther TotalProduktions NV (Belgium)(Turkey)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2021 14,411 3,617 1,405 559 19,991 Pension cost recognized in 197 824 395 140 1,556 income statementRemeasurements recognized (3,901) (3,123) 2,379 - (4,645)in OCIBenefits paid directly (478) (822) (252) (1) (1,553)Translation adjustments - - (536) 6 (529)As per 31 December 2022 10,229 496 3,391 703 14,820 Non-current 9,703 450 3,391 695 14,240 Current 526 45 - 9 580 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employmenbenefits relate to the early retirement obligation and Belgian pension plans. According to IAS19, Belgian defined contribution plans that guarantee a specified return are defined benefit plans, as the employer has to cover the investment risk until the applicable legal minimum rates. The returns guaranteed by the insurance company are in most cases lower, as a result the Group has not fully hedged its risk and a provision needs to be accounted for. Deceuninck NV has a number of defined contribution plans, applicable to different categories of personnel. Those pension plans have been set up by Deceuninck NV and are thus not multi-employer plans. All plans are funded through group insurances with an insurance company. Contributions are made by the employer and employee.Deceuninck NV operates an early retirement plan under the legal framework in Belgium and allows that employees reaching the legal pre-pension age (currently 62 years with certain additional conditions linked to the length of career) can benefit from an early pension and retire before the legal pension age (currently 65 years). The elderly employees accepting such offers will receive a temporary supplement paid by Deceuninck NV until their legal retirement age on top of the unemployment allowance. The provision covers the employees for which there exists a plan and the expected employees to retire by an early retirement scheme the next coming 4 years based on the collective labor agreement. The plan is available for all employees meeting the requirements. It is unfunded and administered by Deceuninck NV. In Belgium, inactive members are not included as there is no material deficit. The total amount of the reserve for these members amount to \u20ac 6,685 thousand. The reserves are fully funded with plan assets.In accordance with IFRS, the actuarial present value of the defined pension benefit plans must be calculated, as that value represents the total of the amounts that can currently be allocated to each participant in the plan. The actuarial present value was calculated based on the mortality tables IA/BE (age correction -1 years) and the following actuarial assumptions:DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 1.00% 3.75%Increase in compensations - white collar 2.65% 3.05%Increase in compensations - blue collar 2.65% 3.05%Increases in social security 2.65% 3.05%Increases in pensions N/A N/AInflation 1.90% 2.30%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was availableto all employees started to work for Deceuninck GermanyGmbH before 1999. For one manager there is an individualpension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2021 2022ACTUARIAL ASSUMPTIONSDiscount rate 0.90% 3.70%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 1.70% 2.00%Inflation 3.00% 2.00%Ege Profil AS (Turkey)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (TURKEY) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 16.45% 19.70%Increase in compensations - white collar 9.50% 19.20%Increase in compensations - blue collar 9.50% 19.20%Increases in social security 9.50% 19.20%Increases in pensions N/A N/AInflation N/A N/AOtherThese provisions for employee benefits refer to local pension regulations. The tables below provide an overview of the pension costs included in the consolidated income statement, and the amounts recognized in the balance sheet position for the defined pension plan of Deceuninck Germany GmbH, Deceuninck Produktions GmbH & Co. KG, Ege Profil AS and the Belgian subsidiaries of the last two years:COMPONENTS OF PENSION 2021 COSTDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Current service cost 89 523 998 1,610 Interest cost 63 219 21 303 Recognized in income 152 742 1,019 1,913 statementThe current service cost is included in the financial statement lines in the consolidated income statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs. The interest cost is included in Other financial result. Where applicable, the current service cost is considered for the inventory valuation.AMOUNTS RECOGNIZED IN THE STATEMENT OF 2021 FINANCIAL POSITIONDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Present value of defined 14,411 1,405 11,313 27,129 benefit obligationFair value of plan assets - - (7,696) (7,696) Net liability (asset) 14,411 1,405 3,617 19,433 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 70 260 792 1,122 127 135 32 295 197 395 824 1,417 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 10,230 3,391 8,533 22,154 - - (8,037) (8,037) 10,230 3,391 496 14,117 CHANGE IN PENSION 2021 BENEFIT OBLIGATIONSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 16,107 2,192 11,806 30,105 Current service cost 89 523 998 1,610 Interest cost 63 219 54 336 Plan participants - - 193 193 contributionsActuarial (gain) / loss (1,340) 16 (1,083) (2,407) Arising from changes in (884) (503) (817) financial assumptionsExperience adjustments (456) 316 (266) Arising from demographic - 92 - assumptionsChanges in the effect of - 110 - asset ceilingBenefits paid directly (508) (634) (656) (1,798) Exchange rate differences - (910) - (910) At the end of 14,411 1,405 11,313 27,129 CHANGE IN FAIR VALUE OF 2021 PLAN ASSETSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTOTAL(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 7,079 7,079 Interest income on plan assets 33 33 Actuarial (gain) / loss - - Return on plan asset Employer contributions 790 790 Plan participants contributions 193 193 Benefits paid directly (399) (399) At the end of - - 7,696 7,696 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 14,411 1,405 11,313 27,129 70 260 792 1,122 127 135 112 375 - - 240 240 (3,901) 2,379 (3,014) (4,536)(4,605) 1,640 (3,183) 704 738 159- - 10 - - - (478) (252) (910) (1,640) - (536) - (536) 10,230 3,391 8,533 22,154 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 7,696 7,696 80 80 109 109 109 745 745 240 240 (833) (833) - - 8,037 8,037 OTHER 2022DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(Turkey)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 406 N/A 745 periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 3.0Duration DC pension plans 13.0/19.0 N/A 13.1Duration other long term benefits N/A 11.4 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 527 432 61 CashFlow Year 2 524 136 5 CashFlow Year 3 524 128 52 CashFlow Year 4 536 130 40 CashFlow Year 5 533 114 732 CashFlow Year 6-10 2,767 972 2,994 Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2022and Produktions GmbHEge Profil AS (Turkey) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.20% 0.20% -0.20% 0.20%Impact on present value of defined benefit obligation 213 (202) 78 (76) 178 (172)(in \u20ac thousand)Change in pension increase -0.50% 0.50% -0.50% 0.50% N/A N/ArateImpact on present value of defined benefit obligation (477) 501 186 (201)(in \u20ac thousand)+ one - one + one - one year life Change in longevityyear life N/A N/Ayear life year life expectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (353) 365 24 (25)(in \u20ac thousand)17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2021 154 1,068 948 1,365 3,536 Additions - 577 272 549 1,398 Utilizations (154) (5) (101) (204) (464)Reversals - - (27) (79) (106)Translation adjustments - (72) (12) 117 32 As per 31 December 2022 - 1,568 1,080 1,749 4,396 Non-current - 1,522 1,031 1,749 4,301 Current - 46 49 - 95 Restructuring provisions are recognized when conditions of IAS 37 are fulfilled, and represented in 2021 the restructuring provision for the strategic repositioning of Europe region. As per 31 December 2022, there are no more restructuring provisions.Provisions for warranties are based on historical data of thcost incurred for repairs and returns.The provisions for claims mainly relate to claims for quality issues of products sold. The other provisions include a large number of items such as provisions for legal disputes.18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.20. LeasingSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2020 8,821 2,694 4,519 16,034 Additions 2,474 1,704 1,186 5,364 Disposals (3,396) (92) - (3,487)Depreciations (2,836) (1,813) (1,523) (6,173)Transfers (70) - - (70)Translation adjustments (202) (242) (880) (1,324)As per 31 December 2021 4,792 2,250 3,301 10,343 Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2021 4,792 2,250 3,301 10,343 Additions 7,995 2,494 1,264 11,753 Disposals (206) (55) (12) (273)Depreciations (3,064) (1,978) (1,701) (6,742)Translation adjustments (97) 141 414 459 As per 31 December 2022 9,421 2,826 3,267 15,515 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2022.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2021 2022Opening balance 17,835 11,472 Additions 5,364 11,753 Disposals (3,729) (273)Accreation of interests 867 980 Payments (7,252) (6,878)Translation adjustments (1,612) (357)Closing balance 11,472 16,697 Current 5,094 5,280 Non-current 6,378 11,417 The maturity analysis of lease liabilities is disclosed in Note 18.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2021 2022Depreciation expense of right-of-use-assets (6,173) (6,742)Interest expense on lease liabilities (867) (980)Expenses relating to short-term leases and low-value assets (2,155) (3,171)Total amount recognized in profit or loss (9,194) (10,892)21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for stock options andsubscription rights (warrants).The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Team Group and Executive Team Regions, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 783 thousand onthe results of 2022 (2021: \u20ac 559 thousand) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 783 thousand in 2022 (\u20ac 516 thousand in 2021)\u2022 Performance share plan: \u20ac 0 in 2022 (\u20ac 43 thousand in 2021)\u2022 Stock option plans: No impact in 2022 (no impact in 2021)STOCK OPTIONS OVERVIEW 2007Grant date 19/12/07To be accepted by 17/02/08N\u00b0 of beneficiaries at grant date 74Exercise price (EUR) 15.54Granted 70,750Accepted 64,500Exercised -Forfeited 33,750Expired 30,750Outstanding 31/12/2022 -Excercisable 31/12/2022 -Exercise periods 2011-2017Extension of exercise periods 2018-2022Stock option plans, warrant plans and performance share plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis ofhistorical data.Stock option plansThere are no outstanding options at the end of December 2022. One option entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Theoptions expire if they are not exercised on the last day of the last exercise period. The options can be exercisedfor the first time after the end of the third calendar year,following the year in which the offer has taken place. The exercise period related to the plan of 2007 was extended with 5 years in 2009. The exercise price of anoption will be equal to the lowest of (i) the average pricof the share on the stock exchange during the 30-day period preceding the offer, or (ii) the latest closing pricepreceding the day of the offer.Weighted average OPTIONS MOVEMENTS IN 2021 2007exercise priceOutstanding 2020 31,750 15.54Accepted - N/AExercised - N/AForfeited (1,000) 15.54Expired - N/AOutstanding 2021 30,750 15.54Weighted average OPTIONS MOVEMENTS IN 2022 2007exercise priceOutstanding 2021 30,750 15.54Accepted - N/AExercised - N/AForfeited (30,750) 15.54Expired - N/AOutstanding 2022 - N/AWarrant plansThe balance of the outstanding warrants at the end of December 2022 is 6,973,162. One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 167,998 warrants were exercised in the course of 2022.The warrants expire if they have not been exercised at tlast day of the last exercise period. The warrants can beexercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer.WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan Grant date 21/12/2011 21/12/2012 17/12/2013 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/Acceptance date 15/02/2012 17/02/2013 14/02/2014 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/Number of beneficiaries 42 49 59 9 66 73 8 66 at grant dateExercise price (in \u20ac) 0.73 1.17 1.71 1.76 1.79 2.40 2.40 2.27 3Share price on 1.07 1.38 2.19 2.19 1.98 2.08 2.22 2.22 2acceptance date (in \u20ac)Granted 490,000 485,000 332,500 570,000 910,000 630,000 710,000 524,000 1,334Accepted 487,500 482,500 332,500 570,000 892,500 607,500 710,000 524,000 1,233Exercised 344,999 333,331 171,659 496,666 644,160 143,330 40,000 153,999 20Forfeited 135,001 129,168 109,171 55,000 150,004 260,000 60,000 209,000 265Expired 7,500 20,001 13,335 18,334 45,834 5,000 - 8,000 10Outstanding 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 938Exercisable 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 620Exercise periods 2015-2021 2016-2021 2017-2023 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2AssumptionsVolatility 40.00% 40.00% 45.00% 45.00% 45.00% 45.00% 40.00% 40.00% 30.Risk-free interest 2.49% 0.99% 0.99% 0.99% -0.03% -0.28% -0.32% -0.32% 0Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 Early exercised 25% 25% 25% 25% 25% 25% 25% 25% - Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% - Probability to exercise2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Total2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/20222018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/202354 45 12 43 14 54 56 87.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 12,491,000500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 402,400 11,288,650,000 84,996 35,000 - - - - - 2,468,140,000 71,000 60,000 62,000 73,500 38,500 37,000 - 1,714,344,000 5,000 - - - - - - 133,004,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 ,996 86,664 196,666 - - - - - 1,957,334027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-203200% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77%.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00%0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.0625% 25% 25% 25% 25% 25% 25% 25%50% 50% 50% 50% 50% 50% 50% 50%WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2021Outstanding 2020 7,500 25,835 92,507 306,669 617,305 385,000 680,000 334,000 1,051,500 Accepted - - - - - - - - - Exercised - 18,335 50,005 306,669 556,469 138,330 40,000 115,998 20,000 Forfeited - - 2,500 - 5,000 37,500 30,000 19,000 75,000 Expired 7,500 7,500 - - - - - - - Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2022Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 Accepted - - - - - - - - - Exercised - - 1,667 - 3,334 5,000 - 38,001 - Forfeited - - - - - 5,000 - 8,000 18,000 Expired - - - - - - - - - Outstanding 2022 - - 38,335 - 52,502 199,170 610,000 153,001 938,500 Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price545,000 695,000 546,500 725,000 648,500 - - 6,660,316 2.15 - - - - 496,500 680,000 - 1,176,500 2.53 - - - - - - - 1,245,806 1.92 15,000 - 15,000 - 15,000 - - 214,000 2.47 - - - - - - - 15,000 0.95 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25 - - - - - 544,250 402,400 946,650 2.78 84,996 35,000 - - - - 167,998 1.97 29,000 47,000 23,500 37,000 167,500 2.26 - - - - - - - N/A 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 2.33Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 627.816. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitledto one or more matching Deceuninck Shares pursuantto the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date01/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised-Forfeited0Expired0Outstanding 31/12/2022627,816Exercisable 31/12/2022-Exercise periods2025AssumptionsVolatility37,56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022 PLAN 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816Risk-free interest3.33%22. Related partiesDuring 2022, the Group made no purchases (\u20ac 26 thousand in 2021) and no sales (no sales in 2021), under normal market conditions, from or to companies to whicDirectors of the Group, owning shares of the Group, are related to. The purchases mainly relate to repair andmaintenance of cars. Furthermore, during 2022, the Group made no purchase(no purchases in 2021) and sales of \u20ac 1,542 thousand (\u20ac 1,053 thousand in 2021), under normal market conditions, from or to So Easy Belgium BV or related companies. Both the purchases and the sales mainly related to the cross-charge of incurred costs and provided services. At year-end, there is an outstanding position of trade another receivables of \u20ac 5,528 thousand (\u20ac 4,998 thousanin 2021) and an outstanding payable position of \u20ac 234 thousand (\u20ac 166 thousand in 2021) with So Easy BelgiumBV or related companies. The outstanding receivable position is mainly related to working capital financing. Total remuneration of members of the Board in 2022 amounted to \u20ac 274 thousand (\u20ac 422 thousand in 2021). This amount includes additional remunerations granted to Directors for their involvement in Board committees. These remunerations are granted by the General Meeting and are included in general expenses. Directors charged with special missions and projects can receive appropriate remuneration. The Executive Chairman received a remuneration of \u20ac 250,000 for the specific projects aluminium and recycling business. In 2022, the CEO received a total remuneration (fixed + variable) in the amount of \u20ac 511 thousand (in 2021 a total remuneration of \u20ac 799 thousand). The other members of the Executive Team Group (management committee consisting of the CEO, the CFO, the General Counsel and the CTO/COO) received total remunerations (fixed + variable) of \u20ac 803 thousand (in 2021 a total remuneration of \u20ac 667 thousand). The members of the Executive Team Regions received total remunerations (fixed + variable) of \u20ac 1,315 thousand (in 2021 a total remuneration of \u20ac 1,100 thousand). The split of the remuneration is further disclosed in the section Corporate Governance Statement of this annual report. For 2022, the evaluation criteria for the CEO and the other members of the Executive Team Group were: REBITDA Group (40%), Adjusted Free Cash Flow Grou(40%) and non-financial criteria (20%). For the membeof the Executive Team Regions: REBITDA Group (10%)REBITDA Region (30%), Adjusted Free Cash Flow Gro(10%), Adjusted Free Cash Flow Region (30%) and nonfinancial criteria (20%). Options and/or subscription rights on the shares of the company are granted to members of the ExecutiveTeam Group and Executive Team Regions. On 23 December 2022, the Extraordinary General Meeting approved a new subscription rights plan (\u201cWarrant Plan 2022\u201d) of 3,000,000 subscription rights. On 23 December 2022, 250,000 subscription rights of Warrant Plan 2022 were offered to the CEO, 60,000 subscription rights were offered to each of the CFO, General Counsel, CTO/COO, CEO Europe and CEO North America, and 30,000 subscription rights were offered to the former CEO Turkey and EM.These subscription rights plans are not related to the performance of the Group. 23. Services provided by the external auditorDuring 2022 the following charges of the external auditor were included in the Group\u2019s income statement:Audit related services \u20ac 596,800Other services \u20ac 48,60024. Going concernThere are no indicators of circumstances that might question the continuity of the activities. We refer to the additional disclosures as included in Note 25 Risk management \u2013 Credit risk & liquidity risk. 25. Risk managementThe most important financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk.Exchange rate riskThe exchange rate risk of the Group can be split into two categories: translation risk and transaction risk.TRANSLATION RISKTranslation risk arises from the conversion of financial figures of foreign subsidiaries outside the Eurozone into the Group\u2019s reporting currency, the euro. The currencies most susceptible for this kind of risk are the US dollar and the Turkish lira. This kind of exchange rate risk is not hedged. TRANSACTIONAL EXCHANGE RATE RISKTransactional exchange rate risk arises when an entity of the Group enters into a transaction which will be settled in a currency which is not the functional currency of that entity. Transactional exchange rate risk within the Group can be of operational or financial nature. When this risk is associated with sales and purchases in foreign currencies as a result of the commercial activities of the Group, it is denominated as operational. The most important transactional exchange rate risks of operational nature originate from purchases of raw materials in euro and US dollar by the Turkish subsidiary Ege Profil. Sales in euro by this subsidiary mitigate to some extent this risk. When transactional exchange rate risk is associated with cash or loans in foreign currencies it is denominated as financial. The most important risks of this nature originate from loans and leases in euro and US dollar taken by the Turkish subsidiary Ege Profil. It is important to note that loans in euro and US Dollar on the balance sheet of Ege Profil are to some extent \u2018naturally hedged\u2019 by the net position of trade receivables and payables in euro and US dollar on the same local balance sheet. Any remaining exposure is hedged financially with forward contracts. See also further below. Some intercompany loans for which repayment is neither planned nor likely in the foreseeable future have been designated as \u2018Net Investment in Foreign Operations\u2019. As such, the exchange results on these intercompany loans are recognized directly in Other Comprehensive Income and accumulated in a separate component of equity until the disposal of the foreign operation.RECOGNIZED ASSETS AND LIABILITIESThe Group aims to minimize the impact of exchange rate fluctuations on the monetary assets and liabilities recognized on the balance sheet. These exchange rate risks are hedged as much as possible by offsetting monetary assets in one currency (for example trade receivables) against monetary liabilities (for example trade debts) in the same currency (\u2018natural hedging\u2019). The remaining exchange rate risk, after the optimizationof natural hedging, is hedged with financial instruments(\u2018financial hedging\u2019) if the cost is considered as reasonable. The most important financial instruments used by the Group for the hedging of foreign exchange rate risks areforward contracts. It is the policy of the Group to protect its subsidiaries as much as possible from exchange rate risks. Therefore, these risks are centralized as much as possible at the parent company Deceuninck NV and are primarily managed at Group level. Exchange rate risks at the Turkish subsidiary Ege Profil are monitored closely by Corporate Treasury, but are hedged by the Turkish subsidiaries through local banks. The table below provides an overview of the existing FX forward contracts, grouped by currency, at the end of December 2022:PURCHASE OR SALE Currency Amount Maturity Date MTM 2022Forward sales AUD 3,000,000 Q2 2023 (54,491) BRL 17,870,442 Q2 2023 (41,583) CLP 5,088,247,311 Q2 2023 (33,352) GBP 790,000 Q2 2023 101,997 INR 697,592,167 Q2 2023 71,998 PLN 58,375,000 Q2 2023 (84,805) MXN 30,240,000 Q2 2023 (41,651) TRY 267,950,500 Q2 2023 (53,779) USD 4,023,000 Q2 2023 3,617 Forward purchases CZK 344,700,000 Q2 2023 143,646 USD 5,324,700 Q2 2023 (17,161)FUTURE TRANSACTIONSFuture transactions imply future purchases and sales that are not recognized yet as monetary assets or liabilities on the balance sheet. Normally these transactions are not hedged, but if opportunities arise on the foreign exchange markets, a part of the future purchases in euro or US dollar in Turkey might be hedged. ESTIMATED SENSITIVITY FOR EXCHANGE RATE FLUCTUATIONSAs required by IFRS 7, \u2018Financial instruments: Disclosures\u2019a sensitivity analysis was carried out on the evolution of the exchange rates. Based on the volatility of the relevant currencies, we have estimated the impact of the possibleexchange rate movements on our financial result as follows: SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2022*Amount Possible Currency pair (in foreign Closing rate volatility of the Rate used for the Effect on revaluation (HC/FC)**currency and in 31/12/2022exchange rate sensitivity analysis(in \u20ac thousand)thousand)***AUD/TRY 6,936 12.70 7.80% 13.6939 11.7839 (25) 27 EUR/BRL (1,630) 5.64 9.30% 6.1630 5.1588 25 (27)EUR/CLP (369,515) 916.91 9.30% 1002.1826 838.8930 34 (37)EUR/CZK (470) 24.12 2.90% 24.8154 23.4363 1 (1)EUR/GBP (190) 0.89 3.90% 0.9215 0.8536 8 (8)EUR/INR 33,240 88.17 4.30% 91.9624 84.5360 (16) 16 EUR/PLN 719 4.68 4.40% 4.8868 4.4835 (6) 7 EUR/RUB 684,746 75.66 27.80% 96.6875 59.1982 (1,969) 2,516 EUR/TRY 33,371 19.93 6.70% 21.2705 18.6831 (105) 112 EUR/USD (21) 1.07 5.00% 1.1199 1.0158 1 (1)USD/TRY (41,997) 18.69 5.30% 19.6807 17.7494 106 (112)USD/MXN 7,098 19.55 5.20% 20.5705 18.5872 (17) 18 Total (1,963) 2,510 * Balance sheet exposure after financial hedging (net-exposures) / ** HC = Home Currency / FC = Foreign Currncy / *** 3 month volatilityIf currencies would have weakened/strengthened durin2022 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 2.5 million higher / \u20ac 2.0 million lower. The relatively high sensitivity is mainly due to the Group\u2019s exposure in Russian Roubles, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 119.7 million out of the \u20ac 130.5 million outstanding loans of the Group are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). On 31 December 2022 a total amount of \u20ac 136.9 million financing (including factoring) at a variable interest rate was outstanding, of which \u20ac 100 million is hedged by these Interest Rate Swaps. An increase or decrease of themarket interest rate by 1.00% would by consequence onlyhave an impact on the unhedged part (\u20ac 36.9 million) which would result in an increase or decrease of the interest costs by \u20ac 369.0 thousand.Credit riskThe products of the Group are used almost exclusively in the construction industry. Hence, the exposure to credit risk is highly dependent on the performance of thbuilding industry and the general economic conditions. In order to minimize the credit risk, we are closely monitoring the payment behaviour of each debtor. The Group uses credit insurance to mitigate the credit risk related to trade receivables. Two credit insurance policies have been taken out with two different insurers.Commercial limits, based on financial information and on business knowledge, can deviate from the insured credit limits. However, since the COVID-19 pandemic we have done many efforts to lower our commercial limits and have them match the amounts covered by the insurance company as much as possible in order to further reduce our credit risk. In cases where the insuredlimit is not sufficient we tried to obtain extra guaranteesfrom our customers (e.g. bank guarantees, promissory notes, letters of credit or pledges on customers assets (machinery, buildings, land plots, etc.)).Payment behaviour of our customers has been monitored very closely and unpaid invoices have resultedimmediately in a blocking of all open orders from day one.Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the fundingof its operating activities and there are no factors that cast doubts on whether going concern assumption is appropriate. Liquidity problems could arise at Restricted Group level if an event of default would occur under one of the creditfacility agreements which is not remedied within the foreseen remedy period. In that case, the outstanding amounts under both credit facility agreements might become immediately due and payable, which would jeopardize the liquidity situation of the Restricted Group. For the Turkish subsidiary Ege Profil, liquidity problems could arise if loans at maturity could not be refinanced through local Turkish banks. Although the Turkish government is trying to curb credit growth in an attempt to tame inflation, Ege Profil has so far always been able to obtain financing thanks to its excellent reputation and solid financials. In the unlikely case where Turkish banks would be unable to grant further loans to Ege Profil, an intra-group loan from Deceuninck NV could provide Ege Profil with the required funding. In order to detect possible events of default as a consequence of non-compliance with financial covenants at an early stage and to enable theGroup to take corrective measures, a mid-term financial forecast is kept up to date and resulting impact on covenants is simulated. In addition to the above-mentioned risk of non-compliance with the financial covenants, the liquidity risk is also linked to the evolution of the working capital of the Group, which is highly subject to seasonal fluctuations andthe capital expenditure level of the Group. This is therefore closely monitored.Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - Climate-related mattersIn view of climate related matters, the Group\u2019s business is not impacted by extreme weather conditions such as droughts or floods.Macroeconomic environmentThe aftermath of the COVID-19 pandemic and the changes in geopolitical situation have led to higher interesrates and a steep increase of the inflation in Europe, Turkeand America. The inflation affects mainly energy costs ansalaries. All these costs are being critically reviewed and optimized on a constant basis. These inflation effects wepassed through were possible.As a result of the uncertain geopolitical situation in Russiasince the conflict in Ukraine, the Group has fully impairedthe Russian property, plant and equipment since the longterm operating plan cannot be guaranteed due to these uncertainties. The Group has no operations in Ukraine anits turnover in the country was not material.26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2022:\u2022 Capital expenditure commitments for \u20ac 21.7 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 92.1 million for the period 2023 to 2026 to secure sourcing in the coming years;\u2022 No export commitments;\u2022 Purchase commitments resulting from derivative forward agreements: see detailed information as included in Note 25 Risk management.27. Events after the balance sheetThe February earthquake in Turkey and Syria did not have a direct impact on the infrastructure of the Group, as the Group\u2019s Turkish production sites are located far away from the epicentre of the earthquake. Some of the Group\u2019s Turkiclients were impacted, though this is not expected to have significant impacts on the Group\u2019s activities. Measures havbeen taken to support impacted clients.28. List of subsidiariesAll financial periods close on 31 December 2022, aparfrom Deceuninck Profiles India Private Limited, as disclosed in Note 1. Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.0028.77 28.77100.00 100.00Tunal NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00BOSNIA AND HERZEGOVINADeceuninck d.o.o Prvi mart bb75270 Zivinice 100.00 100.00BRAZILDeceuninck do Brazil Estrada Boa Vista 575 Galp\u00e3o 10CEP 06701 475Cotia \u2013 S\u00e3o Paulo 99.99 99.99BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEEl Oto\u00f1o 472 Deceuninck Importadora Limitada Lampa 9390306 Santiago 99.99 99.99CROATIAInoutic d.o.o. Industrijska ulica 310370 Dugo Selo (Zagreb) 100.00 100.00Deceuninck d.o.o. Kipi\u0161\u0107e 1310434 Strmec Samoborski 100.00 100.00CZECH REPUBLICDeceuninck Spol. s r.o Tu\u0159anka 1519/115a 627 00 Brno-Slatina 100.00 100.00COLOMBIADeceuninck S.A.S. Zona France Parque Central - Variante Turbaco 100.00 100.00CII 1 Cra 2-5 DUP 1 Bdg 15 Turbaco - ColombiaFRANCEDeceuninck S.A.S. Zone Industrielle \u2013 Impasse des Bleuets 100.00 100.0080700 RoyeGERMANYDeceuninck Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenDeceuninck Germany Produktions*Bayerwaldstrasse 18 100.00 100.00GmbH & Co KG94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022Deceuninck Holding Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) Mannur Village No 523 B Block 88.32 87.91Mannur Village \u2013 Sriperumbudur Taluk 631203 ChennaiDeceuninck Profiles India Private Limited Building 09. Casa Grande Distripark 88.44 88.03Satharai Village. Thiruvallur Taluk Thiruvallur Thiruvallur TN 631203ITALYDeceuninck Italia S.r.l. Via Padre Eugenio Barsanti. 1 100.00 100.0056025 Pontedera (PI) LITHUANIADeceuninck Baltic UAB (in liquidation) Saltoniskiu str. 29/3 100.00 100.0008105 VilniusMEXICODeceuninck de Mexico SA de CV Huajuapan No. 809 Int 2 C. 100.00 100.00Coronango 72680 PueblaPOLANDDeceuninck Poland Sp. z o.o. Jasin. Ul Poznanska 34 100.00 100.0062-020 SwarzedzROMANIADeceuninck Romania SRL Sos. De Centura nr. 13A 100.00 100.00Complex Key Logistics Center 077040 Chiajna town Jud.IlfovRUSSIADeceuninck Rus OOO Butlerova str., 17, room 5106 100.00 100.00117342 MoscowSLOVAKIADeceuninck Slovakia s.r.o. Z\u00e1mock\u00e1 30 100.00811 01 Bratislava \u2013 Star\u00e9 mestoSPAINDeceuninck NV Sucursal en Espana Avda. De la Industria 1007100.00 100.00Pol. Ind. Antonio del Rincon45222 Borox \u2013 ToledoTHAILANDDeceuninck (Thailand) Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 74.00 74.00Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Asia Profile Holding Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 48.95 48.95Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaTURKEYEge Profil Ticaret ve Sanayi A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 88.32 87.91Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 100.00 100.00Menemen/\u0130ZM\u0130R 35660 IZMIRUNITED KINGDOMDeceuninck Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXStatus Systems PVCU Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXRange Valley Extrusions Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXDeceuninck Holdings (UK) Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXUNITED STATESDeceuninck North America Inc. 351 North Garver Road 100.00 100.00Monroe. 45050 OhioDeceuninck North America. LLC 351 North Garver Road 100.00 100.00Monroe. 45050 OhioEquity investees, refer to Note 8:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022BELGIUMSo Easy Belgium BV Stokkelaar 13 50.00 50.009160 LokerenPOLANDSo Easy System Sp. Z.o.o. ul. Dunska 4 50.00 50.0005-152 CzosnowDecalu Solutions Sp. z.o.o. ul. Dunska 4 51.00 51.0005-152 Czosnow* The subsidiary Deceuninck Germany GmbH makes use of the exemptions available in \u00a7 264 (3) HGB and subsidiary Deceuninck Germany Productions GmbH & Co. KG of 264 b HGB with regard to the publication of annual financial statements and the drawing up of a management report and notes to the financial statements. The Group Financial Statements of Deceuninck NV serve as exempting consolidated financial statements for these companies.The Group guarantees the debts of these companies as at 31 December 2022 in the following fiscal year 2023.Result appropriationThe Board of Deceuninck NV will propose to the General Meeting to distribute a gross dividend of 0.07 euro per share.APPROPRIATION OF THE RESULTS OF DECEUNINCK NV (IN \u20ac THOUSAND) 2021 2022Profit / (loss) from the fiscal year for appropriation 6,905 14,191Profit carried forward from previous year 55,760 54,333Profit to be appropriated 62,665 68,524Dividend 8,278 9,673Allocation to legal reserves 54 6Profit to be carried forward 54,333 58,845TOTAL 62,665 68,524",
