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"s8_notes__6__16": {
"value": "1. Material accounting principlesThe 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 statements were authorised by the Board on 27 February 2024. The dividend as included in the financial statements is subject to change as this is subject to approval during the General Meeting of Deceuninck NV, which is scheduled to be held on 23 April 2024.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 2023. They have been prepared prior to the distribution of profits proposed by the parent company at the 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 financial statements may not add up due to rounding.Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and 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 giveit the current ability to direct the relevant activities ofthe subsidiary);\u2022 Exposure, or rights, to variable returns from itsinvolvement with the subsidiary;\u2022 The ability to use its power over the subsidiaryto 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 voteholders 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 2023 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the 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 Group to exercise the voting rights of the remaining 51.05% of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest 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 in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of1 January 2022 and was continuously applied during2023;\u2022 Non-monetary assets and liabilities stated at historicalcost (e.g. property plant and equipment, intangibleassets, goodwill, etc.) and equity of the Turkishsubsidiaries were restated using the official ConsumerPrice Index (\u201cCPI\u201d) published by the Turkish StatisticalInstitute (TURKSTAT). The hyperinflation impactsresulting from changes in the general purchasingpower until 31 December 2021 were reported in othercomprehensive income and the impacts of changesin the general purchasing power from 1 January2022 are reported through the income statement asMonetary gains/(losses);\u2022 The income statement is adjusted at the end of thereporting period using the change in the CPI and isconverted at the closing exchange rate of each period(rather than at monthly average exchange rates as forsubsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 19-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 15.162006 109.65 13.832007 118.85 12.762008 130.81 11.592009 139.35 10.882010 148.27 10.222011 163.76 9.262012 173.85 8.722013 186.72 8.122014 201.97 7.512015 219.76 6.902016 238.52 6.362017 266.95 5.682018 321.14 4.722019 359.15 4.222020 411.59 3.682021 560.09 2.712022 920.01 1.652023 1,516.01 1.00During the 12 months perioded ended 31 December 2023, the CPI increased with 64.77% compared to 31 December 2022. The total devaluation of the Turkish Lira in the same period amounted to 63.55%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2023 amounts to \u20ac 1.8 million and is included in the statement of other comprehensive income (2022: \u20ac 48.2 million, which included both (i) the impact resulting from 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 of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 1.9 million for the 12 months period ended 31 December 2023 (\u20ac -3.2 million for the 12 months period ended 31 December 2022).The total monetary loss amounts to \u20ac 25.7 million for the 12 months period ended 31 December 2023 (for the 12 months period ended 31 December 2022: \u20ac 17.0 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the balance sheet and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months perioded ended 31 December 2023 amounts to \u20ac 19.3 million (2022: \u20ac 20.4 million), of which \u20ac 17.0 million is attributable to shareholders of the parent company (2022: \u20ac 17.9 million) and \u20ac 2.3 million to non-controlling interests (2022: \u20ac 2.5 million).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 in relation 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 the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit 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 of employees 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. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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 discount rate, 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 included, for 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 \u2013 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 converted at 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 translation adjustments\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 preparing the financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2022 2023 2022 2023AUD 1.5693 1.6263 1.5159 1.6274BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.6386 5.3618 5.4254 5.3993CLP 916.9265 979.4319 917.3120 884.3297COP 5,130.8363 4,222.9730 4,452.6902 4,615.3846CZK 24.1160 24.7240 24.5574 23.9954GBP 0.8869 0.8690 0.8524 0.8698HRK 7.5345 7.5345 7.5349 7.5348INR 88.1710 91.9042 82.6669 89.3019LTL 3.4528 3.4528 3.4528 3.4528MXN 20.8560 18.7231 21.1372 19.1707PLN 4.6808 4.3395 4.6826 4.5396RON 4.9495 4.9756 4.9316 4.9466RSD 117.2910 117.1742 117.4545 117.2427RUB 75.6556 99.1916 69.7231 91.3107SEK 11.1218 11.0960 10.6228 11.4670THB 36.8350 37.9730 36.8533 37.6048TRY 19.9349 32.5739 - -UAH 38.9510 42.2080 34.2067 39.6036USD 1.0666 1.1050 1.0518 1.0814Intangible 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 estimated at 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.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. Tangible fixed assetsTangible 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 fixed assets 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. Subsequent 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 increase future 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.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 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.The Group has decided to voluntary change the way of the presentation of the share of the result of a joint venture as of 1 January 2023. Prior to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture was shown on the face of the statement of profit or loss inside operating profit. Subsequent to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture is now shown on the face of the statement of profit or loss before the total Group\u2019s net profit or loss, outside of operating profit. Management judges that this change gives a fairer view on the calculation of key metrics and multiples.The change in presentation has no impact on the comparative figures of 2022. 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 received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset class 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 calculated using 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 they are 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 implicit in 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) Short-term leases and leases of low-value assets 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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI 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 included.Other 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 company is 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 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 labour 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 debit 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 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.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, warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management 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 price preceding 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 transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions 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 is immediately recognized. However, if a new share-based payment 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 and the 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 key financial 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.SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products 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.SALE 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 be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(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 paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use 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 fair value 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 reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companies should 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 are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs 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 the costs 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 realized.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 balance sheet 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 for depreciations / 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 & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (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 cash equivalents. 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 2023.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2023 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 IFRS 17 \u2018Insurance contracts\u2019;\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies;\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information;\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules.The 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 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by theEuropean Union:\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024).Standards 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 1 January 2024);\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024);\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__13-1": {
"value": "1. Material accounting principlesThe 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 statements were authorised by the Board on 27 February 2024. The dividend as included in the financial statements is subject to change as this is subject to approval during the General Meeting of Deceuninck NV, which is scheduled to be held on 23 April 2024.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 2023. They have been prepared prior to the distribution of profits proposed by the parent company at the 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 financial statements may not add up due to rounding.Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and 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 giveit the current ability to direct the relevant activities ofthe subsidiary);\u2022 Exposure, or rights, to variable returns from itsinvolvement with the subsidiary;\u2022 The ability to use its power over the subsidiaryto 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 voteholders 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 2023 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the 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 Group to exercise the voting rights of the remaining 51.05% of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest 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 in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of1 January 2022 and was continuously applied during2023;\u2022 Non-monetary assets and liabilities stated at historicalcost (e.g. property plant and equipment, intangibleassets, goodwill, etc.) and equity of the Turkishsubsidiaries were restated using the official ConsumerPrice Index (\u201cCPI\u201d) published by the Turkish StatisticalInstitute (TURKSTAT). The hyperinflation impactsresulting from changes in the general purchasingpower until 31 December 2021 were reported in othercomprehensive income and the impacts of changesin the general purchasing power from 1 January2022 are reported through the income statement asMonetary gains/(losses);\u2022 The income statement is adjusted at the end of thereporting period using the change in the CPI and isconverted at the closing exchange rate of each period(rather than at monthly average exchange rates as forsubsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 19-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 15.162006 109.65 13.832007 118.85 12.762008 130.81 11.592009 139.35 10.882010 148.27 10.222011 163.76 9.262012 173.85 8.722013 186.72 8.122014 201.97 7.512015 219.76 6.902016 238.52 6.362017 266.95 5.682018 321.14 4.722019 359.15 4.222020 411.59 3.682021 560.09 2.712022 920.01 1.652023 1,516.01 1.00During the 12 months perioded ended 31 December 2023, the CPI increased with 64.77% compared to 31 December 2022. The total devaluation of the Turkish Lira in the same period amounted to 63.55%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2023 amounts to \u20ac 1.8 million and is included in the statement of other comprehensive income (2022: \u20ac 48.2 million, which included both (i) the impact resulting from 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 of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 1.9 million for the 12 months period ended 31 December 2023 (\u20ac -3.2 million for the 12 months period ended 31 December 2022).The total monetary loss amounts to \u20ac 25.7 million for the 12 months period ended 31 December 2023 (for the 12 months period ended 31 December 2022: \u20ac 17.0 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the balance sheet and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months perioded ended 31 December 2023 amounts to \u20ac 19.3 million (2022: \u20ac 20.4 million), of which \u20ac 17.0 million is attributable to shareholders of the parent company (2022: \u20ac 17.9 million) and \u20ac 2.3 million to non-controlling interests (2022: \u20ac 2.5 million).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 in relation 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 the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit 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 of employees 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. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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 discount rate, 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 included, for 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 \u2013 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 converted at 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 translation adjustments\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 preparing the financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2022 2023 2022 2023AUD 1.5693 1.6263 1.5159 1.6274BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.6386 5.3618 5.4254 5.3993CLP 916.9265 979.4319 917.3120 884.3297COP 5,130.8363 4,222.9730 4,452.6902 4,615.3846CZK 24.1160 24.7240 24.5574 23.9954GBP 0.8869 0.8690 0.8524 0.8698HRK 7.5345 7.5345 7.5349 7.5348INR 88.1710 91.9042 82.6669 89.3019LTL 3.4528 3.4528 3.4528 3.4528MXN 20.8560 18.7231 21.1372 19.1707PLN 4.6808 4.3395 4.6826 4.5396RON 4.9495 4.9756 4.9316 4.9466RSD 117.2910 117.1742 117.4545 117.2427RUB 75.6556 99.1916 69.7231 91.3107SEK 11.1218 11.0960 10.6228 11.4670THB 36.8350 37.9730 36.8533 37.6048TRY 19.9349 32.5739 - -UAH 38.9510 42.2080 34.2067 39.6036USD 1.0666 1.1050 1.0518 1.0814Intangible 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 estimated at 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.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. Tangible fixed assetsTangible 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 fixed assets 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. Subsequent 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 increase future 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.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 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.The Group has decided to voluntary change the way of the presentation of the share of the result of a joint venture as of 1 January 2023. Prior to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture was shown on the face of the statement of profit or loss inside operating profit. Subsequent to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture is now shown on the face of the statement of profit or loss before the total Group\u2019s net profit or loss, outside of operating profit. Management judges that this change gives a fairer view on the calculation of key metrics and multiples.The change in presentation has no impact on the comparative figures of 2022. 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 received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset class 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 calculated using 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 they are 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 implicit in 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) Short-term leases and leases of low-value assets 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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI 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 included.Other 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 company is 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 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 labour 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 debit 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 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.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, warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management 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 price preceding 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 transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions 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 is immediately recognized. However, if a new share-based payment 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 and the 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 key financial 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.SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products 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.SALE 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 be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(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 paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use 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 fair value 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 reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companies should 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 are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs 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 the costs 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 realized.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 balance sheet 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 for depreciations / 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 & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (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 cash equivalents. 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 2023.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2023 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 IFRS 17 \u2018Insurance contracts\u2019;\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies;\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information;\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules.The 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 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by theEuropean Union:\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024).Standards 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 1 January 2024);\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024);\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).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 & 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 Turkey & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2022 2023 2022 2023 2022 2023 2022 2023 2022 2023External Sales 458,232 410,298 224,095 166,981 291,778 288,819 - - 974,104 866,098 Intercompany Sales 3,021 956 746 80 19,776 13,718 (23,543) (14,755) - - Total sales* 461,253 411,254 224,840 167,061 311,553 302,537 (23,543) (14,755) 974,104 866,098 EBITDA 22,789 (203) 20,366 20,604 54,988 76,160 (815) 170 97,328 96,730 Adjusted EBITDA 27,735 20,509 20,366 20,604 54,988 76,590 (815) 170 102,274 117,872 Adj EBITDA items (4,945) (20,713) - - - (429) - - (4,945) (21,142)Financial Result 3,657 14,862 (2,916) (3,998) (22,993) (25,121) (8,659) (19,079) (30,911) (33,336)Taxes - Current & Deferred 2,657 5,313 (1,281) (193) (10,188) (9,015) 86 (63) (8,726) (3,958)Depreciations and Impairments 29,215 22,508 11,527 12,818 9,834 10,106 (487) (616) 50,090 44,816 Capital expenditures (Capex) (25,120) (25,279) (10,788) (8,731) (13,414) (23,206) 879 1,135 (48,444) (56,082)* Out of which \u20ac 110.4 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 21.1 million includes the following non-recurring incomeand expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration recognized as a minus of Sales (\u20ac 2.5 million), Cost of goods sold (\u20ac 1.5 million) and as Marketing, sales and distribution expenses (\u20ac 1.1 million);\u2022 One-off restructuring costs in Europe and Emerging Markets (\u20ac 16.0 million).Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe* 313,681 311,803 North America 116,483 129,041 Turkey & Emerging Markets 232,437 234,138 Intersegment assets 662,602 674,982 Cash and cash equivalents 58,949 46,545Intersegment eliminations (11,952) (40,627)Total Group Assets 709,598 680,901* Out of which \u20ac 146.0 million relating to Belgium Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe 99,937 137,688North America 31,946 25,156 Turkey & Emerging Markets 133,517 134,882 Intersegment liabilities 265,399 297,726Equity including non-controlling interests 319,621 315,012 Long-term interest-bearing loans 130,748 105,097 Other long-term liabilities 580 80 Current portion of interest bearing loans 6,766 8,917 Intersegment eliminations (13,516) (45,932)Total group liabilities 709,598 680,901External sales by product group is presented in the table below (in EUR and in %):Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 387,510 84.6% 224,095 100.0% 279,974 96.0% 891,579 91.5%Outdoor Living 36,211 7.9% - 0.0% 74 0.0% 36,285 3.7%Home protection 34,511 7.5% - 0.0% 11,729 4.0% 46,241 4.7%Total 458,232 100.0% 224,095 100.0% 291,778 100.0% 974,104 100.0%Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2023 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 344,110 83.9% 166,981 100.0% 277,373 96.0% 788,464 91.0%Outdoor Living 30,765 7.5% - 0.0% 82 0.0% 30,847 3.6%Home protection 35,423 8.6% - 0.0% 11,364 4.0% 46,786 5.4%Total 410,298 100.0% 166,981 100.0% 288,819 100.0% 866,098 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customers.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 \u20ac0.07.(IN \u20ac THOUSAND) 2022 2023Earnings attributable to ordinary shareholders 5,980 9,484 Weighted average number of ordinary shares (in thousands) 138,135 138,371 Basic earnings per share (in \u20ac) 0.04 0.07Diluted 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 \u20ac0.06 per share.(IN \u20ac THOUSAND) 2022 2023Earnings attributable to ordinary shareholders 5,980 9,484 Weighted average number of ordinary shares (in thousands) 138,135 138,371 Dilution effect of non-exercised warrants (in thousands) 6,973 7,853 Weighted average number of shares after dilution (in thousands) 145,108 146,225 Basic earnings per share (in \u20ac) 0.04 0.06",
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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.",