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"value": "The consolidated financial statements have been prepared in accordance with the \u2018International Financial Reporting Standards\u2019 (IFRS), as endorsed by the European Union. The consolidated financial statementswere authorised by the Board on 28 February 2023. The dividend as included in the financial statements is subject to change as this is subject to approval during theGeneral Meeting of which is scheduled to be held on 25 April 2023.Consolidation principlesThe consolidated financial statements include theindividual financial statements of Deceuninckand its subsidiaries (\u2018the Group\u2019).1. Significant accounting principlesBasis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2022. They have been prepared prior to the distribution of profits proposed by the parent company athe Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financialstatements may not add up due to rounding.The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2022 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 28.77 % in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV andthe Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Groupto exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon themajor operational decisions for the company.The Group acquired a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019sinterest in this joint venture is accounted for using the equity method in the consolidated financial statements.HyperinflationAs of April 2022, the cumulative inflation rate in Turkey over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022. The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries for the first time in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied as of 1 January 2022;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using an inflation index (see table below). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains (losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the general price index and is converted at the closing exchange rate of the period (rather than at monthly average exhange rates as for subsidiaries in non-hyperinflationary economies), thereby restating the year to date income statement account both for inflation index and currency conversion;\u2022 The prior year income statement and balance sheet of the Turkish subsidiaries were not restated.Upon application of IAS 29, the Group used the conversion coefficient derived from the consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 18-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), were as follows:As at 31 December Index Conversion coefficient2005 100,00 9,202006 109,65 8,392007 118,85 7,742008 130,81 7,032009 139,35 6,602010 148,27 6,212011 163,76 5,622012 173,85 5,292013 186,72 4,932014 201,97 4,562015 219,76 4,192016 238,52 3,862017 266,95 3,452018 321,14 2,862019 359,15 2,562020 411,59 2,242021 560,09 1,642022 920,01 1,00Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 month period ended 31 December 2022 amount to \u20ac 48,218 thousand and are included in the statement of other comprehensive income. These contain (i) the hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 for \u20ac 21,821 thousand and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 26,397 thousand.The application of IAS 29 had a negative impact on the operating profit (EBIT) of the group for an amount of \u20ac 3,179 thousand for the 12 month period ended 31 December 2022. The monetary loss amounts to \u20ac 16,963 thousand and relates to the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items. The total negative impact on net result amounts to \u20ac 20,391 thousand of which \u20ac 17,926 thousand is attributable to shareholders of the parent company and \u20ac 2,465 thousand to non-controlling interests.Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary inrelation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and therelating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Groupis accounting for this plan as a post-employment definedbenefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number ofemployees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discountrate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carry forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which includedfor example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments - Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historic exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are convertedat their historic exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translationadjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparingthe financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2021 2022 2021 2022AUD 1.5615 1.5693 1.5745 1.5159BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 6.3101 5.6386 6.3749 5.4254CLP 964.4132 916.9265 895.2084 917.3120COP 4,508.5663 5,130.8363 4,423.3108 4,452.6902CZK 24.8580 24.1160 25.6434 24.5574GBP 0.8403 0.8869 0.8598 0.8524HRK 7.5156 7.5345 7.5290 7.5349INR 84.2290 88.1710 87.4636 82.6669LTL 3.4528 3.4528 3.4528 3.4528MXN 23.1438 20.8560 23.9843 21.1372PLN 4.5969 4.6808 4.5636 4.6826RON 4.9490 4.9495 4.9208 4.9316RSD 117.5820 117.2910 117.5705 117.4545RUB 84.0696 75.6556 87.1393 69.7231SEK 10.2503 11.1218 10.1444 10.6228THB 37.6530 36.8350 37.8003 36.8533TRY 15.0867 19.9349 10.2391 -UAH 30.9226 38.9510 32.1978 34.2067USD 1.1326 1.0666 1.1829 1.0518Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this should be shorter. The useful life is usually estimatedat 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortised but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that the most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in Turkey, included in the \u2018Turkey & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit. RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.Tangible fixed assets are measured at historic cost price, less accumulated depreciation and impairment. Historic cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costsSubsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2 - 6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment 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 consolidated balance sheet. The same valuation principle applies for business units held for sale.Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share Tangible fixed assetsof the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.As the joint venture is considered as an integral vehicle through which the Group conducts its operations and its strategy, the aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss inside operating profit and represents profit or loss after tax and non-controlling interests in the joint venture. Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives receivedRight-of-use assetsare depreciated on a straight-line basis over the shorterof the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-useassets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes.If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless theyare incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicitin the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii)The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset. Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics andthe Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the caseof a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain asignificant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profitor loss.Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.Equity instruments designated at fair value throughOCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date)which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.InventoriesInventories are valued at the lower of cost price or net realizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling and selling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the general production costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the companyis deducted from equity.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is The Group adopted IFRS 15 using the modified retrospective method of adoption.The Group is in thebusiness of delivering window and door systems, buildingproducts and other goods to customers.As part of its commercial relationship, the Group typically grants payment term between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and Turkey. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labor agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debet or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognises restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financialstatement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.SHARE-BASED PAYMENTSVarious stock option, subscription right programs and performance share plans enable the staff members, senior management members and members of the Executive Team Group and Executive Team Regions to acquire company shares. The exercise price for options or warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing pricepreceding the day of the offer. When such plans are exercised they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined by an expert, using a binominal tree structure. The cost of share-based payment transactionand at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based paymenttransactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost isimmediately recognized. However, if a new share-basedpayment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled andthe new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.BONUSESContractual bonuses are granted based on planned keyfinancial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.SalesSALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should berecognized at the point in time when control of the asset is transferred to the customer, generally on delivery of theproduct.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paidto customers to compensate for investments made to adjust IT systems or production processes to be able touse our products in their production facilities. The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fairvalue of the distinct good or service received from the customer. The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer for the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today for this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. There is no consensus reachedby the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companieshould evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made. ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly,the cash discounts received from the suppliers arededucted from the costs. iii) Warranty obligations The Group typically provides warranties for generarepairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to thecosts that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realizedFinancial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted fodepreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuringexpenses, (iii) gains & losses on disposal of consolidatedentities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Earnings before taxes. Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and casequivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2022, and apart from IAS 29 (Hyperinflation accounting), which took effect as of 2022 for the Group\u2019s Turkish subsidiaries, as the cumulative inflation rates over a three-year period exceeded 100% as of April 2022 in Turkey.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union, but do not have a significant impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.\u2022 Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements\u2022 Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021The following standard is mandatory since the financial year beginning 1 January 2016 (however not yet subjected to EU endorsement). The European Commission has decided not to launch the endorsement process of this interim standard but to wait for the final standard: \u2022 IFRS 14, \u2018Regulatory deferral accounts\u2019, effective 1 January 2016The following new amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by theEuropean Union:\u2022 IFRS 17 \u2018Insurance contracts\u2019\u2022 Amendments to IAS 1 Presentation of Financial State-ments and IFRS Practice Statement 2: Disclosure of Accounting policies\u2022 Amendments to IAS 8 Accounting policies, Chang-es 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 IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative InformationStandards issued, but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become effective.\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019, effective 01/01/2024\u2022 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 20242. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;3. North America: Canada & the United States;4. Turkey & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and Turkey.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.5. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac0.04.Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac0.04 per share.",
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"value": "The consolidated financial statementswere authorised by the Board on 28 February 2023. The dividend as included in the financial statements is subject to change as this is subject to approval during theGeneral Meeting of which is scheduled to be held on 25 April 2023.Consolidation principlesThe consolidated financial statements include theindividual financial statements of Deceuninckand its subsidiaries (\u2018the Group\u2019).Basis of presentationThe consolidated financial statements are presented in \u20ac thousand, unless noted otherwise. The consolidated financial statements present the financial position on 31 December 2022. They have been prepared prior to the distribution of profits proposed by the parent company athe Annual General Meeting of Shareholders.The consolidated financial statements of the Group contain comparative information with respect to the previous period. Please note that numbers in certain tables in the financialstatements may not add up due to rounding.",
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"value": "The consolidated financial statementswere authorised by the Board on 28 February 2023. ",
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"value": "The consolidated financial statementswere authorised by the Board on 28 February 2023. 27. Events after the balance sheetThe February earthquake in Turkey and Syria did not have a direct impact on the infrastructure of the Group, as the Group\u2019s Turkish production sites are located far away from the epicentre of the earthquake. Some of the Group\u2019s Turkiclients were impacted, though this is not expected to have significant impacts on the Group\u2019s activities. Measures havbeen taken to support impacted clients.",
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"value": "Consolidation principlesThe consolidated financial statements include theindividual financial statements of Deceuninckand its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2022 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 28.77 % in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV andthe Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Groupto exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon themajor operational decisions for the company.The Group acquired a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019sinterest in this joint venture is accounted for using the equity method in the consolidated financial statements.",
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"value": "Consolidation principlesThe consolidated financial statements include theindividual financial statements of Deceuninckand its subsidiaries (\u2018the Group\u2019).The Group controls a subsidiary if, and only if, the Group has:\u2022 Power over the subsidiary (i.e., existing rights that give it the current ability to direct the relevant activities of the subsidiary);\u2022 Exposure, or rights, to variable returns from its involvement with the subsidiary;\u2022 The ability to use its power over the subsidiary to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement(s) with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe acquisition of subsidiaries is accounted for under the acquisition method. The annual reporting date of subsidiaries is identical to that of the parent company, apart from Deceuninck Profiles India Private Limited. For consolidation purposes, the financials over the 12-month period ending 31 December 2022 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 28.77 % in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV andthe Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Groupto exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon themajor operational decisions for the company.The Group acquired a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019sinterest in this joint venture is accounted for using the equity method in the consolidated financial statements.",
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"pp-value-22-3": {
"value": "The Group has an interest of 28.77 % in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV andthe Group therefore holds the majority on the Board of the company. Furthermore, the Group has an interest of 48.95 % in Asia Profile Holding Co. Ltd which is fully consolidated as the other shareholder, holding 51.05 % of the shares, has signed a proxy which allows the Groupto exercise the voting rights of the remaining 51.05 % of the shares and this allows the Group to decide upon themajor operational decisions for the company.The Group acquired a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019sinterest in this joint venture is accounted for using the equity method in the consolidated financial statements.Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.As the joint venture is considered as an integral vehicle through which the Group conducts its operations and its strategy, the aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss inside operating profit and represents profit or loss after tax and non-controlling interests in the joint venture. Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BVThe investment has been classified as joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this jointventure is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2021 2022Sales 15,643 19,203 Cost of goods sold (11,517) (14,086)Gross profit 4,126 5,116 Marketing, sales and distribution expenses (3,055) (3,754)Administrative and general expenses (2,349) (2,748)Other net operating result 523 556 Operating profit / (loss) (755) (830)Financial charges (1,206) (1,699)Financial income 170 256 Profit / (loss) before taxes (EBT) (1,791) (2,274)Income taxes 41 (5)Net profit / (loss) (1,750) (2,279)Group's share of profit / (loss) for the year (875) (1,140)(IN \u20ac THOUSAND) 2021 2022Group's carrying amount of the investment at the beginning of - - Group's share of profit / (loss) for the year (875) (1,140)Translation adjustments - 75 Non-recognized group's share of total comprehensive loss / (profit) for the year* 875 1,064 Group's carrying amount of the investment at the end of - - * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited Total comprehensive losses, the recognition of the Group\u2019s share of the Total comprehensive loss of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the Total comprehensive income are not recognized by the Group until the historically non recognized Group\u2019s share of the Total comprehensive loss of the joint venture are covered.(IN \u20ac THOUSAND) 2021 2022ASSETSIntangible fixed assets 1,004 689 Tangible fixed assets 5,666 5,644 Non-current assets 6,669 6,334 Inventories 2,355 2,446 Trade receivables 5,077 2,224 Other receivables 3,706 595 Cash and cash equivalents 700 219 Current assets 11,837 5,484 Total assets 18,506 11,818 EQUITY AND LIABILITIESEquity (9,100) (11,229)Interest-bearing loans 14,249 11,616 Deferred tax liabilities 50 16 Non-current liabilities 14,299 11,632 Trade payables 5,109 3,618 Other liabilities 8,199 7,797 Current liabilities 13,308 11,415 Total equity and liabilities 18,506 11,818 (IN \u20ac THOUSAND) 2021 2022Group's share in equity (4,550) (5,615)Goodwill - - Goodwill after purchase price allocation 3,214 3,214 Allocated losses (3,214) (3,214)Non-recognized total comprehensive income (1,336) (2,401)Group's carrying amount of the investment - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.28. List of subsidiariesAll financial periods close on 31 December 2022, aparfrom Deceuninck Profiles India Private Limited, as disclosed in Note 1. Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.0028.77 28.77100.00 100.00Tunal NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00BOSNIA AND HERZEGOVINADeceuninck d.o.o Prvi mart bb75270 Zivinice 100.00 100.00BRAZILDeceuninck do Brazil Estrada Boa Vista 575 Galp\u00e3o 10CEP 06701 475Cotia \u2013 S\u00e3o Paulo 99.99 99.99BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEEl Oto\u00f1o 472 Deceuninck Importadora Limitada Lampa 9390306 Santiago 99.99 99.99CROATIAInoutic d.o.o. Industrijska ulica 310370 Dugo Selo (Zagreb) 100.00 100.00Deceuninck d.o.o. Kipi\u0161\u0107e 1310434 Strmec Samoborski 100.00 100.00CZECH REPUBLICDeceuninck Spol. s r.o Tu\u0159anka 1519/115a 627 00 Brno-Slatina 100.00 100.00COLOMBIADeceuninck S.A.S. Zona France Parque Central - Variante Turbaco 100.00 100.00CII 1 Cra 2-5 DUP 1 Bdg 15 Turbaco - ColombiaFRANCEDeceuninck S.A.S. Zone Industrielle \u2013 Impasse des Bleuets 100.00 100.0080700 RoyeGERMANYDeceuninck Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenDeceuninck Germany Produktions*Bayerwaldstrasse 18 100.00 100.00GmbH & Co KG94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022Deceuninck Holding Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) Mannur Village No 523 B Block 88.32 87.91Mannur Village \u2013 Sriperumbudur Taluk 631203 ChennaiDeceuninck Profiles India Private Limited Building 09. Casa Grande Distripark 88.44 88.03Satharai Village. Thiruvallur Taluk Thiruvallur Thiruvallur TN 631203ITALYDeceuninck Italia S.r.l. Via Padre Eugenio Barsanti. 1 100.00 100.0056025 Pontedera (PI) LITHUANIADeceuninck Baltic UAB (in liquidation) Saltoniskiu str. 29/3 100.00 100.0008105 VilniusMEXICODeceuninck de Mexico SA de CV Huajuapan No. 809 Int 2 C. 100.00 100.00Coronango 72680 PueblaPOLANDDeceuninck Poland Sp. z o.o. Jasin. Ul Poznanska 34 100.00 100.0062-020 SwarzedzROMANIADeceuninck Romania SRL Sos. De Centura nr. 13A 100.00 100.00Complex Key Logistics Center 077040 Chiajna town Jud.IlfovRUSSIADeceuninck Rus OOO Butlerova str., 17, room 5106 100.00 100.00117342 MoscowSLOVAKIADeceuninck Slovakia s.r.o. Z\u00e1mock\u00e1 30 100.00811 01 Bratislava \u2013 Star\u00e9 mestoSPAINDeceuninck NV Sucursal en Espana Avda. De la Industria 1007100.00 100.00Pol. Ind. Antonio del Rincon45222 Borox \u2013 ToledoTHAILANDDeceuninck (Thailand) Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 74.00 74.00Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Asia Profile Holding Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 48.95 48.95Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaTURKEYEge Profil Ticaret ve Sanayi A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 88.32 87.91Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 100.00 100.00Menemen/\u0130ZM\u0130R 35660 IZMIRUNITED KINGDOMDeceuninck Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXStatus Systems PVCU Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXRange Valley Extrusions Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXDeceuninck Holdings (UK) Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXUNITED STATESDeceuninck North America Inc. 351 North Garver Road 100.00 100.00Monroe. 45050 OhioDeceuninck North America. LLC 351 North Garver Road 100.00 100.00Monroe. 45050 OhioEquity investees, refer to Note 8:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022BELGIUMSo Easy Belgium BV Stokkelaar 13 50.00 50.009160 LokerenPOLANDSo Easy System Sp. Z.o.o. ul. Dunska 4 50.00 50.0005-152 CzosnowDecalu Solutions Sp. z.o.o. ul. Dunska 4 51.00 51.0005-152 Czosnow* The subsidiary Deceuninck Germany GmbH makes use of the exemptions available in \u00a7 264 (3) HGB and subsidiary Deceuninck Germany Productions GmbH & Co. KG of 264 b HGB with regard to the publication of annual financial statements and the drawing up of a management report and notes to the financial statements. The Group Financial Statements of Deceuninck NV serve as exempting consolidated financial statements for these companies.The Group guarantees the debts of these companies as at 31 December 2022 in the following fiscal year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-2": {
"value": "HyperinflationAs of April 2022, the cumulative inflation rate in Turkey over a three-year period exceeded 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies as of 1 January 2022. The main principle in IAS 29 is that the financial statements of an entity that reports in the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the end of the reporting period. Therefore, the non-monetary assets and liabilities stated at historical cost, the equity and the income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. Monetary items that are already stated at the measuring unit at the end of the reporting period are not restated. These remeasured accounts are used for conversion into Euro at the period closing exchange rate. Consequently, the Group has applied hyperinflation accounting for its Turkish subsidiaries for the first time in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied as of 1 January 2022;\u2022 Non-monetary assets and liabilities stated at historical cost (e.g. property plant and equipment, intangible assets, goodwill, etc.) and equity of the Turkish subsidiaries were restated using an inflation index (see table below). The hyperinflation impacts resulting from changes in the general purchasing power until 31 December 2021 were reported in other comprehensive income and the impacts of changes in the general purchasing power from 1 January 2022 are reported through the income statement as Monetary gains (losses);\u2022 The income statement is adjusted at the end of the reporting period using the change in the general price index and is converted at the closing exchange rate of the period (rather than at monthly average exhange rates as for subsidiaries in non-hyperinflationary economies), thereby restating the year to date income statement account both for inflation index and currency conversion;\u2022 The prior year income statement and balance sheet of the Turkish subsidiaries were not restated.Upon application of IAS 29, the Group used the conversion coefficient derived from the consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 18-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), were as follows:As at 31 December Index Conversion coefficient2005 100,00 9,202006 109,65 8,392007 118,85 7,742008 130,81 7,032009 139,35 6,602010 148,27 6,212011 163,76 5,622012 173,85 5,292013 186,72 4,932014 201,97 4,562015 219,76 4,192016 238,52 3,862017 266,95 3,452018 321,14 2,862019 359,15 2,562020 411,59 2,242021 560,09 1,642022 920,01 1,00Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 month period ended 31 December 2022 amount to \u20ac 48,218 thousand and are included in the statement of other comprehensive income. These contain (i) the hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 for \u20ac 21,821 thousand and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 26,397 thousand.The application of IAS 29 had a negative impact on the operating profit (EBIT) of the group for an amount of \u20ac 3,179 thousand for the 12 month period ended 31 December 2022. The monetary loss amounts to \u20ac 16,963 thousand and relates to the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items. The total negative impact on net result amounts to \u20ac 20,391 thousand of which \u20ac 17,926 thousand is attributable to shareholders of the parent company and \u20ac 2,465 thousand to non-controlling interests.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.Translation adjustments also contain the recognition of deferred taxes upon initial application of IAS29 hyperinflation.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2022 (\u20ac5,022 thousand in Cost and \u20ac1,844 thousand in Depreciations and Impairments).Translation adjustments also contain the IAS29 hyper-inflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2022 (\u20ac 137,263thousand in Cost and \u20ac 86,244 in Depreciations and Impairments).The 2022 movement of currency translation adjustments in TRY, attributable to shareholders of the parent company, contain (i) \u20ac 19,183 thousand hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 23,205 thousand.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary inrelation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and therelating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Groupis accounting for this plan as a post-employment definedbenefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number ofemployees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discountrate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carry forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which includedfor example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments - Trade receivables.Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "Use of estimates and assumptionsIn order to produce the annual financial statements in accordance with the IFRS standards, management has to use a number of estimates and assumptions that have an impact on the amounts disclosed in the financial statements. The estimates made on the reporting date reflect the existing conditions on this date, such as market prices, interest rates and foreign exchange rates. Even though management makes these assumptions and estimates based on its best possible knowledge of current business transactions, and of the transactions the Group may undertake, the actual results can vary inrelation to these estimates.USE OF ASSUMPTIONSIn accordance with the Group\u2019s accounting principles, the following assumption has been made:Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and therelating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Groupis accounting for this plan as a post-employment definedbenefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number ofemployees and workers that will leave the Group.USE OF ESTIMATESThe most important estimates that are likely to have a significant influence on the net carrying value of assets and liabilities for the coming year due to the uncertainty surrounding these estimates relate to:Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discountrate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.Deferred tax assetsDeferred tax assets related to tax losses carry forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which includedfor example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments - Trade receivables.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-5": {