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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.",
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"value": "The consolidated financial statements were authorised by the Board on 27 February 2024.27. Events after the balance sheetNo significant events have occurred after the balance sheet date.",
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"value": "The consolidated financial statements were authorised by the Board on 27 February 2024.",
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"value": "Consolidation principlesThe consolidated financial statements include the individual financial statements of Deceuninck NV and 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 giveit the current ability to direct the relevant activities ofthe subsidiary);\u2022 Exposure, or rights, to variable returns from itsinvolvement with the subsidiary;\u2022 The ability to use its power over the subsidiaryto 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 voteholders 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 2023 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the 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 Group to exercise the voting rights of the remaining 51.05% of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest 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 the individual financial statements of Deceuninck NV and 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 giveit the current ability to direct the relevant activities ofthe subsidiary);\u2022 Exposure, or rights, to variable returns from itsinvolvement with the subsidiary;\u2022 The ability to use its power over the subsidiaryto 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 voteholders 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 2023 of Deceuninck Profiles India Private Limited have been used. The same valuation principles apply to their financial statements. The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the 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 Group to exercise the voting rights of the remaining 51.05% of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest in this joint venture is accounted for using the equity method in the consolidated financial statements.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21-1": {
"value": "The Group has an interest of 14.43% in Solardec CV which is fully consolidated, as the company has two directors that are both appointed by Deceuninck NV and the 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 Group to exercise the voting rights of the remaining 51.05% of the shares and this allows the Group to decide upon the major operational decisions for the company.The Group holds a 50% interest in So Easy Belgium BV. This has been classified as joint venture. The Group\u2019s interest 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.The Group has decided to voluntary change the way of the presentation of the share of the result of a joint venture as of 1 January 2023. Prior to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture was shown on the face of the statement of profit or loss inside operating profit. Subsequent to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture is now shown on the face of the statement of profit or loss before the total Group\u2019s net profit or loss, outside of operating profit. Management judges that this change gives a fairer view on the calculation of key metrics and multiples.The change in presentation has no impact on the comparative figures of 2022. 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 BV. The 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 joint venture 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) 2022 2023Sales 19,203 18,616 Cost of goods sold (14,086) (13,062)Gross profit 5,116 5,553 Marketing, sales and distribution expenses (3,754) (6,140)Administrative and general expenses (2,748) (2,486)Other net operating result 556 571 Operating profit / (loss) after impairment on goodwill (830) (2,502)Financial charges (1,699) (347)Financial income 256 465 Profit / (loss) before taxes (EBT) (2,274) (2,384)Income taxes (5) 10 Net profit / (loss) (2,279) (2,374)Other comprehensive income (+) / loss (-) for the period after tax impact 150 (1,008)Total comprehensive income (+) / loss (-) for the period (2,129) (3,382)Group's share of profit / (loss) for the year (1,065) (1,691)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2022 2023Group's share of net profit / (loss) for the year (1,140) (1,187)Translation adjustments 75 (504)Group's share in total comprehensive income / (loss) (1,065) (1,691)Recognized group's share of net profit / (loss) for the year - (1,000)Non recognized group's share of total comprehensive income / (loss) for the year* (1,065) (691)* The Group has taken into account 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 share 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.(IN \u20ac THOUSAND) 2022 2023ASSETSIntangible fixed assets 689 403 Tangible fixed assets 5,644 6,015 Non-current assets 6,334 6,418 Inventories 2,446 3,157 Trade receivables 2,224 2,567 Other receivables 595 561 Cash and cash equivalents 219 732 Current assets 5,484 7,016 Total assets 11,818 13,434 EQUITY AND LIABILITIESEquity (11,229) (12,611)Interest-bearing loans 11,616 19,711 Deferred tax liabilities 16 - Non-current liabilities 11,632 19,711 Trade payables 3,618 3,081 Other liabilities 7,797 3,253 Current liabilities 11,415 6,334Total equity and liabilities 11,818 13,434(IN \u20ac THOUSAND) 2022 2023Group's share in net assets at 1 January (4,550) (5,615)Group's share in net profit / (loss) of the year (1,140) (1,187)Group's share in other comprehensive income 75 (504)Capital increase - 1,000 Group's share in net assets at 31 December (5,615) (6,305)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 2,401 3,092 Group's carrying amount of the investment at 31 December - - 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 2023, apart from Deceuninck Profiles India Private Limited, as disclosed in Note 1. Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2022 2023AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.00BELGIUMSolardec CV Bruggesteenweg 3608830 Hooglede-Gits 28.77 14.43Plastics Deceuninck NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00Tunal 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 99.99 100.00BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEDeceuninck Importadora Limitada El Oto\u00f1o 472 Lampa 9390306 Santiago 99.99 99.99CROATIADeceuninck d.o.o. Gospodarska ulica 11 10298 Donja Bistra 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 ProduktionsBayerwaldstrasse 18 100.00 100.00GmbH & Co KG94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2022 2023Deceuninck Holding Germany GmbH Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) Mannur Village No 523 B Block 87.91 88.27Mannur Village \u2013 Sriperumbudur Taluk 631203 ChennaiDeceuninck Profiles India Private Limited Building 09. Casa Grande Distripark 88.03 88.39Satharai 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 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 30 100.00 100.00811 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 OFFICE2022 2023THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaTURKEYEge Profil Ticaret ve Sanayi A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 87.91 88.27Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u015e 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 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 OFFICE2022 2023BELGIUMSo 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 CzosnowUNITED KINGDOMUnit 2. Stanier Road Porte Marsh - 50.00Deceuninck Aluminium UK Ltd.Calne \u2013 Wiltshire SN11 9PXDeceuninck NV\u2013Belgium",
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"s8_notes__6__22-1": {
"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 in these consolidated financial statements applying the IAS 29 rules as follows:\u2022 Hyperinflation accounting was applied starting as of1 January 2022 and was continuously applied during2023;\u2022 Non-monetary assets and liabilities stated at historicalcost (e.g. property plant and equipment, intangibleassets, goodwill, etc.) and equity of the Turkishsubsidiaries were restated using the official ConsumerPrice Index (\u201cCPI\u201d) published by the Turkish StatisticalInstitute (TURKSTAT). The hyperinflation impactsresulting from changes in the general purchasingpower until 31 December 2021 were reported in othercomprehensive income and the impacts of changesin the general purchasing power from 1 January2022 are reported through the income statement asMonetary gains/(losses);\u2022 The income statement is adjusted at the end of thereporting period using the change in the CPI and isconverted at the closing exchange rate of each period(rather than at monthly average exchange rates as forsubsidiaries in non-hyperinflationary economies);As stated above, when applying IAS 29, the Group uses the conversion coefficient derived from the official consumer price index (CPI) in Turkey, published by the Turkish Statistical Institute (TURKSTAT). The CPIs and corresponding conversion coefficients for the 19-year period since the Group ceased to apply hyperinflation accounting for its Turkish subsidiaries (i.e. since 1 January 2006), can be found below:As at 31 December Index Conversion coefficient2005 100.00 15.162006 109.65 13.832007 118.85 12.762008 130.81 11.592009 139.35 10.882010 148.27 10.222011 163.76 9.262012 173.85 8.722013 186.72 8.122014 201.97 7.512015 219.76 6.902016 238.52 6.362017 266.95 5.682018 321.14 4.722019 359.15 4.222020 411.59 3.682021 560.09 2.712022 920.01 1.652023 1,516.01 1.00During the 12 months perioded ended 31 December 2023, the CPI increased with 64.77% compared to 31 December 2022. The total devaluation of the Turkish Lira in the same period amounted to 63.55%.Total currency translation adjustments related to the translation of the Turkish subsidiaries for the 12 months period ended 31 December 2023 amounts to \u20ac 1.8 million and is included in the statement of other comprehensive income (2022: \u20ac 48.2 million, which included both (i) the impact resulting from 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 of the year 2022).The application of IAS 29 had an impact on operating profit (EBIT) of \u20ac 1.9 million for the 12 months period ended 31 December 2023 (\u20ac -3.2 million for the 12 months period ended 31 December 2022).The total monetary loss amounts to \u20ac 25.7 million for the 12 months period ended 31 December 2023 (for the 12 months period ended 31 December 2022: \u20ac 17.0 million) and is the result of the loss on the net monetary position that is derived as the difference resulting from the restatement of non-monetary items of the balance sheet and the offsetting of the inflation restatement of profit or loss items.The total negative impact on the net result for the 12 months perioded ended 31 December 2023 amounts to \u20ac 19.3 million (2022: \u20ac 20.4 million), of which \u20ac 17.0 million is attributable to shareholders of the parent company (2022: \u20ac 17.9 million) and \u20ac 2.3 million to non-controlling interests (2022: \u20ac 2.5 million).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 balance sheet and offsetting of the inflation restatement of profit or loss items after application of IAS29 Hyperinflation for the Turkish subsidiaries of the Group.The line item Other under deferred income taxes in 2023 is mainly related due to the fact that the Groups\u2019 Turkishsubsidiaries are obligated to apply hyperinflation accounting on the tax ledger, minimizing the temporary differences.As described above, the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, significantly reducing the temporary differences. This mainly explains the reduction of the deferred tax liability related to the tangible fixed assets.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing stpower of 31 of December 2023 (\u20ac 1,892 thousand in Cost and \u20ac 965 thousand in Depreciations and Impairments).Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed stassets to purchasing power of 31 of December 2023. The amount related to IAS29 hyperinflation effects in Cost amounted to \u20ac 98.3 million and \u20ac 82.3 million in Depreciations and Impairments (2022: \u20ac 137.2 million in Cost and \u20ac 86.2 million in Depreciations and Impairments).Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2023.",
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"language": "en",
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},
"s8_notes__6__24": {
"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 in relation 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 the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit 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 of employees 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. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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 discount rate, 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 included, for 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 \u2013 Trade receivables.",
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
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},
"s8_notes__6__23-1": {
"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 in relation 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 the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit 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 of employees 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. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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 discount rate, 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 included, for 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 \u2013 Trade receivables.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 2023.New and amended standards and interpretationsThe following amendments to standards are mandatory for the first time for the financial year beginning 1 January 2023 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 IFRS 17 \u2018Insurance contracts\u2019;\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies;\u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;\u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;\u2022 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information;\u2022 Amendments to IAS 12 \u2018Income Taxes\u2019: International Tax Reform \u2013 Pillar Two Model Rules.The 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 2016).The following amendments have been issued, are not mandatory for the first time for the financial year beginning 1 January 2023 but have been endorsed by theEuropean Union:\u2022 Amendments to IFRS 16 \u2018Leases\u2019: Lease Liability in a Sale and Leaseback (effective 1 January 2024).Standards 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 1 January 2024);\u2022 Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019: Supplier Finance Arrangements (effective 1 January 2024);\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (effective 1 January 2025).",
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},
"s8_notes__6__25-1": {
"value": "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 the relating collective labour agreement because it will be renewed on an ongoing basis. For this reason, the Group is accounting for this plan as a post-employment defined benefit 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 of employees 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 labour 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 debit 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 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.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 general repairs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, 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 included.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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, Note 7.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 estimated at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26-1": {
"value": "Impairment of goodwillGoodwill relating to business combinations is assessed on an annual basis by means of an impairment test. When a publicly available market valuation is available for a certain cash generating unit, the Group will evaluate the market capitalization against the carrying amount of that cash generating unit. If additional justification is required, or no publicly available market valuation is available, the Group will estimate 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, Note 7.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30-1": {
"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 discount rate, 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.PENSIONSThe 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 labour 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 debit 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 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.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 key financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31-1": {
"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, warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management 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 price preceding 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 transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions 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 is immediately recognized. However, if a new share-based payment 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 and the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33-1": {
"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 included, for 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 \u2013 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 included.Other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34-1": {
"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 converted at 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 translation adjustments\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 preparing the financial statements:1 EUR is Closing Closing Average Average equal toraterateraterate2022 2023 2022 2023AUD 1.5693 1.6263 1.5159 1.6274BAM 1.9558 1.9558 1.9558 1.9558BGN 1.9558 1.9558 1.9558 1.9558BRL 5.6386 5.3618 5.4254 5.3993CLP 916.9265 979.4319 917.3120 884.3297COP 5,130.8363 4,222.9730 4,452.6902 4,615.3846CZK 24.1160 24.7240 24.5574 23.9954GBP 0.8869 0.8690 0.8524 0.8698HRK 7.5345 7.5345 7.5349 7.5348INR 88.1710 91.9042 82.6669 89.3019LTL 3.4528 3.4528 3.4528 3.4528MXN 20.8560 18.7231 21.1372 19.1707PLN 4.6808 4.3395 4.6826 4.5396RON 4.9495 4.9756 4.9316 4.9466RSD 117.2910 117.1742 117.4545 117.2427RUB 75.6556 99.1916 69.7231 91.3107SEK 11.1218 11.0960 10.6228 11.4670THB 36.8350 37.9730 36.8533 37.6048TRY 19.9349 32.5739 - -UAH 38.9510 42.2080 34.2067 39.6036USD 1.0666 1.1050 1.0518 1.0814",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39-1": {
"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 assetsTangible 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 fixed assets 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. Subsequent 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 increase future 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.iii) Short-term leases and leases of low-value assets 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 key financial 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 balance sheet 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"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 estimated at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38-1": {
"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 estimated at 3 years.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.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 received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset class 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 calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47-1": {
"value": "Tangible fixed assetsTangible 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 fixed assets 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. Subsequent 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 increase future 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.9. Tangible fixed assets Other Assets Land & Machinery & Furniture tangible 2022 (IN \u20ac THOUSAND)under Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt 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 20,313 282,270Other Assets Land & Machinery & Furniture 2023 (IN \u20ac THOUSAND)tangible fixedunder TotalbuildingsAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 equipmentand vehicles6,723 assets20,669 5,096 - 22,991 55,480 constructionCOST(41) (898) Additions (318) - (114) (1,371)Disposals 2,388 13,789 94 - (16,160) 111 (1,607) 22,154 4,395 - (2,537) 22,405 Transfers 218,128 683,769 Translation adjustments 34,222 138 24,492 960,750 At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)(4,598) DEPRECIATIONS AND IMPAIRMENTS(27,350) At the beginning of this year (1,565) (10) - (33,524)(65) Additions to depreciations (2,297) (2) - - (2,365)41 854 196 - - 1,091 Additions to impairments (79) (72) - - - (151)Disposals (6,502) (21,654) Transfers (6,622) - - (34,778)(105,161) Translation adjustments (538,737) (27,572) (111) - (671,582)At the end of this year 218,128 683,769 34,222 24,492 960,750 TANGIBLE FIXED ASSETSCost (538,737) (27,572) 138(111) - (671,582)Accumulated depreciations and Net Carrying Value 112,967 145,032 6,650 27 24,492 289,168 (105,161) impairmentsThe transfers from assets under construction in both 2022 and 2023 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 2023 the Group has recognized impairments on tangible fixed assets for \u20ac 2.4 million (2022: \u20ac 8.3 million). The impairments in 2023 are mainly related to old tools. The impairments of 2022 are mainly related to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia. Impairments are included in other operating costs.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed stassets to purchasing power of 31 of December 2023. The amount related to IAS29 hyperinflation effects in Cost amounted to \u20ac 98.3 million and \u20ac 82.3 million in Depreciations and Impairments (2022: \u20ac 137.2 million in Cost and \u20ac 86.2 million in Depreciations and Impairments).The Group has \u20ac 16.0 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts 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) 2022 2023Land & Buildings 3,473 699 Machinery & equipment 15,124 20,841Other 1,716 2,952Total 20,313 24,492 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 inTurkey to Assets classified as held for sale.(IN \u20ac THOUSAND) 2022 2023Intangible fixed assets 19 23 Tangible fixed assets (9,687) (39)Assets held for sale 9,667 16 Total - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "Tangible fixed assetsTangible 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 fixed assets 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. Subsequent 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 increase future 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "The cost price of fixed assets 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. Subsequent expenditure is only capitalized, if it increases the future economic benefits of the fixed assets it relates to.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "Repair and maintenance costs, which do not increase future economic benefits, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"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.The Group has decided to voluntary change the way of the presentation of the share of the result of a joint venture as of 1 January 2023. Prior to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture was shown on the face of the statement of profit or loss inside operating profit. Subsequent to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture is now shown on the face of the statement of profit or loss before the total Group\u2019s net profit or loss, outside of operating profit. Management judges that this change gives a fairer view on the calculation of key metrics and multiples.The change in presentation has no impact on the comparative figures of 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"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.The Group has decided to voluntary change the way of the presentation of the share of the result of a joint venture as of 1 January 2023. Prior to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture was shown on the face of the statement of profit or loss inside operating profit. Subsequent to the change, the aggregate of the Group\u2019s share of profit or loss of a joint venture is now shown on the face of the statement of profit or loss before the total Group\u2019s net profit or loss, outside of operating profit. Management judges that this change gives a fairer view on the calculation of key metrics and multiples.The change in presentation has no impact on the comparative figures of 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42-1": {