"value": "Provision for early retirementThe Company considers it has a constructive obligation in Belgium in relation to the early retirement plan and therelating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Groupis accounting for this plan as a post-employment definedbenefit plan. Restructuring provisionsThe Group recognizes provisions for restructuring programs when the criteria for recognition under IAS 37 are met. Provision amounts are determined based on individual payroll data and assumptions of the number ofemployees and workers that will leave the Group.ProvisionsProvisions are accounted for whenever the Group has to settle a legal or constructive obligation resulting from a past event, when it is probable that a cash outflow will be required to settle these obligations, and to the extent that these can be reliably estimated. When the Group expects that all or part of the expenditure, which is required to settle legal obligations, will be reimbursed by another party, the amount to be reimbursed will only be recognized as an asset if it is virtually certain that they will be effectively collected. A warranty provision is established for all products under warranty, based on historical data relating to repairs and returns of goods.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and Turkey. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labor agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debet or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognises restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financialstatement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.iii) Warranty obligations The Group typically provides warranties for generarepairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-5": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-6": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.ImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. The recoverable amount of other than financial assets is the higher of their fair value less cost to sell or its value in use of the corresponding assets. In order to determine the value in use, the net present value of expected future cash flows is calculated using a pre-tax discount rate, which reflects both current market rates and the asset\u2019s specific inherent risks. When an asset does not generate cash flows, that are largely independent of the other assets, the recoverable amount of the cash-generating unit to which this asset belongs, is determined. Impairments relating to goodwill are not reversed. Impairments of other assets are reversed, if a change takes place in the estimates used to determine the recoverable amount. An increase in the carrying value of an asset, resulting from the reversal of an impairment, cannot be higher than the carrying value (after depreciation) that would have been obtained, if no impairments had been recorded for this asset in previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-7": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. This test requires an estimate of the value in use of cash-generating units, to which the goodwill is allocated. The estimation of the value in use requires an estimate of expected future cash flows of the cash-generating units and the choice of an appropriate discount rate in order to determine the present value of these cash flows. For more details on this subject, please see Note 7.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedImpairmentsThe Group\u2019s assets, excluding inventories and deferred tax assets, are assessed for impairment indicators at each balance sheet date except for goodwill and intangible assets with indefinite useful lives for which impairment is mandatory on annual basis. If impairment indicators are present, the recoverable amount of the asset is estimated. An impairment is recognized, if the carrying value of an asset, or that of the cash-generating unit to which it belongs, is higher than its recoverable amount. Impairments are recorded in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-5": {
"value": "Employee benefits \u2013 Post-employment benefit plansThe costs of the granted pension schemes and the current value of the pension obligations are determined on the basis of an actuarial calculation. The actuarial calculation uses assumptions with regard to the discountrate, future increases in compensation, mortality tables and future increases in pensions. All the assumptions are reassessed on the reporting date. Further details with regard to these assumptions are disclosed in Note 16.Employee benefitsPENSIONSThe Group participates primarily in defined contribution plans, and has defined benefit plans in Belgium, Germany and Turkey. The funds of these plans consist of employer and employee contributions. The Group treats the employer and employee contributions for the defined contribution plans as expenses for the year in which they were made, except for Belgian defined contribution plans: these plans are legally subject to minimum guaranteed returns in Belgium. Due to these guaranteed minimum returns, all Belgian defined contribution plans are accounted for as defined benefit plans under IFRS. In Belgium, the Group also accounts for its early retirement plan and the provision covers the employees for which there exists a plan and expected employees to retire by an early retirement scheme the next coming four years based on the collective labor agreement. For defined benefit plans, the pension obligation is estimated by using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest), are recognized immediately in the consolidated balance sheet with a corresponding debet or credit through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognized in profit or loss on the earlier of:\u2022 the date of the plan amendment or curtailment, and\u2022 the date that the Group recognises restructuring- related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the service costs, comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements, in the financialstatement lines in the Consolidated Income Statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs.Net interest expense or income is included in the Consolidated Income Statement as financial result.Where applicable, the current service cost is considered for the inventory valuation.BONUSESContractual bonuses are granted based on planned keyfinancial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-5": {
"value": "Employee benefits \u2013 Share-based paymentsThe Group values the cost of the stock option plans granted to employees on the basis of the fair value of the instruments, on the date they are granted. The estimation of the fair value of compensations in shares requires an adapted valuation model, which depends on the condition under which the grant is made. The valuation model also requires adapted input data, such as the expected life of the option, the volatility of the share price and the dividend yield. The assumptions and the valuation model used for the estimation of the actual value of compensations in shares are explained in Note 21.SHARE-BASED PAYMENTSVarious stock option, subscription right programs and performance share plans enable the staff members, senior management members and members of the Executive Team Group and Executive Team Regions to acquire company shares. The exercise price for options or warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing pricepreceding the day of the offer. When such plans are exercised they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined by an expert, using a binominal tree structure. The cost of share-based payment transactionand at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based paymenttransactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost isimmediately recognized. However, if a new share-basedpayment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled andthe new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-5": {
"value": "Deferred tax assetsDeferred tax assets related to tax losses carry forward are only recognized if it is probable that sufficient taxable profits will be generated in the future. Significant estimates are required from management in order to determine the amount of the deferred tax assets, based on the time period and the level of future taxable profits. More details on this subject are provided in section Income Taxes and in Note 4.Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting date. Deferred taxes are calculated in accordance with the liability method, for all temporary differences between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. The calculation is based on rates of taxation for which the legislative process has been considered as enacted or substantively enacted on the reporting date. Under this method, the Group also has to calculate deferred taxes on the difference between the fair value of the net assets acquired and their tax base as a result of a new acquisition. Deferred tax assets are only recognized if it is probable that sufficient (i) taxable profits will be generated in the future in order to use the tax benefit or the tax losses or (ii) taxable temporary difference will be available to use those deferred tax assets. Two elements are considered to assess the likelihood of future taxable profits: 1. the profitability in the past, at least two consecutive years of profitability is needed and 2. The expected profitability of the next five years according to the detailed budget of next year and the higher-level business plan of the following four years. The recoverability of deferred income tax assets on tax losses carried forward and other tax credits is assessed including a prudency factor reflecting forecast uncertainties. The carrying amount of a deferred tax asset is reduced, when it becomes unlikely that the relating tax benefit will be realized",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-5": {
"value": "Loss allowanceIn estimating the loss allowance the Group makes significant estimates by assessing the amount of the expected cash flow that it will recuperate which includedfor example, credit insurance limits and guarantees received. Detailed guidance on the effective credit loss model for trade receivables is included in the accounting policies under section Financial instruments - Trade receivables.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-4": {
"value": "Foreign currenciesThe Group applies a monthly average exchange rate to convert the income statements of the subsidiaries outside the Eurozone, except for economies reporting under Hyperinflation, which use the closing exchange rate of the period as prescribed under IAS 29. Foreign currenciesTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are accounted for using the end of month exchange rate (exchange rate on the last working day of the preceding month) or the exchange rate on the date the transaction occurs or a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are converted using the exchange rate on the balance sheet date. All profits and losses resulting from conversion of monetary assets and liabilities in foreign currencies into the local currency of the entity are recognized in the consolidated income statement as Foreign exchange gains / (losses). Non-monetary assets and liabilities are converted into the local currency of the entity using the historic exchange rate.TRANSLATION OF FOREIGN CURRENCIESThe Group\u2019s reporting currency is the euro. Assets and liabilities from subsidiaries outside the Eurozone are converted to euro on balance sheet date, using the exchange rates applicable on that date. The income statements of these subsidiaries are converted into euro at a periodic monthly average exchange rate, which approximates the exchange rates applicable on the transaction date. For the translation of entities reporting under IAS 29 hyperinflation, we refer to the section \u201chyperinflation\u201d. The components of equity are convertedat their historic exchange rate.Exchange rate differences, caused by the conversion of equity into euro at the closing rate applicable on the balance sheet date, are disclosed as \u2018currency translationadjustments\u2019 under the heading \u2018Equity\u2019. Exchange rate differences resulting from the translation of foreign currency intra-group current accounts, loans or trade receivables and payables are recognized in the consolidated income statement as Foreign exchange gains / (losses). Exception to this accounting treatment is when the intra-group loans are considered as part of an entity\u2019s net investment in a foreign operation. Then the exchange difference is recognized in other comprehensive income and accumulated in a separate component of equity until the disposal of the foreign operation.EXCHANGE RATESThe following exchange rates were used when preparingthe financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2021 2022 2021 2022AUD 1.5615 1.5693 1.5745 1.5159BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 6.3101 5.6386 6.3749 5.4254CLP 964.4132 916.9265 895.2084 917.3120COP 4,508.5663 5,130.8363 4,423.3108 4,452.6902CZK 24.8580 24.1160 25.6434 24.5574GBP 0.8403 0.8869 0.8598 0.8524HRK 7.5156 7.5345 7.5290 7.5349INR 84.2290 88.1710 87.4636 82.6669LTL 3.4528 3.4528 3.4528 3.4528MXN 23.1438 20.8560 23.9843 21.1372PLN 4.5969 4.6808 4.5636 4.6826RON 4.9490 4.9495 4.9208 4.9316RSD 117.5820 117.2910 117.5705 117.4545RUB 84.0696 75.6556 87.1393 69.7231SEK 10.2503 11.1218 10.1444 10.6228THB 37.6530 36.8350 37.8003 36.8533TRY 15.0867 19.9349 10.2391 -UAH 30.9226 38.9510 32.1978 34.2067USD 1.1326 1.0666 1.1829 1.0518",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this should be shorter. The useful life is usually estimatedat 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortised but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that the most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in Turkey, included in the \u2018Turkey & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit. RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "Intangible fixed assets other than goodwillPATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this should be shorter. The useful life is usually estimatedat 3 years. TRADE NAMESTrade names acquired as part of a business combination are measured at fair value at acquisition-date. The subsequent measurement depends on whether the Group assessed the useful lives of the trade names as indefinite or finite. Trade names with indefinite useful lives are not amortised but are tested for impairment annually and when there is an indication that the asset may be impaired. The Group believes that the most acquired and used trade names have indefinite useful lives because they contribute directly to the Group\u2019s cash flows as a result of recognition by the customer of these trade names\u2019 characteristics in the marketplace. Furthermore, these brands serve as the base brands in Turkey, included in the \u2018Turkey & Emerging markets\u2019 segment, and this is also defined as their cash-generating unit. RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. SUBSEQUENT EXPENDITURESExpenditures relating to intangible fixed assets, subsequent to their purchase or completion are only capitalized if they increase the future economic benefits specific to the asset they relate to. All other expenditures are considered as costs.GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-5": {
"value": "PATENTS AND LICENSESExpenditure for acquired patents and licenses are capitalized at their cost price and are subsequently amortized over their estimated useful life using the straight-line method, or over the term of the contract, if this should be shorter. The useful life is usually estimatedat 3 years. Right-of-use assetsare depreciated on a straight-line basis over the shorterof the lease term and the estimated useful lives of the assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-5": {
"value": "RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. Tangible fixed assets are measured at historic cost price, less accumulated depreciation and impairment. Historic cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costsSubsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2 - 6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Tangible fixed assetsiii)The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.BONUSESContractual bonuses are granted based on planned keyfinancial objectives and personal performances. The estimated amount of the bonus is recognized as a cost, based on an estimate as of the balance sheet date.Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-6": {
"value": "RESEARCH AND DEVELOPMENTResearch expenditure, incurred with the purpose of acquiring new scientific or technological knowledge, is included in the income statement. The cost of development activities, for which the results are applied in a plan or a design for the production of new or substantially improved products and processes, are capitalized if and only if all the criteria defined in IAS 38 are met. Such capitalized costs include directly attributable costs of creating, producing or making ready for use assets (such as raw materials and direct labour costs) less the accumulated amortization and impairment. The incurred and capitalized costs are allocated to the relevant asset classes by means of a transfer as from the moment that the asset is available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-2": {
"value": "Tangible fixed assets are measured at historic cost price, less accumulated depreciation and impairment. Historic cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costsSubsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2 - 6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Tangible fixed assets9. Tangible fixed assets Other Land & Machinery & Furniture tangible Assets under 2021 (IN \u20ac THOUSAND)Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt the beginning of this year 173,585 490,213 17,928 138 11,046 692,910 Additions 10,727 18,004 1,257 - 12,460 42,448 Disposals - (9,734) (143) - (21) (9,898)Transfers 1,235 11,986 111 - (13,289) 42 Translation adjustments (8,352) (3,992) (704) - (487) (13,535)At the end of this year 177,195 506,477 18,449 138 9,708 711,967 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (75,490) (365,964) (13,134) (81) - (454,670)Additions to depreciations (4,460) (24,634) (1,218) (11) - (30,324)Additions to impairments - (1,012) - - - (1,012)Disposals - 9,131 162 - - 9,292 Transfers (11) (341) (7) - - (359)Translation adjustments (332) 1,606 312 -- 1,587 At the end of this year (80,294) (381,214) (13,885) (92) - (475,484)TANGIBLE FIXED ASSETSCost 177,195 506,477 18,449 138 9,708 711,967 Accumulated depreciations and (80,294) (381,214) (13,885) (92) - (475,484)impairmentsNet Carrying Value 96,901 125,263 4,564 47 9,708 236,483 Other Land & Machinery & Furniture Assets under 2022 (IN \u20ac THOUSAND)tangible fixedTotalbuildingsequipmentand vehiclesconstructionassetsCOSTAt the beginning of this year 177,195 506,477 18,449 138 9,708 711,967 Additions 4,346 21,219 1,466 - 20,395 47,427 Disposals (15) (1,748) (52) - - (1,816)Transfers (9,952) 9,306 363 - (9,950) (10,233)Translation adjustments 39,091 92,802 4,728 - 158 136,779 At the end of this year 210,665 628,055 24,954 138 20,313 884,125 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (80,294) (381,214) (13,885) (92) - (475,484)Additions to depreciations (5,514) (27,352) (1,473) (10) - (34,348)Additions to impairments (5,275) (2,799) (185) - - (8,259)Disposals (12) 1,504 70 - - 1,562 Transfers 639 (83) (9) - - 546 Translation adjustments (3,503) (78,273) (4,097) - - (85,872)At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)TANGIBLE FIXED ASSETSCost 210,665 628,055 24,954 138 20,313 884,125 Accumulated depreciations and (93,958) (488,217) (19,579) (101) - (601,856)impairmentsNet Carrying Value 116,706 139,838 5,375 37 20,313 282,270 The transfers from assets under construction in both 2021 and 2022 mainly related to finalized investments in machinery and equipment. In 2022, there was an outgoing transfer from Land & Buildings, resulting from the reclassification of real estate in Turkey to assets classified as held for sale.In 2022 the Group has recognized impairments on tangible fixed assets for \u20ac 8,259 thousand (2021: \u20ac 1,012 thousand). These impairments mainly relate the full impairment of Deceuninck\u2019s tangible fixed assets in Russia, and have been included in other operating costs.Translation adjustments also contain the IAS29 hyper-inflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2022 (\u20ac 137,263thousand in Cost and \u20ac 86,244 in Depreciations and Impairments).The Group has \u20ac 21.7 million fixed asset related commitments spread over the next year which are mainly related to machinery and buildings. Tangible fixed assets under construction are further broken down in the table below. These are mainly related to tools and machinery.(IN \u20ac THOUSAND) 2021 2022Land & Buildings 348 3,473 Machinery & equipment 7,706 15,124 Other 1,654 1,716Total 9,708 20,313 The right-of-use assets are further detailed in Note 20.The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of use assets. The transfers in 2022 were mainly related to the reclassification of real estate in Turkey to assets classified as held for sale.(IN \u20ac THOUSAND) 2021 2022Intangible fixed assets 387 19 Tangible fixed assets (317) (9,687)Assets classified as held for sale - 9,667Right-of-use assets (70) -Total - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-5": {
"value": "Tangible fixed assets are measured at historic cost price, less accumulated depreciation and impairment. Historic cost is the initial purchase price plus any other directly attributable acquisition costs (such as non-recoverable taxes and transportation costs). The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costsSubsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.The expected economic useful life is determined as follows:AssetsBuildings 40 yearsBuilding fixtures and furniture 10-20 yearsExternal infrastructure 20-40 yearsMachinery and equipment 8-20 yearsSmall equipment 5 yearsScrews and cylinders 2 - 6 yearsDies and calibrators (tool sets) 5 yearsInstallations 10-25 yearsOffice equipment 4-10 yearsLogistics equipment 8 yearsFurniture 10 yearsVehicles 4-5 yearsDepreciation is calculated using the straight-line method, starting from the first date of use over the entire duration of their expected useful life.Land, which is deemed to have an infinite useful life, is not depreciated.Tangible fixed assets",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-6": {
"value": "The cost price of fixedassets produced by the company itself (such as tool sets)includes the cost price of materials, direct labour costs and a proportion of production related overhead costs",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-6": {
"value": "Repair and maintenance costs, which do not increasefuture economic benefits, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-3": {
"value": "Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment 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 consolidated balance sheet. The same valuation principle applies for business units held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-4": {
"value": "Assets classified as held for saleAssets classified as held for sale relate to assets or groups of assets that are available for immediate sale in its present condition and the sale is highly probable. These assets are valued at the lower of carrying value or fair value less costs to sell. Property, plant and equipment 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 consolidated balance sheet. The same valuation principle applies for business units held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-4": {
"value": "Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.As the joint venture is considered as an integral vehicle through which the Group conducts its operations and its strategy, the aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss inside operating profit and represents profit or loss after tax and non-controlling interests in the joint venture. Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-5": {
"value": "Investment in joint venturesA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its joint venture are accounted for using the equity method. Under the equity method, the investment in a joint venture is initially recognized at cost, which includes acquisition related expenses. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the joint venture since the acquisition date. Goodwill relating to the joint venture is included in the carrying amount of the investment and is not tested for impairment separately. For determining the goodwill, the Group elected to apply a 12-month measurement period similar to business combinations in case it is unable to finalise the process in the year of acquisition. The statement of profit or loss reflects the Group\u2019s share of the results of the joint venture. Any change in OCI of the joint ventures is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in the joint venture.As the joint venture is considered as an integral vehicle through which the Group conducts its operations and its strategy, the aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss inside operating profit and represents profit or loss after tax and non-controlling interests in the joint venture. Considering the relevant considerations that there are no contractual or constructive obligations covering for unlimited losses, the recognition of the Group\u2019s share of the results of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s shares of the profits are not recognized by the Group until the historically non-recognized Group\u2019s share of the results of the joint venture are covered. The financial statements of the joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and it carrying value, and then recognizes the loss within \u2018Share of the result of a joint venture\u2019 in the consolidated income statement. Upon loss of the joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-5": {
"value": "Business combinations The Group applies the purchase method of accounting to account for acquisitions of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The determination of the fair values of the acquired identifiable assets and assumed liabilities is based on various assumptions requiring management judgment. Acquisition-related costs are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-5": {
"value": "GoodwillGoodwill is the positive difference between the cost of the business combination and the share of the Group in the fair value of the acquired identifiable net assets of a subsidiary or associated company at the moment of acquisition. Goodwill is not amortized, but is subject to an annual impairment test. Goodwill is expressed in the functional currency of the acquired company and is converted into euro at the closing exchange rate on the balance sheet date except for the goodwill relating to EgePen (amount: \u20ac 9.3 million) which is denominated in EUR despite being a Turkish subsidiary. The entity was acquired in 2000. Deceuninck first adopted IFRS in 2002 when the standards allowed an option (IAS 21.33.b, IAS 21 version effective as from 1 January 1995) to consider goodwill as assets of the reporting entity and consider it as non-monetary foreign currency item which is reported using the exchange rate at the date of the transaction. Bargain Purchase If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "LeasingThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives receivedRight-of-use assetsare depreciated on a straight-line basis over the shorterof the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-useassets as a separate asset classes of the Tangible fixed assets and provide the relevant disclosures in the notes.If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculatedusing the estimated useful life of the asset. The right-of-use assets are also subject to impairment. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless theyare incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicitin the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.iii)The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-line basis over the lease term.iv) General lease terms and Subleases The Group has lease contracts for various items of buildings, vehicles, machines and other equipment used in its operations. Leases of buildings and machinery generally have lease terms between 2 and 5 years and a contract with a term of 10 years, while motor vehicles and other equipment generally have lease terms between 2 and 4 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. v) Extension and termination options The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Most of the extension and termination options are related to lease contracts for cars and have a limited value due to the shorter lease periods, lower lease payments and due to the fact that the Group generally replaces the ending contract with a new asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-4": {
"value": "ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless theyare incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicitin the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-5": {
"value": "ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless theyare incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicitin the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group presents the lease liabilities on the line items current and non-current interest-bearing loans.Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics andthe Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the caseof a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain asignificant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profitor loss.Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.Equity instruments designated at fair value throughOCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date)which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-6": {
"value": "Financial instrumentsCRITERIA RELATING TO THE INITIAL RECOGNITION OR DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial instruments are recognized initially when the Group becomes party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on the settlement date. Financial assets (or parts thereof) are derecognized, when the Group\u2019s rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has retained the right to receive the cash flows but assumed to pay those cash flows in a pass-through arrangement to another recipient. Financial liabilities (or parts thereof) are derecognized, if the obligation stipulated in the contract is withdrawn, cancelled or expired.CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics andthe Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the caseof a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain asignificant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profitor loss.Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.Equity instruments designated at fair value throughOCI are not subject to impairment assessment.Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date)which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-6": {
"value": "CRITERIA FOR OFFSETTING FINANCIAL ASSETS AND LIABILITIESA financial asset and a financial liability are offset and the net amount is presented on the balance sheet, if there is a legally enforceable right to offset the recognized amounts, and if there is an intention to settle the liability and simultaneously realize the asset or to settle the liability on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-5": {
"value": "CRITERIA FOR CLASSIFYING FINANCIAL ASSETSFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost (AC), fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics andthe Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the caseof a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain asignificant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at AC or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-5": {
"value": "Financial fixed assetsThe Group presents under this caption the equity instruments for which it has elected to present the change in fair value through other comprehensive income. The election to classify equity instruments into this category is made on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profitor loss.Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.Equity instruments designated at fair value throughOCI are not subject to impairment assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-6": {
"value": "Dividends are recognized as financial income inthe statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of thefinancial asset, in which case, such gains are recorded inOCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-6": {
"value": "Financial assets valued at fair value throughthe income statementFinancial assets valued at fair value through the income statement consist of financial assets that are held for trading purposes or financial assets that are initially recognized at fair value through the income statement. Financial assets held for trading purposes are those acquired with the objective of selling them in a short-term notice. This category also contains derivative financial instruments, which do not fulfil the criteria of IFRS 9 for \u2018hedge accounting\u2019. Unrealized profits or losses, resulting from the changes in the fair value of financial assets held for trading, are directly booked in the income statement.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-8": {
"value": "Trade receivablesTrade receivables meet the condition of AC classification if they are carried at their nominal value and are subject to impairment. The Group recognizes an allowance for expected credit losses (ECLs). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables, the Group applies a simplified approach in calculating ECLs based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical observed default rates, adjusted for forward looking factors specific to the debtors and the economic environment reflecting the customers\u2019 abilities to pay (based on geographical region, type of customer, delinquency status, credit insurance, other guarantees...). In addition to this general approach, the Group includes individually managed exposures on a case by case basis if not covered by the ECL model, also reflecting additional risk factors into the ECL model if not yet includedOther receivablesChecks received from Turkish customers as advance payments which can be discounted or used for payments without any preconditions are presented as other receivables and other liabilities as from the moment they are received from a customer and can be used for other purposes.Interest bearing loansInterest-bearing loans are initially valued at the fair value of the amounts received minus any costs related to the transaction. After the initial recognition interest-bearing financial debts are valued at their amortized cost. The difference between the amortized cost and the repayment value is expensed over the duration of the loan based on the effective interest rate method or until the debt is no longer held.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-5": {
"value": "Cash and cash equivalentsCash and cash equivalents consist mainly of cash in hand, short-term deposits and short-term investments (maturing within three months after their acquisition date)which are readily convertible into cash and which are subject to a limited risk of changes in value. Within the cash flow statement, cash and cash equivalents include bank balances (current and deposit accounts). Any negative cash position is presented as short-term debts with financial institutions (\u2018bank overdrafts\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-7": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-8": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-9": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments (FX forward contracts and interest rate swaps) in order to limit the risks associated with exchange rate and interest fluctuations. The Group\u2019s policy prohibits the use of these instruments for speculative purposes. Derivative financial instruments are classified as either \u2018fair value\u2019 hedges, if these instruments hedge changes in the fair value of recognized assets and liabilities, or as \u2018cash flow\u2019 hedges, if they cover cash flow variations associated with a specific risk in relation to a recognized asset or liability or an expected highly probable transaction. For \u2018fair value\u2019 hedges, profits or losses resulting from the revaluation of \u2018fair value\u2019 hedging instruments are directly recorded through the income statement. Gains or losses on the hedged position lead to an adjustment of the book value of the hedged position and should be recorded through the income statement. If the adjustment is associated with the book value of an interest-bearing financial debt, it is amortized through profit or loss until it is entirely amortized upon maturity. When derivative financial instruments are identified as cash flow hedges, the effective portion of the change in fair value is recognized in other comprehensive income. The gain or loss on the ineffective portion is immediately recognized in the income statement.Financial instruments, not meeting the special requirements for recognition as a hedging transaction, are valued at their fair value, and any profit or loss resulting from a change in the fair value of the instrument is directly recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "InventoriesInventories are valued at the lower of cost price or net realizable value. The net realizable value is defined as the estimated selling price under normal operating conditions net of any estimated costs for handling and selling the product. Costs incurred in bringing each product to its current location and conditions are recorded as follows:\u2022 Raw materials and consumables \u2013 purchase price, based on the FIFO principle;\u2022 Finished goods and work in process \u2013 direct material and labour costs, plus a part of the general production costs, based on normal production capacity and on the FIFO principle;\u2022 Trade goods \u2013 purchase price, based on the FIFO principle.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-3": {
"value": "Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the companyis deducted from equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-4": {
"value": "SHARE-BASED PAYMENTSVarious stock option, subscription right programs and performance share plans enable the staff members, senior management members and members of the Executive Team Group and Executive Team Regions to acquire company shares. The exercise price for options or warrants is equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing pricepreceding the day of the offer. When such plans are exercised they are exchanged for own shares or capital is increased by the amounts received or the exercise price. The cost of share-based payment transactions is valued at fair value on the grant date. The fair value is determined by an expert, using a binominal tree structure. The cost of share-based payment transactionand at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based paymenttransactions are modified, the minimal cost equals the cost as if the conditions had not been changed. An additional cost is recognized for any modification which increases the fair value of share-based payment transaction or includes a benefit for the employee as of the date of modification (IFRS 2.28). When a share-based payment is cancelled, this is considered as a compensation that was granted on the date of cancellation and the relating unamortized cost isimmediately recognized. However, if a new share-basedpayment is granted as a replacement for the cancelled compensation and if this is recorded as a replacement compensation on the grant date, then the cancelled andthe new compensations are treated as a modification of the original share-based payment transaction, as described in the preceding paragraph.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "The Group adopted IFRS 15 using the modified retrospective method of adoption.The Group is in thebusiness of delivering window and door systems, buildingproducts and other goods to customers.As part of its commercial relationship, the Group typically grants payment term between 15-120 days but offers under certain conditions discounts for prompt payment. The payment terms differ substantially between the regions in which the Group operates.SalesSALE OF GOODSThe Group\u2019s contracts with customers for the sale of goods include one performance obligation. The Group has concluded that revenue from sale of goods should berecognized at the point in time when control of the asset is transferred to the customer, generally on delivery of theproduct.(i) Consideration paid The consideration paid or payable by the Group represents incentives given by the entity to attract the customer to purchase, or continue purchasing, its goods or services. This may include considerations paidto customers to compensate for investments made to adjust IT systems or production processes to be able touse our products in their production facilities. The consideration paid or payable is accounted for as a reduction of revenue for the amount in excess of the fairvalue of the distinct good or service received from the customer. The recognition of the reduction of revenue is done when (or as) the later of either of the following events occurs:\u2022 Recognition of revenue for the transfer for the related goods or services\u2022 Payment or promise to pay the consideration (even if the payment is conditional on a future event) A diversity in practice exists today for this area. The Transition Resource Group for Revenue Recognition has issued a staff paper of the FASB on this topic: Payments to Customer. There is no consensus reachedby the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companieshould evaluate the facts and circumstances of the nature of the payment and apply professional judgement to determine the accounting method. When the contract does not include contractual committed future volumes and there are no signed sales orders at the time the payment is made, we conclude that there is no current revenue contract with the customer at the moment of the payment, consequently the entire upfront payment will be recognized in the income statement when the payment is made. ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly,the cash discounts received from the suppliers arededucted from the costs. iii) Warranty obligations The Group typically provides warranties for generarepairs of defects that existed at the time of sale. These assurance-type warranties are accounted for as warranty provisions as they do not represent a separate performance obligation of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-2": {
"value": "The Group is in thebusiness of delivering window and door systems, buildingproducts and other goods to customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-4": {
"value": "ii) Cash discounts given and received The Group recognizes the cash discounts given to customers as a deduction on revenue. Similarly,the cash discounts received from the suppliers arededucted from the costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-3": {
"value": "Government grantsGovernment grants are recognized at their fair value, when there is reasonable assurance that they will be received and that the Group will fulfil all of the conditions attached to them. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to thecosts that is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-4": {
"value": "Income taxesIncome taxes include current and deferred taxes. Taxes are recognized in the income statement, unless they are associated with items that are booked immediately to equity or other comprehensive income. In that case, the corresponding tax is recognized directly against equity or other comprehensive income. Current taxes include the expected amount payable on taxable earnings for the period, along with adjustments of fiscal liabilities for previous years. A taxable earnings calculation for the year is based on the tax rates applicable on the reporting ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-4": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-5": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-6": {
"value": "Financial income/chargesInterest income includes interest earned on bank deposits or received from customers as compensation for extended payment terms, and interest charges include interest due on loans contracted by the Group. Recorded interest is based on the \u2018effective interest\u2019 method. Costs related to derecognition of accounts receivable consist of incurred factoring fees. Other financial income (costs) include recorded gains or losses due to a revaluation of the fair value of financial derivatives, which are considered as \u2018fair value\u2019 hedging instruments if the hedged risks are of a financial nature, or if financial instruments do not meet the special \u2018hedge accounting\u2019 requirements.Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-3": {
"value": "Earnings per share (EPS)EPS (non-diluted) are the non-diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the weighted average number of ordinary shares. EPS (diluted) are the diluted earnings per share and is defined as Earnings attributable to ordinary shareholders over the sum of weighted average number of ordinary shares and the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. 5. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac0.04.Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac0.04 per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "Non-GAAP measuresThe following alternative performance measures (non-IFRS) have been used as management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results, our performance or our liquidity under IFRS. EBITDA is defined as operating profit / (loss) adjusted fodepreciations / amortizations and impairment of fixed assets. Adjusted EBITDA is defined as operating profit / (loss) adjusted for (i) depreciations / amortizations and impairment of fixed assets, (ii) integration & restructuringexpenses, (iii) gains & losses on disposal of consolidatedentities, (iv) gains & losses on asset disposals, (v) impairment of goodwill and impairment of assets resulting from goodwill allocation. EBIT is defined as Earnings before interest and taxes (= operational result).EBT is defined as Earnings before taxes. Net debt is defined as the sum of interest-bearing borrowings current and non-current minus cash and casequivalents. Working capital is calculated as the sum of trade receivables and inventories minus trade payables. Capital employed (CE) is defined as the sum of non-current assets and working capital. Leverage is defined as the ratio of Net debt to Adjusted EBITDA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "Changes in accounting policies and disclosuresThe entity applied the same IFRSs as those adopted in the previous years, except for the new IFRSs and interpretations the entity adopted as of 1st January 2022, and apart from IAS 29 (Hyperinflation accounting), which took effect as of 2022 for the Group\u2019s Turkish subsidiaries, as the cumulative inflation rates over a three-year period exceeded 100% as of April 2022 in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-2": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;3. North America: Canada & the United States;4. Turkey & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and Turkey.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER Europe North-America(IN \u20ac THOUSAND)2021 2022 2021 2022 External Sales 411,396 458,232 183,160 224,095 Intercompany Sales 4,763 3,021 1,729 746 Total sales* 416,159 461,253 184,889 224,840 EBITDA 34,931 22,789 10,919 20,366 Adjusted EBITDA 39,838 27,735 10,919 20,366 Adj EBITDA items (4,907) (4,945) - - Financial Result (1,267) 3,657 (1,189) (2,916) Taxes - Current & Deferred 4,360 2,657 724 (1,281) Depreciations and Impairments 21,225 29,215 11,494 11,527 Capital expenditures (Capex) (15,691) (25,120) (10,549) (10,788) * Out of which \u20ac 120.3 relating to Belgium The difference between the adjusted EBITDA and EBITDA of \u20ac 4.9 million includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to the one-off product platform migration \u20ac (4.9) million in Europe.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe* 314,433 313,681 North America 109,656 116,483 Turkey & Emerging Markets 191,330 232,437 Intersegment assets 615,419 662,602 Cash and cash equivalents 72,885 58,949 Intersegment eliminations (13,214) (11,952)Total Group Assets 675,089 709,598 * Out of which \u20ac 173.6 relating to Belgium Turkey & EmergingIntersegment Eliminations ConsolidatedMarkets2021 2022 2021 2022 2021 2022 243,542 291,778 - - 838,097 974,104 17,647 19,776 (24,137) (23,543) 2 - 261,189 311,553 (24,137) (23,543) 838,099 974,104 47,613 54,988 (631) (815) 92,832 97,328 47,613 54,988 (631) (815) 97,739 102,274 - - - - (4,907) (4,945) (8,828) (22,993) (3,313) (8,659) (14,597) (30,911) (7,611) (10,188) 24 86 (2,503) (8,726) 6,381 9,834 (547) (487) 38,553 50,090 (18,220) (13,414) 903 879 (43,556) (48,444)Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe 109,509 99,937 North America 41,002 31,946 Turkey & Emerging Markets 149,149 133,517 Intersegment liabilities 299,660 265,399 Equity including non-controlling interests 258,919 319,621 Long-term interest-bearing loans 13,002 130,748 Other long-term liabilities 580 580 Current portion of interest bearing loans 119,149 6,766 Intersegment eliminations (16,223) (13,516)Total group liabilities 675,089 709,598 External sales by product group is presented in the table below (in EUR and in %):FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2021 Europe (IN \u20ac THOUSAND) % Window & Doors 343,598 83.5% Outdoor Living 37,437 9.1% Home protection 30,361 7.4% Total 411,396 100.0% FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe (IN \u20ac THOUSAND) % Window & Doors 387,510 84.6% Outdoor Living 36,211 7.9% Home protection 34,511 7.5% Total 458,232 100.0% Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 183,160 100.0% 233,605 95.9% 759,902 90.7% - 0.0% 97 0.0% 37,798 4.5% - 0.0% 9,839 4.0% 40,396 4.8% 183,159 100.0% 243,542 100.0% 838,097 100.0%Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 224,095 100.0% 279,974 96.0% 891,578 91.5% - 0.0% 74 0.0% 36,285 3.7% - 0.0% 11,729 4.0% 46,241 4.7% 224,095 100.0% 291,778 100.0% 974,104 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customer",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-150-4": {
"value": "2. Segment informationAn operating segment is a separate component of the Group (a) that engages in business activities from which it may earn revenues and incur expenses, (b) for which discrete financial information is available and (c) its results are regularly reviewed by the Chief Operating Decision Maker (CODM) in order to decide how to allocate resources and in assessing performance. Three segments have been defined based on the location of legal entities. They include the following entities:1. Europe: Benelux, Bosnia, Bulgaria, Croatia, Czech Republic, France, Italy, Germany, Poland, Romania, Russia, Slovakia, Spain and the United Kingdom;3. North America: Canada & the United States;4. Turkey & Emerging Markets: Australia, Brazil, Chile, Colombia, India, Mexico, Thailand and Turkey.There are no segments aggregated in order to establish the above segments. Transfer prices between the operational segments are based on an \u2018at arm\u2019s length basis\u2019 equal to transactions with third parties. The accounting policies for the operational segments are equal to these of the consolidated financial statements. The Group identified the Executive Management as its Chief Operating Decision Maker (\u201cCODM\u201d). The segments have been defined based on the information provided to the Executive Management. The Executive Management monitors the performance of its operational segments based on sales and adjusted EBITDA per segment and make decisions about resource allocation on this geographical segmentation basis. Segment information provided to the CODM includes the results, assets and liabilities that can be attributed directly to those segments, as stated in tables further below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-151-3": {
"value": "FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER Europe North-America(IN \u20ac THOUSAND)2021 2022 2021 2022 External Sales 411,396 458,232 183,160 224,095 Intercompany Sales 4,763 3,021 1,729 746 Total sales* 416,159 461,253 184,889 224,840 EBITDA 34,931 22,789 10,919 20,366 Adjusted EBITDA 39,838 27,735 10,919 20,366 Adj EBITDA items (4,907) (4,945) - - Financial Result (1,267) 3,657 (1,189) (2,916) Taxes - Current & Deferred 4,360 2,657 724 (1,281) Depreciations and Impairments 21,225 29,215 11,494 11,527 Capital expenditures (Capex) (15,691) (25,120) (10,549) (10,788) * Out of which \u20ac 120.3 relating to Belgium The difference between the adjusted EBITDA and EBITDA of \u20ac 4.9 million includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to the one-off product platform migration \u20ac (4.9) million in Europe.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe* 314,433 313,681 North America 109,656 116,483 Turkey & Emerging Markets 191,330 232,437 Intersegment assets 615,419 662,602 Cash and cash equivalents 72,885 58,949 Intersegment eliminations (13,214) (11,952)Total Group Assets 675,089 709,598 * Out of which \u20ac 173.6 relating to Belgium Turkey & EmergingIntersegment Eliminations ConsolidatedMarkets2021 2022 2021 2022 2021 2022 243,542 291,778 - - 838,097 974,104 17,647 19,776 (24,137) (23,543) 2 - 261,189 311,553 (24,137) (23,543) 838,099 974,104 47,613 54,988 (631) (815) 92,832 97,328 47,613 54,988 (631) (815) 97,739 102,274 - - - - (4,907) (4,945) (8,828) (22,993) (3,313) (8,659) (14,597) (30,911) (7,611) (10,188) 24 86 (2,503) (8,726) 6,381 9,834 (547) (487) 38,553 50,090 (18,220) (13,414) 903 879 (43,556) (48,444)Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe 109,509 99,937 North America 41,002 31,946 Turkey & Emerging Markets 149,149 133,517 Intersegment liabilities 299,660 265,399 Equity including non-controlling interests 258,919 319,621 Long-term interest-bearing loans 13,002 130,748 Other long-term liabilities 580 580 Current portion of interest bearing loans 119,149 6,766 Intersegment eliminations (16,223) (13,516)Total group liabilities 675,089 709,598 External sales by product group is presented in the table below (in EUR and in %):FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2021 Europe (IN \u20ac THOUSAND) % Window & Doors 343,598 83.5% Outdoor Living 37,437 9.1% Home protection 30,361 7.4% Total 411,396 100.0% FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe (IN \u20ac THOUSAND) % Window & Doors 387,510 84.6% Outdoor Living 36,211 7.9% Home protection 34,511 7.5% Total 458,232 100.0% Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 183,160 100.0% 233,605 95.9% 759,902 90.7% - 0.0% 97 0.0% 37,798 4.5% - 0.0% 9,839 4.0% 40,396 4.8% 183,159 100.0% 243,542 100.0% 838,097 100.0%Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 224,095 100.0% 279,974 96.0% 891,578 91.5% - 0.0% 74 0.0% 36,285 3.7% - 0.0% 11,729 4.0% 46,241 4.7% 224,095 100.0% 291,778 100.0% 974,104 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customer3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-151-4": {
"value": "FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER Europe North-America(IN \u20ac THOUSAND)2021 2022 2021 2022 External Sales 411,396 458,232 183,160 224,095 Intercompany Sales 4,763 3,021 1,729 746 Total sales* 416,159 461,253 184,889 224,840 EBITDA 34,931 22,789 10,919 20,366 Adjusted EBITDA 39,838 27,735 10,919 20,366 Adj EBITDA items (4,907) (4,945) - - Financial Result (1,267) 3,657 (1,189) (2,916) Taxes - Current & Deferred 4,360 2,657 724 (1,281) Depreciations and Impairments 21,225 29,215 11,494 11,527 Capital expenditures (Capex) (15,691) (25,120) (10,549) (10,788) * Out of which \u20ac 120.3 relating to Belgium The difference between the adjusted EBITDA and EBITDA of \u20ac 4.9 million includes the following non-recurring income and expenses as recognized in other operating result:\u2022 Costs related to the one-off product platform migration \u20ac (4.9) million in Europe.Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe* 314,433 313,681 North America 109,656 116,483 Turkey & Emerging Markets 191,330 232,437 Intersegment assets 615,419 662,602 Cash and cash equivalents 72,885 58,949 Intersegment eliminations (13,214) (11,952)Total Group Assets 675,089 709,598 * Out of which \u20ac 173.6 relating to Belgium Turkey & EmergingIntersegment Eliminations ConsolidatedMarkets2021 2022 2021 2022 2021 2022 243,542 291,778 - - 838,097 974,104 17,647 19,776 (24,137) (23,543) 2 - 261,189 311,553 (24,137) (23,543) 838,099 974,104 47,613 54,988 (631) (815) 92,832 97,328 47,613 54,988 (631) (815) 97,739 102,274 - - - - (4,907) (4,945) (8,828) (22,993) (3,313) (8,659) (14,597) (30,911) (7,611) (10,188) 24 86 (2,503) (8,726) 6,381 9,834 (547) (487) 38,553 50,090 (18,220) (13,414) 903 879 (43,556) (48,444)Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2021 31 DEC 2022Europe 109,509 99,937 North America 41,002 31,946 Turkey & Emerging Markets 149,149 133,517 Intersegment liabilities 299,660 265,399 Equity including non-controlling interests 258,919 319,621 Long-term interest-bearing loans 13,002 130,748 Other long-term liabilities 580 580 Current portion of interest bearing loans 119,149 6,766 Intersegment eliminations (16,223) (13,516)Total group liabilities 675,089 709,598 External sales by product group is presented in the table below (in EUR and in %):FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2021 Europe (IN \u20ac THOUSAND) % Window & Doors 343,598 83.5% Outdoor Living 37,437 9.1% Home protection 30,361 7.4% Total 411,396 100.0% FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe (IN \u20ac THOUSAND) % Window & Doors 387,510 84.6% Outdoor Living 36,211 7.9% Home protection 34,511 7.5% Total 458,232 100.0% Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 183,160 100.0% 233,605 95.9% 759,902 90.7% - 0.0% 97 0.0% 37,798 4.5% - 0.0% 9,839 4.0% 40,396 4.8% 183,159 100.0% 243,542 100.0% 838,097 100.0%Turkey & EmergingNorth-AmericaConsolidatedMarkets(IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % (IN \u20ac THOUSAND) % 224,095 100.0% 279,974 96.0% 891,578 91.5% - 0.0% 74 0.0% 36,285 3.7% - 0.0% 11,729 4.0% 46,241 4.7% 224,095 100.0% 291,778 100.0% 974,104 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customer",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-160-3": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Transport (44,722) (51,508)Maintenance (20,576) (23,026)Services (22,277) (20,495)Energy (16,529) (26,731)Rent (2,155) (3,171)Communication (12,400) (10,955)Local taxes and fines (4,442) (4,581)Travel (2,807) (5,041)Marketing and sales support (1,112) (2,131)Insurance (2,565) (2,757)Loss on the realization of trade debtors (878) (279)(Increase) / decrease of allowances on doubtful debtors & inventory (1,323) (6,819)Other (566) (1,462)Total (132,354) (158,955)The increase in operating costs compared to 2021 is mainly driven by higher energy costs, transport costs, maintenance costs, travel costs and an increase of allowances on doubtful debtors & inventory. PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2021 2022Wages and salaries (121,683) (136,470)Social security contributions (26,880) (30,709)Contributions to defined contribution plans (6,646) (6,405)Other (5,191) (6,452)Total (160,399) (180,035)The increase of the payroll costs is mainly explained by an increase in gross salaries in combination with an increase of the number of FTE\u2019s.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Increase of provisions - (1,121)Integration costs (1,713) -Impairments (1,125) (8,288)Loss on disposal of tangible fixed assets (41) (321)Other (1,320) (711)Total (4,199) (10,440)The other operating costs increased mainly due to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2021 2022(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (3,545) (1,648)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and the weaker TRY/EUR conversion rate.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Other financial income (expense) (446) (1,679)Other financial income and expenses mainly include bank charges, the result on the share liquidity program with KBC Securities and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to the loss on the share liquidity program (whereas in 2021 there was a gain) and higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2021 2022Monetary gains (losses) - (16,963)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Transport (44,722) (51,508)Maintenance (20,576) (23,026)Services (22,277) (20,495)Energy (16,529) (26,731)Rent (2,155) (3,171)Communication (12,400) (10,955)Local taxes and fines (4,442) (4,581)Travel (2,807) (5,041)Marketing and sales support (1,112) (2,131)Insurance (2,565) (2,757)Loss on the realization of trade debtors (878) (279)(Increase) / decrease of allowances on doubtful debtors & inventory (1,323) (6,819)Other (566) (1,462)Total (132,354) (158,955)The increase in operating costs compared to 2021 is mainly driven by higher energy costs, transport costs, maintenance costs, travel costs and an increase of allowances on doubtful debtors & inventory. PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2021 2022Wages and salaries (121,683) (136,470)Social security contributions (26,880) (30,709)Contributions to defined contribution plans (6,646) (6,405)Other (5,191) (6,452)Total (160,399) (180,035)The increase of the payroll costs is mainly explained by an increase in gross salaries in combination with an increase of the number of FTE\u2019s.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Increase of provisions - (1,121)Integration costs (1,713) -Impairments (1,125) (8,288)Loss on disposal of tangible fixed assets (41) (321)Other (1,320) (711)Total (4,199) (10,440)The other operating costs increased mainly due to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-5": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-6": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2021 2022Depreciation expense of right-of-use-assets (6,173) (6,742)Interest expense on lease liabilities (867) (980)Expenses relating to short-term leases and low-value assets (2,155) (3,171)Total amount recognized in profit or loss (9,194) (10,892)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-7": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-8": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Increase of provisions - (1,121)Integration costs (1,713) -Impairments (1,125) (8,288)Loss on disposal of tangible fixed assets (41) (321)Other (1,320) (711)Total (4,199) (10,440)The other operating costs increased mainly due to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-9": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-10": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2021 2022Increase of provisions - (1,121)Integration costs (1,713) -Impairments (1,125) (8,288)Loss on disposal of tangible fixed assets (41) (321)Other (1,320) (711)Total (4,199) (10,440)The other operating costs increased mainly due to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-11": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2021 2022Sales 838,099 974,104 Material costs (456,745) (539,936)Operating costs (132,354) (158,955)Personnel costs (160,399) (180,035)Depreciation on (in)tangible fixed assets (37,428) (41,802)Other net operating result 3,106 (6,137)Share of the result of a joint venture - - Operating profit (EBIT) 54,278 47,239 Costs related to the derecognition of accounts receivable (3,545) (1,648)Interest income (expense) (4,862) (5,056)Foreign exchange gains (losses) (5,744) (5,564)Other financial income (expense) (446) (1,679)Monetary gains (losses) - (16,963)Profit / (loss) before taxes (EBT) 39,682 16,328 Income taxes (2,503) (8,726)Net profit / (loss) 37,179 7,601 For a high-level analysis of revenue and costs we refer to the section \u201c2022 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-4": {
"value": "PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2021 2022Wages and salaries (121,683) (136,470)Social security contributions (26,880) (30,709)Contributions to defined contribution plans (6,646) (6,405)Other (5,191) (6,452)Total (160,399) (180,035)The increase of the payroll costs is mainly explained by an increase in gross salaries in combination with an increase of the number of FTE\u2019s.16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and DeceuninckEge Profil ASRECONCILIATIONOther TotalProduktions NV (Belgium)(Turkey)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2021 14,411 3,617 1,405 559 19,991 Pension cost recognized in 197 824 395 140 1,556 income statementRemeasurements recognized (3,901) (3,123) 2,379 - (4,645)in OCIBenefits paid directly (478) (822) (252) (1) (1,553)Translation adjustments - - (536) 6 (529)As per 31 December 2022 10,229 496 3,391 703 14,820 Non-current 9,703 450 3,391 695 14,240 Current 526 45 - 9 580 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employmenbenefits relate to the early retirement obligation and Belgian pension plans. According to IAS19, Belgian defined contribution plans that guarantee a specified return are defined benefit plans, as the employer has to cover the investment risk until the applicable legal minimum rates. The returns guaranteed by the insurance company are in most cases lower, as a result the Group has not fully hedged its risk and a provision needs to be accounted for. Deceuninck NV has a number of defined contribution plans, applicable to different categories of personnel. Those pension plans have been set up by Deceuninck NV and are thus not multi-employer plans. All plans are funded through group insurances with an insurance company. Contributions are made by the employer and employee.Deceuninck NV operates an early retirement plan under the legal framework in Belgium and allows that employees reaching the legal pre-pension age (currently 62 years with certain additional conditions linked to the length of career) can benefit from an early pension and retire before the legal pension age (currently 65 years). The elderly employees accepting such offers will receive a temporary supplement paid by Deceuninck NV until their legal retirement age on top of the unemployment allowance. The provision covers the employees for which there exists a plan and the expected employees to retire by an early retirement scheme the next coming 4 years based on the collective labor agreement. The plan is available for all employees meeting the requirements. It is unfunded and administered by Deceuninck NV. In Belgium, inactive members are not included as there is no material deficit. The total amount of the reserve for these members amount to \u20ac 6,685 thousand. The reserves are fully funded with plan assets.In accordance with IFRS, the actuarial present value of the defined pension benefit plans must be calculated, as that value represents the total of the amounts that can currently be allocated to each participant in the plan. The actuarial present value was calculated based on the mortality tables IA/BE (age correction -1 years) and the following actuarial assumptions:DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 1.00% 3.75%Increase in compensations - white collar 2.65% 3.05%Increase in compensations - blue collar 2.65% 3.05%Increases in social security 2.65% 3.05%Increases in pensions N/A N/AInflation 1.90% 2.30%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was availableto all employees started to work for Deceuninck GermanyGmbH before 1999. For one manager there is an individualpension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2021 2022ACTUARIAL ASSUMPTIONSDiscount rate 0.90% 3.70%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 1.70% 2.00%Inflation 3.00% 2.00%Ege Profil AS (Turkey)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (TURKEY) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 16.45% 19.70%Increase in compensations - white collar 9.50% 19.20%Increase in compensations - blue collar 9.50% 19.20%Increases in social security 9.50% 19.20%Increases in pensions N/A N/AInflation N/A N/AOtherThese provisions for employee benefits refer to local pension regulations. The tables below provide an overview of the pension costs included in the consolidated income statement, and the amounts recognized in the balance sheet position for the defined pension plan of Deceuninck Germany GmbH, Deceuninck Produktions GmbH & Co. KG, Ege Profil AS and the Belgian subsidiaries of the last two years:COMPONENTS OF PENSION 2021 COSTDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Current service cost 89 523 998 1,610 Interest cost 63 219 21 303 Recognized in income 152 742 1,019 1,913 statementThe current service cost is included in the financial statement lines in the consolidated income statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs. The interest cost is included in Other financial result. Where applicable, the current service cost is considered for the inventory valuation.AMOUNTS RECOGNIZED IN THE STATEMENT OF 2021 FINANCIAL POSITIONDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Present value of defined 14,411 1,405 11,313 27,129 benefit obligationFair value of plan assets - - (7,696) (7,696) Net liability (asset) 14,411 1,405 3,617 19,433 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 70 260 792 1,122 127 135 32 295 197 395 824 1,417 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 10,230 3,391 8,533 22,154 - - (8,037) (8,037) 10,230 3,391 496 14,117 CHANGE IN PENSION 2021 BENEFIT OBLIGATIONSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 16,107 2,192 11,806 30,105 Current service cost 89 523 998 1,610 Interest cost 63 219 54 336 Plan participants - - 193 193 contributionsActuarial (gain) / loss (1,340) 16 (1,083) (2,407) Arising from changes in (884) (503) (817) financial assumptionsExperience adjustments (456) 316 (266) Arising from demographic - 92 - assumptionsChanges in the effect of - 110 - asset ceilingBenefits paid directly (508) (634) (656) (1,798) Exchange rate differences - (910) - (910) At the end of 14,411 1,405 11,313 27,129 CHANGE IN FAIR VALUE OF 2021 PLAN ASSETSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTOTAL(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 7,079 7,079 Interest income on plan assets 33 33 Actuarial (gain) / loss - - Return on plan asset Employer contributions 790 790 Plan participants contributions 193 193 Benefits paid directly (399) (399) At the end of - - 7,696 7,696 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 14,411 1,405 11,313 27,129 70 260 792 1,122 127 135 112 375 - - 240 240 (3,901) 2,379 (3,014) (4,536)(4,605) 1,640 (3,183) 704 738 159- - 10 - - - (478) (252) (910) (1,640) - (536) - (536) 10,230 3,391 8,533 22,154 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 7,696 7,696 80 80 109 109 109 745 745 240 240 (833) (833) - - 8,037 8,037 OTHER 2022DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(Turkey)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 406 N/A 745 periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 3.0Duration DC pension plans 13.0/19.0 N/A 13.1Duration other long term benefits N/A 11.4 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 527 432 61 CashFlow Year 2 524 136 5 CashFlow Year 3 524 128 52 CashFlow Year 4 536 130 40 CashFlow Year 5 533 114 732 CashFlow Year 6-10 2,767 972 2,994 Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2022and Produktions GmbHEge Profil AS (Turkey) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.20% 0.20% -0.20% 0.20%Impact on present value of defined benefit obligation 213 (202) 78 (76) 178 (172)(in \u20ac thousand)Change in pension increase -0.50% 0.50% -0.50% 0.50% N/A N/ArateImpact on present value of defined benefit obligation (477) 501 186 (201)(in \u20ac thousand)+ one - one + one - one year life Change in longevityyear life N/A N/Ayear life year life expectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (353) 365 24 (25)(in \u20ac thousand)21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for stock options andsubscription rights (warrants).The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Team Group and Executive Team Regions, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 783 thousand onthe results of 2022 (2021: \u20ac 559 thousand) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 783 thousand in 2022 (\u20ac 516 thousand in 2021)\u2022 Performance share plan: \u20ac 0 in 2022 (\u20ac 43 thousand in 2021)\u2022 Stock option plans: No impact in 2022 (no impact in 2021)STOCK OPTIONS OVERVIEW 2007Grant date 19/12/07To be accepted by 17/02/08N\u00b0 of beneficiaries at grant date 74Exercise price (EUR) 15.54Granted 70,750Accepted 64,500Exercised -Forfeited 33,750Expired 30,750Outstanding 31/12/2022 -Excercisable 31/12/2022 -Exercise periods 2011-2017Extension of exercise periods 2018-2022Stock option plans, warrant plans and performance share plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis ofhistorical data.Stock option plansThere are no outstanding options at the end of December 2022. One option entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Theoptions expire if they are not exercised on the last day of the last exercise period. The options can be exercisedfor the first time after the end of the third calendar year,following the year in which the offer has taken place. The exercise period related to the plan of 2007 was extended with 5 years in 2009. The exercise price of anoption will be equal to the lowest of (i) the average pricof the share on the stock exchange during the 30-day period preceding the offer, or (ii) the latest closing pricepreceding the day of the offer.Weighted average OPTIONS MOVEMENTS IN 2021 2007exercise priceOutstanding 2020 31,750 15.54Accepted - N/AExercised - N/AForfeited (1,000) 15.54Expired - N/AOutstanding 2021 30,750 15.54Weighted average OPTIONS MOVEMENTS IN 2022 2007exercise priceOutstanding 2021 30,750 15.54Accepted - N/AExercised - N/AForfeited (30,750) 15.54Expired - N/AOutstanding 2022 - N/AWarrant plansThe balance of the outstanding warrants at the end of December 2022 is 6,973,162. One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 167,998 warrants were exercised in the course of 2022.The warrants expire if they have not been exercised at tlast day of the last exercise period. The warrants can beexercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer.WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan Grant date 21/12/2011 21/12/2012 17/12/2013 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/Acceptance date 15/02/2012 17/02/2013 14/02/2014 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/Number of beneficiaries 42 49 59 9 66 73 8 66 at grant dateExercise price (in \u20ac) 0.73 1.17 1.71 1.76 1.79 2.40 2.40 2.27 3Share price on 1.07 1.38 2.19 2.19 1.98 2.08 2.22 2.22 2acceptance date (in \u20ac)Granted 490,000 485,000 332,500 570,000 910,000 630,000 710,000 524,000 1,334Accepted 487,500 482,500 332,500 570,000 892,500 607,500 710,000 524,000 1,233Exercised 344,999 333,331 171,659 496,666 644,160 143,330 40,000 153,999 20Forfeited 135,001 129,168 109,171 55,000 150,004 260,000 60,000 209,000 265Expired 7,500 20,001 13,335 18,334 45,834 5,000 - 8,000 10Outstanding 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 938Exercisable 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 620Exercise periods 2015-2021 2016-2021 2017-2023 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2AssumptionsVolatility 40.00% 40.00% 45.00% 45.00% 45.00% 45.00% 40.00% 40.00% 30.Risk-free interest 2.49% 0.99% 0.99% 0.99% -0.03% -0.28% -0.32% -0.32% 0Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 Early exercised 25% 25% 25% 25% 25% 25% 25% 25% - Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% - Probability to exercise2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Total2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/20222018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/202354 45 12 43 14 54 56 87.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 12,491,000500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 402,400 11,288,650,000 84,996 35,000 - - - - - 2,468,140,000 71,000 60,000 62,000 73,500 38,500 37,000 - 1,714,344,000 5,000 - - - - - - 133,004,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 ,996 86,664 196,666 - - - - - 1,957,334027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-203200% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77%.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00%0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.0625% 25% 25% 25% 25% 25% 25% 25%50% 50% 50% 50% 50% 50% 50% 50%WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2021Outstanding 2020 7,500 25,835 92,507 306,669 617,305 385,000 680,000 334,000 1,051,500 Accepted - - - - - - - - - Exercised - 18,335 50,005 306,669 556,469 138,330 40,000 115,998 20,000 Forfeited - - 2,500 - 5,000 37,500 30,000 19,000 75,000 Expired 7,500 7,500 - - - - - - - Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2022Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 Accepted - - - - - - - - - Exercised - - 1,667 - 3,334 5,000 - 38,001 - Forfeited - - - - - 5,000 - 8,000 18,000 Expired - - - - - - - - - Outstanding 2022 - - 38,335 - 52,502 199,170 610,000 153,001 938,500 Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price545,000 695,000 546,500 725,000 648,500 - - 6,660,316 2.15 - - - - 496,500 680,000 - 1,176,500 2.53 - - - - - - - 1,245,806 1.92 15,000 - 15,000 - 15,000 - - 214,000 2.47 - - - - - - - 15,000 0.95 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25 - - - - - 544,250 402,400 946,650 2.78 84,996 35,000 - - - - 167,998 1.97 29,000 47,000 23,500 37,000 167,500 2.26 - - - - - - - N/A 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 2.33Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 627.816. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitledto one or more matching Deceuninck Shares pursuantto the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date01/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised-Forfeited0Expired0Outstanding 31/12/2022627,816Exercisable 31/12/2022-Exercise periods2025AssumptionsVolatility37,56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022 PLAN 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816Risk-free interest3.33%",
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"pp-value-163-2": {
"value": "HEADCOUNT (TOTAL FULL TIME EQUIVALENTS (FTE) BY CATEGORY) 2021 2022Blue-collar workers 2,663 2,768White-collar workers 1,047 1,171Total 3,709 3,939The number of FTE\u2019s increased compared to 2021 in order to support the Group\u2019s growth.",
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"pp-value-166-6": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2021 2022Interest income 2,732 2,080 Interest expense (7,594) (7,136)Total (4,862) (5,056)Interest income decreased due to lower cash balances held on account and slightly lower credit interest rates. Interest expenses decreased as result of lower amounts borrowed in (high yielding) Turkish Lira.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2021 2022Depreciation expense of right-of-use-assets (6,173) (6,742)Interest expense on lease liabilities (867) (980)Expenses relating to short-term leases and low-value assets (2,155) (3,171)Total amount recognized in profit or loss (9,194) (10,892)",
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"pp-value-164-6": {
"value": "OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2021 2022Grants received 1,850 1,551 Decrease of provisions 54 - Gains on disposal of tangible fixed assets 606 445 Other 4,794 2,307 Total 7,305 4,303 The other operating income decreased mainly due to a decrease in the line Other.",
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"pp-value-167-3": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2021 2022(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (3,545) (1,648)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and the weaker TRY/EUR conversion rate.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Other financial income (expense) (446) (1,679)Other financial income and expenses mainly include bank charges, the result on the share liquidity program with KBC Securities and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to the loss on the share liquidity program (whereas in 2021 there was a gain) and higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2021 2022Monetary gains (losses) - (16,963)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
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"pp-value-167-4": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Other financial income (expense) (446) (1,679)Other financial income and expenses mainly include bank charges, the result on the share liquidity program with KBC Securities and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to the loss on the share liquidity program (whereas in 2021 there was a gain) and higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2021 2022Monetary gains (losses) - (16,963)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
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"pp-value-167-5": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2021 2022(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (3,545) (1,648)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and the weaker TRY/EUR conversion rate.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Other financial income (expense) (446) (1,679)Other financial income and expenses mainly include bank charges, the result on the share liquidity program with KBC Securities and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to the loss on the share liquidity program (whereas in 2021 there was a gain) and higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2021 2022Monetary gains (losses) - (16,963)Monetary gains/losses relate to the gain or loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the financial positions and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.",
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
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"pp-value-167-6": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. Currency translation adjustmentsAn overview of the currency translation adjustments by currency is given below: CURRENCY TRANSLATION ADJUSTMENTS2021 2022(IN \u20ac THOUSAND)USD (8,434) (3,162)TRY (117,298) (74,961)RUB (10,722) (9,096)PLN (4,501) (4,911)GBP (2,071) (3,085)CZK 668 1,080 Other (59) 598 Total (142,418) (93,538)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac (93,538) thousand at 31 December 2022.The 2022 movement of currency translation adjustments in TRY, attributable to shareholders of the parent company, contain (i) \u20ac 19,183 thousand hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 23,205 thousand.",
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"pp-value-167-7": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2021 2022Realized foreign exchange gains 8,300 2,305 Realized foreign exchange losses (3,875) (24,751)Unrealized foreign exchange gains 4,032 18,588 Unrealized foreign exchange losses (14,200) (1,707)Total (5,744) (5,564)Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currency as well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference between the spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result remained fairly stable in 2022 and can be largely explained by the cost of hedging. Large swings between realized and unrealized exchange results are due to timing differences, whereby long-term exposures (e.g. the EUR-denominated loan from EBRD taken by the Turkish subsidiary Ege Profil in 2015) are hedged by short term forward contracts. 10. Long-term receivables(IN \u20ac THOUSAND) 2021 2022Other receivables 1,508 413 Total 1,508 413 12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2021 2022Gross trade receivables 100,747 100,254 Impairments allowance (9,991) (12,306)Trade receivables 90,756 87,947 VAT and other taxes 7,194 6,910 Derivative financial instruments 3,278 3,290 Prepaid charges 3,057 3,075 Short-term warranties 218 164 Advance checks received 52,308 35,669 Receivables from joint ventures 2,727 4,043 Other 1,176 1,844 Other receivables 69,959 54,994 Net trade receivables decreased \u20ac 2,809 thousand mainly due to an increase in the impairment allowance. Total factoring amounted to \u20ac 17.4 million at 31 December 2022 (2021: \u20ac 23.3 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received.Days sales outstanding (DSO) remained stable year-on-year, at 37 days in 2021 and 2022. The costs related to the derecognition of accounts receivable for 2022 amount to \u20ac 1,648 thousand (2021: \u20ac 3,545 thousand). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring). The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in Turkey, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check. An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.AGING ANALYSIS OF31 - 6061 - 9091 - 120> 120TRADE RECEIVABLES Total Not due < 30 daysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 100,254 75,977 8,729 1,602 970 1,437 11,538 31 December 2022Impairments allowance per (12,306) (514) (413) (49) (207) (887) (10,236)31 December 2022Net carrying value per 87,947 75,463 8,316 1,553 763 550 1,302 31 December 2022Net carrying value per 90,756 81,369 4,945 1,328 411 1,437 1,267 31 December 2021As per 31 December 2022 an amount of \u20ac 12,306 thousand (2021: \u20ac 9,991 thousand) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2021 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2021 ECL model.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2021 2022At the beginning of (14,848) (9,991)Additions (1,171) (4,708)Reversals 3,258 1,691 Utilizations 28 - Translation adjustments 2,742 700 At the end of (9,991) (12,306)13. Cash and cash equivalents(IN \u20ac THOUSAND) 2021 2022Cash and current bank accounts 36,489 37,730 Short term deposits 36,396 21,219 Total 72,885 58,949 Cash and cash equivalents have decreased due to an increase in working capital, capital expenditures, dividend payments and net financial result excl interests, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium, Turkey and the United States.18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - ",
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"pp-value-171-2": {
"value": "4. Income taxesThe breakdown of the income tax charge for 2021 and 2022 is presented as follows: INCOME TA XES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2021 2022Current income taxes (8,809) (13,173)Relating to current year (9,210) (12,773)Relating to previous years 703 (276)Other (301) (124)Deferred income taxes 6,307 4,447Relating to temporary differences - current year 255 3,531 Relating to temporary differences - adjustment previous years (147) 169Recognition of deferred income tax asset on tax losses of current year 1,559 2,654Utilization of deferred income tax asset on tax losses of previous years (2,737) (3,565)Recognition of deferred income tax asset on tax losses of previous years (25) 432Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses of 6,850 471previous yearsRecognition of deferred tax assets on tax incentives 2,071 1,432Utilization of deferred tax assets on tax incentives (1,519) (795)Other - 119Income taxes recognized in the income statement (2,503) (8,726)The following table provides a reconciliation between the Earning before tax and the income taxes as per 31 December 2021 and 2022:RECONCILIATION BETWEEN EARNINGS BEFORE TA X (EBT) - IFRS AND INCOME 2021 2022TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 39,682 16,328Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (9,920) (4,082)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company (184) 557Non-deductible items (1,728) (4,257)Government grants and other exempted income 335 2,404Use of tax losses carried forward for which no deferred income tax asset has been 257 -recognizedCurrent income taxes relating to previous years 705 (276)Deferred taxes on temporary differences relating to previous years - adjustments (195) 169Non-recognition of deferred income taxes on current years losses and deductable (144) (1,670)temporary(De)recognition of deferred income tax assets on tax losses of previous years 6,723 2,573(De)recognition of deferred income tax assets on tax incentives 1,895 1,432Other (246) (5,576)Income taxes recognized in the income statement (2,503) (8,726)Effective rate rate 6.31% 53.45%Non-deductible items in 2022 contain the tax impact of the impairment of tangible fixed assets in Russia.Other contains the impact of the application of IAS29 Hyperinflation.The following table gives an overview of the deferred income taxes as per 31 December 2021 and 2022:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2021credited toTransfersadjustments 2022credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,663 (406) - - (152) 23,106tax incentivesTangible fixed assets 840 53 - - (6) 887Provisions 5,770 1,526 (2,870) - (23) 4,404Inventories 1,854 187 - - (11) 2,029Interest bearing loans 19 517 - - (3) 533Other assets 2,109 681 742 - (4) 3,527Deferred income tax assets 34,254 2,559 (2,128) - (200) 34,486DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - -tax incentivesTangible fixed assets 24,471 (2,111) - - 8,682 31,043Provisions - 5 - - - 5Inventories 38 (38) - - - -Interest bearing loans - - - - - -Other assets 1,497 256 - - 12 1,764Deferred income tax liabilities 26,006 (1,887) - - 8,694 32,813Net deferred income taxes 8,248 4,447 (2,128) - (8,694) 1,673In 2022, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 23,106 thousand at the end of 2022 (end 2021: \u20ac 23,663 thousand).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As per 31 December 2022, the Group did not recognize deferred income tax assets on a total amount of tax credits of \u20ac 58,290 thousand (2021: \u20ac 63,082 thousand), mainly in Belgium, UK and Russia. Translation adjustments also contain the recognition of deferred taxes upon initial application of IAS29 hyperinflation.",
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"pp-value-171-3": {
"value": "4. Income taxesThe breakdown of the income tax charge for 2021 and 2022 is presented as follows: INCOME TA XES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2021 2022Current income taxes (8,809) (13,173)Relating to current year (9,210) (12,773)Relating to previous years 703 (276)Other (301) (124)Deferred income taxes 6,307 4,447Relating to temporary differences - current year 255 3,531 Relating to temporary differences - adjustment previous years (147) 169Recognition of deferred income tax asset on tax losses of current year 1,559 2,654Utilization of deferred income tax asset on tax losses of previous years (2,737) (3,565)Recognition of deferred income tax asset on tax losses of previous years (25) 432Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses of 6,850 471previous yearsRecognition of deferred tax assets on tax incentives 2,071 1,432Utilization of deferred tax assets on tax incentives (1,519) (795)Other - 119Income taxes recognized in the income statement (2,503) (8,726)The following table provides a reconciliation between the Earning before tax and the income taxes as per 31 December 2021 and 2022:RECONCILIATION BETWEEN EARNINGS BEFORE TA X (EBT) - IFRS AND INCOME 2021 2022TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 39,682 16,328Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (9,920) (4,082)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company (184) 557Non-deductible items (1,728) (4,257)Government grants and other exempted income 335 2,404Use of tax losses carried forward for which no deferred income tax asset has been 257 -recognizedCurrent income taxes relating to previous years 705 (276)Deferred taxes on temporary differences relating to previous years - adjustments (195) 169Non-recognition of deferred income taxes on current years losses and deductable (144) (1,670)temporary(De)recognition of deferred income tax assets on tax losses of previous years 6,723 2,573(De)recognition of deferred income tax assets on tax incentives 1,895 1,432Other (246) (5,576)Income taxes recognized in the income statement (2,503) (8,726)Effective rate rate 6.31% 53.45%Non-deductible items in 2022 contain the tax impact of the impairment of tangible fixed assets in Russia.Other contains the impact of the application of IAS29 Hyperinflation.The following table gives an overview of the deferred income taxes as per 31 December 2021 and 2022:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2021credited toTransfersadjustments 2022credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,663 (406) - - (152) 23,106tax incentivesTangible fixed assets 840 53 - - (6) 887Provisions 5,770 1,526 (2,870) - (23) 4,404Inventories 1,854 187 - - (11) 2,029Interest bearing loans 19 517 - - (3) 533Other assets 2,109 681 742 - (4) 3,527Deferred income tax assets 34,254 2,559 (2,128) - (200) 34,486DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - -tax incentivesTangible fixed assets 24,471 (2,111) - - 8,682 31,043Provisions - 5 - - - 5Inventories 38 (38) - - - -Interest bearing loans - - - - - -Other assets 1,497 256 - - 12 1,764Deferred income tax liabilities 26,006 (1,887) - - 8,694 32,813Net deferred income taxes 8,248 4,447 (2,128) - (8,694) 1,673In 2022, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 23,106 thousand at the end of 2022 (end 2021: \u20ac 23,663 thousand).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As per 31 December 2022, the Group did not recognize deferred income tax assets on a total amount of tax credits of \u20ac 58,290 thousand (2021: \u20ac 63,082 thousand), mainly in Belgium, UK and Russia. Translation adjustments also contain the recognition of deferred taxes upon initial application of IAS29 hyperinflation.",
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"pp-value-174-5": {
"value": "The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 27.4% for 2022 (2021: 26.9%). ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 3% is assumed.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 9.7% for 2022 (2021: 9.2%).ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed. DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 1.00% 3.75%Increase in compensations - white collar 2.65% 3.05%Increase in compensations - blue collar 2.65% 3.05%Increases in social security 2.65% 3.05%Increases in pensions N/A N/AInflation 1.90% 2.30%DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2021 2022ACTUARIAL ASSUMPTIONSDiscount rate 0.90% 3.70%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 1.70% 2.00%Inflation 3.00% 2.00%EGE PROFIL AS (TURKEY) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 16.45% 19.70%Increase in compensations - white collar 9.50% 19.20%Increase in compensations - blue collar 9.50% 19.20%Increases in social security 9.50% 19.20%Increases in pensions N/A N/AInflation N/A N/A21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for stock options andsubscription rights (warrants).The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Team Group and Executive Team Regions, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 783 thousand onthe results of 2022 (2021: \u20ac 559 thousand) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 783 thousand in 2022 (\u20ac 516 thousand in 2021)\u2022 Performance share plan: \u20ac 0 in 2022 (\u20ac 43 thousand in 2021)\u2022 Stock option plans: No impact in 2022 (no impact in 2021)STOCK OPTIONS OVERVIEW 2007Grant date 19/12/07To be accepted by 17/02/08N\u00b0 of beneficiaries at grant date 74Exercise price (EUR) 15.54Granted 70,750Accepted 64,500Exercised -Forfeited 33,750Expired 30,750Outstanding 31/12/2022 -Excercisable 31/12/2022 -Exercise periods 2011-2017Extension of exercise periods 2018-2022Stock option plans, warrant plans and performance share plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis ofhistorical data.Stock option plansThere are no outstanding options at the end of December 2022. One option entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Theoptions expire if they are not exercised on the last day of the last exercise period. The options can be exercisedfor the first time after the end of the third calendar year,following the year in which the offer has taken place. The exercise period related to the plan of 2007 was extended with 5 years in 2009. The exercise price of anoption will be equal to the lowest of (i) the average pricof the share on the stock exchange during the 30-day period preceding the offer, or (ii) the latest closing pricepreceding the day of the offer.Weighted average OPTIONS MOVEMENTS IN 2021 2007exercise priceOutstanding 2020 31,750 15.54Accepted - N/AExercised - N/AForfeited (1,000) 15.54Expired - N/AOutstanding 2021 30,750 15.54Weighted average OPTIONS MOVEMENTS IN 2022 2007exercise priceOutstanding 2021 30,750 15.54Accepted - N/AExercised - N/AForfeited (30,750) 15.54Expired - N/AOutstanding 2022 - N/AWarrant plansThe balance of the outstanding warrants at the end of December 2022 is 6,973,162. One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 167,998 warrants were exercised in the course of 2022.The warrants expire if they have not been exercised at tlast day of the last exercise period. The warrants can beexercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer.WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan Grant date 21/12/2011 21/12/2012 17/12/2013 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/Acceptance date 15/02/2012 17/02/2013 14/02/2014 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/Number of beneficiaries 42 49 59 9 66 73 8 66 at grant dateExercise price (in \u20ac) 0.73 1.17 1.71 1.76 1.79 2.40 2.40 2.27 3Share price on 1.07 1.38 2.19 2.19 1.98 2.08 2.22 2.22 2acceptance date (in \u20ac)Granted 490,000 485,000 332,500 570,000 910,000 630,000 710,000 524,000 1,334Accepted 487,500 482,500 332,500 570,000 892,500 607,500 710,000 524,000 1,233Exercised 344,999 333,331 171,659 496,666 644,160 143,330 40,000 153,999 20Forfeited 135,001 129,168 109,171 55,000 150,004 260,000 60,000 209,000 265Expired 7,500 20,001 13,335 18,334 45,834 5,000 - 8,000 10Outstanding 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 938Exercisable 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 620Exercise periods 2015-2021 2016-2021 2017-2023 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2AssumptionsVolatility 40.00% 40.00% 45.00% 45.00% 45.00% 45.00% 40.00% 40.00% 30.Risk-free interest 2.49% 0.99% 0.99% 0.99% -0.03% -0.28% -0.32% -0.32% 0Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 Early exercised 25% 25% 25% 25% 25% 25% 25% 25% - Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% - Probability to exercise2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Total2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/20222018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/202354 45 12 43 14 54 56 87.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 12,491,000500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 402,400 11,288,650,000 84,996 35,000 - - - - - 2,468,140,000 71,000 60,000 62,000 73,500 38,500 37,000 - 1,714,344,000 5,000 - - - - - - 133,004,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 ,996 86,664 196,666 - - - - - 1,957,334027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-203200% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77%.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00%0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.0625% 25% 25% 25% 25% 25% 25% 25%50% 50% 50% 50% 50% 50% 50% 50%WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2021Outstanding 2020 7,500 25,835 92,507 306,669 617,305 385,000 680,000 334,000 1,051,500 Accepted - - - - - - - - - Exercised - 18,335 50,005 306,669 556,469 138,330 40,000 115,998 20,000 Forfeited - - 2,500 - 5,000 37,500 30,000 19,000 75,000 Expired 7,500 7,500 - - - - - - - Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2022Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 Accepted - - - - - - - - - Exercised - - 1,667 - 3,334 5,000 - 38,001 - Forfeited - - - - - 5,000 - 8,000 18,000 Expired - - - - - - - - - Outstanding 2022 - - 38,335 - 52,502 199,170 610,000 153,001 938,500 Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price545,000 695,000 546,500 725,000 648,500 - - 6,660,316 2.15 - - - - 496,500 680,000 - 1,176,500 2.53 - - - - - - - 1,245,806 1.92 15,000 - 15,000 - 15,000 - - 214,000 2.47 - - - - - - - 15,000 0.95 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25 - - - - - 544,250 402,400 946,650 2.78 84,996 35,000 - - - - 167,998 1.97 29,000 47,000 23,500 37,000 167,500 2.26 - - - - - - - N/A 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 2.33Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 627.816. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitledto one or more matching Deceuninck Shares pursuantto the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date01/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised-Forfeited0Expired0Outstanding 31/12/2022627,816Exercisable 31/12/2022-Exercise periods2025AssumptionsVolatility37,56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022 PLAN 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816Risk-free interest3.33%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-4": {
"value": "The following table gives an overview of the deferred income taxes as per 31 December 2021 and 2022:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2021credited toTransfersadjustments 2022credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,663 (406) - - (152) 23,106tax incentivesTangible fixed assets 840 53 - - (6) 887Provisions 5,770 1,526 (2,870) - (23) 4,404Inventories 1,854 187 - - (11) 2,029Interest bearing loans 19 517 - - (3) 533Other assets 2,109 681 742 - (4) 3,527Deferred income tax assets 34,254 2,559 (2,128) - (200) 34,486DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - -tax incentivesTangible fixed assets 24,471 (2,111) - - 8,682 31,043Provisions - 5 - - - 5Inventories 38 (38) - - - -Interest bearing loans - - - - - -Other assets 1,497 256 - - 12 1,764Deferred income tax liabilities 26,006 (1,887) - - 8,694 32,813Net deferred income taxes 8,248 4,447 (2,128) - (8,694) 1,673In 2022, the Group recognized deferred income tax assets for tax losses carried forward and tax incentives, for which utilization depends on future taxable profits. The total amount of this deferred income tax asset amounted to \u20ac 23,106 thousand at the end of 2022 (end 2021: \u20ac 23,663 thousand).The outlook provides adequate assurance that the company will generate sufficient taxable profits in the near future in order to utilize the deferred income tax assets recognized.As per 31 December 2022, the Group did not recognize deferred income tax assets on a total amount of tax credits of \u20ac 58,290 thousand (2021: \u20ac 63,082 thousand), mainly in Belgium, UK and Russia. Translation adjustments also contain the recognition of deferred taxes upon initial application of IAS29 hyperinflation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-2": {