"value": "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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41-1": {
"value": "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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"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 received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group elected to present the right-of-use assets as a separate asset class 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 calculated using 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 they are 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 implicit in 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) Short-term leases and leases of low-value assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59-1": {
"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 they are 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 implicit in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58-1": {
"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 they are 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 implicit in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64-1": {
"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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI 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 included.Other 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).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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62-1": {
"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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI 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 included.Other 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.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.10. Long-term receivables(IN \u20ac THOUSAND) 2022 2023Other receivables 413 399 Receivables from joint ventures - 10,582 Total 413 10,981 The increase in long-term receivables is due to additional financing provided to the Groups' joint venture.12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2022 2023Gross trade receivables 100,254 95,560 Impairments allowance (12,306) (13,431)Trade receivables 87,947 82,129 VAT and other taxes 6,910 8,618 Derivative financial instruments 3,290 240 Prepaid charges 3,075 3,499 Short-term warranties 164 199 Advance checks received 35,669 31,329 Receivables from joint ventures 4,043 112 Other 1,844 653 Other receivables 54,994 44,650 Gross trade receivables decreased \u20ac 5.8 million. Total factoring amounted to \u20ac 18.3 million at 31 December 2023 (2022: \u20ac 17.4 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received and reclassification of the receivables from joint ventures to long term receivables. Days sales outstanding (DSO) slightly increased year-on-year, to 39 days in 2023 compared to 37 days in 2022. The factoring and related cost for 2023 amounts to \u20ac 0.6 million (2022: \u20ac 1.6 million). 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 95,560 62,183 8,576 5,207 2,931 1,739 14,923 31 December 2023Impairments allowance per (13,431) (1,395) (53) (159) (58) (3) (11,762)31 December 2023Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023Net carrying value per 87,947 59,389 10,238 7,997 4,225 2,137 3,96131 December 2022**Net carrying value per 31 December 2022 has been restatedAs per 31 December 2023 an amount of \u20ac 13.4 million (2022: \u20ac 12.3 million) 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 2022 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2022 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 367 thousand.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2022 2023At the beginning of (9,991) (12,306)Additions (4,708) (4,652)Reversals 1,691 1,745 Utilizations - 420 Translation adjustments 700 1,362 At the end of (12,306) (13,431)13. Cash and cash equivalents(IN \u20ac THOUSAND) 2022 2023Cash and current bank accounts 37,730 25,920Short term deposits 21,219 20,625 Total 58,949 46,545Cash and cash equivalents have decreased mainly due to capital expenditures, dividend payments, net financial result excluding interests and debt repayments, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium and Turkey.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 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 119,331 89,688 Leasing 11,417 15,409 Long-term interest-bearing debts 130,748 105,097 SHORT-TERM INTEREST-BEARING DEBTS 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 11,171 4,763Leasing 5,280 7,251 Short-term interest-bearing debts 16,452 12,013Long-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 within 12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021Transfersexchange 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 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2022exchange 2023(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 130,502 (31,555) 96 20 - (4,613) 94,450Leasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110As of 31 December 2023, undrawn committed credit lines under the above mentioned facility agreements amounted to \u20ac 94.9 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 2023 and at all preceding testing dates throughout 2023, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604The Group has \u20ac 94.4 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 89.9 million 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). As at 31 December 2023, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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 carrying value 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 expected future cash flows, and by discounting these on common, accepted interest rates. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2022 2023 2022 2023Financial assetsCash and cash equivalents 58,949 46,545 58,949 46,545Trade receivables 87,947 82,129 87,947 82,129 Financial fixed assets 10 8 10 8 Derivative financial instruments 3,290 240 3,290 240 Financial liabilitiesLoans with a variable interest rate 119,709 91,502 119,709 91,502 Loans with a fixed interest rate 10,793 4,516 11,080 4,058 Financial leasing liabilities 16,697 22,660 16,697 22,660 Derivative financial instruments 327 805 327 805 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 are observable, 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 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.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 2022 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2022 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (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 - As per 31 December 2023 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)Interest rate swap - - - - FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI 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 included.Other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67-1": {
"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 and the 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 case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant 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 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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"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 profit or loss. Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "Dividends are recognized as financial income in the 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 the financial asset, in which case, such gains are recorded in OCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75-1": {
"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 included.Other 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:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74-1": {
"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 included.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:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__89": {
"value": "Treasury sharesThe amount paid, including any directly attributable expenses, for treasury shares acquired by the company is deducted from equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98": {
"value": "SHARE-BASED PAYMENTSVarious stock option, warrant programs and performance share plans enable the staff members, senior management members and members of the Executive Management 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 price preceding 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 transactions and at the same time as the corresponding increase in equity, is recognized over the vesting period. If the conditions of equity-settled share-based payment transactions 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 is immediately recognized. However, if a new share-based payment 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 and the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__100": {
"value": "SalesThe Group adopted IFRS 15 using the modified retrospective method of adoption. The Group is in the business of delivering window and door systems, building products 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.SALE 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 be recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.(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 paid to customers to compensate for investments made to adjust IT systems or production processes to be able to use 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 fair value 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 reached by the Task Force on this issue, consequently no explicit GAAP exists for the accounting for upfront payments to customers today. Accordingly, companies should 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 are deducted from the costs. iii) Warranty obligations The Group typically provides warranties for general repairs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__101": {
"value": "The Group is in the business of delivering window and door systems, building products and other goods to customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__102": {
"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 are deducted from the costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__104": {
"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 the costs 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__106": {
"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 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__109": {
"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 balance sheet 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__108": {
"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 balance sheet 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__107": {
"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 balance sheet 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__112-1": {
"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.Basic 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 \u20ac0.07.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 \u20ac0.06 per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__113": {
"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 for depreciations / 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 & restructuring expenses, (iii) gains & losses on disposal of consolidated entities, (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 cash equivalents. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__114": {
"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 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__122": {
"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 & 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 Turkey & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2022 2023 2022 2023 2022 2023 2022 2023 2022 2023External Sales 458,232 410,298 224,095 166,981 291,778 288,819 - - 974,104 866,098 Intercompany Sales 3,021 956 746 80 19,776 13,718 (23,543) (14,755) - - Total sales* 461,253 411,254 224,840 167,061 311,553 302,537 (23,543) (14,755) 974,104 866,098 EBITDA 22,789 (203) 20,366 20,604 54,988 76,160 (815) 170 97,328 96,730 Adjusted EBITDA 27,735 20,509 20,366 20,604 54,988 76,590 (815) 170 102,274 117,872 Adj EBITDA items (4,945) (20,713) - - - (429) - - (4,945) (21,142)Financial Result 3,657 14,862 (2,916) (3,998) (22,993) (25,121) (8,659) (19,079) (30,911) (33,336)Taxes - Current & Deferred 2,657 5,313 (1,281) (193) (10,188) (9,015) 86 (63) (8,726) (3,958)Depreciations and Impairments 29,215 22,508 11,527 12,818 9,834 10,106 (487) (616) 50,090 44,816 Capital expenditures (Capex) (25,120) (25,279) (10,788) (8,731) (13,414) (23,206) 879 1,135 (48,444) (56,082)* Out of which \u20ac 110.4 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 21.1 million includes the following non-recurring incomeand expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration recognized as a minus of Sales (\u20ac 2.5 million), Cost of goods sold (\u20ac 1.5 million) and as Marketing, sales and distribution expenses (\u20ac 1.1 million);\u2022 One-off restructuring costs in Europe and Emerging Markets (\u20ac 16.0 million).Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe* 313,681 311,803 North America 116,483 129,041 Turkey & Emerging Markets 232,437 234,138 Intersegment assets 662,602 674,982 Cash and cash equivalents 58,949 46,545Intersegment eliminations (11,952) (40,627)Total Group Assets 709,598 680,901* Out of which \u20ac 146.0 million relating to Belgium Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe 99,937 137,688North America 31,946 25,156 Turkey & Emerging Markets 133,517 134,882 Intersegment liabilities 265,399 297,726Equity including non-controlling interests 319,621 315,012 Long-term interest-bearing loans 130,748 105,097 Other long-term liabilities 580 80 Current portion of interest bearing loans 6,766 8,917 Intersegment eliminations (13,516) (45,932)Total group liabilities 709,598 680,901External sales by product group is presented in the table below (in EUR and in %):Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 387,510 84.6% 224,095 100.0% 279,974 96.0% 891,579 91.5%Outdoor Living 36,211 7.9% - 0.0% 74 0.0% 36,285 3.7%Home protection 34,511 7.5% - 0.0% 11,729 4.0% 46,241 4.7%Total 458,232 100.0% 224,095 100.0% 291,778 100.0% 974,104 100.0%Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2023 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 344,110 83.9% 166,981 100.0% 277,373 96.0% 788,464 91.0%Outdoor Living 30,765 7.5% - 0.0% 82 0.0% 30,847 3.6%Home protection 35,423 8.6% - 0.0% 11,364 4.0% 46,786 5.4%Total 410,298 100.0% 166,981 100.0% 288,819 100.0% 866,098 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__121-1": {
"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 & 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 Turkey & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2022 2023 2022 2023 2022 2023 2022 2023 2022 2023External Sales 458,232 410,298 224,095 166,981 291,778 288,819 - - 974,104 866,098 Intercompany Sales 3,021 956 746 80 19,776 13,718 (23,543) (14,755) - - Total sales* 461,253 411,254 224,840 167,061 311,553 302,537 (23,543) (14,755) 974,104 866,098 EBITDA 22,789 (203) 20,366 20,604 54,988 76,160 (815) 170 97,328 96,730 Adjusted EBITDA 27,735 20,509 20,366 20,604 54,988 76,590 (815) 170 102,274 117,872 Adj EBITDA items (4,945) (20,713) - - - (429) - - (4,945) (21,142)Financial Result 3,657 14,862 (2,916) (3,998) (22,993) (25,121) (8,659) (19,079) (30,911) (33,336)Taxes - Current & Deferred 2,657 5,313 (1,281) (193) (10,188) (9,015) 86 (63) (8,726) (3,958)Depreciations and Impairments 29,215 22,508 11,527 12,818 9,834 10,106 (487) (616) 50,090 44,816 Capital expenditures (Capex) (25,120) (25,279) (10,788) (8,731) (13,414) (23,206) 879 1,135 (48,444) (56,082)* Out of which \u20ac 110.4 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 21.1 million includes the following non-recurring incomeand expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration recognized as a minus of Sales (\u20ac 2.5 million), Cost of goods sold (\u20ac 1.5 million) and as Marketing, sales and distribution expenses (\u20ac 1.1 million);\u2022 One-off restructuring costs in Europe and Emerging Markets (\u20ac 16.0 million).3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__120": {
"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 & 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__119": {
"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 & 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 Turkey & EmergingENDED 31 DECEMBER Europe North-AmericaIntersegment Eliminations ConsolidatedMarkets(IN \u20ac THOUSAND)2022 2023 2022 2023 2022 2023 2022 2023 2022 2023External Sales 458,232 410,298 224,095 166,981 291,778 288,819 - - 974,104 866,098 Intercompany Sales 3,021 956 746 80 19,776 13,718 (23,543) (14,755) - - Total sales* 461,253 411,254 224,840 167,061 311,553 302,537 (23,543) (14,755) 974,104 866,098 EBITDA 22,789 (203) 20,366 20,604 54,988 76,160 (815) 170 97,328 96,730 Adjusted EBITDA 27,735 20,509 20,366 20,604 54,988 76,590 (815) 170 102,274 117,872 Adj EBITDA items (4,945) (20,713) - - - (429) - - (4,945) (21,142)Financial Result 3,657 14,862 (2,916) (3,998) (22,993) (25,121) (8,659) (19,079) (30,911) (33,336)Taxes - Current & Deferred 2,657 5,313 (1,281) (193) (10,188) (9,015) 86 (63) (8,726) (3,958)Depreciations and Impairments 29,215 22,508 11,527 12,818 9,834 10,106 (487) (616) 50,090 44,816 Capital expenditures (Capex) (25,120) (25,279) (10,788) (8,731) (13,414) (23,206) 879 1,135 (48,444) (56,082)* Out of which \u20ac 110.4 million relating to BelgiumThe difference between the adjusted EBITDA and EBITDA of \u20ac 21.1 million includes the following non-recurring incomeand expenses as recognized in other operating result:\u2022 Costs related to one-off product platform migration recognized as a minus of Sales (\u20ac 2.5 million), Cost of goods sold (\u20ac 1.5 million) and as Marketing, sales and distribution expenses (\u20ac 1.1 million);\u2022 One-off restructuring costs in Europe and Emerging Markets (\u20ac 16.0 million).Reconciliation of total segment assets and total Group assets:(IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe* 313,681 311,803 North America 116,483 129,041 Turkey & Emerging Markets 232,437 234,138 Intersegment assets 662,602 674,982 Cash and cash equivalents 58,949 46,545Intersegment eliminations (11,952) (40,627)Total Group Assets 709,598 680,901* Out of which \u20ac 146.0 million relating to Belgium Reconciliation of total segment liabilities and total Group liabilities: (IN \u20ac THOUSAND) Consolidated31 DEC 2022 31 DEC 2023Europe 99,937 137,688North America 31,946 25,156 Turkey & Emerging Markets 133,517 134,882 Intersegment liabilities 265,399 297,726Equity including non-controlling interests 319,621 315,012 Long-term interest-bearing loans 130,748 105,097 Other long-term liabilities 580 80 Current portion of interest bearing loans 6,766 8,917 Intersegment eliminations (13,516) (45,932)Total group liabilities 709,598 680,901External sales by product group is presented in the table below (in EUR and in %):Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2022 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 387,510 84.6% 224,095 100.0% 279,974 96.0% 891,579 91.5%Outdoor Living 36,211 7.9% - 0.0% 74 0.0% 36,285 3.7%Home protection 34,511 7.5% - 0.0% 11,729 4.0% 46,241 4.7%Total 458,232 100.0% 224,095 100.0% 291,778 100.0% 974,104 100.0%Turkey & EmergingFOR THE 12 MONTH PERIOD ENDED 31 DECEMBER 2023 Europe North-AmericaConsolidatedMarkets(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%(IN \u20ac THOUSAND)%Window & Doors 344,110 83.9% 166,981 100.0% 277,373 96.0% 788,464 91.0%Outdoor Living 30,765 7.5% - 0.0% 82 0.0% 30,847 3.6%Home protection 35,423 8.6% - 0.0% 11,364 4.0% 46,786 5.4%Total 410,298 100.0% 166,981 100.0% 288,819 100.0% 866,098 100.0%There is no significant concentration of sales (>10%) with one or a limited number of customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__133": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__132-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Increase of provisions (1,121) (17,004)Impairments (8,288) (2,555)Loss on disposal of tangible fixed assets (321) (1)Other (711) (1,678)Total (10,440) (21,238)The other operating costs increased mainly due to the increase of provisions that are related with the restructuring in Europe and Emerging Markets. The line item \"other\" increased due to restructuring related costs in Europe and Emerging markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__131-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__130-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Increase of provisions (1,121) (17,004)Impairments (8,288) (2,555)Loss on disposal of tangible fixed assets (321) (1)Other (711) (1,678)Total (10,440) (21,238)The other operating costs increased mainly due to the increase of provisions that are related with the restructuring in Europe and Emerging Markets. The line item \"other\" increased due to restructuring related costs in Europe and Emerging markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__129-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__128-1": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2022 2023Depreciation expense of right-of-use-assets (6,742) (8,256)Interest expense on lease liabilities (980) (1,459)Expenses relating to short-term leases and low-value assets (3,171) (2,724)Total amount recognized in profit or loss (10,892) (12,439)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__127": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__126": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__125": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Transport (51,508) (40,178)Maintenance (23,026) (26,132)Services (20,495) (21,322)Energy (26,731) (33,073)Rent (3,171) (2,724)Communication (10,955) (15,506)Local taxes and fines (4,581) (5,243)Travel (5,041) (5,367)Marketing and sales support (2,131) (2,311)Insurance (2,757) (2,830)Loss on the realization of trade debtors (279) (79)(Increase) / decrease of allowances on doubtful debtors & inventory (6,819) (4,073)Other (1,462) (3,065)Total (158,955) (161,902)Operating costs slightly increased compared to 2022. The increase in communication, maintenance and energy costs got partly offset by a decrease in transport costs.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2022 2023Wages and salaries (136,470) (147,271)Social security contributions (30,709) (31,075)Contributions to defined contribution plans (6,405) (7,702)Share based payment expenses (783) (1,180)Other (5,669) (7,574)Total (180,035) (194,802)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) 2022 2023Blue-collar workers 2,768 2,796White-collar workers 1,171 1,190Total 3,939 3,986The number of FTE\u2019s has slightly increased compared to 2022.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Increase of provisions (1,121) (17,004)Impairments (8,288) (2,555)Loss on disposal of tangible fixed assets (321) (1)Other (711) (1,678)Total (10,440) (21,238)The other operating costs increased mainly due to the increase of provisions that are related with the restructuring in Europe and Emerging Markets. The line item \"other\" increased due to restructuring related costs in Europe and Emerging markets.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