"value": "5. Earnings per shareBasic earnings per share is calculated by dividing the net profit for the year, attributable to ordinary shareholders by the weighted average number of ordinary shares, excluding ordinary shares purchased by the Group and held as treasury shares. This results in a net profit per share of \u20ac0.04.(IN \u20ac THOUSAND) 2021 2022Earnings attributable to ordinary shareholders 33,990 5,980 Weighted average number of ordinary shares (in thousands) 137,476 138,135 Basic earnings per share (in \u20ac) 0.25 0.04Diluted earnings per share are calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year increased with the weighted average number of ordinary shares which would be issued upon conversion into ordinary shares of all exercisable warrants leading to dilution. The potential dilution arises from warrants granted to staff members, senior management members and members of the Executive Management. The diluted earnings per share amount to \u20ac0.04 per share.(IN \u20ac THOUSAND) 2021 2022Earnings attributable to ordinary shareholders 33,990 5,980 Weighted average number of ordinary shares (in thousands) 137,476 138,135 Dilution effect of non-exercised warrants (in thousands) 6,312 6,973 Weighted average number of shares after dilution (in thousands) 143,789 145,108 Basic earnings per share (in \u20ac) 0.24 0.04",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-181-2": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2022, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within Turkey & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac2,861 thousand. The impairment test of these assets is included in the goodwill impairment test for Turkey (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2022. Licences ITCustomer Assets under 2021 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,235 18,407 1,296 4,003 - 24,940 Additions - 463 - - 36 499 Disposals - (2) - - - (2)Transfers - 333 - - - 333 Translation adjustments 21 5 (106) (345) - (427)At the end of this year 1,255 19,206 1,189 3,657 36 25,343 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,210) (17,344) (1,130) (3,004) - (22,688)Additions to depreciations (10) (805) (12) (47) - (874)Disposals - 2 - - - 2 Transfers - 53 - - - 53 Translation adjustments (21) (12) 83 (38) - 13 At the end of this year (1,241) (18,107) (1,058) (3,089) - (23,494)INTANGIBLE FIXED ASSETSCost 1,255 19,206 1,189 3,657 36 25,343 Accumulated depreciations (1,241) (18,107) (1,058) (3,089) - (23,494)and impairmentsNet Carrying Value 14 1,099 132 568 36 1,849 Licences ITCustomer Assets under 2022 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,255 19,206 1,189 3,657 36 25,343 Additions - 387 - - 2 389 Transfers - 55 - - (36) 19 Translation adjustments 17 33 940 3,501 - 4,490 At the end of this year 1,272 19,680 2,129 7,158 2 30,242 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,241) (18,107) (1,058) (3,089) - (23,494)Additions to depreciations (10) (696) (33) - - (740)Additions to impairments - (28) - - - (28)Translation adjustments (17) (25) (801) (608) - (1,451)At the end of this year (1,268) (18,856) (1,892) (3,697) - (25,713)INTANGIBLE FIXED ASSETSCost 1,272 19,680 2,129 7,158 2 30,242 Accumulated depreciations (1,268) (18,856) (1,892) (3,697) - (25,713)and impairmentsNet Carrying Value 4 824 238 3,461 2 4,529 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2022 (\u20ac5,022 thousand in Cost and \u20ac1,844 thousand in Depreciations and Impairments).7. Goodwill(IN \u20ac THOUSAND) 2021 2022COSTAt the beginning of 60,014 63,260 Translation adjustments 3,246 1,232 At the end of 63,260 64,492 IMPAIRMENTSAt the beginning of (49,413) (52,690)Translation adjustments (3,277) (1,243)At the end of (52,690) (53,933)GOODWILLCost 63,260 64,492 Accumulated depreciations and impairments (52,690) (53,933)At the end of 10,571 10,560 The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:CASH-GENERATING UNIT (IN \u20ac THOUSAND) 2021 2022Turkey 9,324 9,313 Europe 1,247 1,247 Net Carrying Value 10,571 10,560 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with it carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2022, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. Impairment test goodwill TurkeyCASH GENERATING UNITThe cash generating unit is Ege Profil, which holds the brands Ege Pen Deceuninck, Winsa and Pimapen,following the merger of Ege Profil and Pimas in 2017.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 27.4% for 2022 (2021: 26.9%). ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 3% is assumed.SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 9.7% for 2022 (2021: 9.2%).ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed. SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-181-3": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2022, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within Turkey & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac2,861 thousand. The impairment test of these assets is included in the goodwill impairment test for Turkey (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2022. Licences ITCustomer Assets under 2021 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,235 18,407 1,296 4,003 - 24,940 Additions - 463 - - 36 499 Disposals - (2) - - - (2)Transfers - 333 - - - 333 Translation adjustments 21 5 (106) (345) - (427)At the end of this year 1,255 19,206 1,189 3,657 36 25,343 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,210) (17,344) (1,130) (3,004) - (22,688)Additions to depreciations (10) (805) (12) (47) - (874)Disposals - 2 - - - 2 Transfers - 53 - - - 53 Translation adjustments (21) (12) 83 (38) - 13 At the end of this year (1,241) (18,107) (1,058) (3,089) - (23,494)INTANGIBLE FIXED ASSETSCost 1,255 19,206 1,189 3,657 36 25,343 Accumulated depreciations (1,241) (18,107) (1,058) (3,089) - (23,494)and impairmentsNet Carrying Value 14 1,099 132 568 36 1,849 Licences ITCustomer Assets under 2022 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,255 19,206 1,189 3,657 36 25,343 Additions - 387 - - 2 389 Transfers - 55 - - (36) 19 Translation adjustments 17 33 940 3,501 - 4,490 At the end of this year 1,272 19,680 2,129 7,158 2 30,242 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,241) (18,107) (1,058) (3,089) - (23,494)Additions to depreciations (10) (696) (33) - - (740)Additions to impairments - (28) - - - (28)Translation adjustments (17) (25) (801) (608) - (1,451)At the end of this year (1,268) (18,856) (1,892) (3,697) - (25,713)INTANGIBLE FIXED ASSETSCost 1,272 19,680 2,129 7,158 2 30,242 Accumulated depreciations (1,268) (18,856) (1,892) (3,697) - (25,713)and impairmentsNet Carrying Value 4 824 238 3,461 2 4,529 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2022 (\u20ac5,022 thousand in Cost and \u20ac1,844 thousand in Depreciations and Impairments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-181-4": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2022, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within Turkey & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac2,861 thousand. The impairment test of these assets is included in the goodwill impairment test for Turkey (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2022. Licences ITCustomer Assets under 2021 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,235 18,407 1,296 4,003 - 24,940 Additions - 463 - - 36 499 Disposals - (2) - - - (2)Transfers - 333 - - - 333 Translation adjustments 21 5 (106) (345) - (427)At the end of this year 1,255 19,206 1,189 3,657 36 25,343 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,210) (17,344) (1,130) (3,004) - (22,688)Additions to depreciations (10) (805) (12) (47) - (874)Disposals - 2 - - - 2 Transfers - 53 - - - 53 Translation adjustments (21) (12) 83 (38) - 13 At the end of this year (1,241) (18,107) (1,058) (3,089) - (23,494)INTANGIBLE FIXED ASSETSCost 1,255 19,206 1,189 3,657 36 25,343 Accumulated depreciations (1,241) (18,107) (1,058) (3,089) - (23,494)and impairmentsNet Carrying Value 14 1,099 132 568 36 1,849 Licences ITCustomer Assets under 2022 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,255 19,206 1,189 3,657 36 25,343 Additions - 387 - - 2 389 Transfers - 55 - - (36) 19 Translation adjustments 17 33 940 3,501 - 4,490 At the end of this year 1,272 19,680 2,129 7,158 2 30,242 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,241) (18,107) (1,058) (3,089) - (23,494)Additions to depreciations (10) (696) (33) - - (740)Additions to impairments - (28) - - - (28)Translation adjustments (17) (25) (801) (608) - (1,451)At the end of this year (1,268) (18,856) (1,892) (3,697) - (25,713)INTANGIBLE FIXED ASSETSCost 1,272 19,680 2,129 7,158 2 30,242 Accumulated depreciations (1,268) (18,856) (1,892) (3,697) - (25,713)and impairmentsNet Carrying Value 4 824 238 3,461 2 4,529 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing power of 31st of December 2022 (\u20ac5,022 thousand in Cost and \u20ac1,844 thousand in Depreciations and Impairments).9. Tangible fixed assets Other Land & Machinery & Furniture tangible Assets under 2021 (IN \u20ac THOUSAND)Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt the beginning of this year 173,585 490,213 17,928 138 11,046 692,910 Additions 10,727 18,004 1,257 - 12,460 42,448 Disposals - (9,734) (143) - (21) (9,898)Transfers 1,235 11,986 111 - (13,289) 42 Translation adjustments (8,352) (3,992) (704) - (487) (13,535)At the end of this year 177,195 506,477 18,449 138 9,708 711,967 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (75,490) (365,964) (13,134) (81) - (454,670)Additions to depreciations (4,460) (24,634) (1,218) (11) - (30,324)Additions to impairments - (1,012) - - - (1,012)Disposals - 9,131 162 - - 9,292 Transfers (11) (341) (7) - - (359)Translation adjustments (332) 1,606 312 -- 1,587 At the end of this year (80,294) (381,214) (13,885) (92) - (475,484)TANGIBLE FIXED ASSETSCost 177,195 506,477 18,449 138 9,708 711,967 Accumulated depreciations and (80,294) (381,214) (13,885) (92) - (475,484)impairmentsNet Carrying Value 96,901 125,263 4,564 47 9,708 236,483 Other Land & Machinery & Furniture Assets under 2022 (IN \u20ac THOUSAND)tangible fixedTotalbuildingsequipmentand vehiclesconstructionassetsCOSTAt the beginning of this year 177,195 506,477 18,449 138 9,708 711,967 Additions 4,346 21,219 1,466 - 20,395 47,427 Disposals (15) (1,748) (52) - - (1,816)Transfers (9,952) 9,306 363 - (9,950) (10,233)Translation adjustments 39,091 92,802 4,728 - 158 136,779 At the end of this year 210,665 628,055 24,954 138 20,313 884,125 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (80,294) (381,214) (13,885) (92) - (475,484)Additions to depreciations (5,514) (27,352) (1,473) (10) - (34,348)Additions to impairments (5,275) (2,799) (185) - - (8,259)Disposals (12) 1,504 70 - - 1,562 Transfers 639 (83) (9) - - 546 Translation adjustments (3,503) (78,273) (4,097) - - (85,872)At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)TANGIBLE FIXED ASSETSCost 210,665 628,055 24,954 138 20,313 884,125 Accumulated depreciations and (93,958) (488,217) (19,579) (101) - (601,856)impairmentsNet Carrying Value 116,706 139,838 5,375 37 20,313 282,270 The transfers from assets under construction in both 2021 and 2022 mainly related to finalized investments in machinery and equipment. In 2022, there was an outgoing transfer from Land & Buildings, resulting from the reclassification of real estate in Turkey to assets classified as held for sale.In 2022 the Group has recognized impairments on tangible fixed assets for \u20ac 8,259 thousand (2021: \u20ac 1,012 thousand). These impairments mainly relate the full impairment of Deceuninck\u2019s tangible fixed assets in Russia, and have been included in other operating costs.Translation adjustments also contain the IAS29 hyper-inflation effects of bringing the tangible fixed assets to purchasing power of 31st of December 2022 (\u20ac 137,263thousand in Cost and \u20ac 86,244 in Depreciations and Impairments).The Group has \u20ac 21.7 million fixed asset related commitments spread over the next year which are mainly related to machinery and buildings. Tangible fixed assets under construction are further broken down in the table below. These are mainly related to tools and machinery.(IN \u20ac THOUSAND) 2021 2022Land & Buildings 348 3,473 Machinery & equipment 7,706 15,124 Other 1,654 1,716Total 9,708 20,313 The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of use assets. The transfers in 2022 were mainly related to the reclassification of real estate in Turkey to assets classified as held for sale.(IN \u20ac THOUSAND) 2021 2022Intangible fixed assets 387 19 Tangible fixed assets (317) (9,687)Assets classified as held for sale - 9,667Right-of-use assets (70) -Total - -20. LeasingSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2020 8,821 2,694 4,519 16,034 Additions 2,474 1,704 1,186 5,364 Disposals (3,396) (92) - (3,487)Depreciations (2,836) (1,813) (1,523) (6,173)Transfers (70) - - (70)Translation adjustments (202) (242) (880) (1,324)As per 31 December 2021 4,792 2,250 3,301 10,343 Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2021 4,792 2,250 3,301 10,343 Additions 7,995 2,494 1,264 11,753 Disposals (206) (55) (12) (273)Depreciations (3,064) (1,978) (1,701) (6,742)Translation adjustments (97) 141 414 459 As per 31 December 2022 9,421 2,826 3,267 15,515 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2022.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2021 2022Depreciation expense of right-of-use-assets (6,173) (6,742)Interest expense on lease liabilities (867) (980)Expenses relating to short-term leases and low-value assets (2,155) (3,171)Total amount recognized in profit or loss (9,194) (10,892)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-181-5": {
"value": "6. Intangible fixed assets, other than goodwillAmortization of intangible assets other than goodwill are, where applicable, allocated to the cost of inventories and subsequently recognized in cost of goods sold. Based on the use of the intangible assets, amortizations, other than described above, are allocated within the relevant financial statement line items in the consolidated income statement by function. As per 31 December 2022, the intangible assets with indefinite useful lives were tested for impairment, based on the same methodology and assumptions as described in Note 7 \u2013 Goodwill. The intangible assets with indefinite useful lives mainly relate to the trade names Winsa and Pimapen (within Turkey & Emerging markets segment). For this kind of assets there is no foreseeable end of the cash-generating period. The net carrying value of these assets is \u20ac2,861 thousand. The impairment test of these assets is included in the goodwill impairment test for Turkey (see Note 7 \u2013 Goodwill) and did not result in the recognition of an impairment on 31 December 2022. 7. Goodwill(IN \u20ac THOUSAND) 2021 2022COSTAt the beginning of 60,014 63,260 Translation adjustments 3,246 1,232 At the end of 63,260 64,492 IMPAIRMENTSAt the beginning of (49,413) (52,690)Translation adjustments (3,277) (1,243)At the end of (52,690) (53,933)GOODWILLCost 63,260 64,492 Accumulated depreciations and impairments (52,690) (53,933)At the end of 10,571 10,560 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with it carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2022, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. Impairment test goodwill TurkeyCASH GENERATING UNITThe cash generating unit is Ege Profil, which holds the brands Ege Pen Deceuninck, Winsa and Pimapen,following the merger of Ege Profil and Pimas in 2017.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 27.4% for 2022 (2021: 26.9%). ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 3% is assumed.SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 9.7% for 2022 (2021: 9.2%).ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed. SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.9. Tangible fixed assets Other Land & Machinery & Furniture tangible Assets under 2021 (IN \u20ac THOUSAND)Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt the beginning of this year 173,585 490,213 17,928 138 11,046 692,910 Additions 10,727 18,004 1,257 - 12,460 42,448 Disposals - (9,734) (143) - (21) (9,898)Transfers 1,235 11,986 111 - (13,289) 42 Translation adjustments (8,352) (3,992) (704) - (487) (13,535)At the end of this year 177,195 506,477 18,449 138 9,708 711,967 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (75,490) (365,964) (13,134) (81) - (454,670)Additions to depreciations (4,460) (24,634) (1,218) (11) - (30,324)Additions to impairments - (1,012) - - - (1,012)Disposals - 9,131 162 - - 9,292 Transfers (11) (341) (7) - - (359)Translation adjustments (332) 1,606 312 -- 1,587 At the end of this year (80,294) (381,214) (13,885) (92) - (475,484)TANGIBLE FIXED ASSETSCost 177,195 506,477 18,449 138 9,708 711,967 Accumulated depreciations and (80,294) (381,214) (13,885) (92) - (475,484)impairmentsNet Carrying Value 96,901 125,263 4,564 47 9,708 236,483 Other Land & Machinery & Furniture Assets under 2022 (IN \u20ac THOUSAND)tangible fixedTotalbuildingsequipmentand vehiclesconstructionassetsCOSTAt the beginning of this year 177,195 506,477 18,449 138 9,708 711,967 Additions 4,346 21,219 1,466 - 20,395 47,427 Disposals (15) (1,748) (52) - - (1,816)Transfers (9,952) 9,306 363 - (9,950) (10,233)Translation adjustments 39,091 92,802 4,728 - 158 136,779 At the end of this year 210,665 628,055 24,954 138 20,313 884,125 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (80,294) (381,214) (13,885) (92) - (475,484)Additions to depreciations (5,514) (27,352) (1,473) (10) - (34,348)Additions to impairments (5,275) (2,799) (185) - - (8,259)Disposals (12) 1,504 70 - - 1,562 Transfers 639 (83) (9) - - 546 Translation adjustments (3,503) (78,273) (4,097) - - (85,872)At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)TANGIBLE FIXED ASSETSCost 210,665 628,055 24,954 138 20,313 884,125 Accumulated depreciations and (93,958) (488,217) (19,579) (101) - (601,856)impairmentsNet Carrying Value 116,706 139,838 5,375 37 20,313 282,270 The table below shows an overview of transfers between intangible fixed assets, tangible fixed assets, assets held for sale and right-of use assets. The transfers in 2022 were mainly related to the reclassification of real estate in Turkey to assets classified as held for sale.During 2022 a net amount of \u20ac 3,398 thousand was recorded as an increase in the allowance related to the write-down on inventory (in 2021: \u20ac 3,262 thousand increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2022 amounted to \u20ac 713,181thousand (2021: \u20ac 608,440 thousand).No inventories werepledged as security for liabilities (2021: idem).",
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"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-185-4": {
"value": "7. Goodwill(IN \u20ac THOUSAND) 2021 2022COSTAt the beginning of 60,014 63,260 Translation adjustments 3,246 1,232 At the end of 63,260 64,492 IMPAIRMENTSAt the beginning of (49,413) (52,690)Translation adjustments (3,277) (1,243)At the end of (52,690) (53,933)GOODWILLCost 63,260 64,492 Accumulated depreciations and impairments (52,690) (53,933)At the end of 10,571 10,560 The application of IFRS 3 \u2018Business combinations\u2019 stipulates that all identifiable assets and liabilities should be recognized at their fair value at the moment of acquisition. All differences between the cost of the business combination and the fair value defined at the time of the acquisition should be attributed to goodwill. The net carrying value of goodwill is allocated as follows:CASH-GENERATING UNIT (IN \u20ac THOUSAND) 2021 2022Turkey 9,324 9,313 Europe 1,247 1,247 Net Carrying Value 10,571 10,560 In accordance with IAS 36, goodwill is not amortized, but is subject to an annual impairment test. This test is always performed at year-end or whenever there is an indication of a possible impairment. The test consists of comparing the recoverable amount of each cash-generating unit with it carrying amount. An impairment loss is recognized whenever the recoverable amount is lower than the net book value. The Group carried out the annual impairment test at 31 December 2022, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. Impairment test goodwill TurkeyCASH GENERATING UNITThe cash generating unit is Ege Profil, which holds the brands Ege Pen Deceuninck, Winsa and Pimapen,following the merger of Ege Profil and Pimas in 2017.DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 27.4% for 2022 (2021: 26.9%). ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 3% is assumed.SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.Impairment test goodwill EuropeCASH GENERATING UNITThe goodwill has been tested at the operating segment \u2018Europe\u2019 level because this is the lowest level at which management monitors the related goodwill as reasonable. DISCOUNT RATEThe pre-tax discount rate is based on the risk-free rate of the currency region zone where the activities are deployed and current market assessment of the risks specific to the Deceuninck Group. The pre-tax discount rate was estimated based on the weighted average cost of capital (WACC) and is 9.7% for 2022 (2021: 9.2%).ASSUMPTIONS FOR 2023-2027For EBITDA of 2023, management has worked out a target based on detailed plans and actions. For the period 2024-2027 the EBITDA estimate is based on longer term plans, considering reasonable growth levels in line with country specific evolutions of the building industry. For subsequent years a terminal growth rate of 2% is assumed. SENSITIVITY ANALYSISOne scenario with reasonable growth expectations has been worked out with a sufficient headroom under the base case assumptions. There is no need for a detailed sensitivity analysis as no reasonable possible change in a key assumption on which management has based its determination of the cash-generating unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount.CONCLUSIONNo need for impairment of goodwill.",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-3": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BVThe investment has been classified as joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this jointventure is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2021 2022Sales 15,643 19,203 Cost of goods sold (11,517) (14,086)Gross profit 4,126 5,116 Marketing, sales and distribution expenses (3,055) (3,754)Administrative and general expenses (2,349) (2,748)Other net operating result 523 556 Operating profit / (loss) (755) (830)Financial charges (1,206) (1,699)Financial income 170 256 Profit / (loss) before taxes (EBT) (1,791) (2,274)Income taxes 41 (5)Net profit / (loss) (1,750) (2,279)Group's share of profit / (loss) for the year (875) (1,140)(IN \u20ac THOUSAND) 2021 2022Group's carrying amount of the investment at the beginning of - - Group's share of profit / (loss) for the year (875) (1,140)Translation adjustments - 75 Non-recognized group's share of total comprehensive loss / (profit) for the year* 875 1,064 Group's carrying amount of the investment at the end of - - * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited Total comprehensive losses, the recognition of the Group\u2019s share of the Total comprehensive loss of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the Total comprehensive income are not recognized by the Group until the historically non recognized Group\u2019s share of the Total comprehensive loss of the joint venture are covered.(IN \u20ac THOUSAND) 2021 2022ASSETSIntangible fixed assets 1,004 689 Tangible fixed assets 5,666 5,644 Non-current assets 6,669 6,334 Inventories 2,355 2,446 Trade receivables 5,077 2,224 Other receivables 3,706 595 Cash and cash equivalents 700 219 Current assets 11,837 5,484 Total assets 18,506 11,818 EQUITY AND LIABILITIESEquity (9,100) (11,229)Interest-bearing loans 14,249 11,616 Deferred tax liabilities 50 16 Non-current liabilities 14,299 11,632 Trade payables 5,109 3,618 Other liabilities 8,199 7,797 Current liabilities 13,308 11,415 Total equity and liabilities 18,506 11,818 (IN \u20ac THOUSAND) 2021 2022Group's share in equity (4,550) (5,615)Goodwill - - Goodwill after purchase price allocation 3,214 3,214 Allocated losses (3,214) (3,214)Non-recognized total comprehensive income (1,336) (2,401)Group's carrying amount of the investment - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-4": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BVThe investment has been classified as joint venture and is involved in production of aluminium systems for window and doors manufacturing. The Group\u2019s interest in this jointventure is accounted for using the equity method in the consolidated financial statements. Summarized financial information of the joint venture, based on its IFRS financial statements on a 100% basis, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2021 2022Sales 15,643 19,203 Cost of goods sold (11,517) (14,086)Gross profit 4,126 5,116 Marketing, sales and distribution expenses (3,055) (3,754)Administrative and general expenses (2,349) (2,748)Other net operating result 523 556 Operating profit / (loss) (755) (830)Financial charges (1,206) (1,699)Financial income 170 256 Profit / (loss) before taxes (EBT) (1,791) (2,274)Income taxes 41 (5)Net profit / (loss) (1,750) (2,279)Group's share of profit / (loss) for the year (875) (1,140)(IN \u20ac THOUSAND) 2021 2022Group's carrying amount of the investment at the beginning of - - Group's share of profit / (loss) for the year (875) (1,140)Translation adjustments - 75 Non-recognized group's share of total comprehensive loss / (profit) for the year* 875 1,064 Group's carrying amount of the investment at the end of - - * The Group has taken into account the relevant considerations that there are no contractual or constructive obligations covering for unlimited Total comprehensive losses, the recognition of the Group\u2019s share of the Total comprehensive loss of the joint venture is limited to the extent of original recognized amount of the investment. All subsequent Group\u2019s share of the Total comprehensive income are not recognized by the Group until the historically non recognized Group\u2019s share of the Total comprehensive loss of the joint venture are covered.(IN \u20ac THOUSAND) 2021 2022ASSETSIntangible fixed assets 1,004 689 Tangible fixed assets 5,666 5,644 Non-current assets 6,669 6,334 Inventories 2,355 2,446 Trade receivables 5,077 2,224 Other receivables 3,706 595 Cash and cash equivalents 700 219 Current assets 11,837 5,484 Total assets 18,506 11,818 EQUITY AND LIABILITIESEquity (9,100) (11,229)Interest-bearing loans 14,249 11,616 Deferred tax liabilities 50 16 Non-current liabilities 14,299 11,632 Trade payables 5,109 3,618 Other liabilities 8,199 7,797 Current liabilities 13,308 11,415 Total equity and liabilities 18,506 11,818 (IN \u20ac THOUSAND) 2021 2022Group's share in equity (4,550) (5,615)Goodwill - - Goodwill after purchase price allocation 3,214 3,214 Allocated losses (3,214) (3,214)Non-recognized total comprehensive income (1,336) (2,401)Group's carrying amount of the investment - - The Group performed a limited purchase price allocation exercise in the first year to determine the fair value of the net assets of the So Easy Group to calculate goodwill which was partly allocated to the existing customer relationships acquired. So Easy Belgium BV cannot distribute its profits without the consent from the two venture partners.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-208-3": {
"value": "The right-of-use assets are further detailed in Note 20.(IN \u20ac THOUSAND) 2021 2022Intangible fixed assets 387 19 Tangible fixed assets (317) (9,687)Assets classified as held for sale - 9,667Right-of-use assets (70) -Total - -18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).20. LeasingSet out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2020 8,821 2,694 4,519 16,034 Additions 2,474 1,704 1,186 5,364 Disposals (3,396) (92) - (3,487)Depreciations (2,836) (1,813) (1,523) (6,173)Transfers (70) - - (70)Translation adjustments (202) (242) (880) (1,324)As per 31 December 2021 4,792 2,250 3,301 10,343 Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2021 4,792 2,250 3,301 10,343 Additions 7,995 2,494 1,264 11,753 Disposals (206) (55) (12) (273)Depreciations (3,064) (1,978) (1,701) (6,742)Translation adjustments (97) 141 414 459 As per 31 December 2022 9,421 2,826 3,267 15,515 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2022.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2021 2022Opening balance 17,835 11,472 Additions 5,364 11,753 Disposals (3,729) (273)Accreation of interests 867 980 Payments (7,252) (6,878)Translation adjustments (1,612) (357)Closing balance 11,472 16,697 Current 5,094 5,280 Non-current 6,378 11,417 The maturity analysis of lease liabilities is disclosed in Note 18.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2021 2022Depreciation expense of right-of-use-assets (6,173) (6,742)Interest expense on lease liabilities (867) (980)Expenses relating to short-term leases and low-value assets (2,155) (3,171)Total amount recognized in profit or loss (9,194) (10,892)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-217-4": {
"value": "No inventories werepledged as security for liabilities (2021: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-212-3": {
"value": "10. Long-term receivables(IN \u20ac THOUSAND) 2021 2022Other receivables 1,508 413 Total 1,508 413 12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2021 2022Gross trade receivables 100,747 100,254 Impairments allowance (9,991) (12,306)Trade receivables 90,756 87,947 VAT and other taxes 7,194 6,910 Derivative financial instruments 3,278 3,290 Prepaid charges 3,057 3,075 Short-term warranties 218 164 Advance checks received 52,308 35,669 Receivables from joint ventures 2,727 4,043 Other 1,176 1,844 Other receivables 69,959 54,994 Net trade receivables decreased \u20ac 2,809 thousand mainly due to an increase in the impairment allowance. Total factoring amounted to \u20ac 17.4 million at 31 December 2022 (2021: \u20ac 23.3 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received.Days sales outstanding (DSO) remained stable year-on-year, at 37 days in 2021 and 2022. The costs related to the derecognition of accounts receivable for 2022 amount to \u20ac 1,648 thousand (2021: \u20ac 3,545 thousand). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring). The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in Turkey, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check. An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.AGING ANALYSIS OF31 - 6061 - 9091 - 120> 120TRADE RECEIVABLES Total Not due < 30 daysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 100,254 75,977 8,729 1,602 970 1,437 11,538 31 December 2022Impairments allowance per (12,306) (514) (413) (49) (207) (887) (10,236)31 December 2022Net carrying value per 87,947 75,463 8,316 1,553 763 550 1,302 31 December 2022Net carrying value per 90,756 81,369 4,945 1,328 411 1,437 1,267 31 December 2021As per 31 December 2022 an amount of \u20ac 12,306 thousand (2021: \u20ac 9,991 thousand) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2021 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2021 ECL model.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2021 2022At the beginning of (14,848) (9,991)Additions (1,171) (4,708)Reversals 3,258 1,691 Utilizations 28 - Translation adjustments 2,742 700 At the end of (9,991) (12,306)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-213-2": {
"value": "11. Inventories(IN \u20ac THOUSAND) 2021 2022Raw materials and consumables 51,503 56,421 Finished goods 100,177 97,189 Trade goods 17,908 18,112 Total 169,589 171,722 During 2022 a net amount of \u20ac 3,398 thousand was recorded as an increase in the allowance related to the write-down on inventory (in 2021: \u20ac 3,262 thousand increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2022 amounted to \u20ac 713,181thousand (2021: \u20ac 608,440 thousand).No inventories werepledged as security for liabilities (2021: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-4": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2021 2022Gross trade receivables 100,747 100,254 Impairments allowance (9,991) (12,306)Trade receivables 90,756 87,947 VAT and other taxes 7,194 6,910 Derivative financial instruments 3,278 3,290 Prepaid charges 3,057 3,075 Short-term warranties 218 164 Advance checks received 52,308 35,669 Receivables from joint ventures 2,727 4,043 Other 1,176 1,844 Other receivables 69,959 54,994 Net trade receivables decreased \u20ac 2,809 thousand mainly due to an increase in the impairment allowance. Total factoring amounted to \u20ac 17.4 million at 31 December 2022 (2021: \u20ac 23.3 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received.Days sales outstanding (DSO) remained stable year-on-year, at 37 days in 2021 and 2022. The costs related to the derecognition of accounts receivable for 2022 amount to \u20ac 1,648 thousand (2021: \u20ac 3,545 thousand). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring). The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in Turkey, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check. An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.AGING ANALYSIS OF31 - 6061 - 9091 - 120> 120TRADE RECEIVABLES Total Not due < 30 daysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 100,254 75,977 8,729 1,602 970 1,437 11,538 31 December 2022Impairments allowance per (12,306) (514) (413) (49) (207) (887) (10,236)31 December 2022Net carrying value per 87,947 75,463 8,316 1,553 763 550 1,302 31 December 2022Net carrying value per 90,756 81,369 4,945 1,328 411 1,437 1,267 31 December 2021As per 31 December 2022 an amount of \u20ac 12,306 thousand (2021: \u20ac 9,991 thousand) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2021 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2021 ECL model.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-5": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2021 2022Gross trade receivables 100,747 100,254 Impairments allowance (9,991) (12,306)Trade receivables 90,756 87,947 VAT and other taxes 7,194 6,910 Derivative financial instruments 3,278 3,290 Prepaid charges 3,057 3,075 Short-term warranties 218 164 Advance checks received 52,308 35,669 Receivables from joint ventures 2,727 4,043 Other 1,176 1,844 Other receivables 69,959 54,994 Net trade receivables decreased \u20ac 2,809 thousand mainly due to an increase in the impairment allowance. Total factoring amounted to \u20ac 17.4 million at 31 December 2022 (2021: \u20ac 23.3 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received.Days sales outstanding (DSO) remained stable year-on-year, at 37 days in 2021 and 2022. The costs related to the derecognition of accounts receivable for 2022 amount to \u20ac 1,648 thousand (2021: \u20ac 3,545 thousand). The effect of the factoring agreement is shown as a decrease in trade receivables, as substantially all risks and rewards relating to the trade receivables are transferred to the factor company (non-recourse factoring). The gross trade receivables consist of invoiced sales, an accrual for invoices to be issued, an accrual for credit notes to be received and exchange rate differences.The advance checks mainly consist of checks which have been received from customers in Turkey, to guarantee orders that will be executed in a later stage. This is a common practice in the local construction industry. These checks are considered as advance payments and can be discounted or used for payments without any preconditions. Before finalisation of these orders, the advance checks are presented gross as both \u2018other receivables\u2019 and as \u2018other liabilities\u2019 as disclosed in Note 19. Upon delivery and invoicing, these checks are netted. The corresponding trade receivable is presented as such and will be settled at the expiry date of the check. An analysis of the trade receivables is provided below, which shows the ageing of both gross outstanding trade receivables and impairment allowances on these trade receivables.AGING ANALYSIS OF31 - 6061 - 9091 - 120> 120TRADE RECEIVABLES Total Not due < 30 daysdaysdaysdaysdays(IN \u20ac THOUSAND)Gross trade receivables per 100,254 75,977 8,729 1,602 970 1,437 11,538 31 December 2022Impairments allowance per (12,306) (514) (413) (49) (207) (887) (10,236)31 December 2022Net carrying value per 87,947 75,463 8,316 1,553 763 550 1,302 31 December 2022Net carrying value per 90,756 81,369 4,945 1,328 411 1,437 1,267 31 December 2021As per 31 December 2022 an amount of \u20ac 12,306 thousand (2021: \u20ac 9,991 thousand) is recorded as impairment allowance on trade receivables.The majority of the impairment allowance relates to specific allowances for long overdue receivables. The impact of the expected credit loss (ECL) model on the impairment allowance remains stable compared to 2021 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2021 ECL model.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2021 2022At the beginning of (14,848) (9,991)Additions (1,171) (4,708)Reversals 3,258 1,691 Utilizations 28 - Translation adjustments 2,742 700 At the end of (9,991) (12,306)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-3": {
"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2021 2022Cash and current bank accounts 36,489 37,730 Short term deposits 36,396 21,219 Total 72,885 58,949 Cash and cash equivalents have decreased due to an increase in working capital, capital expenditures, dividend payments and net financial result excl interests, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium, Turkey and the United States.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-4": {
"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2021 2022Cash and current bank accounts 36,489 37,730 Short term deposits 36,396 21,219 Total 72,885 58,949 Cash and cash equivalents have decreased due to an increase in working capital, capital expenditures, dividend payments and net financial result excl interests, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium, Turkey and the United States.18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-233-2": {
"value": "15. Issued capital and reservesIssued capitalISSUED CAPITAL 2021 2022Amount (in \u20ac thousand) 54,441 54,505 Number of shares (without nominal value) 138,040,929 138,202,261As per 31 December 2022, issued capital is set at \u20ac 54,505 thousand and is composed of 138,202 thousand shares without a nominal value.Share premiumsSHARE PREMIUMS 2021 2022Amount (in \u20ac thousand) 90,213 90,468 Treasury shares TREASURY SHARES 2021 2022Amount (in \u20ac thousand) (75) (16)Number of shares (without nominal value) 69,769 13,103On 31 December 2022, the Group held 13,103 treasury shares to fulfil its commitments with respect to stock option plans.Currency translation adjustmentsAn overview of the currency translation adjustments by currency is given below: CURRENCY TRANSLATION ADJUSTMENTS2021 2022(IN \u20ac THOUSAND)USD (8,434) (3,162)TRY (117,298) (74,961)RUB (10,722) (9,096)PLN (4,501) (4,911)GBP (2,071) (3,085)CZK 668 1,080 Other (59) 598 Total (142,418) (93,538)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac (93,538) thousand at 31 December 2022.The 2022 movement of currency translation adjustments in TRY, attributable to shareholders of the parent company, contain (i) \u20ac 19,183 thousand hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 23,205 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-233-3": {
"value": "15. Issued capital and reservesIssued capitalISSUED CAPITAL 2021 2022Amount (in \u20ac thousand) 54,441 54,505 Number of shares (without nominal value) 138,040,929 138,202,261As per 31 December 2022, issued capital is set at \u20ac 54,505 thousand and is composed of 138,202 thousand shares without a nominal value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-2": {
"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2021 2022Cost 1,436 12,006 Accumulated depreciations and impairments (90) (726)Net Carrying Value 1,346 11,280 The assets classified as held for sale mainly relate to real estate in Turkey and land held for sale in Poland. All assets are available for immediate sale in its present condition and the sale is highly probable. Necessary actions have been taken in order to place these assets on the market and sales are expected during 2023. Following the reclassification to assets classified as held for sale, these assets are no longer depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-3": {
"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2021 2022Cost 1,436 12,006 Accumulated depreciations and impairments (90) (726)Net Carrying Value 1,346 11,280 The assets classified as held for sale mainly relate to real estate in Turkey and land held for sale in Poland. All assets are available for immediate sale in its present condition and the sale is highly probable. Necessary actions have been taken in order to place these assets on the market and sales are expected during 2023. Following the reclassification to assets classified as held for sale, these assets are no longer depreciated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-3": {
"value": "Treasury shares TREASURY SHARES 2021 2022Amount (in \u20ac thousand) (75) (16)Number of shares (without nominal value) 69,769 13,103On 31 December 2022, the Group held 13,103 treasury shares to fulfil its commitments with respect to stock option plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-4": {
"value": "Treasury shares TREASURY SHARES 2021 2022Amount (in \u20ac thousand) (75) (16)Number of shares (without nominal value) 69,769 13,103On 31 December 2022, the Group held 13,103 treasury shares to fulfil its commitments with respect to stock option plans.Currency translation adjustmentsAn overview of the currency translation adjustments by currency is given below: CURRENCY TRANSLATION ADJUSTMENTS2021 2022(IN \u20ac THOUSAND)USD (8,434) (3,162)TRY (117,298) (74,961)RUB (10,722) (9,096)PLN (4,501) (4,911)GBP (2,071) (3,085)CZK 668 1,080 Other (59) 598 Total (142,418) (93,538)Currency translation adjustments include all exchange rate differences resulting from the conversion of the financial statements of subsidiaries into euro. The total currency translation adjustments amount to \u20ac (93,538) thousand at 31 December 2022.The 2022 movement of currency translation adjustments in TRY, attributable to shareholders of the parent company, contain (i) \u20ac 19,183 thousand hyperinflation impacts resulting the restatement of non-monetary assets and liabilities to the general purchasing power until 31 December 2021 and (ii) the impact of the difference in evolution between both the inflation index and the devaluation of the TRY compared to EUR for \u20ac 23,205 thousand.",
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"pp-value-243-3": {
"value": "16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and DeceuninckEge Profil ASRECONCILIATIONOther TotalProduktions NV (Belgium)(Turkey)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2021 14,411 3,617 1,405 559 19,991 Pension cost recognized in 197 824 395 140 1,556 income statementRemeasurements recognized (3,901) (3,123) 2,379 - (4,645)in OCIBenefits paid directly (478) (822) (252) (1) (1,553)Translation adjustments - - (536) 6 (529)As per 31 December 2022 10,229 496 3,391 703 14,820 Non-current 9,703 450 3,391 695 14,240 Current 526 45 - 9 580 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employmenbenefits relate to the early retirement obligation and Belgian pension plans. According to IAS19, Belgian defined contribution plans that guarantee a specified return are defined benefit plans, as the employer has to cover the investment risk until the applicable legal minimum rates. The returns guaranteed by the insurance company are in most cases lower, as a result the Group has not fully hedged its risk and a provision needs to be accounted for. Deceuninck NV has a number of defined contribution plans, applicable to different categories of personnel. Those pension plans have been set up by Deceuninck NV and are thus not multi-employer plans. All plans are funded through group insurances with an insurance company. Contributions are made by the employer and employee.Deceuninck NV operates an early retirement plan under the legal framework in Belgium and allows that employees reaching the legal pre-pension age (currently 62 years with certain additional conditions linked to the length of career) can benefit from an early pension and retire before the legal pension age (currently 65 years). The elderly employees accepting such offers will receive a temporary supplement paid by Deceuninck NV until their legal retirement age on top of the unemployment allowance. The provision covers the employees for which there exists a plan and the expected employees to retire by an early retirement scheme the next coming 4 years based on the collective labor agreement. The plan is available for all employees meeting the requirements. It is unfunded and administered by Deceuninck NV. In Belgium, inactive members are not included as there is no material deficit. The total amount of the reserve for these members amount to \u20ac 6,685 thousand. The reserves are fully funded with plan assets.In accordance with IFRS, the actuarial present value of the defined pension benefit plans must be calculated, as that value represents the total of the amounts that can currently be allocated to each participant in the plan. The actuarial present value was calculated based on the mortality tables IA/BE (age correction -1 years) and the following actuarial assumptions:DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 1.00% 3.75%Increase in compensations - white collar 2.65% 3.05%Increase in compensations - blue collar 2.65% 3.05%Increases in social security 2.65% 3.05%Increases in pensions N/A N/AInflation 1.90% 2.30%The main risks for Deceuninck NV relate to future salary increases.Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG (Germany)For Deceuninck Germany GmbH and Deceuninck Germany Produktions GmbH & Co KG, the provisions for employee benefits refer to the provision for pensions which is unfunded. The pension plan entitles the beneficiary to a lump sum amount at the start of their pension. The plan was availableto all employees started to work for Deceuninck GermanyGmbH before 1999. For one manager there is an individualpension plan which provides an annuity payment after retirement. The plan is based on the collective agreement of IGBCE and the respective company agreement. The actuarial present value was calculated based on the following assumptions:DECEUNINCK GERMANY AND PRODUKTIONS GMBH (GERMANY) - PRINCIPAL 2021 2022ACTUARIAL ASSUMPTIONSDiscount rate 0.90% 3.70%Increase in compensations - white collar 3.00% 3.00%Increase in compensations - blue collar 3.00% 3.00%Increases in social security 3.00% 3.00%Increases in pensions 1.70% 2.00%Inflation 3.00% 2.00%Ege Profil AS (Turkey)The company is required to pay a termination indemnity upon the date of retirement. This plan is legally required for all employees and is unfunded. The actuarial present value was calculated based on the following assumptions:EGE PROFIL AS (TURKEY) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2021 2022Discount rate 16.45% 19.70%Increase in compensations - white collar 9.50% 19.20%Increase in compensations - blue collar 9.50% 19.20%Increases in social security 9.50% 19.20%Increases in pensions N/A N/AInflation N/A N/AOtherThese provisions for employee benefits refer to local pension regulations. The tables below provide an overview of the pension costs included in the consolidated income statement, and the amounts recognized in the balance sheet position for the defined pension plan of Deceuninck Germany GmbH, Deceuninck Produktions GmbH & Co. KG, Ege Profil AS and the Belgian subsidiaries of the last two years:COMPONENTS OF PENSION 2021 COSTDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Current service cost 89 523 998 1,610 Interest cost 63 219 21 303 Recognized in income 152 742 1,019 1,913 statementThe current service cost is included in the financial statement lines in the consolidated income statement based on the function and activities of the related personnel. If the related personnel are no longer active within the Group, the cost is recognized in the section Other under Other operating costs. The interest cost is included in Other financial result. Where applicable, the current service cost is considered for the inventory valuation.AMOUNTS RECOGNIZED IN THE STATEMENT OF 2021 FINANCIAL POSITIONDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)Present value of defined 14,411 1,405 11,313 27,129 benefit obligationFair value of plan assets - - (7,696) (7,696) Net liability (asset) 14,411 1,405 3,617 19,433 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 70 260 792 1,122 127 135 32 295 197 395 824 1,417 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 10,230 3,391 8,533 22,154 - - (8,037) (8,037) 10,230 3,391 496 14,117 CHANGE IN PENSION 2021 BENEFIT OBLIGATIONSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 16,107 2,192 11,806 30,105 Current service cost 89 523 998 1,610 Interest cost 63 219 54 336 Plan participants - - 193 193 contributionsActuarial (gain) / loss (1,340) 16 (1,083) (2,407) Arising from changes in (884) (503) (817) financial assumptionsExperience adjustments (456) 316 (266) Arising from demographic - 92 - assumptionsChanges in the effect of - 110 - asset ceilingBenefits paid directly (508) (634) (656) (1,798) Exchange rate differences - (910) - (910) At the end of 14,411 1,405 11,313 27,129 CHANGE IN FAIR VALUE OF 2021 PLAN ASSETSDeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTOTAL(Turkey)NV (Belgium)GmbH(Germany)At the beginning of 7,079 7,079 Interest income on plan assets 33 33 Actuarial (gain) / loss - - Return on plan asset Employer contributions 790 790 Plan participants contributions 193 193 Benefits paid directly (399) (399) At the end of - - 7,696 7,696 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 14,411 1,405 11,313 27,129 70 260 792 1,122 127 135 112 375 - - 240 240 (3,901) 2,379 (3,014) (4,536)(4,605) 1,640 (3,183) 704 738 159- - 10 - - - (478) (252) (910) (1,640) - (536) - (536) 10,230 3,391 8,533 22,154 2022DeceuninckGermany andEge Profil ASDeceuninckProduktionsTotal(Turkey)NV (Belgium)GmbH(Germany) 7,696 7,696 80 80 109 109 109 745 745 240 240 (833) (833) - - 8,037 8,037 OTHER 2022DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(Turkey)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 406 N/A 745 periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 3.0Duration DC pension plans 13.0/19.0 N/A 13.1Duration other long term benefits N/A 11.4 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 527 432 61 CashFlow Year 2 524 136 5 CashFlow Year 3 524 128 52 CashFlow Year 4 536 130 40 CashFlow Year 5 533 114 732 CashFlow Year 6-10 2,767 972 2,994 Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2022and Produktions GmbHEge Profil AS (Turkey) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.20% 0.20% -0.20% 0.20%Impact on present value of defined benefit obligation 213 (202) 78 (76) 178 (172)(in \u20ac thousand)Change in pension increase -0.50% 0.50% -0.50% 0.50% N/A N/ArateImpact on present value of defined benefit obligation (477) 501 186 (201)(in \u20ac thousand)+ one - one + one - one year life Change in longevityyear life N/A N/Ayear life year life expectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (353) 365 24 (25)(in \u20ac thousand)17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2021 154 1,068 948 1,365 3,536 Additions - 577 272 549 1,398 Utilizations (154) (5) (101) (204) (464)Reversals - - (27) (79) (106)Translation adjustments - (72) (12) 117 32 As per 31 December 2022 - 1,568 1,080 1,749 4,396 Non-current - 1,522 1,031 1,749 4,301 Current - 46 49 - 95 Restructuring provisions are recognized when conditions of IAS 37 are fulfilled, and represented in 2021 the restructuring provision for the strategic repositioning of Europe region. As per 31 December 2022, there are no more restructuring provisions.Provisions for warranties are based on historical data of thcost incurred for repairs and returns.The provisions for claims mainly relate to claims for quality issues of products sold. The other provisions include a large number of items such as provisions for legal disputes.",
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"value": "17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2021 154 1,068 948 1,365 3,536 Additions - 577 272 549 1,398 Utilizations (154) (5) (101) (204) (464)Reversals - - (27) (79) (106)Translation adjustments - (72) (12) 117 32 As per 31 December 2022 - 1,568 1,080 1,749 4,396 Non-current - 1,522 1,031 1,749 4,301 Current - 46 49 - 95 Restructuring provisions are recognized when conditions of IAS 37 are fulfilled, and represented in 2021 the restructuring provision for the strategic repositioning of Europe region. As per 31 December 2022, there are no more restructuring provisions.Provisions for warranties are based on historical data of thcost incurred for repairs and returns.The provisions for claims mainly relate to claims for quality issues of products sold. The other provisions include a large number of items such as provisions for legal disputes.",
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"pp-value-267-5": {
"value": "18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2021 2022Opening balance 17,835 11,472 Additions 5,364 11,753 Disposals (3,729) (273)Accreation of interests 867 980 Payments (7,252) (6,878)Translation adjustments (1,612) (357)Closing balance 11,472 16,697 Current 5,094 5,280 Non-current 6,378 11,417 The maturity analysis of lease liabilities is disclosed in Note 18.",
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"pp-value-267-6": {
"value": "18. Interest-bearing debtsThe following tables provide an overview of the interest-bearing debts of the Group at year end:LONG-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 6,625 119,331 Leasing 6,378 11,417 Long-term interest-bearing debts 13,002 130,748 SHORT-TERM INTEREST-BEARING DEBTS 2021 2022(IN \u20ac THOUSAND)Loans from financial institutions 16,712 11,171 Leasing 5,094 5,280 Retail Bond 3.75% - 08 Dec 2022 99,959 - Short-term interest-bearing debts 121,765 16,452 Long-term interest-bearing loans mainly consist of straight loans drawn under the \u20ac 60 million Sustainability Linked Revolving Facility Agreement maturing in 2024 and the \u20ac 120 million Sustainability Linked Loan Facility Agreement maturing in 2027.The long-term leasing contracts mainly consist of agreements for the leasing of cars, equipment or buildings. See further Note 20. Short term interest-bearing loans mainly consist of working capital loans from Turkish banks maturing within12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2020Transfersexchange 2021(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 43,343 (13,163) 96 4,857 - - (11,796) 23,336 Leasing 17,835 (6,386) - 173 1,635 - (1,785) 11,472 Retail Bond 3.75% - 08 Dec 2022 99,913 - 46 - - - - 99,959 Interest bearing debts 161,090 (19,549) 142 5,030 1,635 - (13,581) 134,767 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021exchange 2022(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 23,336 112,021 96 (549) - (4,402) 130,502 Leasing 11,472 (5,898) - 568 11,480 (925) 16,697 Retail Bond 3.75% - 08 Dec 2022 99,959 (100,000) 41 - - - -Interest bearing debts 134,767 6,122 137 19 11,480 (5,327) 147,199 As of 31 December 2022, undrawn committed credit linesunder the above mentioned facility agreements amountedto \u20ac 59.7 million.All interest-bearing debt of Deceuninck is unsecured. Usual financial covenants (Leverage, Interest Cover...) are applicable to the committed credit facilities and the remaining balance (\u20ac 1 million) of the loan received in 2015 from the European Bank for Reconstruction and Development for the construction of the new plant in Menemen (Turkey). As per 31 December 2022 and at allpreceding testing dates throughout 2022, Deceuninck Group has met all its covenants.The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 The Group has \u20ac 130,502 thousand outstanding financialiabilities (excl leasing liabilities), of which \u20ac 119,709 thousand are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninckhas entered into Interest Rate Swaps with a tenor of fiveyears for a total notional amount of \u20ac 100 million, wherebyit will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month).Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the movements during the period:LEASE LIABILITY (IN \u20ac THOUSAND) 2021 2022Opening balance 17,835 11,472 Additions 5,364 11,753 Disposals (3,729) (273)Accreation of interests 867 980 Payments (7,252) (6,878)Translation adjustments (1,612) (357)Closing balance 11,472 16,697 Current 5,094 5,280 Non-current 6,378 11,417 The maturity analysis of lease liabilities is disclosed in Note 18.",
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"pp-value-274-7": {
"value": "The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the fundingof its operating activities and there are no factors that cast doubts on whether going concern assumption is appropriate. Liquidity problems could arise at Restricted Group level if an event of default would occur under one of the creditfacility agreements which is not remedied within the foreseen remedy period. In that case, the outstanding amounts under both credit facility agreements might become immediately due and payable, which would jeopardize the liquidity situation of the Restricted Group. For the Turkish subsidiary Ege Profil, liquidity problems could arise if loans at maturity could not be refinanced through local Turkish banks. Although the Turkish government is trying to curb credit growth in an attempt to tame inflation, Ege Profil has so far always been able to obtain financing thanks to its excellent reputation and solid financials. In the unlikely case where Turkish banks would be unable to grant further loans to Ege Profil, an intra-group loan from Deceuninck NV could provide Ege Profil with the required funding. In order to detect possible events of default as a consequence of non-compliance with financial covenants at an early stage and to enable theGroup to take corrective measures, a mid-term financial forecast is kept up to date and resulting impact on covenants is simulated. In addition to the above-mentioned risk of non-compliance with the financial covenants, the liquidity risk is also linked to the evolution of the working capital of the Group, which is highly subject to seasonal fluctuations andthe capital expenditure level of the Group. This is therefore closely monitored.",
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"pp-value-274-8": {
"value": "The following table provides a summary of the outstandindebts by currency, the average interest rates and maturityprofile as per 31 December 2022:TERMS AND MATURITY PROFILE Due within Due between Due after Interest %Total(IN \u20ac THOUSAND)1 year1 and 5 years5 yearsFinancial liabilities (excl leasing liabilities) 116,671 6,625 - 123,296 Leasing liabilities 5,237 7,284 143 12,664 2021 121,908 13,909 143 135,960 Financial liabilities (excl leasing liabilities) 11,171 119,331 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Of whichEUR 2.62% 10,648 116,215 14 126,877 TRY 16.59% 3,152 7,135 - 10,287 USD 4.74% 1,178 5,502 - 6,680 Other foreign currencies 8.14% 1,597 3,226 601 5,425 25. Risk managementThe most important financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk.Exchange rate riskThe exchange rate risk of the Group can be split into two categories: translation risk and transaction risk.TRANSLATION RISKTranslation risk arises from the conversion of financial figures of foreign subsidiaries outside the Eurozone into the Group\u2019s reporting currency, the euro. The currencies most susceptible for this kind of risk are the US dollar and the Turkish lira. This kind of exchange rate risk is not hedged. TRANSACTIONAL EXCHANGE RATE RISKTransactional exchange rate risk arises when an entity of the Group enters into a transaction which will be settled in a currency which is not the functional currency of that entity. Transactional exchange rate risk within the Group can be of operational or financial nature. When this risk is associated with sales and purchases in foreign currencies as a result of the commercial activities of the Group, it is denominated as operational. The most important transactional exchange rate risks of operational nature originate from purchases of raw materials in euro and US dollar by the Turkish subsidiary Ege Profil. Sales in euro by this subsidiary mitigate to some extent this risk. When transactional exchange rate risk is associated with cash or loans in foreign currencies it is denominated as financial. The most important risks of this nature originate from loans and leases in euro and US dollar taken by the Turkish subsidiary Ege Profil. It is important to note that loans in euro and US Dollar on the balance sheet of Ege Profil are to some extent \u2018naturally hedged\u2019 by the net position of trade receivables and payables in euro and US dollar on the same local balance sheet. Any remaining exposure is hedged financially with forward contracts. See also further below. Some intercompany loans for which repayment is neither planned nor likely in the foreseeable future have been designated as \u2018Net Investment in Foreign Operations\u2019. As such, the exchange results on these intercompany loans are recognized directly in Other Comprehensive Income and accumulated in a separate component of equity until the disposal of the foreign operation.RECOGNIZED ASSETS AND LIABILITIESThe Group aims to minimize the impact of exchange rate fluctuations on the monetary assets and liabilities recognized on the balance sheet. These exchange rate risks are hedged as much as possible by offsetting monetary assets in one currency (for example trade receivables) against monetary liabilities (for example trade debts) in the same currency (\u2018natural hedging\u2019). The remaining exchange rate risk, after the optimizationof natural hedging, is hedged with financial instruments(\u2018financial hedging\u2019) if the cost is considered as reasonable. The most important financial instruments used by the Group for the hedging of foreign exchange rate risks areforward contracts. It is the policy of the Group to protect its subsidiaries as much as possible from exchange rate risks. Therefore, these risks are centralized as much as possible at the parent company Deceuninck NV and are primarily managed at Group level. Exchange rate risks at the Turkish subsidiary Ege Profil are monitored closely by Corporate Treasury, but are hedged by the Turkish subsidiaries through local banks. The table below provides an overview of the existing FX forward contracts, grouped by currency, at the end of December 2022:PURCHASE OR SALE Currency Amount Maturity Date MTM 2022Forward sales AUD 3,000,000 Q2 2023 (54,491) BRL 17,870,442 Q2 2023 (41,583) CLP 5,088,247,311 Q2 2023 (33,352) GBP 790,000 Q2 2023 101,997 INR 697,592,167 Q2 2023 71,998 PLN 58,375,000 Q2 2023 (84,805) MXN 30,240,000 Q2 2023 (41,651) TRY 267,950,500 Q2 2023 (53,779) USD 4,023,000 Q2 2023 3,617 Forward purchases CZK 344,700,000 Q2 2023 143,646 USD 5,324,700 Q2 2023 (17,161)FUTURE TRANSACTIONSFuture transactions imply future purchases and sales that are not recognized yet as monetary assets or liabilities on the balance sheet. Normally these transactions are not hedged, but if opportunities arise on the foreign exchange markets, a part of the future purchases in euro or US dollar in Turkey might be hedged. ESTIMATED SENSITIVITY FOR EXCHANGE RATE FLUCTUATIONSAs required by IFRS 7, \u2018Financial instruments: Disclosures\u2019a sensitivity analysis was carried out on the evolution of the exchange rates. Based on the volatility of the relevant currencies, we have estimated the impact of the possibleexchange rate movements on our financial result as follows: SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2022*Amount Possible Currency pair (in foreign Closing rate volatility of the Rate used for the Effect on revaluation (HC/FC)**currency and in 31/12/2022exchange rate sensitivity analysis(in \u20ac thousand)thousand)***AUD/TRY 6,936 12.70 7.80% 13.6939 11.7839 (25) 27 EUR/BRL (1,630) 5.64 9.30% 6.1630 5.1588 25 (27)EUR/CLP (369,515) 916.91 9.30% 1002.1826 838.8930 34 (37)EUR/CZK (470) 24.12 2.90% 24.8154 23.4363 1 (1)EUR/GBP (190) 0.89 3.90% 0.9215 0.8536 8 (8)EUR/INR 33,240 88.17 4.30% 91.9624 84.5360 (16) 16 EUR/PLN 719 4.68 4.40% 4.8868 4.4835 (6) 7 EUR/RUB 684,746 75.66 27.80% 96.6875 59.1982 (1,969) 2,516 EUR/TRY 33,371 19.93 6.70% 21.2705 18.6831 (105) 112 EUR/USD (21) 1.07 5.00% 1.1199 1.0158 1 (1)USD/TRY (41,997) 18.69 5.30% 19.6807 17.7494 106 (112)USD/MXN 7,098 19.55 5.20% 20.5705 18.5872 (17) 18 Total (1,963) 2,510 * Balance sheet exposure after financial hedging (net-exposures) / ** HC = Home Currency / FC = Foreign Currncy / *** 3 month volatilityIf currencies would have weakened/strengthened durin2022 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 2.5 million higher / \u20ac 2.0 million lower. The relatively high sensitivity is mainly due to the Group\u2019s exposure in Russian Roubles, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 119.7 million out of the \u20ac 130.5 million outstanding loans of the Group are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). On 31 December 2022 a total amount of \u20ac 136.9 million financing (including factoring) at a variable interest rate was outstanding, of which \u20ac 100 million is hedged by these Interest Rate Swaps. An increase or decrease of themarket interest rate by 1.00% would by consequence onlyhave an impact on the unhedged part (\u20ac 36.9 million) which would result in an increase or decrease of the interest costs by \u20ac 369.0 thousand.Credit riskThe products of the Group are used almost exclusively in the construction industry. Hence, the exposure to credit risk is highly dependent on the performance of thbuilding industry and the general economic conditions. In order to minimize the credit risk, we are closely monitoring the payment behaviour of each debtor. The Group uses credit insurance to mitigate the credit risk related to trade receivables. Two credit insurance policies have been taken out with two different insurers.Commercial limits, based on financial information and on business knowledge, can deviate from the insured credit limits. However, since the COVID-19 pandemic we have done many efforts to lower our commercial limits and have them match the amounts covered by the insurance company as much as possible in order to further reduce our credit risk. In cases where the insuredlimit is not sufficient we tried to obtain extra guaranteesfrom our customers (e.g. bank guarantees, promissory notes, letters of credit or pledges on customers assets (machinery, buildings, land plots, etc.)).Payment behaviour of our customers has been monitored very closely and unpaid invoices have resultedimmediately in a blocking of all open orders from day one.Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the fundingof its operating activities and there are no factors that cast doubts on whether going concern assumption is appropriate. Liquidity problems could arise at Restricted Group level if an event of default would occur under one of the creditfacility agreements which is not remedied within the foreseen remedy period. In that case, the outstanding amounts under both credit facility agreements might become immediately due and payable, which would jeopardize the liquidity situation of the Restricted Group. For the Turkish subsidiary Ege Profil, liquidity problems could arise if loans at maturity could not be refinanced through local Turkish banks. Although the Turkish government is trying to curb credit growth in an attempt to tame inflation, Ege Profil has so far always been able to obtain financing thanks to its excellent reputation and solid financials. In the unlikely case where Turkish banks would be unable to grant further loans to Ege Profil, an intra-group loan from Deceuninck NV could provide Ege Profil with the required funding. In order to detect possible events of default as a consequence of non-compliance with financial covenants at an early stage and to enable theGroup to take corrective measures, a mid-term financial forecast is kept up to date and resulting impact on covenants is simulated. In addition to the above-mentioned risk of non-compliance with the financial covenants, the liquidity risk is also linked to the evolution of the working capital of the Group, which is highly subject to seasonal fluctuations andthe capital expenditure level of the Group. This is therefore closely monitored.Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - Climate-related mattersIn view of climate related matters, the Group\u2019s business is not impacted by extreme weather conditions such as droughts or floods.Macroeconomic environmentThe aftermath of the COVID-19 pandemic and the changes in geopolitical situation have led to higher interesrates and a steep increase of the inflation in Europe, Turkeand America. The inflation affects mainly energy costs ansalaries. All these costs are being critically reviewed and optimized on a constant basis. These inflation effects wepassed through were possible.As a result of the uncertain geopolitical situation in Russiasince the conflict in Ukraine, the Group has fully impairedthe Russian property, plant and equipment since the longterm operating plan cannot be guaranteed due to these uncertainties. The Group has no operations in Ukraine anits turnover in the country was not material.",