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},
"s8_notes__6__124": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Transport (51,508) (40,178)Maintenance (23,026) (26,132)Services (20,495) (21,322)Energy (26,731) (33,073)Rent (3,171) (2,724)Communication (10,955) (15,506)Local taxes and fines (4,581) (5,243)Travel (5,041) (5,367)Marketing and sales support (2,131) (2,311)Insurance (2,757) (2,830)Loss on the realization of trade debtors (279) (79)(Increase) / decrease of allowances on doubtful debtors & inventory (6,819) (4,073)Other (1,462) (3,065)Total (158,955) (161,902)Operating costs slightly increased compared to 2022. The increase in communication, maintenance and energy costs got partly offset by a decrease in transport costs.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2022 2023Wages and salaries (136,470) (147,271)Social security contributions (30,709) (31,075)Contributions to defined contribution plans (6,405) (7,702)Share based payment expenses (783) (1,180)Other (5,669) (7,574)Total (180,035) (194,802)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) 2022 2023Blue-collar workers 2,768 2,796White-collar workers 1,171 1,190Total 3,939 3,986The number of FTE\u2019s has slightly increased compared to 2022.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Increase of provisions (1,121) (17,004)Impairments (8,288) (2,555)Loss on disposal of tangible fixed assets (321) (1)Other (711) (1,678)Total (10,440) (21,238)The other operating costs increased mainly due to the increase of provisions that are related with the restructuring in Europe and Emerging Markets. The line item \"other\" increased due to restructuring related costs in Europe and Emerging markets.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
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},
"s8_notes__6__123": {
"value": "3. Revenues and expensesINCOME STATEMENT BY NATURE (IN \u20ac THOUSAND) 2022 2023Sales 974,104 866,098 Material costs (539,936) (398,890)Operating costs (158,955) (161,902)Personnel costs (180,035) (194,802)Depreciation on (in)tangible fixed assets (41,802) (42,260)Other net operating result (6,137) (16,329)Operating profit (EBIT) 47,239 51,915 Costs related to the derecognition of accounts receivable (1,648) (632)Interest income (expense) (5,056) (4,328)Foreign exchange gains (losses) (5,564) 194 Other financial income (expense) (1,679) (2,863)Monetary gains (losses) (16,963) (25,707)Profit / (loss) before taxes and share of result of joint ventures (EBT) 16,328 18,579 Share of the result of a joint venture - (1,000)Income taxes (8,726) (3,958)Net profit / (loss) 7,601 13,621 For a high-level analysis of revenue and costs we refer to the section \u201c2023 results\u201d at the start of these financial statements.OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Transport (51,508) (40,178)Maintenance (23,026) (26,132)Services (20,495) (21,322)Energy (26,731) (33,073)Rent (3,171) (2,724)Communication (10,955) (15,506)Local taxes and fines (4,581) (5,243)Travel (5,041) (5,367)Marketing and sales support (2,131) (2,311)Insurance (2,757) (2,830)Loss on the realization of trade debtors (279) (79)(Increase) / decrease of allowances on doubtful debtors & inventory (6,819) (4,073)Other (1,462) (3,065)Total (158,955) (161,902)Operating costs slightly increased compared to 2022. The increase in communication, maintenance and energy costs got partly offset by a decrease in transport costs.PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2022 2023Wages and salaries (136,470) (147,271)Social security contributions (30,709) (31,075)Contributions to defined contribution plans (6,405) (7,702)Share based payment expenses (783) (1,180)Other (5,669) (7,574)Total (180,035) (194,802)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) 2022 2023Blue-collar workers 2,768 2,796White-collar workers 1,171 1,190Total 3,939 3,986The number of FTE\u2019s has slightly increased compared to 2022.OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.OTHER OPERATING COSTS (IN \u20ac THOUSAND) 2022 2023Increase of provisions (1,121) (17,004)Impairments (8,288) (2,555)Loss on disposal of tangible fixed assets (321) (1)Other (711) (1,678)Total (10,440) (21,238)The other operating costs increased mainly due to the increase of provisions that are related with the restructuring in Europe and Emerging Markets. The line item \"other\" increased due to restructuring related costs in Europe and Emerging markets.INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
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},
"s8_notes__6__135-1": {
"value": "PAYROLL COSTS AND OTHER SOCIAL BENEFITS (IN \u20ac THOUSAND) 2022 2023Wages and salaries (136,470) (147,271)Social security contributions (30,709) (31,075)Contributions to defined contribution plans (6,405) (7,702)Share based payment expenses (783) (1,180)Other (5,669) (7,574)Total (180,035) (194,802)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 Deceuninck NV Ege Profil ASRECONCILIATIONOther TotalProduktions (Belgium)(Turkey)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2022 10,229 496 3,391 703 14,820 Pension cost recognized in 406 750 1,255 22 2,434 income statementRemeasurements recognized 697 102 1,003 - 1,802 in OCIBenefits paid directly (517) (972) (1,602) (15) (3,107)Translation adjustments - - (1,316) (18) (1,333)As per 31 December 2023 10,815 376 2,732 693 14,616 Non-current 10,281 349 2,732 682 14,044 Current 534 27 - 11 572 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employment benefits 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 7.7 million. 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 2022 2023Discount rate 3.75% 3.20%Increase in compensations - white collar 3.05% 2.85%Increase in compensations - blue collar 3.05% 2.85%Increases in social security 3.05% 2.85%Increases in pensions N/A N/AInflation 2.30% 2.10%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 available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension 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 2022 2023ACTUARIAL ASSUMPTIONSDiscount rate 3.70% 3.20%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 2.00% 2.00%Inflation 2.00% 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 2022 2023Discount rate 19.70% 26.43%Increase in compensations - white collar 19.20% 70.00%Increase in compensations - blue collar 19.20% 70.00%Increases in social security 19.20% 70.00%Increases in pensions N/A N/AInflation N/A N/AThe expected increase in compensations and social security is 70% for 2024 and 23% for the years after 2024.OtherThese 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 2022 2023PENSION COSTDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)Current service cost 70 260 792 1,122 37 873 768 1,679 Interest cost 127 135 32 294 369 382 (18) 733 Recognized in income 197 395 824 1,416 406 1,255 750 2,412 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 2022 2023FINANCIAL POSITIONDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)Present value of defined 10,230 3,391 8,533 22,154 10,816 2,731 9,078 22,624 benefit obligationFair value of plan assets - - (8,037) (8,037) - - (8,702) (8,702)Net liability (asset) 10,230 3,391 496 14,117 10,816 2,731 376 13,922 CHANGE IN PENSION 2022 2023BENEFIT OBLIGATIONSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of 14,411 1,405 11,313 27,129 10,230 3,391 8,533 22,154 Current service cost 70 260 792 1,122 37 873 768 1,679 Interest cost 127 135 112 375 369 382 297 1,048 Plan participants - - 240 240 - - 286 286 contributionsActuarial (gain) / loss (3,901) 2,379 (3,014) (4,536) 697 1,003 433 2,133 Arising from changes in (4,605) 1,640 (3,183) 676 (202) 257 financial assumptionsExperience adjustments 704 738 159 21 962 176 Arising from demographic - - 10 - 242 - assumptionsBenefits paid directly (478) (252) (910) (1,640) (517) (1,602) (1,239) (3,359)Exchange rate differences - (536) - (536) - (1,316) - (1,316)At the end of 10,230 3,391 8,533 22,154 10,816 2,731 9,078 22,624 CHANGE IN FAIR VALUE OF 2022 2023PLAN ASSETSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of - - 7,696 7,696 - - 8,037 8,037 Interest income on plan assets - - 80 80 - - 315 315 Actuarial (gain) / loss - - 109 109 - - 331 331 Return on plan asset - - 109 - - 331 Employer contributions - - 745 745 - - 854 854 Plan participants contributions - - 240 240 - - 286 286 Benefits paid directly - - (833) (833) - - (1,121) (1,121)At the end of - - 8,037 8,037 - - 8,702 8,702 OTHER 2023DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(Turkey)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 535 N/A 835periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 3.8Duration DC pension plans 13.0/19.0 N/A 12.8Duration other long term benefits N/A 11.58 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 535 296 6CashFlow Year 2 527 534 56CashFlow Year 3 549 27 51CashFlow Year 4 547 40 752CashFlow Year 5 557 57 546CashFlow Year 6-10 2,817 1,387 3,726Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2023and Produktions GmbHEge Profil AS (Turkey) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.50% 0.50% -0.20% 0.20%Impact on present value of defined benefit obligation 292 (279) 165 (151) 126 (121)(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 (574) 607 (154) 166 (in \u20ac thousand)+ one - one + one - one + one - one year life Change in longevityyear life year life year life year life year life expectancyexpectancyexpectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (387) 401 N/A N/A 22 (23)(in \u20ac thousand)",
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"s8_notes__6__136": {
"value": "HEADCOUNT (TOTAL FULL TIME EQUIVALENTS (FTE) BY CATEGORY) 2022 2023Blue-collar workers 2,768 2,796White-collar workers 1,171 1,190Total 3,939 3,986The number of FTE\u2019s has slightly increased compared to 2022.",
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},
"s8_notes__6__142-1": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2022 2023Depreciation expense of right-of-use-assets (6,742) (8,256)Interest expense on lease liabilities (980) (1,459)Expenses relating to short-term leases and low-value assets (3,171) (2,724)Total amount recognized in profit or loss (10,892) (12,439)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__148": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__149": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__150": {
"value": "INTEREST INCOME / (EXPENSE) (IN \u20ac THOUSAND) 2022 2023Interest income 2,080 4,685 Interest expense (7,136) (9,013)Total (5,056) (4,328)Interest income increased due to significant increase in deposit rates in Turkey. Increasing market interest rates led to an increase in Interest expenses.FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.COST RELATED TO THE DERECOGNITION OF ACCOUNTS RECEIVABLE 2022 2023(IN \u20ac THOUSAND)Cost related to the derecognition of accounts receivable (1,648) (632)The lower cost related to the derecognition of accounts receivable is due to the lower use of trade finance solutions in Turkey and US.OTHER FINANCIAL GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Other financial income (expense) (1,679) (2,863)Other financial income and expenses include bank charges, the result on the share liquidity program and withholding taxes paid on intra-group dividends and interest payments. The increase is mainly due to higher withholding taxes paid following higher intra-group dividends and interests.MONETARY GAINS / LOSSES (IN \u20ac THOUSAND) 2022 2023Monetary gains (losses) (16,963) (25,707)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. The increase in monetary losses is the result of a higher net monetary asset position in combination with an inflation of 64.8% in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__139": {
"value": "OTHER OPERATING INCOME (IN \u20ac THOUSAND) 2022 2023Grants received 1,551 779 Gains on disposal of tangible fixed assets 445 1,161 Other 2,307 2,968 Total 4,303 4,908 Other operating income remained stable compared to 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__146-1": {
"value": "FOREIGN EXCHANGE GAINS / (LOSSES) (IN \u20ac THOUSAND) 2022 2023Realized foreign exchange gains 2,305 4,900 Realized foreign exchange losses (24,751) (4,187)Unrealized foreign exchange gains 18,588 3,469 Unrealized foreign exchange losses (1,707) (3,988)Total (5,564) 194 Foreign exchange gains and losses include the FX gains and losses on monetary balance sheet items in foreign currencyas well as the FX gains and losses on hedging transactions. Also, the \u2018cost of hedging\u2019, defined as the difference betweenthe spot and forward rate of hedging contracts, is included in the foreign exchange result.The overall foreign exchange result improved in 2023 and can be largely explained by favorable hedge results, partially compensated with higher cost of hedging.An overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2022 2023(IN \u20ac THOUSAND)USD (3,162) (6,563)TRY (74,961) (76,770)RUB (9,096) (9,553)PLN (4,911) (2,962)GBP (3,085) (2,696)CZK 1,080 700 Other 598 510 Total (93,538) (97,334)Currency translation adjustmentsCurrency 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 -97.3 million as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__152": {
"value": "4. Income taxesThe breakdown of the income tax charge for 2022 and 2023 is presented as follows: INCOME TAXES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2022 2023Current income taxes (13,173) (15,133)Relating to current year (12,773) (17,034)Relating to previous years (276) 1,902 Other (124) (1)Deferred income taxes 4,447 11,175 Relating to temporary differences - current year 3,531 5,839Relating to temporary differences - adjustment previous years 169 721 Recognition of deferred income tax asset on tax losses of current year 2,654 2,801Utilization of deferred income tax asset on tax losses of previous years (3,565) (899)Recognition of deferred income tax asset on tax losses of previous years 432 - Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses 471 (1,682)of previous yearsRecognition of deferred tax assets on tax incentives 1,432 270 Utilization of deferred tax assets on tax incentives (795) (31)Other 119 4,156Income taxes recognized in the income statement (8,726) (3,958)The line item Other under deferred income taxes in 2023 is mainly related due to the fact that the Groups\u2019 Turkishsubsidiaries are obligated to apply hyperinflation accounting on the tax ledger, minimizing the temporary differences.The following table provides a reconciliation between the Earning before tax and the income taxes for 2022 and 2023:RECONCILIATION BETWEEN EARNINGS BEFORE TAX (EBT) - IFRS AND INCOME 2022 2023TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 16,328 18,579 Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (4,082) (4,645)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company 557 676 Non-deductible items (4,257) (1,454)Government grants and other exempted income 2,404 1,485 Use of tax losses carried forward for which no deferred income tax asset has been - 170 recognizedCurrent income taxes relating to previous years (276) 1,904Deferred taxes on temporary differences relating to previous years - adjustments 169 710 Non-recognition of deferred income taxes on current years losses and deductable (1,670) (4,922)temporary(De)recognition of deferred income tax assets on tax losses of previous years 2,573 2,133(De)recognition of deferred income tax assets on tax incentives 1,432 270 Other (5,576) (285)Income taxes recognized in the income statement (8,726) (3,958)Effective rate rate 53.45% 21.30%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 2022 and 2023:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2022credited toTransfersadjustments 2023credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,106 (1,222) - - (146) 21,738tax incentivesTangible fixed assets 887 192 - - (311) 768 Provisions 4,404 4,372 503 - (125) 9,153 Inventories 2,029 589 - - (237) 2,381Interest bearing loans 533 (437) - - 5 102 Other assets & liabilities 3,527 514 - - (120) 3,921Deferred income tax assets 34,486 4,007 503 - (934) 38,063DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - - tax incentivesTangible fixed assets 31,043 (6,349) - - (1,711) 22,983 Provisions 5 80 - - 4 89 Inventories - - - - - - Interest bearing loans - - - - - - Other assets & liabilities 1,764 (899) (754) - (23) 89Deferred income tax liabilities32,813 (7,168) (754) - (1,730) 23,160Net deferred income taxes 1,673 11,175 1,257 - 796 14,902 As described above, the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, significantly reducing the temporary differences. This mainly explains the reduction of the deferred tax liability related to the tangible fixed assets.In 2023, 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 21.7 million at the end of 2023 (As at 31 December 2022: \u20ac 23.1 million).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 at 31 December 2023, the Group has a total amount of tax losses carried forward and tax incentives of \u20ac 171.0 million (2022: \u20ac 163.1 million). The split per tax jurisdiction is detailed in the table on the right:(IN \u20ac THOUSAND) 2022 2023Belgium 94,585 108,532 Brazil 692 683 Chile - 174 Colombia 1,013 4,578 Germany 8,043 6,604 Spain 671 - United Kingdom 23,689 22,940 India 2,743 3,570 Mexico 1,040 1,059 Russia 8,319 6,354 Slovakia 3 - Thailand - 257 United States 22,337 16,250 Total tax losses carried forward 163,136 171,001 and tax incentivesThe Group has unrecognized deferred taxes related to the impairment of the fixed assets in the Russian Subsidiary.Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes.The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment that considers the transitional (financial years 2024 \u2013 2026) safe harbour conditions (De minimis test, Effective tax rate test and Routine profits test), there are a limited number of jurisdictions where the transitional safe harbour relief does not apply. However, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__151": {
"value": "4. Income taxesThe breakdown of the income tax charge for 2022 and 2023 is presented as follows: INCOME TAXES RECOGNIZED IN THE INCOME STATEMENT (IN \u20ac THOUSAND) 2022 2023Current income taxes (13,173) (15,133)Relating to current year (12,773) (17,034)Relating to previous years (276) 1,902 Other (124) (1)Deferred income taxes 4,447 11,175 Relating to temporary differences - current year 3,531 5,839Relating to temporary differences - adjustment previous years 169 721 Recognition of deferred income tax asset on tax losses of current year 2,654 2,801Utilization of deferred income tax asset on tax losses of previous years (3,565) (899)Recognition of deferred income tax asset on tax losses of previous years 432 - Impairment (-)/reversal of impairment (+) of deferred income tax asset on tax losses 471 (1,682)of previous yearsRecognition of deferred tax assets on tax incentives 1,432 270 Utilization of deferred tax assets on tax incentives (795) (31)Other 119 4,156Income taxes recognized in the income statement (8,726) (3,958)The line item Other under deferred income taxes in 2023 is mainly related due to the fact that the Groups\u2019 Turkishsubsidiaries are obligated to apply hyperinflation accounting on the tax ledger, minimizing the temporary differences.The following table provides a reconciliation between the Earning before tax and the income taxes for 2022 and 2023:RECONCILIATION BETWEEN EARNINGS BEFORE TAX (EBT) - IFRS AND INCOME 2022 2023TAXES (IN \u20ac THOUSAND)Earnings before tax - IFRS 16,328 18,579 Statutory tax rate of the parent company 25% 25%Income taxes calculated at the statutory tax rate of the parent company (4,082) (4,645)Tax effect of:Difference between local tax rate and statutory tax rate of the parent company 557 676 Non-deductible items (4,257) (1,454)Government grants and other exempted income 2,404 1,485 Use of tax losses carried forward for which no deferred income tax asset has been - 170 recognizedCurrent income taxes relating to previous years (276) 1,904Deferred taxes on temporary differences relating to previous years - adjustments 169 710 Non-recognition of deferred income taxes on current years losses and deductable (1,670) (4,922)temporary(De)recognition of deferred income tax assets on tax losses of previous years 2,573 2,133(De)recognition of deferred income tax assets on tax incentives 1,432 270 Other (5,576) (285)Income taxes recognized in the income statement (8,726) (3,958)Effective rate rate 53.45% 21.30%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 2022 and 2023:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2022credited toTransfersadjustments 2023credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,106 (1,222) - - (146) 21,738tax incentivesTangible fixed assets 887 192 - - (311) 768 Provisions 4,404 4,372 503 - (125) 9,153 Inventories 2,029 589 - - (237) 2,381Interest bearing loans 533 (437) - - 5 102 Other assets & liabilities 3,527 514 - - (120) 3,921Deferred income tax assets 34,486 4,007 503 - (934) 38,063DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - - tax incentivesTangible fixed assets 31,043 (6,349) - - (1,711) 22,983 Provisions 5 80 - - 4 89 Inventories - - - - - - Interest bearing loans - - - - - - Other assets & liabilities 1,764 (899) (754) - (23) 89Deferred income tax liabilities32,813 (7,168) (754) - (1,730) 23,160Net deferred income taxes 1,673 11,175 1,257 - 796 14,902 As described above, the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, significantly reducing the temporary differences. This mainly explains the reduction of the deferred tax liability related to the tangible fixed assets.In 2023, 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 21.7 million at the end of 2023 (As at 31 December 2022: \u20ac 23.1 million).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 at 31 December 2023, the Group has a total amount of tax losses carried forward and tax incentives of \u20ac 171.0 million (2022: \u20ac 163.1 million). The split per tax jurisdiction is detailed in the table on the right:(IN \u20ac THOUSAND) 2022 2023Belgium 94,585 108,532 Brazil 692 683 Chile - 174 Colombia 1,013 4,578 Germany 8,043 6,604 Spain 671 - United Kingdom 23,689 22,940 India 2,743 3,570 Mexico 1,040 1,059 Russia 8,319 6,354 Slovakia 3 - Thailand - 257 United States 22,337 16,250 Total tax losses carried forward 163,136 171,001 and tax incentivesThe Group has unrecognized deferred taxes related to the impairment of the fixed assets in the Russian Subsidiary.Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes.The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on the assessment that considers the transitional (financial years 2024 \u2013 2026) safe harbour conditions (De minimis test, Effective tax rate test and Routine profits test), there are a limited number of jurisdictions where the transitional safe harbour relief does not apply. However, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.The group has applied the mandatory temporary exception issued by the IASB in May 2023 which has refrained the Group from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two Model Rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__156-1": {
"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.DECEUNINCK NV (BELGIUM) - PRINCIPAL ACTUARIAL ASSUMPTIONS 2022 2023Discount rate 3.75% 3.20%Increase in compensations - white collar 3.05% 2.85%Increase in compensations - blue collar 3.05% 2.85%Increases in social security 3.05% 2.85%Increases in pensions N/A N/AInflation 2.30% 2.10%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 available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension 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 2022 2023ACTUARIAL ASSUMPTIONSDiscount rate 3.70% 3.20%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 2.00% 2.00%Inflation 2.00% 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 2022 2023Discount rate 19.70% 26.43%Increase in compensations - white collar 19.20% 70.00%Increase in compensations - blue collar 19.20% 70.00%Increases in social security 19.20% 70.00%Increases in pensions N/A N/AInflation N/A N/AThe expected increase in compensations and social security is 70% for 2024 and 23% for the years after 2024.21. Share-based paymentsThe Group offers the possibility to staff members, senior management members and the members of the Executive Management to register for stock option and warrant agreements. The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Management, 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 1.2 million onthe results of 2023 (2022: \u20ac 0.8 million) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 0.8 million in 2023 (\u20ac 0.8 million in 2022)\u2022 Performance share plan: \u20ac 0.4 million in 2023 (\u20ac 0 in 2022)\u2022 Stock option plans: No impact in 2023 (no impact in 2022)Stock option plans, warrant plans and performance share plans are accounted for as equity settled plans. These plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis of historical data.Stock option plansThere are no outstanding options at the end of December 2023. Warrant plansThe balance of the outstanding warrants at the end of December 2023 is 7,853,134 (2022: 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, 365,499 warrants were exercised in the course of 2023. The warrants expire if they have not been exercised at the last day of the last exercise period. The warrants can be exercised 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 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2022 Plan 2023 TotalGrant date 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/2022 02/03/2023 15/12/2023Acceptance date 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/2018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/2023 30/04/2023 18/02/2024Number of beneficiaries 59 66 73 8 66 54 45 12 43 14 54 56 87 1 69at grant dateExercise price (in \u20ac) 1.71 1.79 2.40 2.40 2.27 3.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38 2.53 2.29Share price on acceptance 2.19 1.98 2.08 2.22 2.22 2.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56 2.35 2.24date (in \u20ac)Granted 332,500 910,000 630,000 710,000 524,000 1,334,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 25,000 1,189,500 12,160,500Accepted 332,500 892,500 607,500 710,000 524,000 1,233,500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 1,120,540 25,000 611,500 11,103,290Exercised 179,993 664,994 170,830 70,000 178,999 20,000 177,663 85,000 71,164 40,000 - - - - - 1,658,643Forfeited 109,171 150,004 260,000 60,000 209,000 265,000 74,000 60,000 72,000 73,500 53,500 37,000 3,500 - - 1,426,675Expired 43,336 77,502 10,000 - 8,000 10,000 11,000 - 5,000 - - - - - - 164,838Outstanding 31/12/2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134Exercisable 31/12/2023 - - 166,670 580,000 128,001 938,500 209,558 406,667 134,445 228,333 - - - - - 2,792,174Exercise periods 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-2032 2026-2032 2027-2032AssumptionsVolatility 45.00% 45.00% 45.00% 40.00% 40.00% 30.00% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77% 36.78% 31.53%Risk-free interest 0.99% -0.03% -0.28% -0.32% -0.32% 0.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00% 3.30% 2.45%Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.06 0.06 0.07Early exercised 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%- Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%- Probability to exerciseWARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2022exercise priceOutstanding 2021 40,002 55,836 209,170 610,000 199,002 956,500 530,000 695,000 531,500 725,000 1,130,000 680,000 - - - 6,362,010 2.25Accepted - - - - - - - - - - - 544,250 402,400 - - 946,650 2.78Exercised 1,667 3,334 5,000 - 38,001 - 84,996 35,000 - - - - - - - 167,998 1.97Forfeited - - 5,000 - 8,000 18,000 29,000 - 47,000 - 23,500 37,000 - - - 167,500 2.26Outstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33WARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2023exercise priceOutstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33Accepted - - - - - - - - - - - - 718,140 25,000 611,500 1,354,640 2.34Exercised 8,334 20,834 27,500 30,000 25,000 - 92,667 50,000 71,164 40,000 - - - - - 365,499 1.97Forfeited - - 5,000 - - - 9,000 - 15,000 - 15,000 - 3,500 - - 47,500 1.91Expired 30,001 31,668 - - - - - - - - - - - - - 61,669 1.75Outstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36Performance 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 598,466 as at 31 December 2023. 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 entitled to one or more matching Deceuninck Shares pursuant to 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 date1/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised - Forfeited 29,350 Expired - Outstanding 31/12/2023 598,466 Exercisable 31/12/2023 - Exercise periods2025AssumptionsVolatility37.56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816PERFORMANCE SHARE PLAN MOVEMENTS 2023Outstanding 2022 627,816Accepted - Exercised - Forfeited 29,350 Expired - Outstanding 2023 598,466",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__154": {
"value": "The following table gives an overview of the deferred income taxes as per 31 December 2022 and 2023:DEFERRED TAX MOVEMENT Charged / Translation Charged/SCHEDULE2022credited toTransfersadjustments 2023credit to PL(IN \u20ac THOUSAND)equityTotalDEFERRED INCOME TAX ASSETS BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & 23,106 (1,222) - - (146) 21,738tax incentivesTangible fixed assets 887 192 - - (311) 768 Provisions 4,404 4,372 503 - (125) 9,153 Inventories 2,029 589 - - (237) 2,381Interest bearing loans 533 (437) - - 5 102 Other assets & liabilities 3,527 514 - - (120) 3,921Deferred income tax assets 34,486 4,007 503 - (934) 38,063DEFERRED INCOME TAX LIABILITIES BY TYPE OF TEMPORARY DIFFERENCE:Tax losses carried forward & - - - - - - tax incentivesTangible fixed assets 31,043 (6,349) - - (1,711) 22,983 Provisions 5 80 - - 4 89 Inventories - - - - - - Interest bearing loans - - - - - - Other assets & liabilities 1,764 (899) (754) - (23) 89Deferred income tax liabilities32,813 (7,168) (754) - (1,730) 23,160Net deferred income taxes 1,673 11,175 1,257 - 796 14,902 As described above, the Groups\u2019 Turkish subsidiaries are obligated to apply hyperinflation accounting on the tax ledger, significantly reducing the temporary differences. This mainly explains the reduction of the deferred tax liability related to the tangible fixed assets.In 2023, 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 21.7 million at the end of 2023 (As at 31 December 2022: \u20ac 23.1 million).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 at 31 December 2023, the Group has a total amount of tax losses carried forward and tax incentives of \u20ac 171.0 million (2022: \u20ac 163.1 million). The split per tax jurisdiction is detailed in the table on the right:(IN \u20ac THOUSAND) 2022 2023Belgium 94,585 108,532 Brazil 692 683 Chile - 174 Colombia 1,013 4,578 Germany 8,043 6,604 Spain 671 - United Kingdom 23,689 22,940 India 2,743 3,570 Mexico 1,040 1,059 Russia 8,319 6,354 Slovakia 3 - Thailand - 257 United States 22,337 16,250 Total tax losses carried forward 163,136 171,001 and tax incentivesThe Group has unrecognized deferred taxes related to the impairment of the fixed assets in the Russian Subsidiary.",
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"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__158": {
"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 \u20ac0.07.(IN \u20ac THOUSAND) 2022 2023Earnings attributable to ordinary shareholders 5,980 9,484 Weighted average number of ordinary shares (in thousands) 138,135 138,371 Basic earnings per share (in \u20ac) 0.04 0.07Diluted 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 \u20ac0.06 per share.(IN \u20ac THOUSAND) 2022 2023Earnings attributable to ordinary shareholders 5,980 9,484 Weighted average number of ordinary shares (in thousands) 138,135 138,371 Dilution effect of non-exercised warrants (in thousands) 6,973 7,853 Weighted average number of shares after dilution (in thousands) 145,108 146,225 Basic earnings per share (in \u20ac) 0.04 0.06",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__164-1": {
"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 2023, 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 \u20ac 2,884 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 2023.For intangible assets with definite useful lives, no impairment triggers were identified.7. Goodwill(IN \u20ac THOUSAND) 2022 2023COSTAt the beginning of 63,260 64,492 Translation adjustments 1,232 (880)At the end of 64,492 63,612 IMPAIRMENTSAt the beginning of (52,690) (53,933)Translation adjustments (1,243) 867 At the end of (53,933) (53,066)GOODWILLCost 64,492 63,612 Accumulated depreciations and impairments (53,933) (53,066)Net carrying value 10,560 10,546In 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 2023, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2023 goodwill impairment test.Impairment test goodwill TurkeyFor the impairment test related to the cash generating unit Ege profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2023 for Ege Profil Ticaret ve Sanayi AS amounted to 136.1 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.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 10.3% for 2023 (2022: 10.6%).ASSUMPTIONS FOR 2024-2028For EBITDA of 2024, management has worked out a target based on detailed plans and actions. For the period 2025-2028 the EBITDA estimate is based on long 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 ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGUs recoverable amount exceeds its carrying value is \u20ac 131.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.Other Assets Land & Machinery & Furniture 2023 (IN \u20ac THOUSAND)tangible fixedunder TotalbuildingsAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 equipmentand vehicles6,723 assets20,669 5,096 - 22,991 55,480 constructionCOST(41) (898) Additions (318) - (114) (1,371)Disposals 2,388 13,789 94 - (16,160) 111 (1,607) 22,154 4,395 - (2,537) 22,405 Transfers 218,128 683,769 Translation adjustments 34,222 138 24,492 960,750 At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)(4,598) DEPRECIATIONS AND IMPAIRMENTS(27,350) At the beginning of this year (1,565) (10) - (33,524)(65) Additions to depreciations (2,297) (2) - - (2,365)41 854 196 - - 1,091 Additions to impairments (79) (72) - - - (151)Disposals (6,502) (21,654) Transfers (6,622) - - (34,778)(105,161) Translation adjustments (538,737) (27,572) (111) - (671,582)At the end of this year 218,128 683,769 34,222 24,492 960,750 TANGIBLE FIXED ASSETSCost (538,737) (27,572) 138(111) - (671,582)Accumulated depreciations and Net Carrying Value 112,967 145,032 6,650 27 24,492 289,168 (105,161) impairmentsThe transfers from assets under construction in both 2022 and 2023 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 2023 the Group has recognized impairments on tangible fixed assets for \u20ac 2.4 million (2022: \u20ac 8.3 million). The impairments in 2023 are mainly related to old tools. The impairments of 2022 are mainly related to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia. Impairments are included in other operating costs.9. Tangible fixed assets Other Assets Land & Machinery & Furniture tangible 2022 (IN \u20ac THOUSAND)under Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt 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 20,313 282,270During 2023 a net amount of \u20ac 2.0 million was recorded as an increase in the allowance related to the write-down on inventory (in 2022: \u20ac 3.4 million increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2023 amounted to \u20ac 585.0 million (2022: \u20ac 713.2 million). No inventories were pledged as security for liabilities (2022: idem).12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2022 2023Gross trade receivables 100,254 95,560 Impairments allowance (12,306) (13,431)Trade receivables 87,947 82,129 VAT and other taxes 6,910 8,618 Derivative financial instruments 3,290 240 Prepaid charges 3,075 3,499 Short-term warranties 164 199 Advance checks received 35,669 31,329 Receivables from joint ventures 4,043 112 Other 1,844 653 Other receivables 54,994 44,650 Gross trade receivables decreased \u20ac 5.8 million. Total factoring amounted to \u20ac 18.3 million at 31 December 2023 (2022: \u20ac 17.4 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received and reclassification of the receivables from joint ventures to long term receivables. Days sales outstanding (DSO) slightly increased year-on-year, to 39 days in 2023 compared to 37 days in 2022. The factoring and related cost for 2023 amounts to \u20ac 0.6 million (2022: \u20ac 1.6 million). 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 95,560 62,183 8,576 5,207 2,931 1,739 14,923 31 December 2023Impairments allowance per (13,431) (1,395) (53) (159) (58) (3) (11,762)31 December 2023Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023Net carrying value per 87,947 59,389 10,238 7,997 4,225 2,137 3,96131 December 2022**Net carrying value per 31 December 2022 has been restatedAs per 31 December 2023 an amount of \u20ac 13.4 million (2022: \u20ac 12.3 million) 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 2022 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2022 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 367 thousand.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2022 2023At the beginning of (9,991) (12,306)Additions (4,708) (4,652)Reversals 1,691 1,745 Utilizations - 420 Translation adjustments 700 1,362 At the end of (12,306) (13,431)",
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},
"s8_notes__6__163-1": {
"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 2023, 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 \u20ac 2,884 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 2023.For intangible assets with definite useful lives, no impairment triggers were identified.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 Disposals - - - - - - 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)Disposals - - - - - - Transfers - - - - - - 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 Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposais - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposais - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336) - INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing stpower of 31 of December 2023 (\u20ac 1,892 thousand in Cost and \u20ac 965 thousand in Depreciations and Impairments).Other Assets Land & Machinery & Furniture 2023 (IN \u20ac THOUSAND)tangible fixedunder TotalbuildingsAt the beginning of this year 210,665 628,055 24,954 138 20,313 884,125 equipmentand vehicles6,723 assets20,669 5,096 - 22,991 55,480 constructionCOST(41) (898) Additions (318) - (114) (1,371)Disposals 2,388 13,789 94 - (16,160) 111 (1,607) 22,154 4,395 - (2,537) 22,405 Transfers 218,128 683,769 Translation adjustments 34,222 138 24,492 960,750 At the end of this year (93,958) (488,217) (19,579) (101) - (601,856)(4,598) DEPRECIATIONS AND IMPAIRMENTS(27,350) At the beginning of this year (1,565) (10) - (33,524)(65) Additions to depreciations (2,297) (2) - - (2,365)41 854 196 - - 1,091 Additions to impairments (79) (72) - - - (151)Disposals (6,502) (21,654) Transfers (6,622) - - (34,778)(105,161) Translation adjustments (538,737) (27,572) (111) - (671,582)At the end of this year 218,128 683,769 34,222 24,492 960,750 TANGIBLE FIXED ASSETSCost (538,737) (27,572) 138(111) - (671,582)Accumulated depreciations and Net Carrying Value 112,967 145,032 6,650 27 24,492 289,168 (105,161) impairmentsThe transfers from assets under construction in both 2022 and 2023 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 2023 the Group has recognized impairments on tangible fixed assets for \u20ac 2.4 million (2022: \u20ac 8.3 million). The impairments in 2023 are mainly related to old tools. The impairments of 2022 are mainly related to the full impairment of Deceuninck\u2019s tangible fixed assets in Russia. Impairments are included in other operating costs.Translation adjustments also contain the IAS29 hyperinflation effects of bringing the tangible fixed stassets to purchasing power of 31 of December 2023. The amount related to IAS29 hyperinflation effects in Cost amounted to \u20ac 98.3 million and \u20ac 82.3 million in Depreciations and Impairments (2022: \u20ac 137.2 million in Cost and \u20ac 86.2 million in Depreciations and Impairments).The Group has \u20ac 16.0 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts 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) 2022 2023Land & Buildings 3,473 699 Machinery & equipment 15,124 20,841Other 1,716 2,952Total 20,313 24,492 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 inTurkey to Assets classified as held for sale.(IN \u20ac THOUSAND) 2022 2023Intangible fixed assets 19 23 Tangible fixed assets (9,687) (39)Assets held for sale 9,667 16 Total - -9. Tangible fixed assets Other Assets Land & Machinery & Furniture tangible 2022 (IN \u20ac THOUSAND)under Totalbuildingsequipmentand vehiclesfixedconstructionassetsCOSTAt 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 20,313 282,27020. 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 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 15,515Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2022 9,421 2,826 3,267 15,515 Additions 5,700 5,681 2,345 13,726 Disposals (300) (130) (2) (432)Depreciations (3,517) (2,119) (2,620) (8,256)Impairments - (24) (27) (51)Translation adjustments (116) (31) 2,040 1,892 As per 31 December 2023 11,188 6,203 5,003 22,394 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2023.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2022 2023Depreciation expense of right-of-use-assets (6,742) (8,256)Interest expense on lease liabilities (980) (1,459)Expenses relating to short-term leases and low-value assets (3,171) (2,724)Total amount recognized in profit or loss (10,892) (12,439)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__162": {
"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 2023, 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 \u20ac 2,884 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 2023.For intangible assets with definite useful lives, no impairment triggers were identified.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 Disposals - - - - - - 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)Disposals - - - - - - Transfers - - - - - - 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 Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposais - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposais - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336) - INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing stpower of 31 of December 2023 (\u20ac 1,892 thousand in Cost and \u20ac 965 thousand in Depreciations and Impairments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__161-1": {
"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 2023, 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 \u20ac 2,884 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 2023.For intangible assets with definite useful lives, no impairment triggers were identified.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 Disposals - - - - - - 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)Disposals - - - - - - Transfers - - - - - - 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 Licences ITCustomer Assets under 2023 (IN \u20ac THOUSAND) Developmentand similarTrade namesTotalvalueconstructionrightCOSTAt the beginning of this year 1,272 19,680 2,129 7,158 2 30,242 Additions 151 33 - - - 184 Disposais - (4) - - - (4)Transfers 30 25 - - (2) 52 Translation adjustments (10) (55) (75) (355) - (495)At the end of this year 1,443 19,679 2,055 6,803 - 29,979 DEPRECIATIONS AND IMPAIRMENTSAt the beginning of this year (1,268) (18,856) (1,892) (3,697) - (25,713)Additions to depreciations (4) (512) (4) - - (520)Additions to impairments - - (100) - - (100)Disposais - 4 - - - 4 Transfers (30) - - - - (30)Translation adjustments 10 52 (30) (9) - 22 At the end of this year (1,292) (19,312) (2,026) (3,706) - (26,336) - INTANGIBLE FIXED ASSETSCost 1,443 19,679 2,055 6,803 - 29,979 Accumulated depreciations (1,292) (19,312) (2,026) (3,706) - (26,336)and impairmentsNet Carrying Value 151 366 29 3,096 - 3,643 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the intangible fixed assets to purchasing stpower of 31 of December 2023 (\u20ac 1,892 thousand in Cost and \u20ac 965 thousand in Depreciations and Impairments).7. Goodwill(IN \u20ac THOUSAND) 2022 2023COSTAt the beginning of 63,260 64,492 Translation adjustments 1,232 (880)At the end of 64,492 63,612 IMPAIRMENTSAt the beginning of (52,690) (53,933)Translation adjustments (1,243) 867 At the end of (53,933) (53,066)GOODWILLCost 64,492 63,612 Accumulated depreciations and impairments (53,933) (53,066)Net carrying value 10,560 10,546The 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) 2022 2023Turkey 9,313 9,299 Europe 1,247 1,247 Net Carrying Value 10,560 10,546 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 2023, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2023 goodwill impairment test.Impairment test goodwill TurkeyFor the impairment test related to the cash generating unit Ege profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2023 for Ege Profil Ticaret ve Sanayi AS amounted to 136.1 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.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 10.3% for 2023 (2022: 10.6%).ASSUMPTIONS FOR 2024-2028For EBITDA of 2024, management has worked out a target based on detailed plans and actions. For the period 2025-2028 the EBITDA estimate is based on long 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 ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGUs recoverable amount exceeds its carrying value is \u20ac 131.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__167": {