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"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
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"pp-value-278-4": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
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"language": "en",
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"pp-value-278-5": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - ",
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"pp-value-278-6": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
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"language": "en",
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"pp-value-278-7": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-278-8": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
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"language": "en",
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"pp-value-278-9": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
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"pp-value-278-10": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2021 2022Trade Debts 176,009 144,023 Derivative financial instruments 650 327 Guarantees from Customers 830 897 Accrued interest 843 439 Accrued charges 125 453 Deferred income 1,713 1,522 Advance checks received 52,308 40,530 Other 1,414 363 OTHER LIABILITIES 57,883 44,531 The conditions for the above-mentioned trade debts and other debts are as follows:\u2022 Trade debts do not bear interest and are usually paid on the basis of payment terms that can vary depending on the market. On average, these paymentterms fluctuate between 45 and 65 days from the endof the month in which the debt is incurred. In Turkey this can be up to one year after the invoice date.\u2022 For the conditions with regard to the financial instruments, we refer to Note 25.\u2022 The guarantees from customers do not bear any interest and are immediately payable, as soon as the contractual obligations of the customer have been fulfilled.Trade debts include, besides the invoiced purchases also a provision for invoices to be received, a provision for credit notes to be issued and foreign currency translation differences. The other payables mainly consist of advance checks as referred to in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
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"pp-value-289-4": {
"value": "21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for stock options andsubscription rights (warrants).The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Team Group and Executive Team Regions, by enabling them to acquire shares in the company under relatively advantageous terms, thereby increasing and improving their commitment to the company.IFRS 2 has a total negative impact of \u20ac 783 thousand onthe results of 2022 (2021: \u20ac 559 thousand) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 783 thousand in 2022 (\u20ac 516 thousand in 2021)\u2022 Performance share plan: \u20ac 0 in 2022 (\u20ac 43 thousand in 2021)\u2022 Stock option plans: No impact in 2022 (no impact in 2021)STOCK OPTIONS OVERVIEW 2007Grant date 19/12/07To be accepted by 17/02/08N\u00b0 of beneficiaries at grant date 74Exercise price (EUR) 15.54Granted 70,750Accepted 64,500Exercised -Forfeited 33,750Expired 30,750Outstanding 31/12/2022 -Excercisable 31/12/2022 -Exercise periods 2011-2017Extension of exercise periods 2018-2022Stock option plans, warrant plans and performance share plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis ofhistorical data.Stock option plansThere are no outstanding options at the end of December 2022. One option entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Theoptions expire if they are not exercised on the last day of the last exercise period. The options can be exercisedfor the first time after the end of the third calendar year,following the year in which the offer has taken place. The exercise period related to the plan of 2007 was extended with 5 years in 2009. The exercise price of anoption will be equal to the lowest of (i) the average pricof the share on the stock exchange during the 30-day period preceding the offer, or (ii) the latest closing pricepreceding the day of the offer.Weighted average OPTIONS MOVEMENTS IN 2021 2007exercise priceOutstanding 2020 31,750 15.54Accepted - N/AExercised - N/AForfeited (1,000) 15.54Expired - N/AOutstanding 2021 30,750 15.54Weighted average OPTIONS MOVEMENTS IN 2022 2007exercise priceOutstanding 2021 30,750 15.54Accepted - N/AExercised - N/AForfeited (30,750) 15.54Expired - N/AOutstanding 2022 - N/AWarrant plansThe balance of the outstanding warrants at the end of December 2022 is 6,973,162. One warrant entitles the holder to buy one Deceuninck NV share at a fixed exercise price. Within the scope of the warrant plans, 167,998 warrants were exercised in the course of 2022.The warrants expire if they have not been exercised at tlast day of the last exercise period. The warrants can beexercised for the first time at the end of the third calendar year of the grant. The exercise price of a warrant will be fixed by the Remuneration Committee on the date of offer and will be equal to the lowest of (i) the average price of the share on the stock exchange during the 30-day period preceding the offer, and (ii) the latest closing prices preceding the day of the offer.WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan Grant date 21/12/2011 21/12/2012 17/12/2013 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/Acceptance date 15/02/2012 17/02/2013 14/02/2014 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/Number of beneficiaries 42 49 59 9 66 73 8 66 at grant dateExercise price (in \u20ac) 0.73 1.17 1.71 1.76 1.79 2.40 2.40 2.27 3Share price on 1.07 1.38 2.19 2.19 1.98 2.08 2.22 2.22 2acceptance date (in \u20ac)Granted 490,000 485,000 332,500 570,000 910,000 630,000 710,000 524,000 1,334Accepted 487,500 482,500 332,500 570,000 892,500 607,500 710,000 524,000 1,233Exercised 344,999 333,331 171,659 496,666 644,160 143,330 40,000 153,999 20Forfeited 135,001 129,168 109,171 55,000 150,004 260,000 60,000 209,000 265Expired 7,500 20,001 13,335 18,334 45,834 5,000 - 8,000 10Outstanding 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 938Exercisable 31/12/2022 - - 38,335 - 52,502 199,170 610,000 153,001 620Exercise periods 2015-2021 2016-2021 2017-2023 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2AssumptionsVolatility 40.00% 40.00% 45.00% 45.00% 45.00% 45.00% 40.00% 40.00% 30.Risk-free interest 2.49% 0.99% 0.99% 0.99% -0.03% -0.28% -0.32% -0.32% 0Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 Early exercised 25% 25% 25% 25% 25% 25% 25% 25% - Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% - Probability to exercise2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Total2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/20222018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/202354 45 12 43 14 54 56 87.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 12,491,000500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 402,400 11,288,650,000 84,996 35,000 - - - - - 2,468,140,000 71,000 60,000 62,000 73,500 38,500 37,000 - 1,714,344,000 5,000 - - - - - - 133,004,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 ,996 86,664 196,666 - - - - - 1,957,334027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-203200% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77%.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00%0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.0625% 25% 25% 25% 25% 25% 25% 25%50% 50% 50% 50% 50% 50% 50% 50%WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2021Outstanding 2020 7,500 25,835 92,507 306,669 617,305 385,000 680,000 334,000 1,051,500 Accepted - - - - - - - - - Exercised - 18,335 50,005 306,669 556,469 138,330 40,000 115,998 20,000 Forfeited - - 2,500 - 5,000 37,500 30,000 19,000 75,000 Expired 7,500 7,500 - - - - - - - Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 WARRANTS Plan 2011 Plan 2011 Plan 2013 Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 MOVEMENTS IN 2022Outstanding 2021 - - 40,002 - 55,836 209,170 610,000 199,002 956,500 Accepted - - - - - - - - - Exercised - - 1,667 - 3,334 5,000 - 38,001 - Forfeited - - - - - 5,000 - 8,000 18,000 Expired - - - - - - - - - Outstanding 2022 - - 38,335 - 52,502 199,170 610,000 153,001 938,500 Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price545,000 695,000 546,500 725,000 648,500 - - 6,660,316 2.15 - - - - 496,500 680,000 - 1,176,500 2.53 - - - - - - - 1,245,806 1.92 15,000 - 15,000 - 15,000 - - 214,000 2.47 - - - - - - - 15,000 0.95 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25Weighted average Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Totalexercise price 530,000 695,000 531,500 725,000 1,130,000 680,000 - 6,362,010 2.25 - - - - - 544,250 402,400 946,650 2.78 84,996 35,000 - - - - 167,998 1.97 29,000 47,000 23,500 37,000 167,500 2.26 - - - - - - - N/A 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 6,973,162 2.33Performance share planThe balance of the outstanding Performance Share Rights granted in the plan of 2022 to the members of the Executive Management (\u201cBeneficiaries\u201d) is 627.816. One Performance Share Right can be converted into \u201cmatching\u201d or Performance Shares of Deceuninck NV at the vesting date (16th August 2025), provided the Beneficiaries invested in Deceuninck Shares before 31 December 2022. The reference share price is 2.41 EUR and is equal to the average share price between 15th July 2022 and 15th August 2022.For each invested share, the Beneficiary will be entitledto one or more matching Deceuninck Shares pursuantto the fulfilment of the Performance Condition, defined as a cumulative annual average increase of the Total Shareholder Return as determined in the Plan, the realization of which determines the fraction or the multiple (if any) of Performance Shares a vested Performance Share Right effectively entitles to.PERFORMANCE SHARE PLAN PLAN 2022Grant date01/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised-Forfeited0Expired0Outstanding 31/12/2022627,816Exercisable 31/12/2022-Exercise periods2025AssumptionsVolatility37,56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022 PLAN 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816Risk-free interest3.33%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-2": {
"value": "22. Related partiesDuring 2022, the Group made no purchases (\u20ac 26 thousand in 2021) and no sales (no sales in 2021), under normal market conditions, from or to companies to whicDirectors of the Group, owning shares of the Group, are related to. The purchases mainly relate to repair andmaintenance of cars. Furthermore, during 2022, the Group made no purchase(no purchases in 2021) and sales of \u20ac 1,542 thousand (\u20ac 1,053 thousand in 2021), under normal market conditions, from or to So Easy Belgium BV or related companies. Both the purchases and the sales mainly related to the cross-charge of incurred costs and provided services. At year-end, there is an outstanding position of trade another receivables of \u20ac 5,528 thousand (\u20ac 4,998 thousanin 2021) and an outstanding payable position of \u20ac 234 thousand (\u20ac 166 thousand in 2021) with So Easy BelgiumBV or related companies. The outstanding receivable position is mainly related to working capital financing. Total remuneration of members of the Board in 2022 amounted to \u20ac 274 thousand (\u20ac 422 thousand in 2021). This amount includes additional remunerations granted to Directors for their involvement in Board committees. These remunerations are granted by the General Meeting and are included in general expenses. Directors charged with special missions and projects can receive appropriate remuneration. The Executive Chairman received a remuneration of \u20ac 250,000 for the specific projects aluminium and recycling business. In 2022, the CEO received a total remuneration (fixed + variable) in the amount of \u20ac 511 thousand (in 2021 a total remuneration of \u20ac 799 thousand). The other members of the Executive Team Group (management committee consisting of the CEO, the CFO, the General Counsel and the CTO/COO) received total remunerations (fixed + variable) of \u20ac 803 thousand (in 2021 a total remuneration of \u20ac 667 thousand). The members of the Executive Team Regions received total remunerations (fixed + variable) of \u20ac 1,315 thousand (in 2021 a total remuneration of \u20ac 1,100 thousand). The split of the remuneration is further disclosed in the section Corporate Governance Statement of this annual report. For 2022, the evaluation criteria for the CEO and the other members of the Executive Team Group were: REBITDA Group (40%), Adjusted Free Cash Flow Grou(40%) and non-financial criteria (20%). For the membeof the Executive Team Regions: REBITDA Group (10%)REBITDA Region (30%), Adjusted Free Cash Flow Gro(10%), Adjusted Free Cash Flow Region (30%) and nonfinancial criteria (20%). Options and/or subscription rights on the shares of the company are granted to members of the ExecutiveTeam Group and Executive Team Regions. On 23 December 2022, the Extraordinary General Meeting approved a new subscription rights plan (\u201cWarrant Plan 2022\u201d) of 3,000,000 subscription rights. On 23 December 2022, 250,000 subscription rights of Warrant Plan 2022 were offered to the CEO, 60,000 subscription rights were offered to each of the CFO, General Counsel, CTO/COO, CEO Europe and CEO North America, and 30,000 subscription rights were offered to the former CEO Turkey and EM.These subscription rights plans are not related to the performance of the Group. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-303-3": {
"value": "Total remuneration of members of the Board in 2022 amounted to \u20ac 274 thousand (\u20ac 422 thousand in 2021). This amount includes additional remunerations granted to Directors for their involvement in Board committees. These remunerations are granted by the General Meeting and are included in general expenses. Directors charged with special missions and projects can receive appropriate remuneration. The Executive Chairman received a remuneration of \u20ac 250,000 for the specific projects aluminium and recycling business. In 2022, the CEO received a total remuneration (fixed + variable) in the amount of \u20ac 511 thousand (in 2021 a total remuneration of \u20ac 799 thousand). The other members of the Executive Team Group (management committee consisting of the CEO, the CFO, the General Counsel and the CTO/COO) received total remunerations (fixed + variable) of \u20ac 803 thousand (in 2021 a total remuneration of \u20ac 667 thousand). The members of the Executive Team Regions received total remunerations (fixed + variable) of \u20ac 1,315 thousand (in 2021 a total remuneration of \u20ac 1,100 thousand). The split of the remuneration is further disclosed in the section Corporate Governance Statement of this annual report. For 2022, the evaluation criteria for the CEO and the other members of the Executive Team Group were: REBITDA Group (40%), Adjusted Free Cash Flow Grou(40%) and non-financial criteria (20%). For the membeof the Executive Team Regions: REBITDA Group (10%)REBITDA Region (30%), Adjusted Free Cash Flow Gro(10%), Adjusted Free Cash Flow Region (30%) and nonfinancial criteria (20%). Options and/or subscription rights on the shares of the company are granted to members of the ExecutiveTeam Group and Executive Team Regions. On 23 December 2022, the Extraordinary General Meeting approved a new subscription rights plan (\u201cWarrant Plan 2022\u201d) of 3,000,000 subscription rights. On 23 December 2022, 250,000 subscription rights of Warrant Plan 2022 were offered to the CEO, 60,000 subscription rights were offered to each of the CFO, General Counsel, CTO/COO, CEO Europe and CEO North America, and 30,000 subscription rights were offered to the former CEO Turkey and EM.These subscription rights plans are not related to the performance of the Group. ",
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-305-2": {
"value": "23. Services provided by the external auditorDuring 2022 the following charges of the external auditor were included in the Group\u2019s income statement:Audit related services \u20ac 596,800Other services \u20ac 48,600",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-306-2": {
"value": "24. Going concernThere are no indicators of circumstances that might question the continuity of the activities. We refer to the additional disclosures as included in Note 25 Risk management \u2013 Credit risk & liquidity risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-308-3": {
"value": "25. Risk managementThe most important financial risks for the Group are exchange rate risk, interest rate risk, credit risk and liquidity risk.Exchange rate riskThe exchange rate risk of the Group can be split into two categories: translation risk and transaction risk.TRANSLATION RISKTranslation risk arises from the conversion of financial figures of foreign subsidiaries outside the Eurozone into the Group\u2019s reporting currency, the euro. The currencies most susceptible for this kind of risk are the US dollar and the Turkish lira. This kind of exchange rate risk is not hedged. TRANSACTIONAL EXCHANGE RATE RISKTransactional exchange rate risk arises when an entity of the Group enters into a transaction which will be settled in a currency which is not the functional currency of that entity. Transactional exchange rate risk within the Group can be of operational or financial nature. When this risk is associated with sales and purchases in foreign currencies as a result of the commercial activities of the Group, it is denominated as operational. The most important transactional exchange rate risks of operational nature originate from purchases of raw materials in euro and US dollar by the Turkish subsidiary Ege Profil. Sales in euro by this subsidiary mitigate to some extent this risk. When transactional exchange rate risk is associated with cash or loans in foreign currencies it is denominated as financial. The most important risks of this nature originate from loans and leases in euro and US dollar taken by the Turkish subsidiary Ege Profil. It is important to note that loans in euro and US Dollar on the balance sheet of Ege Profil are to some extent \u2018naturally hedged\u2019 by the net position of trade receivables and payables in euro and US dollar on the same local balance sheet. Any remaining exposure is hedged financially with forward contracts. See also further below. Some intercompany loans for which repayment is neither planned nor likely in the foreseeable future have been designated as \u2018Net Investment in Foreign Operations\u2019. As such, the exchange results on these intercompany loans are recognized directly in Other Comprehensive Income and accumulated in a separate component of equity until the disposal of the foreign operation.RECOGNIZED ASSETS AND LIABILITIESThe Group aims to minimize the impact of exchange rate fluctuations on the monetary assets and liabilities recognized on the balance sheet. These exchange rate risks are hedged as much as possible by offsetting monetary assets in one currency (for example trade receivables) against monetary liabilities (for example trade debts) in the same currency (\u2018natural hedging\u2019). The remaining exchange rate risk, after the optimizationof natural hedging, is hedged with financial instruments(\u2018financial hedging\u2019) if the cost is considered as reasonable. The most important financial instruments used by the Group for the hedging of foreign exchange rate risks areforward contracts. It is the policy of the Group to protect its subsidiaries as much as possible from exchange rate risks. Therefore, these risks are centralized as much as possible at the parent company Deceuninck NV and are primarily managed at Group level. Exchange rate risks at the Turkish subsidiary Ege Profil are monitored closely by Corporate Treasury, but are hedged by the Turkish subsidiaries through local banks. The table below provides an overview of the existing FX forward contracts, grouped by currency, at the end of December 2022:PURCHASE OR SALE Currency Amount Maturity Date MTM 2022Forward sales AUD 3,000,000 Q2 2023 (54,491) BRL 17,870,442 Q2 2023 (41,583) CLP 5,088,247,311 Q2 2023 (33,352) GBP 790,000 Q2 2023 101,997 INR 697,592,167 Q2 2023 71,998 PLN 58,375,000 Q2 2023 (84,805) MXN 30,240,000 Q2 2023 (41,651) TRY 267,950,500 Q2 2023 (53,779) USD 4,023,000 Q2 2023 3,617 Forward purchases CZK 344,700,000 Q2 2023 143,646 USD 5,324,700 Q2 2023 (17,161)FUTURE TRANSACTIONSFuture transactions imply future purchases and sales that are not recognized yet as monetary assets or liabilities on the balance sheet. Normally these transactions are not hedged, but if opportunities arise on the foreign exchange markets, a part of the future purchases in euro or US dollar in Turkey might be hedged. ESTIMATED SENSITIVITY FOR EXCHANGE RATE FLUCTUATIONSAs required by IFRS 7, \u2018Financial instruments: Disclosures\u2019a sensitivity analysis was carried out on the evolution of the exchange rates. Based on the volatility of the relevant currencies, we have estimated the impact of the possibleexchange rate movements on our financial result as follows: SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2022*Amount Possible Currency pair (in foreign Closing rate volatility of the Rate used for the Effect on revaluation (HC/FC)**currency and in 31/12/2022exchange rate sensitivity analysis(in \u20ac thousand)thousand)***AUD/TRY 6,936 12.70 7.80% 13.6939 11.7839 (25) 27 EUR/BRL (1,630) 5.64 9.30% 6.1630 5.1588 25 (27)EUR/CLP (369,515) 916.91 9.30% 1002.1826 838.8930 34 (37)EUR/CZK (470) 24.12 2.90% 24.8154 23.4363 1 (1)EUR/GBP (190) 0.89 3.90% 0.9215 0.8536 8 (8)EUR/INR 33,240 88.17 4.30% 91.9624 84.5360 (16) 16 EUR/PLN 719 4.68 4.40% 4.8868 4.4835 (6) 7 EUR/RUB 684,746 75.66 27.80% 96.6875 59.1982 (1,969) 2,516 EUR/TRY 33,371 19.93 6.70% 21.2705 18.6831 (105) 112 EUR/USD (21) 1.07 5.00% 1.1199 1.0158 1 (1)USD/TRY (41,997) 18.69 5.30% 19.6807 17.7494 106 (112)USD/MXN 7,098 19.55 5.20% 20.5705 18.5872 (17) 18 Total (1,963) 2,510 * Balance sheet exposure after financial hedging (net-exposures) / ** HC = Home Currency / FC = Foreign Currncy / *** 3 month volatilityIf currencies would have weakened/strengthened durin2022 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 2.5 million higher / \u20ac 2.0 million lower. The relatively high sensitivity is mainly due to the Group\u2019s exposure in Russian Roubles, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 119.7 million out of the \u20ac 130.5 million outstanding loans of the Group are loans at a variable interest rate. In order to mitigate the risk of increasing interest rates, Deceuninck has entered into Interest Rate Swaps with a tenor of five years for a total notional amount of \u20ac 100 million, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). On 31 December 2022 a total amount of \u20ac 136.9 million financing (including factoring) at a variable interest rate was outstanding, of which \u20ac 100 million is hedged by these Interest Rate Swaps. An increase or decrease of themarket interest rate by 1.00% would by consequence onlyhave an impact on the unhedged part (\u20ac 36.9 million) which would result in an increase or decrease of the interest costs by \u20ac 369.0 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-319-3": {
"value": "Credit riskThe products of the Group are used almost exclusively in the construction industry. Hence, the exposure to credit risk is highly dependent on the performance of thbuilding industry and the general economic conditions. In order to minimize the credit risk, we are closely monitoring the payment behaviour of each debtor. The Group uses credit insurance to mitigate the credit risk related to trade receivables. Two credit insurance policies have been taken out with two different insurers.Commercial limits, based on financial information and on business knowledge, can deviate from the insured credit limits. However, since the COVID-19 pandemic we have done many efforts to lower our commercial limits and have them match the amounts covered by the insurance company as much as possible in order to further reduce our credit risk. In cases where the insuredlimit is not sufficient we tried to obtain extra guaranteesfrom our customers (e.g. bank guarantees, promissory notes, letters of credit or pledges on customers assets (machinery, buildings, land plots, etc.)).Payment behaviour of our customers has been monitored very closely and unpaid invoices have resultedimmediately in a blocking of all open orders from day one.",
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-323-5": {
"value": "Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-323-6": {
"value": "Hierarchical classification of fair valueA comparison is provided below between the net carryingvalue and the fair value of financial instruments, which have been included in the financial statements. The fair value of the loans was calculated by defining the expectedfuture cash flows, and by discounting these on common, accepted interest rates.Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2021 2022 2021 2022Financial assetsCash and cash equivalents 72,885 58,949 72,885 58,949 Trade receivables 90,756 87,947 90,756 87,947 Financial fixed assets 9 10 9 10 Derivative financial instruments 3,278 3,290 3,278 3,290 Financial liabilitiesLoans with a variable interest rate 2,706 119,709 2,706 119,709 Loans with a fixed interest rate 120,590 10,793 122,795 11,080 Financial leasing liabilities 11,472 16,697 11,472 16,697 Derivative financial instruments 650 327 650 327 The Group uses the following hierarchical classification in determining and explaining the fair value of financial instruments by valuation technique: \u2022 Level 1: quoted (not adjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value areobservable, either directly or indirectly.\u2022 Level 3: techniques that use input with a significant impact on the recorded fair value that is not based on observable market data.During the reporting period ending 31 December 2022, there were no transfers between Level 1 and Level 2 fairvalue measurements and no transfers into and out of Level 3 fair value measurements.The values as determined under \u2018Level 2\u2019 are based on the \u2018mark-to-market\u2019 calculations by the financial institutions providing the financial instruments. As per 31 December 2021 the Group had the followingfinancial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2021HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)FX forward contracts 3,278 - 3,278 - Assets at fair value 3,278 - 3,278 - FX forward contracts 650 - 650 - Liabilities at fair value 650 - 650 - As per 31 December 2022 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2022HIERARCHICAL CLASSIFICATION OF FAIR 31 december Level 1 Level 2 Level 3VALUE (IN \u20ac THOUSAND)Interest rate swap 2,968 - 2,968 - FX forward contracts 322 - 322 - Assets at fair value 3,290 - 3,290 - FX forward contracts 327 - 327 - Liabilities at fair value 327 - 327 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f55939": {
"value": "BELGIUM",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
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"value": "26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2022:\u2022 Capital expenditure commitments for \u20ac 21.7 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 92.1 million for the period 2023 to 2026 to secure sourcing in the coming years;\u2022 No export commitments;\u2022 Purchase commitments resulting from derivative forward agreements: see detailed information as included in Note 25 Risk management.",
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"value": "26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2022:\u2022 Capital expenditure commitments for \u20ac 21.7 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 92.1 million for the period 2023 to 2026 to secure sourcing in the coming years;\u2022 No export commitments;\u2022 Purchase commitments resulting from derivative forward agreements: see detailed information as included in Note 25 Risk management.",
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"value": "28. List of subsidiariesAll financial periods close on 31 December 2022, aparfrom Deceuninck Profiles India Private Limited, as disclosed in Note 1. Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.0028.77 28.77100.00 100.00Tunal NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00BOSNIA AND HERZEGOVINADeceuninck d.o.o Prvi mart bb75270 Zivinice 100.00 100.00BRAZILDeceuninck do Brazil Estrada Boa Vista 575 Galp\u00e3o 10CEP 06701 475Cotia \u2013 S\u00e3o Paulo 99.99 99.99BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEEl Oto\u00f1o 472 Deceuninck Importadora Limitada Lampa 9390306 Santiago 99.99 99.99CROATIAInoutic d.o.o. Industrijska ulica 310370 Dugo Selo (Zagreb) 100.00 100.00Deceuninck d.o.o. Kipi\u0161\u0107e 1310434 Strmec Samoborski 100.00 100.00CZECH REPUBLICDeceuninck Spol. s r.o Tu\u0159anka 1519/115a 627 00 Brno-Slatina 100.00 100.00COLOMBIADeceuninck S.A.S. Zona France Parque Central - Variante Turbaco 100.00 100.00CII 1 Cra 2-5 DUP 1 Bdg 15 Turbaco - ColombiaFRANCEDeceuninck S.A.S. Zone Industrielle \u2013 Impasse des Bleuets 100.00 100.0080700 RoyeGERMANYDeceuninck Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenDeceuninck Germany Produktions*Bayerwaldstrasse 18 100.00 100.00GmbH & Co KG94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022Deceuninck Holding Germany GmbH* Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) Mannur Village No 523 B Block 88.32 87.91Mannur Village \u2013 Sriperumbudur Taluk 631203 ChennaiDeceuninck Profiles India Private Limited Building 09. Casa Grande Distripark 88.44 88.03Satharai Village. Thiruvallur Taluk Thiruvallur Thiruvallur TN 631203ITALYDeceuninck Italia S.r.l. Via Padre Eugenio Barsanti. 1 100.00 100.0056025 Pontedera (PI) LITHUANIADeceuninck Baltic UAB (in liquidation) Saltoniskiu str. 29/3 100.00 100.0008105 VilniusMEXICODeceuninck de Mexico SA de CV Huajuapan No. 809 Int 2 C. 100.00 100.00Coronango 72680 PueblaPOLANDDeceuninck Poland Sp. z o.o. Jasin. Ul Poznanska 34 100.00 100.0062-020 SwarzedzROMANIADeceuninck Romania SRL Sos. De Centura nr. 13A 100.00 100.00Complex Key Logistics Center 077040 Chiajna town Jud.IlfovRUSSIADeceuninck Rus OOO Butlerova str., 17, room 5106 100.00 100.00117342 MoscowSLOVAKIADeceuninck Slovakia s.r.o. Z\u00e1mock\u00e1 30 100.00811 01 Bratislava \u2013 Star\u00e9 mestoSPAINDeceuninck NV Sucursal en Espana Avda. De la Industria 1007100.00 100.00Pol. Ind. Antonio del Rincon45222 Borox \u2013 ToledoTHAILANDDeceuninck (Thailand) Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 74.00 74.00Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Asia Profile Holding Co. Ltd. 2/3 Bangna Towers A 17fl RM 1704B 48.95 48.95Bangna-Trad. Km 6.5 Bangkaew. Bangplee Samutprakarn 10540Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaTURKEYEge Profil Ticaret ve Sanayi A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 88.32 87.91Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u0218 Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 100.00 100.00Menemen/\u0130ZM\u0130R 35660 IZMIRUNITED KINGDOMDeceuninck Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXStatus Systems PVCU Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXRange Valley Extrusions Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXDeceuninck Holdings (UK) Ltd. Unit 2. Stanier Road 100.00 100.00Porte Marsh Calne \u2013 Wiltshire SN11 9PXUNITED STATESDeceuninck North America Inc. 351 North Garver Road 100.00 100.00Monroe. 45050 OhioDeceuninck North America. LLC 351 North Garver Road 100.00 100.00Monroe. 45050 OhioEquity investees, refer to Note 8:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2021 2022BELGIUMSo Easy Belgium BV Stokkelaar 13 50.00 50.009160 LokerenPOLANDSo Easy System Sp. Z.o.o. ul. Dunska 4 50.00 50.0005-152 CzosnowDecalu Solutions Sp. z.o.o. ul. Dunska 4 51.00 51.0005-152 Czosnow* The subsidiary Deceuninck Germany GmbH makes use of the exemptions available in \u00a7 264 (3) HGB and subsidiary Deceuninck Germany Productions GmbH & Co. KG of 264 b HGB with regard to the publication of annual financial statements and the drawing up of a management report and notes to the financial statements. The Group Financial Statements of Deceuninck NV serve as exempting consolidated financial statements for these companies.The Group guarantees the debts of these companies as at 31 December 2022 in the following fiscal year 2023.",
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"f57523": {
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"pp-value-347-2": {
"value": "Result appropriationThe Board of Deceuninck NV will propose to the General Meeting to distribute a gross dividend of 0.07 euro per share.APPROPRIATION OF THE RESULTS OF DECEUNINCK NV (IN \u20ac THOUSAND) 2021 2022Profit / (loss) from the fiscal year for appropriation 6,905 14,191Profit carried forward from previous year 55,760 54,333Profit to be appropriated 62,665 68,524Dividend 8,278 9,673Allocation to legal reserves 54 6Profit to be carried forward 54,333 58,845TOTAL 62,665 68,524",
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