"value": "7. Goodwill(IN \u20ac THOUSAND) 2022 2023COSTAt the beginning of 63,260 64,492 Translation adjustments 1,232 (880)At the end of 64,492 63,612 IMPAIRMENTSAt the beginning of (52,690) (53,933)Translation adjustments (1,243) 867 At the end of (53,933) (53,066)GOODWILLCost 64,492 63,612 Accumulated depreciations and impairments (53,933) (53,066)Net carrying value 10,560 10,546The 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) 2022 2023Turkey 9,313 9,299 Europe 1,247 1,247 Net Carrying Value 10,560 10,546 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 2023, consistent with previous years. This goodwill impairment assessment also did not reveal any impairment issues. The Group monitors climate-related risks when measuring the recoverable amount of each cash-generating unit. The Group has concluded that no single climate-related assumption is a key assumption for the 2023 goodwill impairment test.Impairment test goodwill TurkeyFor the impairment test related to the cash generating unit Ege profil, the Group starts by determining the fair value of the recoverable amount based on the publicly available market valuation (i.e. market capitalization of the listed company Ege Profil Ticaret ve Sanayi AS). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of the Group based on a discounted cash flow model.The share price at 31 December 2023 for Ege Profil Ticaret ve Sanayi AS amounted to 136.1 TRY which results in a market capitalization that is well above the carrying amount of the CGU in the consolidated financial statements of the Group, so there is no need for an impairment.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 10.3% for 2023 (2022: 10.6%).ASSUMPTIONS FOR 2024-2028For EBITDA of 2024, management has worked out a target based on detailed plans and actions. For the period 2025-2028 the EBITDA estimate is based on long 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 ANALYSISThe Group\u2019s impairment review is sensitive to change in assumptions used, most notably the discount rate (WACC) and the terminal growth rate. A 1.0% increase in discount rate or a reduction of 0.5% in terminal growth rate would not give rise to an impairment.CONCLUSIONThe amount by which the CGUs recoverable amount exceeds its carrying value is \u20ac 131.4 million. Based on the fact that there is sufficient headroom, even in the multiple sensitivity analyses, there is no need for an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__173": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BV. The 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 joint venture 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) 2022 2023Sales 19,203 18,616 Cost of goods sold (14,086) (13,062)Gross profit 5,116 5,553 Marketing, sales and distribution expenses (3,754) (6,140)Administrative and general expenses (2,748) (2,486)Other net operating result 556 571 Operating profit / (loss) after impairment on goodwill (830) (2,502)Financial charges (1,699) (347)Financial income 256 465 Profit / (loss) before taxes (EBT) (2,274) (2,384)Income taxes (5) 10 Net profit / (loss) (2,279) (2,374)Other comprehensive income (+) / loss (-) for the period after tax impact 150 (1,008)Total comprehensive income (+) / loss (-) for the period (2,129) (3,382)Group's share of profit / (loss) for the year (1,065) (1,691)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2022 2023Group's share of net profit / (loss) for the year (1,140) (1,187)Translation adjustments 75 (504)Group's share in total comprehensive income / (loss) (1,065) (1,691)Recognized group's share of net profit / (loss) for the year - (1,000)Non recognized group's share of total comprehensive income / (loss) for the year* (1,065) (691)* The Group has taken into account 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 share 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.(IN \u20ac THOUSAND) 2022 2023ASSETSIntangible fixed assets 689 403 Tangible fixed assets 5,644 6,015 Non-current assets 6,334 6,418 Inventories 2,446 3,157 Trade receivables 2,224 2,567 Other receivables 595 561 Cash and cash equivalents 219 732 Current assets 5,484 7,016 Total assets 11,818 13,434 EQUITY AND LIABILITIESEquity (11,229) (12,611)Interest-bearing loans 11,616 19,711 Deferred tax liabilities 16 - Non-current liabilities 11,632 19,711 Trade payables 3,618 3,081 Other liabilities 7,797 3,253 Current liabilities 11,415 6,334Total equity and liabilities 11,818 13,434(IN \u20ac THOUSAND) 2022 2023Group's share in net assets at 1 January (4,550) (5,615)Group's share in net profit / (loss) of the year (1,140) (1,187)Group's share in other comprehensive income 75 (504)Capital increase - 1,000 Group's share in net assets at 31 December (5,615) (6,305)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 2,401 3,092 Group's carrying amount of the investment at 31 December - - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__172": {
"value": "8. Interest in a joint ventureThe Group acquired a 50% interest in So Easy Belgium BV. The 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 joint venture 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) 2022 2023Sales 19,203 18,616 Cost of goods sold (14,086) (13,062)Gross profit 5,116 5,553 Marketing, sales and distribution expenses (3,754) (6,140)Administrative and general expenses (2,748) (2,486)Other net operating result 556 571 Operating profit / (loss) after impairment on goodwill (830) (2,502)Financial charges (1,699) (347)Financial income 256 465 Profit / (loss) before taxes (EBT) (2,274) (2,384)Income taxes (5) 10 Net profit / (loss) (2,279) (2,374)Other comprehensive income (+) / loss (-) for the period after tax impact 150 (1,008)Total comprehensive income (+) / loss (-) for the period (2,129) (3,382)Group's share of profit / (loss) for the year (1,065) (1,691)FOR THE 12 MONTH PERIOD ENDED 31 DECEMBER (IN \u20ac THOUSAND) 2022 2023Group's share of net profit / (loss) for the year (1,140) (1,187)Translation adjustments 75 (504)Group's share in total comprehensive income / (loss) (1,065) (1,691)Recognized group's share of net profit / (loss) for the year - (1,000)Non recognized group's share of total comprehensive income / (loss) for the year* (1,065) (691)* The Group has taken into account 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 share 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.(IN \u20ac THOUSAND) 2022 2023ASSETSIntangible fixed assets 689 403 Tangible fixed assets 5,644 6,015 Non-current assets 6,334 6,418 Inventories 2,446 3,157 Trade receivables 2,224 2,567 Other receivables 595 561 Cash and cash equivalents 219 732 Current assets 5,484 7,016 Total assets 11,818 13,434 EQUITY AND LIABILITIESEquity (11,229) (12,611)Interest-bearing loans 11,616 19,711 Deferred tax liabilities 16 - Non-current liabilities 11,632 19,711 Trade payables 3,618 3,081 Other liabilities 7,797 3,253 Current liabilities 11,415 6,334Total equity and liabilities 11,818 13,434(IN \u20ac THOUSAND) 2022 2023Group's share in net assets at 1 January (4,550) (5,615)Group's share in net profit / (loss) of the year (1,140) (1,187)Group's share in other comprehensive income 75 (504)Capital increase - 1,000 Group's share in net assets at 31 December (5,615) (6,305)Allocated losses on recognized goodwill at acquisition date 3,214 3,214 Cummulative non-recognized total comprehensive income 2,401 3,092 Group's carrying amount of the investment at 31 December - - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__181-1": {
"value": "The Group has \u20ac 16.0 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2023:\u2022 Capital expenditure commitments for \u20ac 16.0 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 48.8 million for the period 2024 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__180-1": {
"value": "The Group has \u20ac 16.0 million fixed asset related commitments spread over the next year which are mainly related to machinery, forklifts and buildings.26. Off-balance sheet commitmentsThe Group has the following off-balance sheet commitments as per 31 December 2023:\u2022 Capital expenditure commitments for \u20ac 16.0 million;\u2022 Purchase commitments for raw material for an equivalent of \u20ac 48.8 million for the period 2024 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__179-1": {
"value": "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 inTurkey to Assets classified as held for sale.(IN \u20ac THOUSAND) 2022 2023Intangible fixed assets 19 23 Tangible fixed assets (9,687) (39)Assets held for sale 9,667 16 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 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 119,331 89,688 Leasing 11,417 15,409 Long-term interest-bearing debts 130,748 105,097 SHORT-TERM INTEREST-BEARING DEBTS 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 11,171 4,763Leasing 5,280 7,251 Short-term interest-bearing debts 16,452 12,013Long-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 within 12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021Transfersexchange 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 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2022exchange 2023(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 130,502 (31,555) 96 20 - (4,613) 94,450Leasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110As of 31 December 2023, undrawn committed credit lines under the above mentioned facility agreements amounted to \u20ac 94.9 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 2023 and at all preceding testing dates throughout 2023, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604The Group has \u20ac 94.4 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 89.9 million 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). As at 31 December 2023, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.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 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 15,515Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2022 9,421 2,826 3,267 15,515 Additions 5,700 5,681 2,345 13,726 Disposals (300) (130) (2) (432)Depreciations (3,517) (2,119) (2,620) (8,256)Impairments - (24) (27) (51)Translation adjustments (116) (31) 2,040 1,892 As per 31 December 2023 11,188 6,203 5,003 22,394 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2023.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) 2022 2023Opening balance 11,472 16,697 Additions 11,753 13,726 Disposals (273) (410)Accreation of interests 980 1,459 Payments (6,878) (8,568)Translation adjustments (357) (244)Closing balance 16,697 22,660 Current 5,280 7,251 Non-current 11,417 15,409 The maturity analysis of lease liabilities is disclosed in Note 18.The following are the amounts recognized in profit or loss:(IN \u20ac THOUSAND) 2022 2023Depreciation expense of right-of-use-assets (6,742) (8,256)Interest expense on lease liabilities (980) (1,459)Expenses relating to short-term leases and low-value assets (3,171) (2,724)Total amount recognized in profit or loss (10,892) (12,439)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__184-1": {
"value": "10. Long-term receivables(IN \u20ac THOUSAND) 2022 2023Other receivables 413 399 Receivables from joint ventures - 10,582 Total 413 10,981 The increase in long-term receivables is due to additional financing provided to the Groups' joint venture.12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2022 2023Gross trade receivables 100,254 95,560 Impairments allowance (12,306) (13,431)Trade receivables 87,947 82,129 VAT and other taxes 6,910 8,618 Derivative financial instruments 3,290 240 Prepaid charges 3,075 3,499 Short-term warranties 164 199 Advance checks received 35,669 31,329 Receivables from joint ventures 4,043 112 Other 1,844 653 Other receivables 54,994 44,650 Gross trade receivables decreased \u20ac 5.8 million. Total factoring amounted to \u20ac 18.3 million at 31 December 2023 (2022: \u20ac 17.4 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received and reclassification of the receivables from joint ventures to long term receivables. Days sales outstanding (DSO) slightly increased year-on-year, to 39 days in 2023 compared to 37 days in 2022. The factoring and related cost for 2023 amounts to \u20ac 0.6 million (2022: \u20ac 1.6 million). 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 95,560 62,183 8,576 5,207 2,931 1,739 14,923 31 December 2023Impairments allowance per (13,431) (1,395) (53) (159) (58) (3) (11,762)31 December 2023Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023Net carrying value per 87,947 59,389 10,238 7,997 4,225 2,137 3,96131 December 2022**Net carrying value per 31 December 2022 has been restatedAs per 31 December 2023 an amount of \u20ac 13.4 million (2022: \u20ac 12.3 million) 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 2022 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2022 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 367 thousand.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2022 2023At the beginning of (9,991) (12,306)Additions (4,708) (4,652)Reversals 1,691 1,745 Utilizations - 420 Translation adjustments 700 1,362 At the end of (12,306) (13,431)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__188": {
"value": "No inventories were pledged as security for liabilities (2022: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__186": {
"value": "11. Inventories(IN \u20ac THOUSAND) 2022 2023Raw materials and consumables 56,421 43,988 Finished goods 97,189 79,367 Trade goods 18,112 14,885 Total 171,722 138,241 During 2023 a net amount of \u20ac 2.0 million was recorded as an increase in the allowance related to the write-down on inventory (in 2022: \u20ac 3.4 million increase). These costs are included in Marketing, sales and distribution expenses. The cost of inventories recognized as cost of goods sold during 2023 amounted to \u20ac 585.0 million (2022: \u20ac 713.2 million). No inventories were pledged as security for liabilities (2022: idem).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__191": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2022 2023Gross trade receivables 100,254 95,560 Impairments allowance (12,306) (13,431)Trade receivables 87,947 82,129 VAT and other taxes 6,910 8,618 Derivative financial instruments 3,290 240 Prepaid charges 3,075 3,499 Short-term warranties 164 199 Advance checks received 35,669 31,329 Receivables from joint ventures 4,043 112 Other 1,844 653 Other receivables 54,994 44,650 Gross trade receivables decreased \u20ac 5.8 million. Total factoring amounted to \u20ac 18.3 million at 31 December 2023 (2022: \u20ac 17.4 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received and reclassification of the receivables from joint ventures to long term receivables. Days sales outstanding (DSO) slightly increased year-on-year, to 39 days in 2023 compared to 37 days in 2022. The factoring and related cost for 2023 amounts to \u20ac 0.6 million (2022: \u20ac 1.6 million). 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 95,560 62,183 8,576 5,207 2,931 1,739 14,923 31 December 2023Impairments allowance per (13,431) (1,395) (53) (159) (58) (3) (11,762)31 December 2023Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023Net carrying value per 87,947 59,389 10,238 7,997 4,225 2,137 3,96131 December 2022**Net carrying value per 31 December 2022 has been restatedAs per 31 December 2023 an amount of \u20ac 13.4 million (2022: \u20ac 12.3 million) 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 2022 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2022 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 367 thousand.The movements during the last 2 financial years are presented in the following table: IMPAIRMENT ALLOWANCE (IN \u20ac THOUSAND) 2022 2023At the beginning of (9,991) (12,306)Additions (4,708) (4,652)Reversals 1,691 1,745 Utilizations - 420 Translation adjustments 700 1,362 At the end of (12,306) (13,431)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__190": {
"value": "12. Trade receivables and other receivables(IN \u20ac THOUSAND) 2022 2023Gross trade receivables 100,254 95,560 Impairments allowance (12,306) (13,431)Trade receivables 87,947 82,129 VAT and other taxes 6,910 8,618 Derivative financial instruments 3,290 240 Prepaid charges 3,075 3,499 Short-term warranties 164 199 Advance checks received 35,669 31,329 Receivables from joint ventures 4,043 112 Other 1,844 653 Other receivables 54,994 44,650 Gross trade receivables decreased \u20ac 5.8 million. Total factoring amounted to \u20ac 18.3 million at 31 December 2023 (2022: \u20ac 17.4 million). The decrease in Other receivables is mainly driven by a decrease in Advance checks received and reclassification of the receivables from joint ventures to long term receivables. Days sales outstanding (DSO) slightly increased year-on-year, to 39 days in 2023 compared to 37 days in 2022. The factoring and related cost for 2023 amounts to \u20ac 0.6 million (2022: \u20ac 1.6 million). 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 95,560 62,183 8,576 5,207 2,931 1,739 14,923 31 December 2023Impairments allowance per (13,431) (1,395) (53) (159) (58) (3) (11,762)31 December 2023Net carrying value per 82,129 60,788 8,524 5,048 2,873 1,736 3,161 31 December 2023Net carrying value per 87,947 59,389 10,238 7,997 4,225 2,137 3,96131 December 2022**Net carrying value per 31 December 2022 has been restatedAs per 31 December 2023 an amount of \u20ac 13.4 million (2022: \u20ac 12.3 million) 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 2022 and is mainly included in the Turkey & Emerging Markets segment, where loss rates between 5% and 15% are applied, in line with the 2022 ECL model. If the loss rate would be increased by 1%, the impairment allowance would increase by \u20ac 367 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__195-1": {
"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2022 2023Cash and current bank accounts 37,730 25,920Short term deposits 21,219 20,625 Total 58,949 46,545Cash and cash equivalents have decreased mainly due to capital expenditures, dividend payments, net financial result excluding interests and debt repayments, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium and Turkey.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 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 119,331 89,688 Leasing 11,417 15,409 Long-term interest-bearing debts 130,748 105,097 SHORT-TERM INTEREST-BEARING DEBTS 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 11,171 4,763Leasing 5,280 7,251 Short-term interest-bearing debts 16,452 12,013Long-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 within 12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021Transfersexchange 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 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2022exchange 2023(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 130,502 (31,555) 96 20 - (4,613) 94,450Leasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110As of 31 December 2023, undrawn committed credit lines under the above mentioned facility agreements amounted to \u20ac 94.9 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 2023 and at all preceding testing dates throughout 2023, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604The Group has \u20ac 94.4 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 89.9 million 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). As at 31 December 2023, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__194": {
"value": "13. Cash and cash equivalents(IN \u20ac THOUSAND) 2022 2023Cash and current bank accounts 37,730 25,920Short term deposits 21,219 20,625 Total 58,949 46,545Cash and cash equivalents have decreased mainly due to capital expenditures, dividend payments, net financial result excluding interests and debt repayments, partly offset by a strong gross operating cash flow. The cash and cash equivalents balances are mainly concentrated in Belgium and Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__199": {
"value": "15. Issued capital and reservesIssued capitalISSUED CAPITAL 2022 2023Amount (in \u20ac thousand) 54,505 54,640 Number of shares (without nominal value) 138,202,261 138,545,260As per 31 December 2023, issued capital is set at \u20ac54,640 thousand and is composed of 138,545 thousand shares without a nominal value.Share premiumsSHARE PREMIUMS 2022 2023Amount (in \u20ac thousand) 90,468 91,010 Treasury shares TREASURY SHARES 2022 2023Amount (in \u20ac thousand) (16) (151)Number of shares (without nominal value) 13,103 90,603TREASURY SHARES HELD IN SUBSIDIARIES 2022 2023Amount (in \u20ac thousand) - (417)Number of shares (without nominal value) - 290,468As at 31 December 2023, the Group owned 90,603 own shares. These treasury shares are held to fulfil the Groups\u2019commitments arising from both share purchase plans and warrant plans. The treasury shares have beendeducted from equity. As at 31 December 2022, the Group owned 13,103 treasury shares.As at 31 December 2023, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held 290,468 own shares (as at 31 December 2022: 0). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.An overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2022 2023(IN \u20ac THOUSAND)USD (3,162) (6,563)TRY (74,961) (76,770)RUB (9,096) (9,553)PLN (4,911) (2,962)GBP (3,085) (2,696)CZK 1,080 700 Other 598 510 Total (93,538) (97,334)Currency translation adjustmentsCurrency 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 -97.3 million as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__200": {
"value": "Issued capitalISSUED CAPITAL 2022 2023Amount (in \u20ac thousand) 54,505 54,640 Number of shares (without nominal value) 138,202,261 138,545,260As per 31 December 2023, issued capital is set at \u20ac54,640 thousand and is composed of 138,545 thousand shares without a nominal value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__198": {
"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2022 2023Cost 12,006 12,585 Accumulated depreciations and impairments (726) (629)Net Carrying Value 11,280 11,956 The Assets classified as held for sale mainly relate to real estate in Turkey. 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 2024. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__197": {
"value": "14. Assets classified as held for saleASSETS CLASSIFIED AS HELD FOR SALE (IN \u20ac THOUSAND) 2022 2023Cost 12,006 12,585 Accumulated depreciations and impairments (726) (629)Net Carrying Value 11,280 11,956 The Assets classified as held for sale mainly relate to real estate in Turkey. 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 2024. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__202-1": {
"value": "Treasury shares TREASURY SHARES 2022 2023Amount (in \u20ac thousand) (16) (151)Number of shares (without nominal value) 13,103 90,603TREASURY SHARES HELD IN SUBSIDIARIES 2022 2023Amount (in \u20ac thousand) - (417)Number of shares (without nominal value) - 290,468As at 31 December 2023, the Group owned 90,603 own shares. These treasury shares are held to fulfil the Groups\u2019commitments arising from both share purchase plans and warrant plans. The treasury shares have beendeducted from equity. As at 31 December 2022, the Group owned 13,103 treasury shares.As at 31 December 2023, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held 290,468 own shares (as at 31 December 2022: 0). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.An overview of the currency translation adjustments by currency is given below:CURRENCY TRANSLATION ADJUSTMENTS2022 2023(IN \u20ac THOUSAND)USD (3,162) (6,563)TRY (74,961) (76,770)RUB (9,096) (9,553)PLN (4,911) (2,962)GBP (3,085) (2,696)CZK 1,080 700 Other 598 510 Total (93,538) (97,334)Currency translation adjustmentsCurrency 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 -97.3 million as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__201": {
"value": "Treasury shares TREASURY SHARES 2022 2023Amount (in \u20ac thousand) (16) (151)Number of shares (without nominal value) 13,103 90,603TREASURY SHARES HELD IN SUBSIDIARIES 2022 2023Amount (in \u20ac thousand) - (417)Number of shares (without nominal value) - 290,468As at 31 December 2023, the Group owned 90,603 own shares. These treasury shares are held to fulfil the Groups\u2019commitments arising from both share purchase plans and warrant plans. The treasury shares have beendeducted from equity. As at 31 December 2022, the Group owned 13,103 treasury shares.As at 31 December 2023, the Group\u2019s subsidiary Ege Profil Ticaret ve Sanayi AS, held 290,468 own shares (as at 31 December 2022: 0). The subsidiary\u2019s own shares have been deducted from equity and are presented under \u201cTreasury shares held in subsidiaries\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__206-1": {
"value": "16. Provisions for post-employment employee benefitsDeceuninck GermanyNET LIABILITY (ASSET) and Deceuninck NV Ege Profil ASRECONCILIATIONOther TotalProduktions (Belgium)(Turkey)(IN \u20ac THOUSAND)GmbH(Germany)As per 31 December 2022 10,229 496 3,391 703 14,820 Pension cost recognized in 406 750 1,255 22 2,434 income statementRemeasurements recognized 697 102 1,003 - 1,802 in OCIBenefits paid directly (517) (972) (1,602) (15) (3,107)Translation adjustments - - (1,316) (18) (1,333)As per 31 December 2023 10,815 376 2,732 693 14,616 Non-current 10,281 349 2,732 682 14,044 Current 534 27 - 11 572 Defined benefit plans and other post-employment benefits Deceuninck NV (Belgium)For Deceuninck NV, the provisions for post-employment benefits 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 7.7 million. 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 2022 2023Discount rate 3.75% 3.20%Increase in compensations - white collar 3.05% 2.85%Increase in compensations - blue collar 3.05% 2.85%Increases in social security 3.05% 2.85%Increases in pensions N/A N/AInflation 2.30% 2.10%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 available to all employees started to work for Deceuninck Germany GmbH before 1999. For one manager there is an individual pension 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 2022 2023ACTUARIAL ASSUMPTIONSDiscount rate 3.70% 3.20%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 2.00% 2.00%Inflation 2.00% 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 2022 2023Discount rate 19.70% 26.43%Increase in compensations - white collar 19.20% 70.00%Increase in compensations - blue collar 19.20% 70.00%Increases in social security 19.20% 70.00%Increases in pensions N/A N/AInflation N/A N/AThe expected increase in compensations and social security is 70% for 2024 and 23% for the years after 2024.OtherThese 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 2022 2023PENSION COSTDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)Current service cost 70 260 792 1,122 37 873 768 1,679 Interest cost 127 135 32 294 369 382 (18) 733 Recognized in income 197 395 824 1,416 406 1,255 750 2,412 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 2022 2023FINANCIAL POSITIONDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)Present value of defined 10,230 3,391 8,533 22,154 10,816 2,731 9,078 22,624 benefit obligationFair value of plan assets - - (8,037) (8,037) - - (8,702) (8,702)Net liability (asset) 10,230 3,391 496 14,117 10,816 2,731 376 13,922 CHANGE IN PENSION 2022 2023BENEFIT OBLIGATIONSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of 14,411 1,405 11,313 27,129 10,230 3,391 8,533 22,154 Current service cost 70 260 792 1,122 37 873 768 1,679 Interest cost 127 135 112 375 369 382 297 1,048 Plan participants - - 240 240 - - 286 286 contributionsActuarial (gain) / loss (3,901) 2,379 (3,014) (4,536) 697 1,003 433 2,133 Arising from changes in (4,605) 1,640 (3,183) 676 (202) 257 financial assumptionsExperience adjustments 704 738 159 21 962 176 Arising from demographic - - 10 - 242 - assumptionsBenefits paid directly (478) (252) (910) (1,640) (517) (1,602) (1,239) (3,359)Exchange rate differences - (536) - (536) - (1,316) - (1,316)At the end of 10,230 3,391 8,533 22,154 10,816 2,731 9,078 22,624 CHANGE IN FAIR VALUE OF 2022 2023PLAN ASSETSDeceuninckDeceuninckGermany andGermany andEge Profil ASDeceuninckEge Profil ASDeceuninck(IN \u20ac THOUSAND)ProduktionsTotalProduktionsTotal(Turkey)NV (Belgium)(Turkey)NV (Belgium)GmbHGmbH(Germany)(Germany)At the beginning of - - 7,696 7,696 - - 8,037 8,037 Interest income on plan assets - - 80 80 - - 315 315 Actuarial (gain) / loss - - 109 109 - - 331 331 Return on plan asset - - 109 - - 331 Employer contributions - - 745 745 - - 854 854 Plan participants contributions - - 240 240 - - 286 286 Benefits paid directly - - (833) (833) - - (1,121) (1,121)At the end of - - 8,037 8,037 - - 8,702 8,702 OTHER 2023DeceuninckGermany andEge Profil ASDeceuninck(IN \u20ac THOUSAND)Produktions(Turkey)NV (Belgium)GmbH(Germany)ContributionsExpected contribution to the plan for the next annual reporting 535 N/A 835periodMaturity profileDuration jubilee benefits N/A N/A N/ADuration prepensions N/A N/A 3.8Duration DC pension plans 13.0/19.0 N/A 12.8Duration other long term benefits N/A 11.58 N/AExpected payments from the defined benefit plan withinCashFlow Year 1 535 296 6CashFlow Year 2 527 534 56CashFlow Year 3 549 27 51CashFlow Year 4 547 40 752CashFlow Year 5 557 57 546CashFlow Year 6-10 2,817 1,387 3,726Sensitivity analysis shows the following impacts:Deceuninck GermanyAS PER 31 DECEMBER 2023and Produktions GmbHEge Profil AS (Turkey) Deceuninck NV (Belgium)(Germany)Change in discount rate -0.20% 0.20% -0.50% 0.50% -0.20% 0.20%Impact on present value of defined benefit obligation 292 (279) 165 (151) 126 (121)(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 (574) 607 (154) 166 (in \u20ac thousand)+ one - one + one - one + one - one year life Change in longevityyear life year life year life year life year life expectancyexpectancyexpectancyexpectancyexpectancyexpectancyImpact on present value of defined benefit obligation (387) 401 N/A N/A 22 (23)(in \u20ac thousand)17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2022 - 1,568 1,080 1,749 4,396 Additions 12,598 945 1,584 3,330 18,457 Utilizations - (1) (110) (56) (168)Reversals - (61) (497) (497) (1,054)Transfers - - - (133) (133)Translation adjustments - (138) (24) (226) (388)As per 31 December 2023 12,598 2,313 2,033 4,167 21,111 Non-current - 2,262 2,010 4,167 8,439Current 12,598 51 23 - 12,672Restructuring provisions are recognized when conditions of IAS 37 are fulfilled. In 2023 the restructuring provision relates to the strategic repositioning in Europe and Emerging Markets. The strategic repositioning in Europe relates to the Group's intention to stop all manufacturing activities in Bogen and all logistic activities in H\u00fcnderdorf in Bavaria, Germany. Deceuninck is optimizing its European production and logistic footprint in order to achieve sustainable growth, improve business performance and to assure a reliable supply and service. Production from the plant in Bogen will be transferred to other manufacturing plants of the Deceuninck Group, redesigning the set-up to address overcapacity and ensure long-term competitiveness. This restructuring plan will affect over 230 employees. The Group intends to complete the restructuring in the next twelve months. German and global customers being serviced from the Bogen and H\u00fcnderdorf locations will not be impacted. There will be a continued focus on providing value and reliability to all customers. The Germany-based sales, marketing, product and technical functions will remain in place and assure all service, along with an optimal European supply chain and product portfolio.Provisions for warranties are based on historical data of the cost 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__209": {
"value": "17. Provisions(IN \u20ac THOUSAND) Restructuring Warranties Claims Other TotalAs per 31 December 2022 - 1,568 1,080 1,749 4,396 Additions 12,598 945 1,584 3,330 18,457 Utilizations - (1) (110) (56) (168)Reversals - (61) (497) (497) (1,054)Transfers - - - (133) (133)Translation adjustments - (138) (24) (226) (388)As per 31 December 2023 12,598 2,313 2,033 4,167 21,111 Non-current - 2,262 2,010 4,167 8,439Current 12,598 51 23 - 12,672Restructuring provisions are recognized when conditions of IAS 37 are fulfilled. In 2023 the restructuring provision relates to the strategic repositioning in Europe and Emerging Markets. The strategic repositioning in Europe relates to the Group's intention to stop all manufacturing activities in Bogen and all logistic activities in H\u00fcnderdorf in Bavaria, Germany. Deceuninck is optimizing its European production and logistic footprint in order to achieve sustainable growth, improve business performance and to assure a reliable supply and service. Production from the plant in Bogen will be transferred to other manufacturing plants of the Deceuninck Group, redesigning the set-up to address overcapacity and ensure long-term competitiveness. This restructuring plan will affect over 230 employees. The Group intends to complete the restructuring in the next twelve months. German and global customers being serviced from the Bogen and H\u00fcnderdorf locations will not be impacted. There will be a continued focus on providing value and reliability to all customers. The Germany-based sales, marketing, product and technical functions will remain in place and assure all service, along with an optimal European supply chain and product portfolio.Provisions for warranties are based on historical data of the cost 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__211-1": {
"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 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 119,331 89,688 Leasing 11,417 15,409 Long-term interest-bearing debts 130,748 105,097 SHORT-TERM INTEREST-BEARING DEBTS 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 11,171 4,763Leasing 5,280 7,251 Short-term interest-bearing debts 16,452 12,013Long-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 within 12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021Transfersexchange 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 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2022exchange 2023(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 130,502 (31,555) 96 20 - (4,613) 94,450Leasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110As of 31 December 2023, undrawn committed credit lines under the above mentioned facility agreements amounted to \u20ac 94.9 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 2023 and at all preceding testing dates throughout 2023, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604The Group has \u20ac 94.4 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 89.9 million 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). As at 31 December 2023, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.Set 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 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 15,515Machinery & (IN \u20ac THOUSAND) Buildings CarsTotalequipmentAs per 31 December 2022 9,421 2,826 3,267 15,515 Additions 5,700 5,681 2,345 13,726 Disposals (300) (130) (2) (432)Depreciations (3,517) (2,119) (2,620) (8,256)Impairments - (24) (27) (51)Translation adjustments (116) (31) 2,040 1,892 As per 31 December 2023 11,188 6,203 5,003 22,394 Translation adjustments also contain the IAS29 hyperinflation effects of bringing the right-of-use assets to purchasing power of 31st of December 2023.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) 2022 2023Opening balance 11,472 16,697 Additions 11,753 13,726 Disposals (273) (410)Accreation of interests 980 1,459 Payments (6,878) (8,568)Translation adjustments (357) (244)Closing balance 16,697 22,660 Current 5,280 7,251 Non-current 11,417 15,409 The maturity analysis of lease liabilities is disclosed in Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__210-1": {
"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 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 119,331 89,688 Leasing 11,417 15,409 Long-term interest-bearing debts 130,748 105,097 SHORT-TERM INTEREST-BEARING DEBTS 2022 2023(IN \u20ac THOUSAND)Loans from financial institutions 11,171 4,763Leasing 5,280 7,251 Short-term interest-bearing debts 16,452 12,013Long-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 within 12 months.Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2021Transfersexchange 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 Non-cash changesForeign IFRS 16 Foreign INTEREST BEARING DEBTS Cash Capitalised Exchange New 2022exchange 2023(IN \u20ac THOUSAND)FlowsInterestrevaluation in Leases / translation(profit) or lossDisposalsLoans from financial institutions 130,502 (31,555) 96 20 - (4,613) 94,450Leasing 16,697 (7,109) - 660 13,316 (903) 22,661 Interest bearing debts 147,199 (38,664) 96 680 13,316 (5,516) 117,110As of 31 December 2023, undrawn committed credit lines under the above mentioned facility agreements amounted to \u20ac 94.9 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 2023 and at all preceding testing dates throughout 2023, Deceuninck Group has met all its covenants.The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604The Group has \u20ac 94.4 million outstanding financial liabilities (excl leasing liabilities), of which \u20ac 89.9 million 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). As at 31 December 2023, there are temporarily lower outstanding financial liabilities at variable interest rate in comparison to the hedging by means of interest rate swaps due to a temporary improvement in working capital position.Set 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 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",
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},
"s8_notes__6__216-1": {
"value": "The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,60425. 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 optimization of 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 are forward 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 2023: PURCHASE OR SALE Currency Amount Maturity Date MTM 2023Forward sales BRL 13,578,984 Q1 2024 (5,945) CLP 2,582,233,696 Q1 2024 33,694 GBP 2,600,000 Q1 2024 18,079 INR 804,952,500 Q1 2024 162,355 PLN 77,500,000 Q1 2024 10,344 MXN 23,772,150 Q1 2024 (35,056) TRY 880,547,000 Q2 2024 (288,953) USD 1,400,000 Q1 2024 13,374 Forward purchases CZK 351,824,000 Q1 2024 (168,042) GBP 7,000,000 Q1 2024 (33,702) PLN 1,900,000 Q1 2024 571 TRY 167,640,000 Q1 2024 (45,519) USD 19,300,000 Q1 2024 (180,817)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\u2019, a 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 possible exchange rate movements on our financial result as follows: SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2023*Amount Possible (in foreign Closing rate volatility of Rate used for the Effect on revaluation Currencyccurrency and in 31/12/2023the exchange sensitivity analysis(in \u20ac thousand)thousand)rate **AUD/TRY (32,055) 20.0295 8.46% 21.7233 18.4677 4 (4)EUR/BRL (255) 5.3618 6.07% 5.6872 5.0550 3 (3)EUR/CLP (88,473) 979.4000 6.50% 1043.0624 919.6232 6 (6)EUR/CZK (6) 24.7240 2.26% 25.2832 24.1772 - -EUR/GBP (1) 0.8691 2.41% 0.8900 0.8486 - -EUR/INR 13 91.9045 3.59% 95.2082 88.7154 - - EUR/PLN (6) 4.3395 3.19% 4.4778 4.2055 - -EUR/RUB 415,916 99.1919 10.70% 109.8095 89.6009 (405) 449 EUR/TRY (293,964) 32.5739 7.60% 35.0506 30.2722 638 (686)EUR/USD 1 1.1050 3.76% 1.1466 1.0649 - - USD/CLP (128) 886.3348 7.10% 949.2762 827.5668 - -USD/MXN 11,144 16.9439 5.67% 31.1511 27.8960 (18) 19 USD/RUB (11,166) 89.7664 10.33% 99.0369 81.3637 11 (12)USD/TRY (519,541) 29.4786 6.47% 31.3871 27.6862 970 (1,033)Total 1,206 (1,275)* Balance sheet exposure after financial hedging (net-exposures) / ** 3 month volatilityIf currencies would have weakened/strengthened during 2023 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 1.3 million lower / \u20ac 1.2 million higher. The relatively high sensitivity is mainly due to the Group\u2019s exposure in Turkish Lira, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 89.9 million out of the \u20ac 94.4 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 with a direct link in amount and duration of existing financing, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). Generally the Group aims to have a hedge ratio of this specific interest rate risk of approximately 80-120%. At year-end 2023 this was 85% due to a temporarily improved working capital situation.On 31 December 2023 a total amount of \u20ac108.2 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 the market interest rate by 1.00% would by consequence only have an impact on the unhedged part (\u20ac 8.2 million) which would result in an increase or decrease of the interest costs by \u20ac 82 thousand.The group\u2019s hedging reserves relate to the following hedging instruments:CASH FLOW HEDGE RESERVE Interest rate swap Total hedge reserveAs per 31 December 2021 --Change in fair value of hedging instruments recognised in OCI 2,968 2,968Deferred tax (742) (742) As per 31 December 2022 2,226 2,226Change in fair value of hedging instruments recognised in OCI (3,014) (3,014)Deferred tax 754 754 As per 31 December 2023 (35) (35)There have been no reclassifications from the cash flow hedge reserve to profit or loss during the period in relation to the interest rate swaps.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 the building 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. In cases where the insured limit is not sufficient we tried to obtain extra guarantees from 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 resulted immediately 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 funding of its operating activities and there are not 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 credit facility 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 situation in which 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 the Group 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 and the capital expenditure level of the Group. This is therefore closely monitored. Hierarchical classification of fair valueA comparison is provided below between the net carrying value 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 expected future cash flows, and by discounting these on common, accepted interest rates. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2022 2023 2022 2023Financial assetsCash and cash equivalents 58,949 46,545 58,949 46,545Trade receivables 87,947 82,129 87,947 82,129 Financial fixed assets 10 8 10 8 Derivative financial instruments 3,290 240 3,290 240 Financial liabilitiesLoans with a variable interest rate 119,709 91,502 119,709 91,502 Loans with a fixed interest rate 10,793 4,516 11,080 4,058 Financial leasing liabilities 16,697 22,660 16,697 22,660 Derivative financial instruments 327 805 327 805 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 are observable, 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 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.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 2022 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2022 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (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 - As per 31 December 2023 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)Interest rate swap - - - - FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 -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 interest rates and a steep increase of the inflation in Europe and America. The inflation affects mainly energy costs and salaries. All these costs are being critically reviewed and optimized on a constant basis. These inflation effects were passed through were possible.As a result of the uncertain geopolitical situation in Russia since the conflict in Ukraine, the Group has fully impaired the Russian property, plant and equipment since the long-term operating plan cannot be guaranteed due to these uncertainties. The Group has no operations in Ukraine and its turnover in the country was not material.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__215-1": {
"value": "The following table provides a summary of the outstanding debts by currency, the average interest rates and maturity profile as per 31 December 2023: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) 11,171 119,331 - 130,502 Leasing liabilities 5,405 12,747 615 18,767 2022 16,576 132,078 615 149,269 Financial liabilities (excl leasing liabilities) 4,762 89,051 637 94,450Leasing liabilities 7,499 18,128 485 26,112 2023 12,261 107,179 1,121 120,561Of whichEUR 4.72% 3,881 95,936 664 100,481TRY 28.85% 5,110 3,043 - 8,152 USD 6.14% 1,625 5,700 - 7,325 Other foreign currencies 8.72% 1,646 2,500 457 4,604Liquidity risk and risks linkedThe Deceuninck Group holds sufficient cash, cash equivalents and committed credit facilities for the funding of its operating activities and there are not 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 credit facility 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 situation in which 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 the Group 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 and the capital expenditure level of the Group. This is therefore closely monitored.",
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}
},
"s8_notes__6__225": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__223": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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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"s8_notes__6__222": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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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"s8_notes__6__221": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__220": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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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},
"s8_notes__6__219-1": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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 carrying value 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 expected future cash flows, and by discounting these on common, accepted interest rates. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2022 2023 2022 2023Financial assetsCash and cash equivalents 58,949 46,545 58,949 46,545Trade receivables 87,947 82,129 87,947 82,129 Financial fixed assets 10 8 10 8 Derivative financial instruments 3,290 240 3,290 240 Financial liabilitiesLoans with a variable interest rate 119,709 91,502 119,709 91,502 Loans with a fixed interest rate 10,793 4,516 11,080 4,058 Financial leasing liabilities 16,697 22,660 16,697 22,660 Derivative financial instruments 327 805 327 805 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 are observable, 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 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.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 2022 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2022 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (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 - As per 31 December 2023 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)Interest rate swap - - - - FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__218": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__217": {
"value": "19. Trade payables and other liabilities(IN \u20ac THOUSAND) 2022 2023Trade Debts 144,023 138,790 Derivative financial instruments 327 805 Guarantees from Customers 897 826 Accrued interest 439 257 Accrued charges 453 1,093 Deferred income 1,522 629 Advance checks received 40,530 37,100 Other 363 1,436 OTHER LIABILITIES 44,531 42,146 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 payment terms fluctuate between 45 and 65 days from the end of 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",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__235": {
"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 option and warrant agreements. The purpose for such a decision is to motivate the staff members, senior management and the members of the Executive Management, 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 1.2 million onthe results of 2023 (2022: \u20ac 0.8 million) as recognizedin \u2018Other payroll expenses\u2019 in Note 3. Revenue and costsare split up as below:\u2022 Warrant plan: \u20ac 0.8 million in 2023 (\u20ac 0.8 million in 2022)\u2022 Performance share plan: \u20ac 0.4 million in 2023 (\u20ac 0 in 2022)\u2022 Stock option plans: No impact in 2023 (no impact in 2022)Stock option plans, warrant plans and performance share plans are accounted for as equity settled plans. These plans were valued on the basis of the binominal tree structure. Volatility was determined on the basis of historical data.Stock option plansThere are no outstanding options at the end of December 2023. Warrant plansThe balance of the outstanding warrants at the end of December 2023 is 7,853,134 (2022: 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, 365,499 warrants were exercised in the course of 2023. The warrants expire if they have not been exercised at the last day of the last exercise period. The warrants can be exercised 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 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2022 Plan 2023 TotalGrant date 17/12/2013 17/12/2014 16/12/2015 21/12/2016 21/12/2016 21/12/2017 21/12/2018 21/12/2018 13/12/2019 21/12/2019 17/12/2020 16/12/2021 23/12/2022 02/03/2023 15/12/2023Acceptance date 14/02/2014 16/02/2015 15/02/2016 21/02/2017 21/02/2017 19/02/2018 19/02/2019 19/02/2019 01/02/2020 01/02/2020 16/02/2021 14/02/2022 20/02/2023 30/04/2023 18/02/2024Number of beneficiaries 59 66 73 8 66 54 45 12 43 14 54 56 87 1 69at grant dateExercise price (in \u20ac) 1.71 1.79 2.40 2.40 2.27 3.06 1.82 1.97 1.82 1.97 1.78 3.07 2.38 2.53 2.29Share price on acceptance 2.19 1.98 2.08 2.22 2.22 2.88 2.19 2.19 1.98 1.98 2.44 2.85 2.56 2.35 2.24date (in \u20ac)Granted 332,500 910,000 630,000 710,000 524,000 1,334,000 700,000 755,000 546,500 828,500 1,183,000 1,302,000 1,190,500 25,000 1,189,500 12,160,500Accepted 332,500 892,500 607,500 710,000 524,000 1,233,500 577,000 755,000 546,500 798,500 1,145,000 1,224,250 1,120,540 25,000 611,500 11,103,290Exercised 179,993 664,994 170,830 70,000 178,999 20,000 177,663 85,000 71,164 40,000 - - - - - 1,658,643Forfeited 109,171 150,004 260,000 60,000 209,000 265,000 74,000 60,000 72,000 73,500 53,500 37,000 3,500 - - 1,426,675Expired 43,336 77,502 10,000 - 8,000 10,000 11,000 - 5,000 - - - - - - 164,838Outstanding 31/12/2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134Exercisable 31/12/2023 - - 166,670 580,000 128,001 938,500 209,558 406,667 134,445 228,333 - - - - - 2,792,174Exercise periods 2017-2023 2018-2023 2019-2025 2020-2024 2020-2024 2021-2027 2022-2028 2022-2028 2023-2028 2023-2028 2024-2030 2025-2031 2026-2032 2026-2032 2027-2032AssumptionsVolatility 45.00% 45.00% 45.00% 40.00% 40.00% 30.00% 30.00% 30.00% 24.80% 24.80% 27.70% 34.74% 36.77% 36.78% 31.53%Risk-free interest 0.99% -0.03% -0.28% -0.32% -0.32% 0.13% -0.12% -0.12% 0.02% 0.02% -0.24% 0.12% 3.00% 3.30% 2.45%Dividend (in \u20ac) 0.03 0.03 0.03 0.03 0.03 0.03 0.03 3.03 1.03 0.03 0.03 0.05 0.06 0.06 0.07Early exercised 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%- Minimum gainEarly exercised 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%- Probability to exerciseWARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2022exercise priceOutstanding 2021 40,002 55,836 209,170 610,000 199,002 956,500 530,000 695,000 531,500 725,000 1,130,000 680,000 - - - 6,362,010 2.25Accepted - - - - - - - - - - - 544,250 402,400 - - 946,650 2.78Exercised 1,667 3,334 5,000 - 38,001 - 84,996 35,000 - - - - - - - 167,998 1.97Forfeited - - 5,000 - 8,000 18,000 29,000 - 47,000 - 23,500 37,000 - - - 167,500 2.26Outstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33WARRANTS Weighted average Plan 2013 Plan 2013 Plan 2015 Plan 2015 Plan 2015 Plan 2017 Plan 2018 Plan 2018 Plan 2018 Plan 2018 Plan 2020 Plan 2021 Plan 2022 Plan 2023 Plan 2023 TotalMOVEMENTS IN 2023exercise priceOutstanding 2022 38,335 52,502 199,170 610,000 153,001 938,500 416,004 660,000 484,500 725,000 1,106,500 1,187,250 402,400 - - 6,973,162 2.33Accepted - - - - - - - - - - - - 718,140 25,000 611,500 1,354,640 2.34Exercised 8,334 20,834 27,500 30,000 25,000 - 92,667 50,000 71,164 40,000 - - - - - 365,499 1.97Forfeited - - 5,000 - - - 9,000 - 15,000 - 15,000 - 3,500 - - 47,500 1.91Expired 30,001 31,668 - - - - - - - - - - - - - 61,669 1.75Outstanding 2023 - - 166,670 580,000 128,001 938,500 314,337 610,000 398,336 685,000 1,091,500 1,187,250 1,117,040 25,000 611,500 7,853,134 2.36Performance 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 598,466 as at 31 December 2023. 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 entitled to one or more matching Deceuninck Shares pursuant to 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 date1/01/23Acceptance date31/12/22Number of beneficiaries at grant date10Share price at date of grant2.71Granted627,816Accepted627,816Exercised - Forfeited 29,350 Expired - Outstanding 31/12/2023 598,466 Exercisable 31/12/2023 - Exercise periods2025AssumptionsVolatility37.56%Risk-free interest3.33%PERFORMANCE SHARE PLAN MOVEMENTS 2022Outstanding 2021 -Accepted627,816Exercised -Forfeited -Expired -Outstanding 2022627,816PERFORMANCE SHARE PLAN MOVEMENTS 2023Outstanding 2022 627,816Accepted - Exercised - Forfeited 29,350 Expired - Outstanding 2023 598,466",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__237": {
"value": "22. Related partiesDuring 2023, the Group made purchases for \u20ac 1.1 million (no purchases in 2022) and no sales (no sales in 2022), under normal market conditions, from or to companies to which Directors of the Group, owning shares of the Group, are related to. The purchases in 2023 are related to an investment and installation in a solar energy plant. Furthermore, during 2023, the Group made no purchases (no purchases in 2022) and sales of \u20ac 2.1 million (\u20ac 1.5 million in 2022), 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 and other receivables of \u20ac 11.0 million (\u20ac 5.5 million in 2022) and an outstanding payable position of \u20ac 185 thousand (\u20ac 234 thousand in 2022) with So Easy Belgium BV or related companies. The outstanding receivable position is mainly related to working capital financing. Total remuneration of members of the Board in 2023 amounted to \u20ac 290 thousand (\u20ac 274 thousand in 2022). 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 200,000 for the specific projects: aluminum and recycling business.In 2023, the CEO received a total remuneration (fixed + variable) in the amount of \u20ac 990 thousand (in 2022 a total remuneration of \u20ac 511 thousand). The other members of the DirCo (the CFO, the General Counsel and the current MD Europe) received total remunerations (fixed + variable) of \u20ac 1.439 thousand (in 2022 a total remuneration of \u20ac 803 thousand). The members of the Executive Team Regions received total remunerations (fixed + variable) of \u20ac 1.373 thousand (in 2022 a total remuneration of \u20ac 1.315 thousand). This amount contains the fixed remuneration of the former MD Europe who was in his role from 1 January 2023 until 30 September 2023.The split of the remuneration is further disclosed in the Remuneration Report contained in the section \u201cCorporate Governance Statement\u201d of this annual report. For 2023, the evaluation criteria for the former CEO and the other members of the Executive Team Group were as follows: REBITDA Group (40%), Adjusted Free Cash Flow Group (40%) and non-financial criteria (20%). For the members of the Executive Team Regions: REBITDA Group (20%), REBITDA Region (20%), Adjusted Free Cash Flow Group (20%), Adjusted Free Cash Flow Region (20%) and non-financial criteria (20%). Options and/or subscription rights on the shares of the company are granted to members of the Executive Team Group and Executive Team Regions. On 20 December 2023, a new subscription rights plan (\u201cWarrant Plan 2023\u201d) of 3,000,000 subscription rights was issued. On 20 December 2023, 250,000 subscription rights of Warrant Plan 2023 were offered to the former CEO and 60,000 subscription rights were offered to each of the CFO, General Counsel, MD Europe, MD North and Latin America and MD Turkey and APAC. The price of the subscription rights amounts to \u20ac 2.29. The subscription rights were to be accepted by 18 February 2024. The exercise period runs from 2027 until 2033. In 2027, 1/3 of the subscription rights will vest, in 2028 another 1/3 and in 2029 another 1/3. Each year, there will be two exercise windows: from the day after the Annual General Meeting in April until 30 June and from the day after the publication of the half-year results in August until 30 September. These subscription rights plans are not related to the performance of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__238": {
"value": "Total remuneration of members of the Board in 2023 amounted to \u20ac 290 thousand (\u20ac 274 thousand in 2022). 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 200,000 for the specific projects: aluminum and recycling business.In 2023, the CEO received a total remuneration (fixed + variable) in the amount of \u20ac 990 thousand (in 2022 a total remuneration of \u20ac 511 thousand). The other members of the DirCo (the CFO, the General Counsel and the current MD Europe) received total remunerations (fixed + variable) of \u20ac 1.439 thousand (in 2022 a total remuneration of \u20ac 803 thousand). The members of the Executive Team Regions received total remunerations (fixed + variable) of \u20ac 1.373 thousand (in 2022 a total remuneration of \u20ac 1.315 thousand). This amount contains the fixed remuneration of the former MD Europe who was in his role from 1 January 2023 until 30 September 2023.The split of the remuneration is further disclosed in the Remuneration Report contained in the section \u201cCorporate Governance Statement\u201d of this annual report. For 2023, the evaluation criteria for the former CEO and the other members of the Executive Team Group were as follows: REBITDA Group (40%), Adjusted Free Cash Flow Group (40%) and non-financial criteria (20%). For the members of the Executive Team Regions: REBITDA Group (20%), REBITDA Region (20%), Adjusted Free Cash Flow Group (20%), Adjusted Free Cash Flow Region (20%) and non-financial criteria (20%). Options and/or subscription rights on the shares of the company are granted to members of the Executive Team Group and Executive Team Regions. On 20 December 2023, a new subscription rights plan (\u201cWarrant Plan 2023\u201d) of 3,000,000 subscription rights was issued. On 20 December 2023, 250,000 subscription rights of Warrant Plan 2023 were offered to the former CEO and 60,000 subscription rights were offered to each of the CFO, General Counsel, MD Europe, MD North and Latin America and MD Turkey and APAC. The price of the subscription rights amounts to \u20ac 2.29. The subscription rights were to be accepted by 18 February 2024. The exercise period runs from 2027 until 2033. In 2027, 1/3 of the subscription rights will vest, in 2028 another 1/3 and in 2029 another 1/3. Each year, there will be two exercise windows: from the day after the Annual General Meeting in April until 30 June and from the day after the publication of the half-year results in August until 30 September. These subscription rights plans are not related to the performance of the Group.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__239": {
"value": "23. Services provided by the external auditorDuring 2023 the following charges of the external auditor were included in the Group\u2019s income statement:Audit related services \u20ac 557,881Other services \u20ac 21,636",
"dimensions": {
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"language": "en",
"entity": "scheme:549300R6YGQQ24P6WW72",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__240": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__242": {
"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 optimization of 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 are forward 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 2023: PURCHASE OR SALE Currency Amount Maturity Date MTM 2023Forward sales BRL 13,578,984 Q1 2024 (5,945) CLP 2,582,233,696 Q1 2024 33,694 GBP 2,600,000 Q1 2024 18,079 INR 804,952,500 Q1 2024 162,355 PLN 77,500,000 Q1 2024 10,344 MXN 23,772,150 Q1 2024 (35,056) TRY 880,547,000 Q2 2024 (288,953) USD 1,400,000 Q1 2024 13,374 Forward purchases CZK 351,824,000 Q1 2024 (168,042) GBP 7,000,000 Q1 2024 (33,702) PLN 1,900,000 Q1 2024 571 TRY 167,640,000 Q1 2024 (45,519) USD 19,300,000 Q1 2024 (180,817)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\u2019, a 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 possible exchange rate movements on our financial result as follows: SENSITIVITY ANALYSIS ON THE POSITION IN FOREIGN CURRENCIES AS PER 31 DECEMBER 2023*Amount Possible (in foreign Closing rate volatility of Rate used for the Effect on revaluation Currencyccurrency and in 31/12/2023the exchange sensitivity analysis(in \u20ac thousand)thousand)rate **AUD/TRY (32,055) 20.0295 8.46% 21.7233 18.4677 4 (4)EUR/BRL (255) 5.3618 6.07% 5.6872 5.0550 3 (3)EUR/CLP (88,473) 979.4000 6.50% 1043.0624 919.6232 6 (6)EUR/CZK (6) 24.7240 2.26% 25.2832 24.1772 - -EUR/GBP (1) 0.8691 2.41% 0.8900 0.8486 - -EUR/INR 13 91.9045 3.59% 95.2082 88.7154 - - EUR/PLN (6) 4.3395 3.19% 4.4778 4.2055 - -EUR/RUB 415,916 99.1919 10.70% 109.8095 89.6009 (405) 449 EUR/TRY (293,964) 32.5739 7.60% 35.0506 30.2722 638 (686)EUR/USD 1 1.1050 3.76% 1.1466 1.0649 - - USD/CLP (128) 886.3348 7.10% 949.2762 827.5668 - -USD/MXN 11,144 16.9439 5.67% 31.1511 27.8960 (18) 19 USD/RUB (11,166) 89.7664 10.33% 99.0369 81.3637 11 (12)USD/TRY (519,541) 29.4786 6.47% 31.3871 27.6862 970 (1,033)Total 1,206 (1,275)* Balance sheet exposure after financial hedging (net-exposures) / ** 3 month volatilityIf currencies would have weakened/strengthened during 2023 in line with the above-mentioned possible rates, the profit of the financial year would have been about \u20ac 1.3 million lower / \u20ac 1.2 million higher. The relatively high sensitivity is mainly due to the Group\u2019s exposure in Turkish Lira, for which no hedging options at reasonable costs are available.Interest rate risk\u20ac 89.9 million out of the \u20ac 94.4 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 with a direct link in amount and duration of existing financing, whereby it will pay a fixed interest rate and will receive the floating rate (i.e. Euribor 1 month). Generally the Group aims to have a hedge ratio of this specific interest rate risk of approximately 80-120%. At year-end 2023 this was 85% due to a temporarily improved working capital situation.On 31 December 2023 a total amount of \u20ac108.2 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 the market interest rate by 1.00% would by consequence only have an impact on the unhedged part (\u20ac 8.2 million) which would result in an increase or decrease of the interest costs by \u20ac 82 thousand.The group\u2019s hedging reserves relate to the following hedging instruments:CASH FLOW HEDGE RESERVE Interest rate swap Total hedge reserveAs per 31 December 2021 --Change in fair value of hedging instruments recognised in OCI 2,968 2,968Deferred tax (742) (742) As per 31 December 2022 2,226 2,226Change in fair value of hedging instruments recognised in OCI (3,014) (3,014)Deferred tax 754 754 As per 31 December 2023 (35) (35)There have been no reclassifications from the cash flow hedge reserve to profit or loss during the period in relation to the interest rate swaps.",
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"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 the building 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. In cases where the insured limit is not sufficient we tried to obtain extra guarantees from 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 resulted immediately in a blocking of all open orders from day one.",
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"value": "Hierarchical classification of fair valueA comparison is provided below between the net carrying value 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 expected future cash flows, and by discounting these on common, accepted interest rates. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2022 2023 2022 2023Financial assetsCash and cash equivalents 58,949 46,545 58,949 46,545Trade receivables 87,947 82,129 87,947 82,129 Financial fixed assets 10 8 10 8 Derivative financial instruments 3,290 240 3,290 240 Financial liabilitiesLoans with a variable interest rate 119,709 91,502 119,709 91,502 Loans with a fixed interest rate 10,793 4,516 11,080 4,058 Financial leasing liabilities 16,697 22,660 16,697 22,660 Derivative financial instruments 327 805 327 805 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 are observable, 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 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.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 2022 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2022 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (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 - As per 31 December 2023 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)Interest rate swap - - - - FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 -",
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"s8_notes__6__246": {
"value": "Hierarchical classification of fair valueA comparison is provided below between the net carrying value 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 expected future cash flows, and by discounting these on common, accepted interest rates. Net carrying value Fair valueFINANCIAL INSTRUMENTS (IN \u20ac THOUSAND)2022 2023 2022 2023Financial assetsCash and cash equivalents 58,949 46,545 58,949 46,545Trade receivables 87,947 82,129 87,947 82,129 Financial fixed assets 10 8 10 8 Derivative financial instruments 3,290 240 3,290 240 Financial liabilitiesLoans with a variable interest rate 119,709 91,502 119,709 91,502 Loans with a fixed interest rate 10,793 4,516 11,080 4,058 Financial leasing liabilities 16,697 22,660 16,697 22,660 Derivative financial instruments 327 805 327 805 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 are observable, 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 2023, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements.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 2022 the Group had the following financial instruments. DERIVATIVE FINANCIAL INSTRUMENTS - 2022 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (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 - As per 31 December 2023 the Group has the following financial instruments.DERIVATIVE FINANCIAL INSTRUMENTS - 2023 HIERARCHICAL CLASSIFICATION OF FAIR Level 1 Level 2 Level 331 DECVALUE (IN \u20ac THOUSAND)Interest rate swap - - - - FX forward contracts 240 - 240 - Assets at fair value 240 - 240 - Interest rate swap 46 - 46 - FX forward contracts 759 - 759 - Liabilities at fair value 805 - 805 -",
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"s8_notes__6__252": {
"value": "28. List of subsidiariesAll financial periods close on 31 December 2023, apart from Deceuninck Profiles India Private Limited, as disclosed in Note 1. Fully consolidated subsidiaries:Ownership percentageNAME OF THE COMPANY REGISTERED OFFICE2022 2023AUSTRALIADeceuninck Pty. Ltd. Level 1 60 Toorak Road VIC 3141 South Yarra 100.00 100.00BELGIUMSolardec CV Bruggesteenweg 3608830 Hooglede-Gits 28.77 14.43Plastics Deceuninck NV Bruggesteenweg 3608830 Hooglede-Gits 100.00 100.00Tunal 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 99.99 100.00BULGARIADeceuninck Bulgaria EOOD 41 Sankt Peterburg Blvd4000 Plovdiv 100.00 100.00CHILEDeceuninck Importadora Limitada El Oto\u00f1o 472 Lampa 9390306 Santiago 99.99 99.99CROATIADeceuninck d.o.o. Gospodarska ulica 11 10298 Donja Bistra 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 ProduktionsBayerwaldstrasse 18 100.00 100.00GmbH & Co KG94327 BogenOwnership percentageNAME OF THE COMPANY REGISTERED OFFICE2022 2023Deceuninck Holding Germany GmbH Bayerwaldstrasse 18 100.00 100.0094327 BogenINDIAEge Profil Tic, ve San. A.S. (branch) Mannur Village No 523 B Block 87.91 88.27Mannur Village \u2013 Sriperumbudur Taluk 631203 ChennaiDeceuninck Profiles India Private Limited Building 09. Casa Grande Distripark 88.03 88.39Satharai 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 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 30 100.00 100.00811 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 OFFICE2022 2023THE NETHERLANDSDeceuninck Kunststof BV Zinkstraat 24, unit C8725 100.00 100.004823AD BredaTURKEYEge Profil Ticaret ve Sanayi A.\u015e Atat\u00fcrk Plastik OSB Mahallesi. 5. Cadde No: 4 87.91 88.27Menemen/\u0130ZM\u0130R 35660 IZMIREge Pen A.\u015e 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 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 OFFICE2022 2023BELGIUMSo 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 CzosnowUNITED KINGDOMUnit 2. Stanier Road Porte Marsh - 50.00Deceuninck Aluminium UK Ltd.Calne \u2013 Wiltshire SN11 9PXDeceuninck NV\u2013Belgium",
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"s8_notes__6__254": {
"value": "The following pages are extracts from the annual report and financial statements of Deceuninck NV. The complete version of the financial statements and the annual report will be available on request and via the Deceuninck website, at the times stipulated by the Belgian Code on Companies. The annual financial statements and the annual report are prepared in accordance with Belgian legal requirements, which differ considerably from the IFRS accounting principles that are applied to the consolidated financial statements. The External Auditor has issued an unqualified opinion regarding the 2023 annual financial statements of Deceuninck NV. Income statementThe income statement for 2023 is presented below:INCOME STATEMENT (IN \u20ac THOUSAND) 2022 2023Operating revenues 302,862 273,141Operating costs (306,743) (301,275)Operating Profit (3,881) (28,134)Financial income 52,634 30,827Financial costs (34,566) (30,569)Profit (+) / Loss (-) For The Financial Year Before Taxes 14,187 (27,876)Income taxes 4 (75)Profit (+) / Loss (-) For The Financial Year 14,191 (27,951)Profit (+) / Loss (-) For The Financial Year Available For Appropriation 14,191 (27,951)The operating revenues have decreased due to a combination of (i) lower sales volumes driven by challenging market environments with high inflation and increasing interest rates and (ii) lower sales prices following a decrease of the raw material cost. Operating costs remained stable compared to prior year as they are impacted by high energy prices and overall inflation of salaries, other goods and services. The financial income mainly consists of intercompany dividends and interests received while the financial costs are related to interest costs, foreign exchange results and impairments on participations. Balance sheetBALANCE SHEET (IN \u20ac THOUSAND) 2022 2023Intangible fixed assets 1,570 1,107Tangible fixed assets 37,266 43,713Financial fixed assets 219,675 206,551Other receivables 58,871 74,220Non-current assets 317,382 325,591Inventories 43,475 32,774Trade receivables 41,498 42,629Other receivables 26,294 27,603Cash and cash equivalents 9,226 15,596Other current assets 6,195 3,398Current assets 126,688 122,000TOTAL ASSETS 444,070 447,591Issued capital 54,505 54,640Share premiums 94,749 95,291Reserves 15,520 15,526Retained earnings 60,236 19,817Equity 225,010 185,274Provisions and deferred taxes 757 1,856Long-term debts 112,000 86,433Short-term debts 104,632 169,544Other liabilities 1,671 4,484Liabilities 218,303 245,663TOTAL EQUITY AND LIABILITIES 444,070 447,591The most important fluctuations are:\u2022 Increase in tangible fixed assets totals as a result of continued investments in the Diksmuide recycling and compounding plant, co-extrusion investments in Gits plant and IT related investments. \u2022 Decrease in financial fixed assets linked to impair-ments on participations. \u2022 Increase in other non-current receivables due to new intercompany loans granted to subsidiaries.\u2022 Decrease in stock levels because of the downtrend in raw material prices and working capital actions.\u2022 Increase in short-term debts as a result of new centralized cash management incentives with subsidiaries.Result appropriationThe Board of Deceuninck NV will propose to the General Meeting to distribute a gross dividend of 0.08 euro per share.APPROPRIATION OF THE RESULTS OF DECEUNINCK NV (IN \u20ac THOUSAND) 2022 2023Profit / (loss) from the fiscal year for appropriation 14,191 (27,951)Profit carried forward from previous year 54,333 58,845Profit to be appropriated 68,524 30,894Dividend 9,673 11,077Allocation to legal reserves 6 -Profit to be carried forward 58,845 19,817TOTAL 68,524 30,894",
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"value": "0.08",
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"value": "Bruggesteenweg 360 \u2013 8830 Hooglede-Gits",
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"value": "Bruggesteenweg 360 \u2013 8830 Hooglede-Gits",
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"language": "en",
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"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
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"value": "Belgium",
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